2-1 Discussion

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School

Southern New Hampshire University *

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Course

520

Subject

Marketing

Date

Jan 9, 2024

Type

docx

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Uploaded by DeanRiver5511

Greetings Class, An example of a time I had to decide based on available data was when I was deciding whether to invest in a new product line for my small business. To collect the necessary data, I conducted market research by analyzing industry reports, competitor analysis, and customer reviews. I also gathered data through online surveys and feedback forums I found. Additionally, I analyzed financial data such as cost projections, potential revenue, and return on investment. Once I had collected all the relevant data, I transformed it into actionable information by organizing and analyzing the data to identify trends, patterns, and potential risks. By transforming the raw data into actionable information, the company gains valuable insights that can guide their decision-making process. They can then weigh the potential risks and benefits, consider factors like cost, profitability, and market demand, and make an informed decision on whether or not to invest in the new product. I created visual boards and charts to review the data in a clear and concise manner. This allowed me to easily compare different variables and assess the potential outcomes of investing in the new product line. By having this information at hand, I was able to weigh the potential benefits against the risks and make an informed decision. Ultimately, I decided to proceed with the investment based on the positive market trends, customer demand, and projected financial returns indicated by the data. -Corin

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2-1 Discussion

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