The paper "Importance of Business Research for Effective Decision-Making " is a great example of business coursework. Business environments are dynamic and markets evolve continuously at a fast pace. The success of a business will depend largely upon being able to understand and react to the business environment. This process will include having a high awareness level of the industry and its drivers, the competitors, customer needs and so forth. This is only possible with proper insight into the business environment and having an in-depth understanding of the market being catered to and the industry within which the organization operates.
Within the framework of business research, market research takes up the primary position. “ In order to produce value and satisfaction for customers, companies need information at almost every turn” (Armstrong and Kotler, 2000). As such, it is an established reality that market research and market information are critical aspects of a successful business operation. Market research can yield valuable information pertaining to many aspects the market and consumers including the level of competition present in the market; the size of the market; the segmentation patterns; the current distribution mechanisms, consumer’ s key benefit expectations as well as the attitudes and beliefs of the potential customers. Use of Secondary Data in the Research Process Some of these areas may be researched using sources that are already available to the firm.
Internet sources published market research, government and other institutional data as well as the company’ s own primary data can provide market information that can be utilized in developing competitive business strategies. This type of market research is known as secondary research and is relatively cheap and easy to carry out.
At the same time, however, data gathered in this way has to be treated with caution, as it may be outdated as well as irrelevant. For example, in order to assess the size of the potential market, a company can take the number of households as key indices. Import data can also be accessed via Customs publications.
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