Evaluate the Role of Market Research in the Decision Making Process of an Organization. Essay Example
Evaluate the role of market research in the decision making process of an organization.
Zan Chen from Queen Mary, University of London
In the business world, to make a proper decision is related to success directly. Every manager is confronted with the same question which is how to complete this mission. Economists cannot figure out a solution to gain the 100% of correct rate in decision making, but they build a number of models and find many methods to increase the possibility. Brainstorming can help to develop potential alternatives. The motivation theory satisfies employees about their work and it leads to high efficiency. Besides both ideas above, market research can be a strong technique to solve the problem. During the process of decision making in a new plan, market research plays a vital role for any business or organization. This paper will discuss the effect of market research and give some suggestions to help managers make correct decisions. Firstly, it will give a definition of the subject. Then, the essay will discuss the function of market research in the detailed steps of decision making process. Finally, the challenges of market research in the future will be determined, followed by some suggestions on how to meet the challenges.
According to DJS Research Ltd, “Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment” (MarketResearchWorld.com). Some form of data collection which is done by desk research or primary research that is gathered from respondents directly is incorporated into it. The aim of market research is to get a better understanding of the working subject. As the competition of the world market becomes more and more fierce, market research is included in the organization no matter large or small.
Before the discussion of the role of market research in decision making, the process of decision making should be listed. David Boddy (2011),
Zan Chen from Queen Mary, University of London
In the business world, to make a proper decision is related to success directly. Every manager is confronted with the same question which is how to complete this mission. Economists cannot figure out a solution to gain the 100% of correct rate in decision making, but they build a number of models and find many methods to increase the possibility. Brainstorming can help to develop potential alternatives. The motivation theory satisfies employees about their work and it leads to high efficiency. Besides both ideas above, market research can be a strong technique to solve the problem. During the process of decision making in a new plan, market research plays a vital role for any business or organization. This paper will discuss the effect of market research and give some suggestions to help managers make correct decisions. Firstly, it will give a definition of the subject. Then, the essay will discuss the function of market research in the detailed steps of decision making process. Finally, the challenges of market research in the future will be determined, followed by some suggestions on how to meet the challenges.
According to DJS Research Ltd, “Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment” (MarketResearchWorld.com). Some form of data collection which is done by desk research or primary research that is gathered from respondents directly is incorporated into it. The aim of market research is to get a better understanding of the working subject. As the competition of the world market becomes more and more fierce, market research is included in the organization no matter large or small.
Before the discussion of the role of market research in decision making, the process of decision making should be listed. David Boddy (2011),