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From the business perspective, scientific methods help in making decisions, solving problems strategically or even for testing a new idea in the market. The specific problem taken for discussion is about developing a new product that is superior to competitor’s brands. We shall present a detailed analysis of the proposed hypothesis and evaluate the results for understanding the factors influencing the problem and its outcome.
Scientific methods help the businesses to deal with the problems in a systematic replicable manner. The process starts with identifying the problem, analyzing the possible factors based on experience, and then forming the hypothesis that would help resolve the problem. The proposed hypothesis has to be testable and it is essential to gather data and information for testing the prediction, and finally it has to be evaluated on the basis of the outcomes generated. The scientific approach indeed requires a valid testing of the hypothesis with the available data, rather than relying solely on intuition and theoretical knowledge.
Though scientific methods are successful in various fields, it is not so with the world of business, marketing and policies. The tendency of businesses to deal with the unpredictable human behavior makes the scientific methods to be less plausible. However, adopting the scientific methods for business decision-making can provide a better understanding of the potential market factors as well as the causal effects. “Product development plans can be best realized by taking the scientific method or at least the scientific temper of analysis and experimentation, which is followed by product decisions.” (Mathur, 2009, p.108).
When developing a new product that is superior to competitor’s brands, the business has to analyze the existing demands and needs of the consumer’s market. The hypothesis presented is that the new products in the consumer market
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