Adam smith's invisible hand only leads to an efficient outcome when.
a. buyers are fully informed about all relevant aspects of a product and the market in which it is traded.
b. buyers collect information up to the point at which the marginal cost of having more information equals the marginal benefit of having more information.
c. buyers have more information about the product being traded than do sellers.
d. buyers have less information about the product being traded than do sellers.

This activity is important because as a marketing manager, you must allocate resources to reach your target market. during the strategic marketing process, managers move through three important phases to determine how to optimally allocate resources: a planning phase, an implementation phase, and an evaluation phase. in this interactive exercise, you are asked to review various strategic marketing actions and determine where in the strategic marketing process the action would occur. the goal of this exercise is to demonstrate your understanding of the strategic marketing process and related marketing actions.