The Significance of Market Research in the Business Decision

Abstract

Now in a day’s economy becoming more and more competitive with each passing day and marketplace has increased many folds in recent years. However, the market is affecting due to continuous change in the external environment. The decision-maker finds itself difficult to decide today’s changing complex environment. Having appropriate knowledge about the concerns and preferences of their customers and strategies of competitors has become essential for any business to succeed in the market. Research is one that provides aid to businesses for solving various operational and planning problems. Market research is required almost for every type of business to get success. This study focuses on the need and significance of market research in the business decision and discusses market research and the success and failure of corporate businesses.