Business Decision : A Successful Company Essay

1197 Words Jan 25th, 2015 null Page
Introduction A successful company considers the customer in every business decision it makes (Baron & Shane, 2012). This requires the company to get to know the customer in intimate ways. The company must understand all there is to know about the customer. This includes having comprehensive knowledge about the customer’s wants, needs, values, habits, attitudes, cultures, and traditions (Kotler & Keller, 2012). Unfortunately, most of this information is not readily available and can vary from one market to another. Therefore, a company must perform extensive market research to discover and unmask the intimate details. This includes learning about overall market conditions, customer attitudes, and product and/or service sustainability. Market research is the “systematic collection and interpretation of data to support future marketing decisions” (Katz & Green, 2014, p. 382). Most companies collect and analyze data in one of three ways (Baron & Shane, 2008). First, a company can hire an outside research firm to collect and analyze the data and then report the findings back to the company (Boone & Kurtz, 2014). Second, a company can rely on secondary sources, such as census reports, population studies, and other governmental reports, to provide the necessary market information (Boone & Kurtz, 2014). Lastly, companies can do their own research to discover the necessary information to make successful business and marketing decisions (Boone & Kurtz, 2014). This type of research…

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