Marketing Research And Decision Making

There are elements of uncertainty and risk attached to all business decisions and risk reduction is the main difficulty involved in the choices that are made. Common sense suggests that the availability of good information reduces the risk. After all, having perfect information all the time would make the job of exercising choice much easier since there would be no risk in making marketing decisions. Correct answers to such questions as how much to spend on advertising and what message should be contained in the advertising would always be known.

The first step in the decision-making process is the identification of needed information. Incorrect specification of requirements will provide only useless information, so it is necessary to ensure that the specification is correct. Poor or misleading information not only costs time and money but also generates confusion, chaos and badly informed decisions. One must determine what information is needed to make a particular decision. Next, consideration has to be given to whether the information can be obtained within a reasonable time and at a reasonable cost, and whether one can afford to spend both the time and the money to obtain it.

Information used in the right way can be a powerful aid to marketing. A competitive advantage can be achieved with the help of accurate, relevant information since it helps marketers make better decisions. Inaccurate, irrelevant information is both misleading and dangerous in the extreme.

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