A decision linked to an investment of a small number of dollars and where the results are required tomorrow is less likely to be researched than one that has massive financial ramifications and where time is available to think about it.Making improvements to customer satisfaction by ensuring that their needs are met.Recognising different groups of customers so that they can be addressed accordingly and are not all treated as the same.Determining the optimum price for a product so that money is not left on the table.Evaluating new concepts and products to ensure that they can be launched successfully and meet people’s needs.Working out how to make a brand stand out and be desirable in a competitive market.Finding out how customers and potential customers learn of products and what influences them in their choices.Justifying investments, such as in new plant or machinery, by indicating the market size and trends.Finding new territories in which to expand and working out how to do so. Market Research Case Study Analysis. Instruments with Various Measurement Scales Worksheet . To avoid getting “Ubered” like the cab industry, companies must leverage accurate data and qualitative assessments about the industry direction and identify gaping holes in customer satisfaction that outsiders may prey on. For example, you may find that you need to build new external partnerships to quickly adapt to technological changes (such as cloud computing, virtual reality, or automation), or it may be in the best interest of your company to acquire a start-up to maintain a foothold in an evolving industry (such as Walmart acquiring Jet.com to boost its e-commerce side of the business).Making smart business decisions — and gaining buy-in from stakeholders along the way — is much easier when you have credible evidence to back up your strategies.Our goal is to help you better understand your customer, market, and competition in order to help drive your business growth.Why Market Research Is Important for Strategic Decision Making This may lead them to believe that the way forward is obvious, or the size of the decision does not merit a huge sum of money spent on fact-finding. However, where the decisions require large financial resources and where the costs of failure are high, there is a need for decision making based on robust and reliable data.Companies operating in large and international markets that are changing apace cannot rely on anecdotal and intuitive approaches to decision making. Whether the product is soap powder or servo motors, research could cover subjects such as the product specification and its relation to consumer needs and requirements, branding, pricing, distribution methods, advertising support, market definition and segmentation, forecast sales levels and so on. In running a business, you may be more or less conscious of your limitations–you know what you know, you’re pretty sure of what you don’t know, you’re worried about what you’re completely unaware of but need to know. You still need to weigh the evidence provided by the market research against internal financial and operations data, plus your industry experience, business acumen, even intuition to steer your business in the right direction.As you look up secondary data or conduct primary research, bear in mind that errors can blunt the effectiveness of the tool and actually do more harm than good. Market Research Case Study Analysis Describe a business situation in 175 words where market research can influence decision making. Describe in no more than 350 words a business situation of your choice where market research can influence decision making.
to guide market research. Whether the product is soap powder or servo motors, research could cover subjects such as the product specification and its relation to consumer needs and requirements, branding, pricing, distribution methods, advertising support, market definition and segmentation, forecast sales levels and so on.
For example, businesses in Houston can look up the Houston Business Archive of the Federal Reserve Bank of Dallas or the Greater Houston Partnership that includes the Chamber of Commerce and Economic Development.Sometimes your organization will face problems too specific to find answers in the public sphere; you’ll need to conduct primary research.


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