What is knowledge management? Explain why is it important for ...

[Evvie72]

What is knowledge management? Explain why is it important for businesses to manage knowledge.

Question 2

The first step in the marketing research decision-making process is
 a. developing a hypothesis
  b. collecting relevant data
  c. outlining a process that can be used to collect the necessary information
  d. recognizing a unique marketing problem or opportunity

[brittanywood]

Answer to Question 1

Knowledge management is the process of creating an inclusive, comprehensive, easily accessible organizational memory, which can be called the organization's intellectual capital. The purpose of knowledge management is to organize the intellectual capital of an organization in a formally structured way for easy use. Knowledge is presented in a way that helps managers comprehend and act on that information and make better decisions in all areas of business. Knowledge management systems are particularly useful in making data available across the functional areas of the firm so they can be integrated.

Answer to Question 2

D
The first step in the decision-making process is recognizing a unique marketing problem or opportunity. Often, these are two faces of the same situation.