We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

The Need for Market Research in Contemporary Business Environment - Essay Example

Comments (0) Cite this document
Summary
The author has rightly presented that increasing globalization has transformed the world in to a “global village” marketing plays an important role in surviving the contemporary issues in today’s dynamic and challenging business environment marketing. …
Download full paperFile format: .doc, available for editing
Polish This Essay93.9% of users find it useful
The Need for Market Research in Contemporary Business Environment
Read TextPreview

Extract of sample
"The Need for Market Research in Contemporary Business Environment"

Download file to see previous pages 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 “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 ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“The Need for Market Research in Contemporary Business Environment Essay”, n.d.)
Retrieved from https://studentshare.org/business/1396016-the-need-for-market-research-in-contemporary-business-environment
(The Need for Market Research in Contemporary Business Environment Essay)
https://studentshare.org/business/1396016-the-need-for-market-research-in-contemporary-business-environment.
“The Need for Market Research in Contemporary Business Environment Essay”, n.d. https://studentshare.org/business/1396016-the-need-for-market-research-in-contemporary-business-environment.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Contemporary Human Resourse Management Research
With the ever-changing business environment it has now become essential for the HR department to alter their HR policies and strategies. The macro-environment or the external business environment impacts how the organization performs. The changes in the environment pose challenges Organizational performance is largely dependent on the HR strategies of the organization.
14 Pages(3500 words)Essay
Contemporary Issues in Business and Management
It is an undeniable fact that a business does not exist or operate in vacuum rather it operates in an environment that directly influences the operation of the company (Gitman and McDaniel, 2008). The environment in which an organization persists is often referred to as the external business environment.
7 Pages(1750 words)Essay
Management Accounting
This image of accounting has been propagated for a long time by the account setting bodies and institutions. According to Wyatt (2002, p3) accounting is defined as “discipline that seeks to provide information about a business entity”. The two major subfields of accounting are management accounting and financial accounting.
12 Pages(3000 words)Essay
International Business Environment Assenment
Both companies have registered exemplary performance over the last few years and they have emerged among the top market players in the industry. Below is a summary of the performance of these two multinational companies. Compass Group Food The compass group food has witnessed good and exemplary performance over the past years.
14 Pages(3500 words)Essay
Business environment Research Paper
Usually one player succeeds if his costs are lower than that of the rival. But in the course of time he will be matched in the price war and will loose his price advantage. In the non-price issues, superiority by reason of branding, technical specifications, distribution ability and sponsorship are some of the ways one player tries to excel than the other.
12 Pages(3000 words)Research Paper
The changing market environment
It is expected that the implementation of these initiatives and recommendations will lead to effective promotion and positioning of the product and the company will be able to achieve its sales target. The changing market environment has given rise to the needs of updated information more than ever in the past.
10 Pages(2500 words)Essay
CONTEMPORARY BUSINESS ISSUES
but if the responsibilities of business is seen then it can be found that there are many other stakeholders which are also to be considered and which affect the profitability of business. At present interdependence among various stakeholders is considered vital for the success
10 Pages(2500 words)Essay
Contemporary business
The researcher will then throw light management of risks / impediments after which he would present how leadership could help in organisational efficiency, effectiveness and performance in
12 Pages(3000 words)Essay
Business Research
The literature going to be reviewed in this particular research is closely related to the area of study. The aim of reviewing this literature is to gain insight about the strategies that can be implemented when a business is expanding to other global
10 Pages(2500 words)Essay
Business Environment
The aforementioned situation mentioned concerning democracy presents no different case when discussing about capitalism. In the contemporary world, every state is connected to another in such a way that it is not
6 Pages(1500 words)Essay
Let us find you another Essay on topic The Need for Market Research in Contemporary Business Environment for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us