The Importance of Market Research for Validation and Decision Making

 
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Published Jul 6, 2016 | 9 Pages | Pub ID: LA15871634
In today’s rapidly shifting market landscape, the ability to make effective data driven
decisions is crucial for a variety of essential business operations across an
organization.

Consider the following scenarios:

• A CEO who is thinking about making a large acquisition to enter a new market
• A product developer working to stay ahead of shifting trends
• A management consultant advising a client on how to reboot their business
• A brand manager creating buyer personas to shape marketing efforts
• An entrepreneur building a pitch to secure funding from venture capitalists

Each of these individuals may have previous experiences and gut instincts that
inform their thinking and planning, but they must also incorporate high-quality data
and analysis into their decision-making process in order to understand the bigger
picture, persuade key stakeholders, and back up their conclusions.

Risk is inherent in each of these situations, and a fumble at the wrong moment
can lead to serious consequences for an individual’s career success and a
company’s longevity. When the competition is fierce and the margin of error is
thin, relying on faulty assumptions can be fatal.