A manager is considering purchasing data from an outside vendor ...

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A manager is considering purchasing data from an outside vendor to get a better understanding of the target market for his firm's services. What factors should the manager consider when evaluating the data's usefulness for his needs?

Question 2

Elements of the marketing mix, such as pricing and ad spending, are viewed as decision variables that the firm can use to steer the market. Therefore, in developing a model these decision variables would be considered
 a. independent variables c. connecting variables
  b. dependent variables d. statistical variables

[elizabethrperez]

Answer to Question 1

The four characteristics that help determine how valuable data may be are:

Relevance - reflects how pertinent these particular facts are to the situation at hand. Relevant data are facts about things that can be changed, and if they are changed, it will materially alter the situation.
Quality - the degree to which data represent the true situation. High-quality data are accurate, valid, and reliable.
Timeliness - the data are current enough to still be relevant.
Completeness - refers to having the right amount of information.

Answer to Question 2

A
Independent variables include decision variables that the firm can control, such as pricing, distribution, and ad spending.

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Excellent

[sailorcrescent]

Thanks for the timely response, appreciate it