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What is the importance of research in business decision making?

What role does research (both of market trends and competitors) play in the decision to open a business?

Give specific examples about how research may contribute to the success of a business.

Give another example of how la ack of research contributed to the failure of a business.

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Starting a business is a very critical decision to make. It requires correct and timely decisions to be able to put up a business and enter into a particular industry. Once the business started, the problem does not stop. Subsequent decisions and strategies are to be made to successfully survive amidst competition and stay in business. Incorrect, untimely, and low quality decisions would not even allow a business to enter into an existing industry or, if it has been there, it may not stay for long.

Good, timely, and quality decisions are products of adequate, relevant, and scientifically obtained data, converted into information. These are called evidence-based decisions. The following is a discussion on the importance of research on the success of business in specific situations:

Starting a business
While there may have been some ideas on the nature of business or the products and services that may be offered, these ideas are concretized through research. Important information must be obtained such ...

Solution Summary

The solution discusses the importance of research in business decision making.