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Research is essential to collect facts and statistics about a company’s customers, employees and competitors. On the basis of these numbers, companies are able to make better managerial decisions. The collected statistics are organized into reports and the management team uses them to take action. A good research mechanism is essential, irrespective of the size of the company and its client base. Research is imperative for staying competitive in the market.
Significance
A business is able to make knowledgeable decisions because of research. In the research process, the company is able to obtain information about key business areas, analyze it, develop a strategy and distribute business information. Reports provided to the top management often include information on consumer and employee preferences and all the available routes for sales, marketing, finance and production. Management uses this information to decide the best strategy. Research is a prerequisite at all stages and phases of business operations. Initial research is required to gauge whether getting into the given type of business would be profitable and whether there is demand for the proposed product.
By conducting business research, the organization ascertains what its customers want and then takes steps to prepare a product meeting those desires. Research also helps determine whether a product is accepted in the market. Research aids expansion into new markets.
