Factors include labor pool, inventory, sales, earnings, capital investment, scheduling, operations and regulations. More so the issues of environmental impact, records management, and social plurality. The competition is fierce and the small business person is the forerunning market activist. A small investment in research can go a long way for ensuring a firm's sustainability and profitability. When the risk is access the faulty information it cost little to know the right information.
Consumer behavior or market citizenship is a dynamic with a focus on preferences, bias, and attitudes that influence choices in the market economy; while taking into consideration the external factors that have a role in manipulating these variables. Consumers face the same faulty information problems as Producers or Suppliers and are better served with the information required to meet their needs. Even minimal research efforts can achieve this.
A large organization is often bound to align the institution's mission with its stakeholders' values and goals. Therefore immediate areas for examination consist of asset management, policy guidelines, policy review, operational protocols, fundraising and the like. Ultimately a system or set of procedures is required to gauge the effectiveness of the institution's work. Self-established benchmarks can be applied when key information asymmetries are overcome.
Optimal performance as measured in earnings is the key for public corporations for they are bound by law to their shareholders. Yet the shareholder is but one of many community stakeholders who share costs externalized into the public marketplace. Incorporation of new protocols, standards, and management systems that enhance self-regulation can mutually benefit both the goal of optimized market performance and relations with community shareholders.
Begin with a name. Increase name or brand awareness, create positive attitudes about your brand, and increase your brand usage to achieve brand recognition or brand loyalty. These metrics are more simply stated than achieved. Branded assets can be tangible or intangible (concept brand); both are legal property with exclusive rights. Brands are also known as trade names or company logos. Brands like people develop life long profiles or personas.
Market communication otherwise known as advertising is the art of persuasion with, surprise, the goal of persuading an individual or a business to continue in the use of a product or service. Advertising works with the same intent in non-market forums such as politics. Advertising methods are designed to appeal to emotions, social status impact, imprinting mechanisms, and the perception of shared values to develop credibility and trust with the consumer. Increasingly the multi-media scope of advertising is a leggy trend.
This is all about identifying absolute and relative business advantages, disadvantages, opportunities, and threats. In doing so a strategic plan should have adequate information resources, address market segmentation and end-user needs, understand market size and growth potential, along with market trends. Conversion and matching applications are practical in conjunction with optimization and minimization protocols.
Customer satisfaction in comprehensive terms can be understood as a dialectic whereas the product/service transaction is the link that reveals the roles of the employee, product/service, support, and company platform in addition to marketing efforts. Market segmentation and the observation of former and current customers informs to a a future loyal customer base. Customer satisfaction is significant for improving brand equity or brand value such that information inequalities are offset allowing for a price premium in the market.
Like scientific research, historical research attempts to identify causal relationships and processes typically with comparative or acute studies for explanatory dialogue. Here theory development is pursued to illustrate social behavior that lends itself to a predictive outcome. The nature of historical research with its sources of evidence can be interpretative whereas criticism and rational approaches to source material are illuminating for the researcher.
The case study approach to research is significant for it ability to augment understanding of complex issues that may lack obvious dynamics. It can also be used to augment existing research propositions. The processes of a case study are composed of developing a research question, determining data gathering/analysis standards, selecting cases for study, collecting data, evaluating the data, and reporting the study's results.
Make observations, propose a hypothesis, design and perform an experiment with controls that measure the effects of the independent variable on dependent variables, analyze the data to either accept, modify, or reject the hypothesis, and if necessary propose and test a new modified hypothesis. In a controlled experiment an experimental group is compared with a control group that are differentiated by the independent variable. This is the scientific method.
Ideally research informs as to what we don't know but may suspect. It benefits us in a manner that hones our craft, advances our decision making, equips us with the knowledge to resolve problems identified or unidentified. Research lets us learn and satisfies for a moment our curiosity. Research is a convenient tool with opportune effects to improve our life pursuits. Research is the 800lb gorilla in the room.