BUSINESS DECISION MAKING

Business Decision Making



Business Decision Making

Market Research of a business

The today's world is characterized by boom in information technology and the concept of global village. Technological advancement in today's world is developing day by day and bringing drastic changes in all habituated practices. With the introduction of mobile devices, which are like handled computers, smart phones, ipad, and tablets, it is now possible to acquire information of any product anytime and anywhere. Not only this, the buying and selling are also made possible through this technological boom. As a consequence marketing strategies have taken a new shape to meet the growing demands of its consumers. Consumer's behaviour is the key factor that determines the success or failure any product in the market (Eckhardt, 2002).

The business environment generally and marketing especially is now confronting with new challenges of market competitiveness and customer's satisfaction. Before introducing any brand its market placement along with the targeted audience is discretely examined, so that it is well received by the customers. The concept of integrated marketing has replaced mass marketing, as people have now become more brand and status conscious. They prefer comfort and luxury over price (Fiske, 1989).

In the midst of all these changing corporate situations, marketing managers have to meet head-on with certain problems. These problems need to be resolved without any delay for people have millions of choices for one product. Consumer's satisfaction is the top most priority in any marketing strategy. If any product cannot live up to the expectations of its consumers, it will not enjoy a successful run. With this, it has also been observed that one of the biggest causes of the market failure for any product is the resistance from people to innovation. This is one of the most crucial challenges faced by a marketing manager. An effective planning and strategy must be designed to encounter this challenge.

Primary and Secondary Data

The primary and secondary data will be gathered in the following ways.

1.      Primary data

Primary data is used to gain insight into people's aspirations, concerns, thoughts, culture, inspirations, behaviors, value systems, or lifestyles. It's used to inform research, policy formation, business decisions and communication. Primary data also involves the examination of any unstructured material, including participant's opinions and feedback or interviews etc.

In this research, each interview session of the participants will be recorded and later evaluated (Moore, Moore, Cunningham, & Cunningham, 2011). The same or almost similar opinions or views will be collected and according to this data, pie charts and bar charts will be made for each group separately. Through these charts the data will be analyzed.

2.      Secondary data

The Secondary data is the numeric part of the research. Through the Secondary data collection is used for the growth and measurement related to the research can be calculated. Quantitative research can also be used to measure contentment, obligations, attitudes and a range of other useful data which can be traced over time and can be later used as part of a wider planning ...