Be it an Individual, a Small Business, a Large Corporation or even a Conglomerate, all requires a strategy to move forward with their deeds, businesses. Many business entities spend a considerable amount of resources to design their strategy for the future which awaits. However, all these Strategies are built upon one thing, “Research”. Research is the foundation of Strategy.
Researches done on the market which the businesses are operating in is critical in designing the strategy of the specific business. For a business which aspire a continuous growth, market research is a continuous process, not just a one off activity. Because specially in today’s world environments businesses are operating in are changing rapidly. Be it the initial point of the business seeking to enter into the market, or be it a phase which launches a new product or a service or even be it a point where business has decided to shift into next level, a quantum leap, Market research plays a crucial role always. Hence it is a continuous process probably throughout the life cycle of the business. Market research simply means a feasibility study of a new product or a service or even a strategic change to a particular market.
However what most do not figure out is the role of Statistics in Market Research. Market Research would not be able to stand alone without Statistics as Statistics only will provide data and information to proceed with a proper market research. Hence both are complementing each other. Accurate and properly gathered statistics smoothens the Market Research.
Statistics is a whole different science which needs to be handled by professionals at it. Some businesses have separate units established which consist of statisticians. But it is not a luxury many of the businesses have. However, the fact remains that it needs to be handled by professionals at it. Therefore in the absence of a team of Statisticians in house it is better to seek the service of external consultation specialized in Statistics. After all nothing can harm a business as much as the harm causes by false statistics. Such consultants will provide valuable inputs to the business from the statistics perspective of the market research.
As mentioned before, Statistics is a different science which involves Collection, Classification, Analysis and Interpreting of numerical facts and data. Statisticians will gather data using precise and scientific procedures and analyze and interpret them in a manner which will be the foundation for the market research. Statisticians are able to provide significant market research based on these data and analysis. Those analysis and interpretations then converted into business decisions which shape the next movements of the particular business.
Both Market Research and Statistics are very crucial to any business in moving forward. Therefore it is extremely important that professionals at these areas handle these tasks. One wrong move can put the business in extreme risk. Further it is important that Management of a business understand the importance of the analyses and recommendations made by Statisticians based on their findings and pay close attention to them while making business decisions. Otherwise they will face problems same as Generals who ignore the decodes of enemy signals in a war.
