Question

Research can be a very expensive proposition for business organizations in terms of time, money, and manpower. Given the cost, do you think research is an economic necessity for business organizations? if so, what are the values and benefits of marketing research? If not, what is the alternative that is more effective and less costly?

Answer 1

Answer - Businesses function in very dynamic and diverse environment which keeps on changing. It has a variety of customers whose taste keeps on changing. The one who does not adjust with these changes loses the market. Hence research is very necessary part of the business. Reseach helps to keep the customers updated with the new products in order to maintain the market. It also helps to gain the upperhand over the competitors. Research also helps business to adjust to the changes in business environment. Research helps to take out new products and ways to increase sale and market standing. Thus it is definately economic necessity of business.