Importance of Business Research in Decision-Making
Business research plays a crucial role in strategic decision-making by providing factual insights. Companies use research to assess market demand, set pricing strategies, develop new products, and optimize marketing campaigns. Without research, businesses risk making uninformed decisions that could lead to financial losses. For example, before launching a new product, companies conduct market research to understand customer needs, preferences, and potential challenges. This data-driven approach minimizes risks and improves the chances of success.