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The Importance of Business Research

The new president of an old, established company is facing a problem. The company is currently unprofitable and is, in the president's opinion, operating inefficiently. The company sells a wide line of equipment and supplies to the dairy industry. Some items it manufacturers and many it wholesales to dairies, creameries, and similar plants. Because the industry is changing in several ways, survival will be more difficult in the future. In particular, many equipment companies are bypassing the wholesalers and selling directly to dairies. In addition, many of the independent dairies are being taken over by large food chains. How might business research help the new president make the right decisions?

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Business research would help the new president to make the right decisions, due to the fact that business research will provide the new president with the methodology that has been used in the past by businesses that helped them to overcome obstacles, and remain successful despite changing circumstances. In addition, business research will provide the new president with information on the activities that other companies within his industry have taken, that did not lead them to successful outcomes, which would help this ...