Much better to be forewarned and forearmed. Research has revealed that although effective decision-making is directly connected to financial performance, 98 percent of managers don’t put best practices to use in making decisions. Assess Current Business: The current business environment of the company provides the platform the development and growth of the company. Because without it we are all just guessing! Think of the time and money you waste going down the wrong routes. Why Market Research Is Important for Strategic Decision Making by Sarah Schmidt , on May 29, 2018 In today’s rapidly shifting market landscape, the ability to make effective data-driven decisions is crucial for a variety of essential business operations across an organization. Instead of taking the time to research the best course of action, leaders often simply grab the first idea that comes to them and try that. Every decision requires unique needs for information, and appropriate strategies can be evolved based on the information collected through marketing research. Virtually, marketing research is conducted to better understand the market, to find out why a strategy failed, or to reduce uncertainty in management decision making. Here’s a brief summary of the content… Why do research? Competitive marketing environment and the ever-increasing costs attributed to poor decision making require that marketing research provide sound information. the planning, collection, and analysis of data relevant to marketing decision making and the communication of the results of this analysis to management. Business Research: Steps in Decision Making. Role of Marketing Research in Strategic Planning and Decision Making So it is of great importance to assess the current business situation. The task of marketing research (MR) is to provide management with relevant, accurate, reliable, valid, and current information. Marketing research is a crucial part of marketing system; it helps to refine ideas in decisions making of management by giving accurate, appropriate, and timely information. The PFA team were out and about this week presenting to Cornwall’s business leaders about the role of research in decision making. Role of business research in management decision making process is as follows;.