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Market Research in the Business World
by Enrique De Argaez

Modern Market Research has two fundamental applications in the business world:

The first is to reduce the uncertainty that management might face in the decision making process, by providing information such as intelligence, statistics, and data on which to base future decisions.

The second application is to monitor the sales and marketing decisions that already have been taken, in order to analyze whether they were right, whether they need to be revised, or whether they need total rethinking.

Information becomes vital to the decision making process when it is well prepared, used pragmatically, and analyzed and interpreted with Market focused implications. Market research improves the decision making process by reducing uncertainty, as well as reducing the number of assumptions that a management team might make. Modern market research can help you increase your company sales and should be integrated into the management sales and marketing planning strategy.

Today customers needs are always changing, our competitors activities are always changing and the market environment in which business operates changes all the time because of external factors, such as economical and political circumstances that are a result of tax changes, international treaties, and terrorism.

Companies operate leaner and more efficient organizations to keep competitive in their markets. To be efficient, they must have knowledge regarding their customers and the markets in which they operate.

Data and research have therefore become essential to help managers monitor change and develop early warning systems on how to keep customers satisfied. Companies and individuals must find time to plan their market data collection and analysis, and specific plans should be put into action to make this happen. The following questions should be addressed:

Where are we now?
Where do we want to go?
How do we get there?
Answers to these questions will allow managers to develop a valid marketing strategy, to test and monitor it, and to understand their markets and customers better. They will also assist in deciding on priorities for future marketing and communications activities, and in getting them right in the context of the constant change that marks todays business world and affects all decisions.

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