DECA Sports and Entertainment Marketing Practice Exam

What term refers to the systematic collection, analysis, distribution, and storage of information needed by business managers for decision-making?

1. Marketing Research

2. Marketing Intelligence

3. Marketing Plan

4. Marketing Strategy

The correct answer is: Marketing Intelligence

The term that refers to the systematic collection, analysis, distribution, and storage of information needed by business managers for decision-making is marketing intelligence. This concept encompasses the ongoing process of gathering data about the market environment, including competitors, customer preferences, and overall market trends. By utilizing marketing intelligence, businesses can make informed decisions that enhance their strategic positioning and operational effectiveness. This systematic approach allows organizations to continuously monitor and evaluate external factors that could impact their operations, enabling proactive adjustments rather than reactive responses. The focus on analysis and distribution ensures that relevant information is communicated to decision-makers in a timely manner, which is crucial for effective management. While marketing research, marketing plans, and marketing strategies are integral components of a marketing approach, they serve distinct functions. Marketing research is often a one-time study focused on specific questions, a marketing plan outlines specific tactics for achieving marketing objectives, and a marketing strategy details the overarching approach to reach target consumers. However, marketing intelligence stands out because it emphasizes the ongoing nature of information gathering and utilization in daily decision-making.