Wednesday, September 24, 2014

Why Research for a better Decision Making?

Research, if you ask me, is the unseen hero in business decision making. There might be a conflict or a clash that business management faces in this statement of mine but I stick to my point.
Here is what Research does:

Discover the management dilemma:
Here, researcher/research team, helps find out what the problem is that the management is facing and if it is important/ necessary to be researched upon.

Convert the dilemma into the management question:
Now, once the researcher/ research team feels that the problem is to be researched but not sure if it requires an extensive research, the dilemma is converted into a question where a small sampling research is done.

Translate into the research question:
If the small sampling gives a go as in if the research is to be conducted, the management question is converted into a research question, as in what is to be obtained from the research.

Refine Research question:
Now, the research question is also broken into various parts according to the need and the target of what is to be found from the market as an answer/suggestion to the management question.

Create a proposal:
Before the research takes place, a research proposal is made for the management for a go which includes the cost of the research.

Define research type, purpose, time, scope and environment:
After the acceptance of the research proposal, the type of research, the purpose, time frame, scope and the market environment is defined. Here, two parts of the research come to play. Data Collection Design, which is how the data is to be collected, whether secondary or primary or both to be used; next is the sampling design, where the samples in the market are to be chosen be it demographic, geographical or mixed. Now the instrument of the research is prepared, like questionnaires, observation, covert/overt participation and so on. After the instruments are prepared, the pilot testing on a small sample is done to see if the research strategy is going to work. If it does not, the strategies are redefined else the research moves on.

Collect data:
After being sure of the strategy, the team/researcher goes to the set environment to collect data. After the collection of data, it is prepared for analysis and interpretation.

Analyze and Interpret collected data:
Now, the viability of the research and the outcomes are analyzed to see if the research outcomes answer the management question. After the analysis is done with, the data is now interpreted for the concerned management to understand and presented to.

Report the research:
After the analysis and interpretation, the research analysis is reported to the concerned management and is seen if the research solves the management dilemma or not and whether the management is ready to use the suggestions or there are some limitations to the research that questions the viability.

Research helps the business management on various decision making processes, be it marketing strategy, product development, packaging, new market entry, business growth, merger and acquisition and so on.

Use of Business Research:
·         Identify and Define Opportunities and Problems:
There could be various opportunities in the field of business and market, but they do come along with many problems that are to be defined, which is precisely solved by business research after actually obtaining secondary or primary reports or the given market at the given time frame which could be more credible and will be able to provide an informative based competitive advantage.
T    Define, Monitor and refine strategies:
Not all business or marketing strategies work or work for a long run due to the change in time which could lead to the change in taste of customers or also lead to new competition in the market or the old competitors changing their strategies. This needs a good and intensive research that would give the management the answer on what is going on in the market and what needs to be done to retain or improve market share of the organization.
T   Define, Monitor and refine tactics:

The same way as the strategies are concerned, a research also helps to define, monitor and refine tactics of the organization. Let us talk about the marketing tactics. If the organization is domestic and a lager MNC has stepped foot in their territory, here, research is required to acquire knowledge on the here about of the new entry. May be the marketing team may need to follow gorilla marketing or may need to trigger market’s nationality based emotions.  If you do not want to fail after the entry of a large conglomerate, research is very important.

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