Define the Concepts Of, and Relationship Between, Information Technology and Management

question 61

Essay

Define the concepts of, and relationship between, information technology and management information systems. Identify the three primary reasons why managers need information.

---

Definitions:

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers to purchase its products, typically summarized as product, price, place, and promotion.

Price Strategy

An approach determined by a company to set the cost of its products or services, aimed at achieving specific business objectives, such as maximizing profitability, capturing market share, or discouraging new entrants.

Elements Of Promotion

Components used in marketing to communicate a product's value to consumers, typically including advertising, sales promotion, direct marketing, personal selling, and public relations.

Brand

A name, design, symbol, or any other feature that identifies one seller's goods or service as distinct from those of other sellers.