Market Research is the Key in Effective Decisions in Business

Author: Armen Khachikyan
(Special project
coordinator of Breavis)

In modern, rapidly and dynamically developing market, and generally in daily business activities, the ability to make data-based decisions is a priority. According to global business statistics, companies conducting most research grow the most.

Let us consider those cases:

  • You are a Company CEO and plan to make a large investment to step into a new market. 
  • You are a product developer and try to find solutions in line with existing trends. 
  • You are a business consultant and suggest tips for rebuilding or developing a business.
  • You are a brand manager and develop a rebranding strategy. 
  • You are entrepreneur and try to create an environment to receive money from major investors.  
  • You are an owner and look for a profitable market for investments. 

Marketing without market research is like driving with your eyes closed.

Dan Zarrela

In all those cases you can use your previous experience, academic background or your gut feeling. However, to achieve a guaranteed result, you need high-reliability data and analysis to have a complete understanding of the market throughout your decision-making process.

Any wrongdoing can lead to serious consequences both in your career and in company progress. In today’s fierce market competition, the permitted threshold of error is very narrow, and relying on incorrect assumptions – without reliable analysis might be fatal. High-quality market research can greatly reduce those risks and will help prove the hypotheses, confirm assumptions and steadily be guided by decision-making processes.

Your most unhappy customers are your greatest source of learning.

Bill Gates

In an unsteady world business environment, a mere forecast is not enough. Progressive organizations apply precise data and qualitative information on business activities; for instance they identify factors and shortcomings that affect customers’ satisfaction that can be beneficial for their competitors. Thorough analysis is mostly used for decision making; here the best solution for every business is the market research done by an independent and professional company. The research can illustrate the most reasonable investment markets that keep on expanding, reconsidering the investments of lower demand markets.

Market research can reveal the following for business:

  • The latest trends and tools,
  • Developing competitors,
  • Changing preferences of consumer,
  • Socio-economic changes,
  • Growing and declining market trends,
  • New potential partners and suppliers,
  • New prospects for product development.

To wrap-up, it is worth to note that making optimal decisions in business is easier and more reliable when you have credible indicators justifying your strategy.

Business progress surveys are provided below:

  • Market research,
  • Brand research,
  • Comparative analysis of competitors,
  • Market and consumer segmentation,
  • Testing and evaluation for product / service,
  • Consumer satisfaction survey,
  • Staff efficiency survey,
  • Employee satisfaction survey.

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