Answer each question with a minimum of four sentences or several bullets. Please notice I often ask for more than one thing in each question. For example, I often ask for a definition and an example of one.

1. Explain the difference between marketing research and marketing information systems.

2. Why would relationship marketing be valuable to a company? Why would it be valuable to a customer?

3. Describe the two new product pricing strategies and discuss what a firm might gain from using price-skimming strategy and what might it gain from penetration pricing? 4. Identify and discuss the three major ways that a product mix can be improved.

4. Developing new products is risky, time consuming, and expensive with a high rate of failure. Nevertheless, failing to introduce new products can be just as hazardous. What is meant by this quote?