Exercises 1: Analytical Thinking and Need Assessment (NOTE: Many details in this exercise are intentionally not mentioned. Please make and state your assumption that you feel necessary to answer the questions. Please review the PowerPoint slides for tips.) Jimmy's Best Burgers (a fictitious company) is a nationwide, fast food chain. The company has over 2000 franchise throughout the country, which sell a variety of fast-food options such as hamburgers, cheeseburgers, fries, soda, sandwiches, etc. The company spends 40% of franchise fee on nationwide marketing efforts include print media, social media, and radio/TV ads. The marketing mix of the company has been focused on its unique value on four dimensions: low price, product, promotion, and place. The company has kept the prices of its products lower than competitors in the belief that its target market is general masses including low income families. It has always put an emphasis on developing the menu customers want. For example, it recently started offering some vegetarian options in many large cities to cater to the needs of growing vegetarians. Jimmy's Best Burgers has been selective about the locations of its chains (for example, most of its locations are in attractive, high density areas that are also close to its distribution centers and the locations have a drive-through for convenience of customers). Yet, the company has suffered loss of sales and revenue in each of the last six quarters. The top leaders of Jimmy's Best Burgers are worried about declining revenue and fear that this might be a long-term trend that could severely hurt the company. But they are not sure why the sales and revenue have declined. The Chief Marketing Officer of the company believes that their marketing strategy needs to be analyzed and adjusted to optimize the value of money invested on advertisement. He has hired you as a data scientist to perform marketing mix analysis. To conduct marketing mix analysis, you will need to clearly define the problem and investigate its nature, scope, and implications. To solve the problem through marketing mix analysis, you would like to follow an analytical thinking framework that include the following steps: Problem recognition and framing Review of previous findings Modeling Data collection Data analysis Presentation and action Submit the answers to the following questions (at least 500 words): What would be important elements for each of the above steps? What information would you collect for each of the following steps