And among those that get funded and started, many fail eventually. While there can be many reasons for business failures, often these were due to flaws in the business concept or the business odel that rendered them vulnerable to the difficulties encountered.
Recognizing the relevance of research in business planning has become even more crucial in the current economic scenario with funding getting difficult as banks, other financial institutions and venture capitalists are bound to put business propositions through a most rigorous assessment process. Research indicates that many ventures tail on account of market and industry factors. Yet,very often we come across ambitious entrepreneurs starting ventures without having researched the market and industry to etermine the viability and sustainability of the business concept.
The significance of research stems from the fact the
...success of a business does not depend only on the entrepreneur's perspective on the service or product offered. It also depends greatly on what the customers want or need. Here arises the need of research.
Various major functional areas in business: 1. Marketing 2. Finance and Accounts 3. Human resource 4.
Production/operation MARKETING Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways hat benefit the organization and its stockholders.
Marketing managers attempt to get the right goods or services to the right people at the right place at the right time at the right price, using the right promotion technique. This may be accomplished by following the marketing concept, which is based on consumer orientation, goal orientation, and systems orientation. The marketing manager must work within
an internal environment of the organization and understand the external environment over which he or she has little, if any, control. The primary variables over which the marketing manager nas control are istribution, price, promotion, and product/service decisions.
The unique combination of these four variables is called the marketing mix. Marketing research plays a key part in providing the information for managers to shape the marketing mix. Marketing research has grown in importance because of management's focus on customer satisfaction and retention. It also is a key tool in proactive management. Marketing research should be undertaken only when the perceived benefits are greater than the costs.
A marketing research study can be described as programmatic, selective, or evaluative.
Programmatic research is done to develop marketing options through market segmentation, market opportunity analysis, or consumer attitude and product usage studies. Selective research is used to test decisional alternatives. Evaluative research is done to assess program performance. The Internet has had a major impact on the marketing research industry. The use of Internet surveys has increased dramatically because they can be quickly deployed, cost significantly less, are readily personalized, have high response rates, and provide the ability to contact the hard-to-reach respondent.
Most importantly, as Internet participation by households has increased, identical online and offline surveys have been shown to produce the same business decisions. Marketing research has also found other uses for the Internet. It serves as a major information source, aids in the distribution of RFPs and proposals, facilitates collaboration between the client and the research supplier in the management of a research project, provides data management and online analysis, and allows for the publication
and distribution of reports and the viewing of oral presentations by a widely scattered udience.
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