Research in Decision Making

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TOPIC 1 DISCUSSION
Why research is considered essential in the decision making function of management.
Research may be defined as a systematic inquiry whose objective is to provide the information that will allow managerial problems to be solved. It is also seen as an activity that is often carried out by most people, knowingly or unknowingly in the course of their daily lives. It is a systematic inquiry whose objective is to provide the information that will allow managerial problems to be solved. It is another word for gathering information. The more information we have the closer we get of making our own decision. Research is the result of advancing knowledge created in the past. There are people from all walks of life that
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The research mechanism enables the organization to better understand and comprehend the market, its customers and competitors. The organization knows exactly what their customers need and desire, and takes the appropriate steps to deliver that to them. Also, the company can classify customers on the basis of demographics, such as gender, age, income of the household and educational levels. Once the company determines its customers ' primary demographic group, it takes steps to service them better. Through research, competitors ' moves and strategies are highlighted, and the company can then be proactive to preempt them.
Research helps the organization fix problems and cash in on the strengths. Research mitigates business risks and can help increase demand and sales. Research can primarily be conducted to gauge the customers ' perceptions on a specific product. Research is useful in understanding the broad market and industry situation. Research arms you from wrong information and save time and money, organization is able to decide on what is required and through this, management is able to save on cost.
The company can understand what its customers actually want and can deliver that product to them. When the company is planning to diversify its product range, it will know at the very outset, through the research mechanism, whether or not there is a demand for such a product. When the company knows
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