The Importance of Market Research for Validation and Decision Making

Best Price Guarantee	Length	Publisher	Published Date	SKU
from $75	9 Pages	Packaged Facts	July, 2016	LA15871634

In today’s rapidly shifting market landscape, the ability to make effective data driven

decisions is crucial for a variety of essential business operations across an

organization.

Consider the following scenarios:

• A CEO who is thinking about making a large acquisition to enter a new market

• A product developer working to stay ahead of shifting trends

• A management consultant advising a client on how to reboot their business

• A brand manager creating buyer personas to shape marketing efforts

• An entrepreneur building a pitch to secure funding from venture capitalists

Each of these individuals may have previous experiences and gut instincts that

inform their thinking and planning, but they must also incorporate high-quality data

and analysis into their decision-making process in order to understand the bigger

picture, persuade key stakeholders, and back up their conclusions.

Risk is inherent in each of these situations, and a fumble at the wrong moment

can lead to serious consequences for an individual’s career success and a

company’s longevity. When the competition is fierce and the margin of error is

thin, relying on faulty assumptions can be fatal.