The Need for Market Research in Contemporary Business Environment Essay

The Need for Market Research in Contemporary Business Environment - Essay Example Today the customers demand the best worth out of each penny that they spend and this is because of the growing globalization and the increasing competition. Today customers have as many alternatives for a single product as they never have had in the past. This phenomenon has empowered the customers to a great extent and has given rise to the need for research. Companies spend major chunks of their budgets on research today. Research does not only reveal facts about customer psyche but also guide the researchers and the sponsors to the gaps and unidentified niches in the market, thus opening new horizons of opportunities and profitability to be taken advantage of (Stearns, 2006). Research outcomes serve as guidelines to the researchers in order to lay down a road map for future decision making of the business/organization. In today’s’ world businesses cannot afford to base their decisions on gut feeling and guesses. It’s time to be precise and accurate. The cause and effect relationship needs to be studied while making even the smallest of decisions. Research provides the decision makers to base their decision making on solid basis and rational grounds. The outcomes of researches help businesses build strategies and also monitor the anticipated performance by comparing it with the actual and studying the lapses incurred and the probable corrective measures that can be adopted before it’s too late (Sekaran, 2010). Dependable and solid outcomes do not come voluntarily in fact research is a whole world of technical analysis and execution and thus it is required to be conducted in great depth with a predetermined plan and objective in mind. Research is a delicate and sensitive art, because the outcomes of research are used for future... This essay discusses that with the advancement of technology and emergence of the concept of consumerism to the surface, customers have become ever more dominant and powerful in the marketplace. Nowadays all the companies shed off myopic ideas and try to incorporate consumer’s will in the decision making process. This is particularly important because customer satisfaction is the ultimate objective that leads to profitability and endurance in organizations. To attain stability, organizations spend millions of dollars today on their Research and Development departments to get the best and most accurate knowledge regarding consumer behaviour and expectations. This knowledge and information is utilized by organizations in improving their processes to meet the demands and requirements of the customers and thus deliver a â€Å"wow experience† every time the customer interacts with the offering. In other words, this shall not be exaggeration to state that, research is one of the key pillars to success of an organization, in the contemporary market dimensions. Any idea or tactic backed up by research findinngs is more durable and dependable then something that is implemented out of the blue. Research does not only assist organizations in deciding which route to success shall be adopted, in fact contingency measures and sporadic adjustments to deviations and evaluation of the implementation are some of the broad areas that are addressed at length by researches