importance of research in business decision making

The Importance of Research in Decision-Making: Examples from Different Industries

• 15 July 2023

Introduction

The importance of research in decision-making has never been greater than today, given the complexity of contemporary industry. Businesses use research as their compass to steer them through a sea of uncertainty. Research makes a key contribution to well-informed decisions that fuel business growth and lead industry advances by giving crucial data, comprehending patterns, predicting changes, and promoting inventive ideas. Let’s examine how research affects decision-making in several industries, such as healthcare, marketing and advertising, finance, environmental planning, and conservation, to highlight its crucial function.

Healthcare The healthcare sector offers a powerful illustration of how research can influence important decisions. Decisions about patient care, the use of drugs, and the adoption of treatment procedures in this field depend on substantial and in-depth research. A crucial component of medical research is clinical trials. The decisions made by healthcare professionals and the development of healthcare policies are influenced by these investigations’ in-depth revelations about the efficacy and safety of novel medications and treatments.

Beyond the level of the person, research is crucial to public health. It helps with determining risk factors, understanding the prevalence of diseases, and guiding comprehensive health policies and preventative measures. For instance, research was crucial in influencing decisions related to the implementation of lockdown measures and the creation and distribution of vaccines during the COVID-19 pandemic.

Marketing and Advertising Consumer research is king in the world of marketing and advertising. Market research findings are used to guide decision-making about product design, price strategies, promotional efforts, and distribution networks. Companies may better customize their offers to match customer needs and achieve a competitive advantage by analyzing consumer behavior, determining preferences, and spotting market trends.

The international streaming provider Netflix provides a notable example. Netflix didn’t decide to spend a lot of money on original programming on the spur of the moment. Instead, it was founded on in-depth study information gathered from its subscribers’ watching patterns. Netflix made a wise choice that has since made it a major player in the creation of TV episodes and movies by analyzing what its customers loved to watch.

Finance The foundation of investment decisions in the finance sector is research. To decide when to buy, sell, or hold various securities, financial analysts do in-depth research on market trends, economic variables, company performance, and industry conditions. These choices have big financial ramifications, and without solid data to back them up, the dangers would be greatly increased.

Warren Buffett, a well-known investor and the chairman of Berkshire Hathaway, is a prime example. Buffett is praised for conducting extensive research before making investing choices. He thoroughly examines company reports, examines market trends, and researches economic data. Buffett’s dedication to in-depth analysis has been crucial to his amazing success in the financial industry.

Environmental Planning and Conservation The field of environmental planning and conservation demonstrates how research can directly influence strategic decision-making. In this sector, research furnishes crucial data about species population trends, habitat conditions, and the impacts of human activities on ecosystems. These insights guide decisions about land use, conservation strategies, and policy-making at both local and national levels.

The decision to reintroduce wolves into Yellowstone National Park in the United States offers a perfect illustration. This decision stemmed from extensive research showing that reintroducing wolves could help restore the ecological balance of the park by controlling the rampant elk population. This research-based decision led to the rejuvenation of several species and habitats in the park.

Conclusion examples from the business world show how important research is in all decision-making processes. It provides data-driven insights that reduce uncertainty, manage risks, and open the door to well-informed, strategic decisions. Whatever the field, thorough research is an essential component of success. It aids businesses in navigating the intricacy of contemporary markets, propels advancement, and sculpts a bright future. To succeed in today’s changing world, every firm should prioritize allocating time and money to high-quality research.

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The Role of Business Research in Decision Making: A Brief

The right data serves as an organization’s compass, pointing the way toward new possibilities. To get access to this data, Business research serves a vital function. By collecting pertinent data and gaining insights into industry trends, customer preferences, competitor actions, and market forces, organizations can make informed plans for growth and capitalize on emerging opportunities.

Wondering how? Let’s find out.

Research and Decision Making Go Hand in Hand

Considering the race to be successful, it is more essential than ever to base your decisions on careful research. Even before an organization lays off the first brick, experts have already begun the process of research including studying the market, niche, audience, and everything that comes in between. Thorough research provides the foundation for informed decision-making, which enables organizations to build sustainable success and growth strategies. In other words, research helps businesses identify problem areas, collect/analyze relevant data, seize new opportunities, and establish an objective in order to enhance decision-making.

With technological advancement, businesses have access to some of the best tools and methods necessary to gather information and put it to use. Not just that, it has also become very accessible to reach out to third-party business research services  who can collect the information on their behalf.

Best Decisions Need Data

Every business comes with a set of risks. However, research-driven decisions can help you eliminate the risk to a great extent while making you less vulnerable. With market research, you can get hold of new products as well as trends beyond your own organization and become more aware of significant variables such as:

• Emerging technologies
• Competitors
• Changing consumer preferences
• Socio-economic changes
• New guidelines and regulations
• Potential new partners or suppliers

Adequate market research helps you grab valuable opportunities – ones that help you develop your products, channel your services, establish yourself as a brand, and most importantly promote informed decision-making.

Steps Involved in Business Research

• Identify Problems and Current Issues: The first step in business research involves assessing the current business situation and identifying the underlying problem or business opportunity that needs attention. This helps you determine where research efforts should be focused.
• Define Research Objectives: Once you identify your current business problem, the next step is to determine the objective/goal and intended outcomes of the research. Clearly outlining the purpose and aim of research at the start leads to more impactful results. The goals help determine essential data points to gather, analysis methodology to use, and metrics for success.
• Identify Sources for Data Collection: As a next step, research initiatives require you to identify credible sources to collect relevant data. This may involve determining internal databases, external industry reports, publications, news sites, financial records (if conducting financial research ), and data from other online sources.
• Choose the Data Research Method: Once the objectives are defined and sources are identified, the next step is to decide on the appropriate research methodology and data collection techniques aligned with the goals. Businesses use different methods for data collection, including data scraping, data mining , and data extraction.
• Implementation and Evaluation: This is the final and the most important stage where data collected is analyzed, results are assessed, and finally fed into the decision-making process. The methodology guides how raw data transforms into impactful findings and is then used for sound decision-making.

Types of Business Research

Brand research.

Brand research focuses on gathering data about your brand/company- its perception, awareness, brand loyalty, and position in the market. It typically involves checking brand presence, surveying, or taking feedback from customers, and analyzing brand awareness over a period of time. It helps you make informed decisions on branding & marketing initiatives.

Competitor Research

Conducting competitor research and analysis allows organizations to identify key competitors, positioning, offerings, pricing, etc. With these insights, companies can pinpoint gaps in their own strategy, implement necessary changes, and gain a competitive advantage. The data and findings from competitor analysis empower timely, informed strategic decisions to capitalize on opportunities

Customer Research

Customer research allows businesses or companies to get insights into customer demographics, needs, buying behaviors, and more. Collecting data from analytics and using techniques like surveys, interviews, focus groups, user testing, and data analysis uncover these valuable consumer insights. You can then make informed decisions around product development, marketing, pricing, and customer service.

Market Research

Market research is done specifically to better understand the target markets and customers. This is primarily done in order to test the viability before launching a new product or service. By collecting data and analyzing data on current market trends, customer behavior, and the needs of the target audience, you can take timely action and improve your business idea.

Benefits of Business Research

1. expand your operations.

As a business owner, you’d always want your business to flourish and grow exponentially. However, expansion means something different to everyone. For some, it might mean serving within the country and for others, it might mean expanding beyond national boundaries. Fortunately, business research helps you achieve both. With proper research, you can get hold of different strategies being adopted across diverse cities or nations and accordingly make decisions. However, you must adopt the right research method based on your plan of expansion. In other words, expanding internationally requires deep-dyed research since the regulations, market and even the currency are different.

2. Latest Marketing Trends

It goes without saying that research gets you to learn the latest and the most advanced marketing trends. In today’s fast-paced world, new ways of doing things are introduced almost daily. The best you, as a business owner, can do is get acquainted with them and use them in your business processes. By knowing what your competitors and the audience are up to, you can learn better ways of doing things and achieve better.

3. New Business Opportunities

Quality business research reveals untapped potential across industries by uncovering unmet needs and overlooked opportunities. For instance, healthcare research can reveal gaps in treatment approaches, opening up possibilities for innovative solutions. Market analysis can also identify promising, untapped customer segments for companies’ offerings. By highlighting these overlooked possibilities, comprehensive research empowers enterprises to create and capture new opportunities

4. Improved Customer Support

An important aspect of growing your business is reaching and hearing out to your customers as well as clients. The nature of your customer support offered determines whether the customers will come back or not. Research, whether in the form of surveys, questionnaires, or feedback, can help you gather information on customer behavior. Understanding what your customers think or need, will help you in addressing their needs, target your efforts, and ultimately achieve customer satisfaction.

5. Higher Employee Productivity

Another benefit that research brings to your business is training and educating your employees in a vast array of fields. In a corporate world that is seemingly more cutthroat than ever, employees must be well aware of the trends, tools, or methodologies in order to perform well. This means greater productivity and ultimately better business performance.

Business Research Methods

1. Feedback and Reviews

One of the most preferred research and data collection methods is conducting consumer surveys, collecting reviews, or asking for feedback on the products/services you offer. You can ask your immediate customers about your products/services – what they like, what they dislike, or what are their expectations. This not only helps you understand customer behavior, choices, preferences, and other insights but also helps you improvise your products or services as per consumer needs.

2. Raw Data

Another way to collect data is by using what has already been printed over the Internet or in magazines/journals. As there are thousands of online sources that act as valuable sources of information for business, using data scraping services , companies can extract that data and put it to their research needs.

3. Outsourcing to Experts

Research is a time-consuming process. Also, one needs to have the required skills and expertise to conduct proper research and gain insights. When you outsource it to a professional business research company, you do not just save time, effort, and money but get the best team of experts who dedicatedly work towards building your brand. Further, professionals are aware of all the possible methods of research and put their best foot forward to help you learn about the market, consumers, demographics, competitors, and a lot more. This, in turn, helps you fix problems with effective solutions and make well-informed business decisions. Most importantly, experts help you mitigate business risks while enhancing your sales.

SunTec Data: Your Business Research Partner

Every business, whether big or small, needs the right plan to succeed. This calls for deep business research in order to gain actionable industry insights and better understand customer behavior to make strategic decisions, beat the competition, and expand operations. With SunTec Data by your side, you get a comprehensive range of business research services   to help you gain a competitive advantage.

With 15+ years of experience, we have a team of business research experts who have been supporting global clientele with extensive business research services and analysis support, helping them better understand the target market, industry developments, trends, competitors, partners, and consumer behavior. All in all, our business research team does everything required to build a strong foundation upon which you can base smarter business decisions, carve out future strategies, and secure long-lasting success.

Reduce your research time, make timely decisions, and reach your goals with professional business data research services from SunTec Data.

To discuss your requirements, write to us at.

[email protected]

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Importance of Research in Business Decision Making

Businesses perform research for various purposes, including acquiring vital information about their consumers and business clients. Management's primary duty is to make decisions, and without the assistance of study and analysis of the current situation and future forecasting, decisions may be ineffective. As a result, research can help you make better decisions. Based on research, management may make sound and well-informed judgments.

Basics of Business Research in Decision Making

Businesses conduct research to determine the effectiveness of their advertising. For example, a dairy manufacturer would wish to know how many individuals saw its most recent television commercial. The dairy company may discover that the longer the television ad runs, the more people become aware of its advertising. If few individuals have seen the ads, the corporation may elect to display them at other times.

Because of research, a company can make well-informed decisions. The company will gather information about critical business areas, analyze them, develop a strategy, and distribute business information during the research process. Reports presented to top management frequently include information on customer and employee preferences and all accessible channels for sales, marketing, finance, and production. These details are used by management to select the optimal plan. At all stages and phases of business operations, research is required. Initial research is needed to determine if entering the given type of business would be lucrative and whether there is a market for the proposed product.

Concerning the employees, properly conducted research can provide vital facts about their satisfaction quotient, the difficulties they face, and how they can address problems related to workplace relationships. An analysis of the results would allow management to make changes to improve the overall effectiveness of the organization and its personnel. Workers can be trained and guided to meet the demands of the organization. This would benefit both personal and professional development while increasing overall organizational effectiveness.

Research is essential for managerial decision-making. All strategic business sectors are researched and appraised before developing more efficient procedures. All businesses usually have many ways of doing an activity. The organization picks the most effective, productive, and profitable through proper research.

Research can answer questions for various problems, from getting a grip on industry trends, identifying new products to produce and deliver to the market, or deciding on which site to locate an outlet, to understand better what it needs to fulfill customer demands. Research can also help evaluate if a product is accepted in the market. Research aids expansion into new markets.

Research helps in testing the potential success of new products. Before marketing them, businesses must understand what kinds of products consumers would like. For example, a restaurant may conduct focus groups in the beginning to test different varieties of burgers. Small groups of consumers will most likely participate in the focus groups. The focus group could be used to determine which burgers clients prefer. Ultimately, the company may test the burgers through surveys with larger groups of people.

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The Importance of Business Research: Understanding Its Value for Management Decisions

Table of Contents

If you’re a business owner or manager, you know that making the right decisions can be the difference between success and failure. One of the most valuable tools for making informed decisions is conducting business research. In this blog, we will explore the importance of business research in detail and how it can benefit management decisions.

What is Business Research?

Business research is the process of collecting and analyzing data to support management decision-making. It helps organizations identify and solve problems, make informed decisions, and stay ahead of their competitors.

The Importance of Business Research

Business research plays a crucial role in an organization’s success by providing the following benefits:

1. Identifying Problems and Opportunities

Business research helps to identify the problems and opportunities that exist in a particular market or industry. By conducting research, organizations can identify gaps in the market, unmet customer needs, and areas where they can improve their products or services.

2. Making Informed Decisions

Making informed decisions is crucial for the success of any business. Business research provides the necessary information and insights to make informed decisions. It helps management to evaluate the potential risks and benefits of a particular strategy or decision.

3. Mitigating Risk

Business research helps to mitigate risk by providing information on potential risks and uncertainties. By conducting research, organizations can evaluate the potential risks associated with a particular decision or strategy and take measures to mitigate them.

4. Improving Customer Satisfaction

Business research can help improve customer satisfaction by identifying the needs and preferences of customers. By understanding customer needs, organizations can develop products and services that meet their customers’ needs and preferences.

5. Staying Ahead of Competitors

Business research helps organizations stay ahead of their competitors by providing insights into the market and industry trends. By conducting research, organizations can identify new opportunities and potential threats, develop strategies to capitalize on these opportunities, and stay ahead of their competitors.

In conclusion, business research is an essential tool for making informed decisions, identifying problems and opportunities, mitigating risk, improving customer satisfaction, and staying ahead of competitors. By conducting research, organizations can gain valuable insights into the market and industry trends, which can help them make more informed decisions and ultimately achieve greater success.

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Research Methodology for Management Decisions

1 Research Methodology: An Overview

• Meaning of Research
• Research Methodology
• Research Method
• Business Research Method
• Types of Research
• Importance of business research
• Role of research in important areas

2 Steps for Research Process

• Research process
• Define research problems
• Research Problem as Hypothesis Testing
• Extensive literature review in research
• Development of working hypothesis
• Preparing the research design
• Collecting the data
• Analysis of data
• Preparation of the report or the thesis

3 Research Designs

• Functions and Goals of Research Design
• Characteristics of a Good Design
• Different Types of Research Designs
• Exploratory Research Design
• Descriptive Research Design
• Experimental Research Design
• Types of Experimental Designs

4 Methods and Techniques of Data Collection

• Primary and Secondary Data
• Methods of Collecting Primary Data
• Merits and Demerits of Different Methods of Collecting Primary Data
• Designing a Questionnaire
• Pretesting a Questionnaire
• Editing of Primary Data
• Technique of Interview
• Collection of Secondary Data
• Scrutiny of Secondary Data

5 Attitude Measurement and Scales

• Attitudes, Attributes and Beliefs
• Issues in Attitude Measurement
• Scaling of Attitudes
• Deterministic Attitude Measurement Models: The Guttman Scale
• Thurstone’s Equal-Appearing Interval Scale
• The Semantic Differential Scale
• Summative Models: The Likert Scale
• The Q-Sort Technique
• Multidimensional Scaling
• Selection of an Appropriate Attitude Measurement Scale
• Limitations of Attitude Measurement Scales

6 Questionnaire Designing

• Introductory decisions
• Contents of the questionnaire
• Format of the questionnaire
• Steps involved in the questionnaire
• Structure and Design of Questionnaire
• Management of Fieldwork
• Ambiguities in the Questionnaire Methods

7 Sampling and Sampling Design

• Advantage of Sampling Over Census
• Simple Random Sampling
• Sampling Frame
• Probabilistic As pects of Sampling
• Stratified Random Sampling
• Other Methods of Sampling
• Sampling Design
• Non-Probability Sampling Methods

8 Data Processing

• Editing of Data
• Coding of Data
• Classification of Data
• Statistical Series
• Tables as Data Presentation Devices
• Graphical Presentation of Data

9 Statistical Analysis and Interpretation of Data: Nonparametric Tests

• One Sample Tests
• Two Sample Tests
• K Sample Tests

10 Multivariate Analysis of Data

• Regression Analysis
• Discriminant Analysis
• Factor Analysis

11 Ethics in Research

• Principles of research ethics
• Advantages of research ethics
• Limitations of the research ethics
• Steps involved in ethics
• What are research misconducts?

12 Substance of Reports

• Research Proposal
• Categories of Report
• Reviewing the Draft

13 Formats of Reports

• Parts of a Report
• Cover and Title Page
• Introductory Pages
• Reference Section
• Typing Instructions
• Copy Reading
• Proof Reading

14 Presentation of a Report

• Communication Dimensions
• Presentation Package
• Audio-Visual Aids
• Presenter’s Poise

• Media Center
• E-Books & White Papers

Why Market Research Is Important for Strategic Decision Making

by Sarah Schmidt , on May 29, 2018

Consider the following scenarios:

• A CEO who is thinking about making a large acquisition to enter a new market
• A product developer working to stay ahead of shifting trends
• A management consultant advising a client on how to reboot their business
• A brand manager creating buyer personas to shape marketing efforts
• An entrepreneur building a pitch to secure funding from venture capitalists

Each of these individuals may have previous experiences and gut instincts that inform their thinking and planning, but they must also incorporate high-quality data and analysis into their decision-making process in order to understand the bigger picture, persuade key stakeholders, and back up their conclusions.

Risk is inherent in each of these situations, and a fumble at the wrong moment can lead to serious consequences for an individual’s career success and a company’s longevity. When the competition is fierce and the margin of error is thin, relying on faulty assumptions can be fatal.

As we explore in the white paper The Importance of Market Research for Validation and Decision Making , high-quality industry research can mitigate these risks by helping to test your hypotheses, validate your insights, and build your sense of confidence.

Why You Need an Outside Point of View

Since 2000, more than half of the companies in the Fortune 500 have merged, gone bankrupt, or been acquired, according to Forbes . A new generation of innovative companies has sprung up, creating unique business paradigms for the organizations of tomorrow.

In this volatile environment, it’s not enough to just predict or forecast within the existing scope of business (though you should). To avoid getting “Ubered” like the cab industry, companies must leverage accurate data and qualitative assessments about the industry direction and identify gaping holes in customer satisfaction that outsiders may prey on. Rigorous analysis should be used to drive decision making and adapt in a timely manner, and in this regard, third-party market research can protect you in more ways than one.

Market research can open your eyes to products and trends beyond your own company and help you become more aware of influential variables such as:

• New technology
• Rising competitors
• Shifting consumer preferences
• Socio-economic changes
• New regulations
• Growing and shrinking markets
• Potential new partners and suppliers

With adequate research, you can seize valuable opportunities for product development and new market entry. You can also make more prudent investments — increasing spending on markets that still have room for growth and re-evaluating investments in markets with lower demand.

Market research can also give you the foundation you need to make other pivotal shifts in your business. For example, you may find that you need to build new external partnerships to quickly adapt to technological changes (such as cloud computing, virtual reality, or automation), or it may be in the best interest of your company to acquire a start-up to maintain a foothold in an evolving industry (such as Walmart acquiring Jet.com to boost its e-commerce side of the business).

Making smart business decisions — and gaining buy-in from stakeholders along the way — is much easier when you have credible evidence to back up your strategies.

Interested to learn more? Download MarketResearch.com's free white paper for more practical insights and recommendations.

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The Importance of Decision-Making Process in Business

Decision-making is essential to our daily lives and holds even greater significance within business organizations. Successful decisions can lead to profits, while poor choices can result in losses. This highlights the critical importance of the decision-making process for any organization.

This article will explore the decision-making process in detail, including its tools, techniques, and methodologies. We will unravel the significance of effective decision-making in the world of business, especially for business leaders, who often face complex decisions influenced by external factors.

Short Summary

• Decision-making is crucial in business and can lead to profits or losses .
• The decision-making process involves identifying the problem , gathering information , evaluating alternatives , making a choice , implementing the decision , and evaluating the outcomes .
• The process offers several benefits , including clarity , efficiency , accountability, risk mitigation , and learning and improvement .
• Improving the decision-making process involves including evaluation from the start, seeking approval from stakeholders, and using relevant metrics and competitor analysis.
• Leadership plays a pivotal role in decision-making, and empowering employees as decision-makers enhances engagement and innovation .
• Ethical decision-making is vital for building trust , credibility , and a positive corporate culture, and data-driven insights and tools like SWOT analysis , cost-benefit analysis, and decision trees can enhance decision-making quality .

Decision-Making Process

The decision-making process is a structured approach that empowers professionals to address problems by carefully considering evidence, exploring alternative options, and ultimately making informed choices. This well-defined process also offers an opportunity to evaluate the decision's effectiveness at the end, ensuring its alignment with the desired outcome.

Business leaders rely on such decisions to navigate challenges and seize opportunities in the competitive business landscape. By following a systematic approach to identify the best course of action, they can make well-informed choices that drive their organizations towards success and growth.

Five Benefits of the Decision-making Process:

• Clarity : The decision-making process provides a clear understanding of available options and their implications, reducing confusion and enabling decisive actions.
• Efficiency : Following a structured approach, the decision-making process streamlines evaluating and selecting alternatives, resulting in quicker and more efficient decision-making.
• Accountability : A well-defined decision-making process fosters accountability as responsibilities for decisions become transparent, leading to increased ownership and commitment.
• Risk Mitigation : The decision-making process involves analyzing potential risks and rewards, helping make informed choices that minimize negative outcomes and maximize benefits.
• Learning and Improvement : The decision-making process encourages a culture of learning and continuous improvement. Decision-makers can draw insights from past choices and feedback to refine their approach, leading to better decision outcomes over time.

How to Improve the Decision-Making Process

To improve the decision-making process, it's crucial to include evaluation right from the start. Make sure to dedicate a step for evaluating the process and its outcomes, especially for future reference. Also, seek approval from all stakeholders in advance, even for individual steps, and keep them updated throughout the process. Collect relevant metrics to demonstrate successes, failures, and the benefits of considered options—additionally, research competitors' approaches to support your decisions. Integrating evaluation, stakeholder involvement, metrics, and competitor analysis can enhance decision-making and achieve more successful outcomes.

Traditional Business Decision-Making Processes

Traditional business decision-making processes have been the bedrock of organizational operations for many years. These tried-and-true approaches provide structured methods to analyze data, assess risks, and make informed choices. As we explore various decision-making processes, such as the five-step, six-step, and seven-step approaches, it's essential to recognize the enduring significance of traditional methods in shaping effective business strategies. These tried-and-true approaches continue to play a vital role in guiding organizations toward success and overcoming complex challenges.

Five-Steps And Six Steps in the Decision-Making Process

Decision-making processes in organizations can vary in the number of steps employed, with five-step and six-step methods and seven-step methods being commonly used. Each process offers a systematic approach to arriving at well-informed decisions. Let's explore the key steps in the five- and six-step decision-making processes and their focus on achieving effective outcomes.

Five-Step Process:

• Identify the end goal : Clearly define the objective of the decision-making process.
• Gather information : Collect all necessary data and insights to inform the decision.
• Evaluate risks and consequences : Analyze potential outcomes and risks for each option.
• Make the decision : Choose the best option based on the evaluation and information gathered.
• Evaluate after implementation : Review the results and effectiveness of the decision, making adjustments if needed.

Six-Step Process:

• Gather information and identify alternatives : Conduct thorough research and identify multiple options without selecting one yet.
• Compare alternatives against criteria : Evaluate each alternative against specific criteria to determine suitability.
• Make the decision : Select the best alternative based on the comparison and evaluation.
• Execute the decision : Implement the chosen option and put it into action.
• Evaluate after implementation : Review the decision's outcomes and impact, learning from the experience for future improvements.

The five- and six-step decision-making processes are valuable tools in ensuring well-informed decisions. While the five-step process focuses on risk assessment and immediate decision-making, the six-step process prioritizes research and systematic comparison of alternatives. Choosing the most suitable process depends on the nature of the decision and the desired outcomes. Emphasizing a structured decision-making approach helps organizations achieve effective results and confidently navigate complex challenges.

Seven - Steps in the Decision-Making Process

The widely adopted seven-step decision-making process in present businesses involves identifying and selecting the best course of action to achieve desired objectives. The process comprises the following steps:

• Identifying the Problem or Opportunity : Begin by clearly defining the problem or recognizing the opportunity you wish to address. Understanding the underlying issue is crucial for an effective decision-making process.
• Gathering Relevant Information : Collect all relevant data and information related to the problem or opportunity. Ensure you have a comprehensive understanding of the factors influencing the decision.
• Identifying Alternatives : Brainstorm and list various alternatives or potential solutions to the problem. Be open to creative and diverse options.
• Evaluating Alternatives : Assess the pros and cons of each alternative. Consider their feasibility, potential risks, and alignment with your goals.
• Making the Decision : Choose the best alternative based on the evaluation. Make a well-reasoned decision, considering all the available information.
• Implementing the Decision : Put the chosen solution into action. Develop a clear plan and allocate resources as needed.
• Evaluating the Decision : After implementation, assess the outcomes and effectiveness of your decision. Learn from the results to improve future decision-making processes.

By following these steps, you can streamline your decision-making process, make informed choices, and increase your chances of achieving successful outcomes.

What Is the Decision-Making Process Model?

A decision-making model serves as a structured system or approach that individuals can adopt to ensure they make the most optimal choice among various alternatives. Decision models streamline the decision-making process by providing clear guidelines and frameworks, making it easier for businesses to achieve favorable outcomes.

Moreover, decision models offer the benefit of visibility and ease of communication. They enable all involved parties, including managers, stakeholders, and employees, to understand and contribute effectively to the decision-making process. Decision models find diverse applications across departments, businesses, and industries. They prove especially valuable when choosing software vendors or new tools, making critical decisions, or implementing changes that impact many people. Embracing decision models can significantly enhance the effectiveness and efficiency of organizational decision-making processes.

Common Types of Decision-making Models Include:

Rational decision-making model.

The rational decision-making model is the most popular model, providing a logical and sequential approach to decision-making. It involves listing alternative courses of action and evaluating them to determine the best option. The steps in this model include:

• Identifying the problem or opportunity.
• Establishing decision criteria.
• Gathering information.
• Analyzing the situation.
• Generating options.
• Evaluating each option.
• Making the final decision.
• Implementing it.
• Evaluating the outcome.

Intuitive Decision-Making Model

Intuitive decision-making models focus on decisions guided by inner knowledge or intuition rather than purely rational or logical reasoning. These models consider pattern recognition, similarity recognition, and the importance or prominence of each option. Intuition plays a significant role in guiding the decision-making process, which is not solely based on gut feelings but also incorporates subconscious insights.

Recognition Primed Decision-Making Model

The recognition-primed decision-making model combines elements of rational and intuitive decision-making. In this model, the decision-maker initially considers one option and proceeds if it seems satisfactory based on pattern recognition and previous experience. Only if the initial plan fails to produce the desired results are alternative courses of action explored. This model heavily relies on an individual's experience and expertise to make effective decisions.

Creative Decision-Making Model

The creative decision-making model encourages users to collect information, brainstorm initial solutions, and allow their unconscious minds to incubate the ideas. During an incubation period, the decision-maker does not actively think about the options. Instead, they rely on their unconscious to lead them to realizations and answers that can be tested and finalized for the decision. This model taps into creative thinking to find innovative solutions to complex problems.

The Purpose And Benefits of Using Models

The purpose of using models is to simplify complex concepts and clearly represent real-world situations. Models aid in understanding, decision-making, and prediction by capturing essential elements and relationships. They serve as powerful tools to navigate intricate scenarios and optimize the use of resources.

The benefits of using models are diverse and have applications across various fields and disciplines. First and foremost, models promote objectivity in decision-making processes. Following a structured approach, individuals can analyze data, evaluate alternatives, and reduce biases that may influence choices. Models also enhance communication and collaboration among individuals with different expertise, creating a common language that fosters teamwork and interdisciplinary cooperation.

Moreover, models enable efficient handling of complexity, breaking down multifaceted problems into manageable components. They assist in risk management, allowing organizations to specify potential risks, assess their likelihood and impact, and develop mitigation strategies. Models support problem-solving and innovation by providing a systematic framework for testing hypotheses and validating theories.

When to Use Decision-making Models

Decision-making models are best used in complex situations where multiple factors need to be considered, and the outcomes can significantly impact the organization's success. They are particularly beneficial when dealing with high-stakes decisions, resource allocation, and strategic planning. Additionally, decision-making models are valuable in group settings, facilitating collaboration, building consensus, and managing conflicts effectively. By employing these models in appropriate scenarios, individuals and organizations can make well-informed choices, optimize resource usage, and improve overall decision quality.

Business Decision-Making Process

The specifics of decision-making in a business context.

In the dynamic business realm, decision-making holds the key to an organization's success. This multifaceted process involves identifying growth opportunities, addressing challenges head-on, and strategically navigating market complexities. Business decision-making demands a comprehensive understanding of the market landscape, customer needs, and financial implications. The choices made here can chart the course for a company's future trajectory, making it crucial for decision-makers to stay agile, proactive, and well-informed.

Challenges And Considerations in Business Decision-Making

Business decision-making is not without its hurdles. Decision-makers must grapple with uncertainty, risks, and the delicate balance between short-term gains and long-term sustainability. Ethical considerations ensure that choices align with the company's core values and reputation. Additionally, navigating diverse stakeholder interests requires adept handling and strategic foresight. In this landscape of constant change, decision-makers must harness a blend of experience, data-driven insights, and intuition to make sound choices that propel the organization forward.

Role of Data And Analytics in Business Decision-Making

In the digital age, data reigns supreme, and analytics is the lighthouse guiding business decisions. Organizations can achieve an edge in the competitive market by harnessing data-driven insights. Advanced analytics tools unravel patterns, customer preferences, and operational efficiencies, offering invaluable guidance to decision-makers. Armed with this knowledge, businesses can optimize resource allocation, personalize customer experiences, and stay ahead of market trends. Data-driven decisions empower businesses to be proactive, agile, and customer-centric, creating a compelling value proposition in today's fast-paced business landscape.

What to Avoid Using a Formal Decision-Making Process

Before starting the decision-making process, being mindful of potential pitfalls is essential. While following a structured process is crucial, avoid blindly adhering to it.

Here are five potential issues to consider when using a formal decision-making process:

• Insufficient information or relying on a single source : Ensure you have relevant data and seek input from colleagues to make informed decisions strategically.
• Information overload : Avoid gathering excessive or irrelevant information that could confuse decision-makers and steer them away from the core issue.
• Overconfidence in risky options : Identify valid options and gather sufficient data to evaluate potential scenarios for each choice.
• Misdiagnosing the problem : Before proposing any solutions, ensure to conduct comprehensive research to understand the underlying cause of the issue. Refrain from jumping to conclusions without conducting a thorough investigation.
• Being Overly Rigid with the Process : While following the decision-making process, be open to adapting and adjusting to the ever-changing needs of your business and staff. Being flexible can lead to better outcomes.

Being mindful of these potential pitfalls allows you to improve the effectiveness of your decision-making process, leading to more successful outcomes.

Decision Makers

The Role of Leadership in Decision-Making

[Leadership plays a pivotal role in the decision-making process}(https://afaeducation.org/blog/leading-your-team-and-business-through-crisis-effective-management-strategies-and-tips), setting the tone and direction for the entire organization. Effective leaders demonstrate strong analytical skills, critical thinking, and emotional intelligence, instrumental in navigating complex challenges and making well-informed choices. They foster an environment that encourages open communication, collaboration, and a willingness to challenge assumptions.

By seeking input from diverse stakeholders and considering various perspectives, leaders ensure that decisions are not influenced by personal biases but are aligned with the organization's values and long-term objectives. Effective leadership in decision-making establishes a foundation of trust, transparency, and inclusivity, which is crucial for sound decision-making throughout the organization.

Empowering Employees as Decision Makers

Empowering employees as decision-makers is a key strategy that forward-thinking organizations embrace. When involved in decision-making processes, employees become more engaged, motivated, and committed to the company's success. Empowerment allows employees to take ownership of their work and contribute their unique insights and expertise, leading to more innovative solutions and problem-solving.

Encouraging employees to share their opinions and ideas fosters a culture of open communication and collaboration, where everyone's contributions are valued. Organizations tap into their full potential by giving employees a sense of autonomy and responsibility, leading to increased productivity and job satisfaction.

Moreover, empowering employees as decision-makers requires providing the necessary support and resources. Leaders must establish clear expectations, communicate the organization's vision, and ensure that employees have access to relevant information and training to make informed decisions. This enables employees to make confident choices and take ownership of their actions, knowing they have the organization's support. A culture of empowerment strengthens employee morale and loyalty, resulting in a motivated workforce to achieve shared goals.

Case Studies And Examples

Real-life examples of successful business decisions.

Real-life examples of successful business decisions serve as inspiring case studies, highlighting the positive impact of strategic thinking and effective problem-solving.

One example is Netflix's decision to transition from a DVD rental service to a digital streaming platform . In 2007, recognizing the shift in consumer behavior and the potential of online streaming, Netflix boldly invested heavily in digital content and technology . This decision paid off immensely, propelling the company to dominate the entertainment industry and revolutionizing how people consume media worldwide.

Another compelling example is Apple's decision to introduce the iPod , a portable music player, in 2001. Despite skepticism from some industry experts, Apple's CEO Steve Jobs believed in the product's potential to transform how people listen to music. By creating an elegant and user-friendly device, combined with the iTunes music store, Apple tapped into a vast market of music enthusiasts, leading to tremendous success and setting the stage for the company's future dominance in the mobile technology industry.

Additionally, in the automobile industry, Tesla's decision to focus on electric vehicles (EVs) rather than conventional gas-powered cars was a game-changer. Despite the challenges and uncertainties surrounding EV adoption, Tesla's visionary leader, Elon Musk, persisted in pushing for a sustainable transportation future. This decision has driven significant advancements in EV technology and elevated Tesla to become one of the most valuable and influential companies globally, setting new standards for the automotive industry.

These real-life examples demonstrate the power of well-considered business decisions in shaping the trajectory of companies and industries. By identifying opportunities, anticipating trends, and daring to challenge conventional norms, these successful businesses have made transformative decisions that continue to resonate and inspire others to innovate and succeed.

Lessons Learned From Decision-Making Failures

Decision-making failures can be powerful learning opportunities for individuals and organizations , offering valuable insights into what was wrong and how to avoid similar pitfalls in the future. Analyzing these failures helps improve decision-making processes, enhances problem-solving capabilities, and fosters a culture of continuous improvement. Several critical lessons can be gleaned from past decision-making failures, and here are some examples:

The Importance of Data-Driven Decisions : One common lesson learned from decision-making failures is the significance of relying on data and evidence rather than gut feelings or assumptions. For instance, the 2008 global financial crisis resulted, in part, from the failure of financial institutions to properly assess the risks associated with subprime mortgages. Decision-makers relied on faulty models and overlooked critical data , leading to disastrous consequences. The lesson here is that basing decisions on reliable data and thorough analysis helps mitigate risks and enhances decision-making effectiveness.

Being Adaptable and Open to Change : The downfall of Kodak , once a dominant player in the photography industry , serves as a lesson on the importance of adaptability. Despite being a pioneer in digital photography, Kodak failed to embrace the technology fully and adapt its business model . The company's inability to change and innovate ultimately led to its decline. The lesson here is the importance of remaining open to change, continuously innovating, and staying relevant in a dynamic market.

Considering the Long-Term Impact : Short-term gains may sometimes lead decision-makers to overlook potential long-term consequences. In 2010 The Deepwater Horizon oil spill was an example of how focusing on immediate benefits and cost-cutting measures can result in devastating environmental and reputational damage. This disaster illustrated the importance of considering the long-term impact of decisions and prioritizing sustainability over short-term gains.

Analyzing these failures helps improve decision-making processes, enhances problem-solving capabilities, and fosters a culture of continuous improvement.

Decision-Making Tools And Techniques

Decision-making is a critical aspect of business management, and using suitable tools and techniques can significantly enhance the quality of decisions made. In this context, several decision-making tools and techniques have become popular in the business world, each serving a specific purpose and aiding organizations in making informed choices.

Popular Decision-Making Techniques in Business

Swot analysis.

The SWOT analysis stands for Strengths, Weaknesses, Opportunities, and Threats. It involves assessing a business's internal strengths and weaknesses and identifying external opportunities and threats. By conducting a SWOT analysis, organizations can gain valuable insights into their competitive advantage, improvement areas, growth opportunities, and risks, thereby guiding strategic decision-making.

Cost-Benefit Analysis

Cost-Benefit Analysis is another essential tool for business decision-making. It involves weighing the costs associated with a particular course of action against the potential benefits it may yield. By quantifying and comparing the financial implications of different options, companies can evaluate the profitability and return on investment, making informed choices that align with their long-term objectives.

Decision Matrix

The decision matrix is a versatile tool that helps compare and prioritize different options based on multiple criteria. It involves assigning weights to each criterion and scoring each option against those criteria. The decision matrix allows organizations to objectively evaluate alternatives and identify the best course of action.

Decision Trees

Decision Trees are valuable tools for dealing with complex decisions and uncertain scenarios. They provide a visual representation of various decision alternatives and their possible outcomes. Decision trees enable businesses to systematically evaluate the potential consequences of each option and make data-driven choices that minimize risks and maximize opportunities.

Pareto Analysis

Pareto Analysis, also known as the 80/20 rule, is a powerful decision-making technique that aids in identifying the most significant factors contributing to a problem or outcome. The principle is based on the observation that approximately 80% of the results come from just 20% of the causes. Conversely, 80% of problems can be traced back to 20% of the causes.

By conducting a Pareto Analysis, businesses can focus their efforts on addressing the vital few factors that have the most substantial impact on the issue at hand. This prioritization allows organizations to optimize resource allocation and concentrate on the areas that will yield the most significant improvements.

Importance of Ethical Decision-Making in Business

Ethical considerations in business decision-making are of utmost importance as they shape the foundation of a responsible and sustainable organization. These considerations involve evaluating the moral implications of choices, actions, and strategies and ensuring they align with fairness, integrity, and social responsibility principles. Ethical decision-making requires businesses to look beyond short-term gains and prioritize long-term consequences for both the company and society.

One of the significant reasons for the importance of ethical decision-making in business is its impact on building trust and credibility. Customers, employees, investors, and other stakeholders are likelier to engage with and support an organization that demonstrates ethical behavior. A reputation for ethical conduct increases customer loyalty, higher employee satisfaction, and stronger partnerships.

Furthermore, ethical decision-making contributes to a positive corporate culture. When businesses prioritize ethical principles, they create an environment of trust, openness, and collaboration. Employees feel motivated and engaged, leading to improved productivity and reduced turnover rates. Ethical conduct also fosters a sense of purpose among employees, as they feel part of a company that upholds meaningful values.

Ethical decision-making also helps businesses avoid legal and reputational risks. Unethical practices can result in severe consequences, such as legal penalties, regulatory scrutiny, and reputational damage. By making ethical choices, organizations safeguard themselves from these potential hazards, which can negatively affect their operations and bottom line.

Moreover, ethical considerations play a crucial role in addressing internal dilemmas and conflicts. When faced with challenging decisions, an ethical framework provides guidance to leaders and employees, ensuring that choices are fair, transparent, and considerate of the interests of all stakeholders.

The decision-making process serves as a vital compass, guiding businesses towards well-informed choices and favorable outcomes. By carefully weighing the consequences and favoring positive results, organizations can protect against potential losses and achieve sustained growth.

Embracing proactive decision-making empowers businesses to navigate challenges, seize opportunities, and chart a successful path forward. It cultivates a culture of accountability, adaptability, and continuous learning, enabling organizations to thrive in a dynamic business landscape and ensuring a promising and prosperous future.

Frequently Asked Questions

What is the decision-making process in business.

The decision-making process in business involves:

• Gathering relevant information.
• Identifying alternatives.
• Evaluating them.
• Making a choice.
• Implementing the decision.
• Evaluating the outcomes.

It provides a structured process for businesses to make well-informed choices and achieve their goals.

Why Is the Decision-making Process Important for Businesses?

Effective decision-making ensures that resources are allocated optimally, risks are managed, and opportunities are seized. It empowers businesses to adapt to changing market conditions, make informed choices, and stay competitive. A well-structured decision-making process enhances overall efficiency, aligns actions with strategic goals, and fosters a proactive and agile approach to challenges and opportunities.

What Are the Key Steps in the Decision-making Process?

The key seven-step decision-making process described above serves as a valuable guide for making informed choices on intricate matters. These steps can enhance your decision-making and arrive at well-considered solutions for complex topics.

How Can Businesses Improve Their Decision-making Process?

Businesses can improve their decision-making process by integrating data-driven insights, fostering a culture of open communication and collaboration, seeking diverse perspectives, and regularly evaluating the outcomes of their decisions to learn from successes and failures.

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Home Market Research

Business Research: Methods, Types & Examples

Content Index

Business research: Definition

Quantitative research methods, qualitative research methods, advantages of business research, disadvantages of business research, importance of business research.

Business research is a process of acquiring detailed information on all the areas of business and using such information to maximize the sales and profit of the business. Such a study helps companies determine which product/service is most profitable or in demand. In simple words, it can be stated as the acquisition of information or knowledge for professional or commercial purposes to determine opportunities and goals for a business.

Business research can be done for anything and everything. In general, when people speak about business research design , it means asking research questions to know where the money can be spent to increase sales, profits, or market share. Such research is critical to make wise and informed decisions.

LEARN ABOUT: Research Process Steps

For example: A mobile company wants to launch a new model in the market. But they are not aware of what are the dimensions of a mobile that are in most demand. Hence, the company conducts business research using various methods to gather information, and the same is then evaluated, and conclusions are drawn as to what dimensions are most in demand.

This will enable the researcher to make wise decisions to position his phone at the right price in the market and hence acquire a larger market share.

LEARN ABOUT:  Test Market Demand

Business research: Types and methodologies

Business research is a part of the business intelligence process. It is usually conducted to determine whether a company can succeed in a new region, to understand its competitors, or simply select a marketing approach for a product. This research can be carried out using steps in qualitative research methods or quantitative research methods.

Quantitative research methods are research methods that deal with numbers. It is a systematic empirical investigation using statistical, mathematical, or computational techniques . Such methods usually start with data collection and then proceed to statistical analysis using various methods. The following are some of the research methods used to carry out business research.

LEARN ABOUT: Data Management Framework

Survey research

Survey research is one of the most widely used methods to gather data, especially for conducting business research. Surveys involve asking various survey questions to a set of audiences through various types like online polls, online surveys, questionnaires, etc. Nowadays, most of the major corporations use this method to gather data and use it to understand the market and make appropriate business decisions.

Various types of surveys, like cross-sectional studies , which need to collect data from a set of audiences at a given point of time, or longitudinal surveys which are needed to collect data from a set of audiences across various time durations in order to understand changes in the respondents’ behavior are used to conduct survey research. With the advancement in technology, surveys can now be sent online through email or social media .

For example: A company wants to know the NPS score for their website i.e. how satisfied are people who are visiting their website. An increase in traffic to their website or the audience spending more time on a website can result in higher rankings on search engines which will enable the company to get more leads as well as increase its visibility.

Hence, the company can ask people who visit their website a few questions through an online survey to understand their opinions or gain feedback and hence make appropriate changes to the website to increase satisfaction.

Learn More:  Business Survey Template

Correlational research

Correlational research is conducted to understand the relationship between two entities and what impact each one of them has on the other. Using mathematical analysis methods, correlational research enables the researcher to correlate two or more variables .

Such research can help understand patterns, relationships, trends, etc. Manipulation of one variable is possible to get the desired results as well. Generally, a conclusion cannot be drawn only on the basis of correlational research.

For example: Research can be conducted to understand the relationship between colors and gender-based audiences. Using such research and identifying the target audience, a company can choose the production of particular color products to be released in the market. This can enable the company to understand the supply and demand requirements of its products.

Causal-Comparative research

Causal-comparative research is a method based on the comparison. It is used to deduce the cause-effect relationship between variables. Sometimes also known as quasi-experimental research, it involves establishing an independent variable and analyzing the effects on the dependent variable.

In such research, data manipulation is not done; however, changes are observed in the variables or groups under the influence of the same changes. Drawing conclusions through such research is a little tricky as independent and dependent variables will always exist in a group. Hence all other parameters have to be taken into consideration before drawing any inferences from the research.

LEARN ABOUT: Causal Research

For example: Research can be conducted to analyze the effect of good educational facilities in rural areas. Such a study can be done to analyze the changes in the group of people from rural areas when they are provided with good educational facilities and before that.

Another example can be to analyze the effect of having dams and how it will affect the farmers or the production of crops in that area.

LEARN ABOUT: Market research trends

Experimental research

Experimental research is based on trying to prove a theory. Such research may be useful in business research as it can let the product company know some behavioral traits of its consumers, which can lead to more revenue. In this method, an experiment is carried out on a set of audiences to observe and later analyze their behavior when impacted by certain parameters.

LEARN ABOUT: Behavioral Targeting

For example: Experimental research was conducted recently to understand if particular colors have an effect on consumers’ hunger. A set of the audience was then exposed to those particular colors while they were eating, and the subjects were observed. It was seen that certain colors like red or yellow increase hunger.

Hence, such research was a boon to the hospitality industry. You can see many food chains like Mcdonalds, KFC, etc., using such colors in their interiors, brands, as well as packaging.

Another example of inferences drawn from experimental research, which is used widely by most bars/pubs across the world, is that loud music in the workplace or anywhere makes a person drink more in less time. This was proven through experimental research and was a key finding for many business owners across the globe.

Online research / Literature research

Literature research is one of the oldest methods available. It is very economical, and a lot of information can be gathered using such research. Online research or literature research involves gathering information from existing documents and studies, which can be available at Libraries, annual reports, etc.

Nowadays, with the advancement in technology, such research has become even more simple and accessible to everyone. An individual can directly research online for any information that is needed, which will give him in-depth information about the topic or the organization.

Such research is used mostly by marketing and salespeople in the business sector to understand the market or their customers. Such research is carried out using existing information that is available from various sources. However, care has to be taken to validate the sources from where the information is going to be collected.

For example , a salesperson has heard a particular firm is looking for some solution that their company provides. Hence, the salesperson will first search for a decision maker from the company, investigate what department he is from, and understand what the target company is looking for and what they are into.

Using this research, he can cater his solution to be spot on when he pitches it to this client. He can also reach out to the customer directly by finding a means to communicate with him by researching online.’

LEARN ABOUT: 12 Best Tools for Researchers

Qualitative research is a method that has a high importance in business research. Qualitative research involves obtaining data through open-ended conversational means of communication. Such research enables the researcher to not only understand what the audience thinks but also why he thinks it.

In such research, in-depth information can be gathered from the subjects depending on their responses. There are various types of qualitative research methods, such as interviews, focus groups, ethnographic research, content analysis, and case study research, that are widely used.

Such methods are of very high importance in business research as they enable the researcher to understand the consumer. What motivates the consumer to buy and what does not is what will lead to higher sales, and that is the prime objective for any business.

Following are a few methods that are widely used in today’s world by most businesses.

Interviews are somewhat similar to surveys, like sometimes they may have the same types of questions used. The difference is that the respondent can answer these open-ended questions at length, and the direction of the conversation or the questions being asked can be changed depending on the response of the subject.

Such a method usually gives the researcher detailed information about the perspective or opinions of its subject. Carrying out interviews with subject matter experts can also give important information critical to some businesses.

For example: An interview was conducted by a telecom manufacturer with a group of women to understand why they have less number of female customers. After interviewing them, the researcher understood that there were fewer feminine colors in some of the models, and females preferred not to purchase them.

Such information can be critical to a business such as a  telecom manufacturer and hence it can be used to increase its market share by targeting women customers by launching some feminine colors in the market.

Another example would be to interview a subject matter expert in social media marketing. Such an interview can enable a researcher to understand why certain types of social media advertising strategies work for a company and why some of them don’t.

LEARN ABOUT: Qualitative Interview

Focus groups

Focus groups are a set of individuals selected specifically to understand their opinions and behaviors. It is usually a small set of a group that is selected keeping in mind the parameters for their target market audience to discuss a particular product or service. Such a method enables a researcher with a larger sample than the interview or a case study while taking advantage of conversational communication.

Focus group is also one of the best examples of qualitative data in education . Nowadays, focus groups can be sent online surveys as well to collect data and answer why, what, and how questions. Such a method is very crucial to test new concepts or products before they are launched in the market.

For example: Research is conducted with a focus group to understand what dimension of screen size is preferred most by the current target market. Such a method can enable a researcher to dig deeper if the target market focuses more on the screen size, features, or colors of the phone. Using this data, a company can make wise decisions about its product line and secure a higher market share.

Ethnographic research

Ethnographic research is one of the most challenging research but can give extremely precise results. Such research is used quite rarely, as it is time-consuming and can be expensive as well. It involves the researcher adapting to the natural environment and observing its target audience to collect data. Such a method is generally used to understand cultures, challenges, or other things that can occur in that particular setting.

For example: The world-renowned show “Undercover Boss” would be an apt example of how ethnographic research can be used in businesses. In this show, the senior management of a large organization works in his own company as a regular employee to understand what improvements can be made, what is the culture in the organization, and to identify hard-working employees and reward them.

It can be seen that the researcher had to spend a good amount of time in the natural setting of the employees and adapt to their ways and processes. While observing in this setting, the researcher could find out the information he needed firsthand without losing any information or any bias and improve certain things that would impact his business.

LEARN ABOUT:   Workforce Planning Model

Case study research

Case study research is one of the most important in business research. It is also used as marketing collateral by most businesses to land up more clients. Case study research is conducted to assess customer satisfaction and document the challenges that were faced and the solutions that the firm gave them.

These inferences are made to point out the benefits that the customer enjoyed for choosing their specific firm. Such research is widely used in other fields like education, social sciences, and similar. Case studies are provided by businesses to new clients to showcase their capabilities, and hence such research plays a crucial role in the business sector.

For example: A services company has provided a testing solution to one of its clients. A case study research is conducted to find out what were the challenges faced during the project, what was the scope of their work, what objective was to be achieved, and what solutions were given to tackle the challenges.

The study can end with the benefits that the company provided through its solutions, like reduced time to test batches, easy implementation or integration of the system, or even cost reduction. Such a study showcases the capability of the company, and hence it can be stated as empirical evidence of the new prospect.

Website visitor profiling/research

Website intercept surveys or website visitor profiling/research is something new that has come up and is quite helpful in the business sector. It is an innovative approach to collect direct feedback from your website visitors using surveys. In recent times a lot of business generation happens online, and hence it is important to understand the visitors of your website as they are your potential customers.

Collecting feedback is critical to any business, as without understanding a customer, no business can be successful. A company has to keep its customers satisfied and try to make them loyal customers in order to stay on top.

A website intercept survey is an online survey that allows you to target visitors to understand their intent and collect feedback to evaluate the customers’ online experience. Information like visitor intention, behavior path, and satisfaction with the overall website can be collected using this.

Depending on what information a company is looking for, multiple forms of website intercept surveys can be used to gather responses. Some of the popular ones are Pop-ups, also called Modal boxes, and on-page surveys.

For example: A prospective customer is looking for a particular product that a company is selling. Once he is directed to the website, an intercept survey will start noting his intent and path. Once the transaction has been made, a pop-up or an on-page survey is provided to the customer to rate the website.

Such research enables the researcher to put this data to good use and hence understand the customers’ intent and path and improve any parts of the website depending on the responses, which in turn would lead to satisfied customers and hence, higher revenues and market share.

LEARN ABOUT: Qualitative Research Questions and Questionnaires

• Business research helps to identify opportunities and threats.
• It helps identify research problems , and using this information, wise decisions can be made to tackle the issue appropriately.
• It helps to understand customers better and hence can be useful to communicate better with the customers or stakeholders.
• Risks and uncertainties can be minimized by conducting business research in advance.
• Financial outcomes and investments that will be needed can be planned effectively using business research.
• Such research can help track competition in the business sector.
• Business research can enable a company to make wise decisions as to where to spend and how much.
• Business research can enable a company to stay up-to-date with the market and its trends, and appropriate innovations can be made to stay ahead in the game.
• Business research helps to measure reputation management
• Business research can be a high-cost affair
• Most of the time, business research is based on assumptions
• Business research can be time-consuming
• Business research can sometimes give you inaccurate information because of a biased population or a small focus group.
• Business research results can quickly become obsolete because of the fast-changing markets

Business research is one of the most effective ways to understand customers, the market, and competitors. Such research helps companies to understand the demand and supply of the market. Using such research will help businesses reduce costs and create solutions or products that are targeted to the demand in the market and the correct audience.

In-house business research can enable senior management to build an effective team or train or mentor when needed. Business research enables the company to track its competitors and hence can give you the upper hand to stay ahead of them.

Failures can be avoided by conducting such research as it can give the researcher an idea if the time is right to launch its product/solution and also if the audience is right. It will help understand the brand value and measure customer satisfaction which is essential to continuously innovate and meet customer demands.

This will help the company grow its revenue and market share. Business research also helps recruit ideal candidates for various roles in the company. By conducting such research, a company can carry out a SWOT analysis , i.e. understand the strengths, weaknesses, opportunities, and threats. With the help of this information, wise decisions can be made to ensure business success.

LEARN ABOUT:  Market research industry

Business research is the first step that any business owner needs to set up his business to survive or to excel in the market. The main reason why such research is of utmost importance is that it helps businesses to grow in terms of revenue, market share, and brand value.

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Business Analytics: What It Is & Why It's Important

• 16 Jul 2019

Business analytics is a powerful tool in today’s marketplace that can be used to make decisions and craft business strategies. Across industries, organizations generate vast amounts of data which, in turn, has heightened the need for professionals who are data literate and know how to interpret and analyze that information.

According to a study by MicroStrategy , companies worldwide are using data to:

• Improve efficiency and productivity (64 percent)
• Achieve more effective decision-making (56 percent)
• Drive better financial performance (51 percent)

The research also shows that 65 percent of global enterprises plan to increase analytics spending.

In light of these market trends, gaining an in-depth understanding of business analytics can be a way to advance your career and make better decisions in the workplace.

“Using data analytics is a very effective way to have influence in an organization,” said Harvard Business School Professor Jan Hammond, who teaches the online course Business Analytics , in a previous interview . “If you’re able to go into a meeting and other people have opinions, but you have data to support your arguments and your recommendations, you’re going to be influential.”

Before diving into the benefits of data analysis, it’s important to understand what the term “business analytics” means.

Check out our video on business analytics below, and subscribe to our YouTube channel for more explainer content!

What Is Business Analytics?

Business analytics is the process of using quantitative methods to derive meaning from data to make informed business decisions.

There are four primary methods of business analysis:

• Descriptive : The interpretation of historical data to identify trends and patterns
• Diagnostic : The interpretation of historical data to determine why something has happened
• Predictive : The use of statistics to forecast future outcomes
• Prescriptive : The application of testing and other techniques to determine which outcome will yield the best result in a given scenario

These four types of business analytics methods can be used individually or in tandem to analyze past efforts and improve future business performance.

Business Analytics vs. Data Science

To understand what business analytics is, it’s also important to distinguish it from data science. While both processes analyze data to solve business problems, the difference between business analytics and data science lies in how data is used.

Business analytics is concerned with extracting meaningful insights from and visualizing data to facilitate the decision-making process , whereas data science is focused on making sense of raw data using algorithms, statistical models, and computer programming. Despite their differences, both business analytics and data science glean insights from data to inform business decisions.

To better understand how data insights can drive organizational performance, here are some of the ways firms have benefitted from using business analytics.

The Benefits of Business Analytics

1. more informed decision-making.

Business analytics can be a valuable resource when approaching an important strategic decision.

When ride-hailing company Uber upgraded its Customer Obsession Ticket Assistant (COTA) in early 2018—a tool that uses machine learning and natural language processing to help agents improve speed and accuracy when responding to support tickets—it used prescriptive analytics to examine whether the product’s new iteration would be more effective than its initial version.

Through A/B testing —a method of comparing the outcomes of two different choices—the company determined that the updated product led to faster service, more accurate resolution recommendations, and higher customer satisfaction scores. These insights not only streamlined Uber’s ticket resolution process, but saved the company millions of dollars.

2. Greater Revenue

Companies that embrace data and analytics initiatives can experience significant financial returns.

Research by McKinsey shows organizations that invest in big data yield a six percent average increase in profits, which jumps to nine percent for investments spanning five years.

Echoing this trend, a recent study by BARC found that businesses able to quantify their gains from analyzing data report an average eight percent increase in revenues and a 10 percent reduction in costs.

These findings illustrate the clear financial payoff that can come from a robust business analysis strategy—one that many firms can stand to benefit from as the big data and analytics market grows.

Related: 5 Business Analytics Skills for Professionals

3. Improved Operational Efficiency

Beyond financial gains, analytics can be used to fine-tune business processes and operations.

In a recent KPMG report on emerging trends in infrastructure, it was found that many firms now use predictive analytics to anticipate maintenance and operational issues before they become larger problems.

A mobile network operator surveyed noted that it leverages data to foresee outages seven days before they occur. Armed with this information, the firm can prevent outages by more effectively timing maintenance, enabling it to not only save on operational costs, but ensure it keeps assets at optimal performance levels.

Why Study Business Analytics?

Taking a data-driven approach to business can come with tremendous upside, but many companies report that the number of skilled employees in analytics roles are in short supply .

LinkedIn lists business analysis as one of the skills companies need most in 2020 , and the Bureau of Labor Statistics projects operations research analyst jobs to grow by 23 percent through 2031—a rate much faster than the average for all occupations.

“A lot of people can crunch numbers, but I think they’ll be in very limited positions unless they can help interpret those analyses in the context in which the business is competing,” said Hammond in a previous interview .

Skills Business Analysts Need

Success as a business analyst goes beyond knowing how to crunch numbers. In addition to collecting data and using statistics to analyze it, it’s crucial to have critical thinking skills to interpret the results. Strong communication skills are also necessary for effectively relaying insights to those who aren’t familiar with advanced analytics. An effective data analyst has both the technical and soft skills to ensure an organization is making the best use of its data.

Improving Your Business Analytics Skills

If you’re interested in capitalizing on the need for data-minded professionals, taking an online business analytics course is one way to broaden your analytical skill set and take your career to the next level

Through learning how to recognize trends, test hypotheses , and draw conclusions from population samples, you can build an analytical framework that can be applied in your everyday decision-making and help your organization thrive.

“If you don’t use the data, you’re going to fall behind,” Hammond said . “People that have those capabilities—as well as an understanding of business contexts—are going to be the ones that will add the most value and have the greatest impact.”

Do you want to leverage the power of data within your organization? Explore our eight-week online course Business Analytics to learn how to use data analysis to solve business problems.

This post was updated on November 14, 2022. It was originally published on July 16, 2019.

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Home » Management Concepts » Role of Business Research in Decision Making Process

Role of Business Research in Decision Making Process

One of the best methods of collecting information is carrying out research. When research is carried out explicitly for the purpose of running businesses, it is termed as “business research”. Business research, which is also commonly known as market research, is a process by which business relevant information is collected so as to ensure that the business operations are run intelligently. With the help of business research, existing businesses are able to keep in touch with the ever-changing consumer demands and expectations and adapt accordingly. Typically, business research is aimed at gaining information that is likely to make the business more successful. While running a business, there may arise some situations which may seem difficult and management face problems as to find a solution to them. In such cases, business research can be used to making confident decisions. Business research can help the management to answer questions regarding issues varying from understanding industry trends, determining which products or services to be offered and deliver to the market, or to better understand the ways to meet the demands of target customer segment and satisfy them so as the ensure brand loyalty. In one way or the other, business research ensures that an informed decision is made so that it can be fruitful.

Business Research: Steps in Decision Making

• Assess Current Business: The current business environment of the company provides the platform the development and growth of the company. So it is of great importance to assess the current business situation. There might be some problems in the existing business model that have been overlooked till now, but need to be addressed in order to grow. Identifying the problem at the right time and finding a solution to the same quickly and efficiently might give an advantage by improving the bottom line.
• Create Research Methods: On the basis of the problems that evolve as a result of assessing the current business situation, research methods will be chosen. These research methods could include collection of demographic data about the target market of the new product or service intended to be sold, or to conduct consumer surveys, filling up of questionnaires or through focus groups and ask for reviews on sample products which could be either given away freely with other products.
• Determine an Action Plan: Having collected information about the possible courses of actions that can be taken, the management should focus on creating a plan that will effectively execute the change. This plan should be made keeping in mind the long term as well as the short term plans of the organization.

The key to responsive decisions is in connecting with the available information by capturing business events which are happening across the worlds and are related to your business, as well as by constantly researching the market about the scope for growth and the possible courses of action.

Business Research: Benefits & Methods

Business research can be taken up in various methods mainly depending upon the type of the information that is required. However, other factors that also play an important role in the research method to be chosen include the size of the company, the budget allocated, the time constraints etc. Business research is primarily focused on performing market research activities. By doing so, businesses are successfully able to define an optimal marketing mix for their products or services. They can identify potential markets, their needs and wants, what measures can be taken to meet those needs and wants, their distribution channels and ways of making the products and services most accessible to customers and clients. With the help of research, they can identify the potential competitor threats, what the competitors are doing and what benefit the competitors may reap as a result of that. It also helps them to predict the possible best price for their product or service based on the market conditions, situations and the competitor pricing.

One of the most significant trends in the current business scenario, across all industries, is mergers and acquisition. Mergers and acquisition decisions are very sensitive ones as one step taken in the wrong direction can not only result in huge financial losses but also affect the company’s goodwill. It is only with the aid of business research, an organization can decide which company to merge with based on their vision and mission, how to value them, and do they have the necessary resources available to garner some benefits from the merger .

Business Research helps businesses to understand the possible opportunities and threats that lay ahead. Opportunities help your organization to grow & prosper, & threats endanger your position. Using business researches can a business not only find possibly opportunities but also assess them and choose the most viable option.

As discussed above, business research answers a lot of questions about businesses and helps a great deal in making decisions. The two most important types of data that help in the information collection process, and thereby the decision making process, are the primary data and the secondary data. Primary data is the data which is collected specifically for the problem at hand, while secondary data is the data that is collected from researches done by other individuals, groups or institutions, including government agencies, trade associations or even other businesses, for generic purposes.

Primary data, if on one hand, is important because it is unmodified information and is most relevant to the research, then on the other hand, secondary data is important information that can show a clearer picture of the roads that lay ahead and to foresee the possible outcomes of any action taken. It also paves the pathway for conducting research for the collection of primary data.

Business Research, Decision Making and Information Technology

DSSs are deployed by businesses in order to provide recent, relevant, and complete information in an easily understandable manner. They are interactive systems which aid in analyzing data, extract usable and deployable information. This raw data, as mentioned earlier could come from either primary research or secondary data available from multiple resources. DSSs also make use of company documents, company policies, strategies, and business models to aid decision making. DSSs have a number of benefits including:

• They help in improving personal effectiveness.
• They aid quick & informed decision making.
• They support decisions by finding evidences of benefits reaped.
• They help the business growth by ensuring better organizational control .
• They drive the thirst for information in the decision maker, focusing on the learning or training of the individual.
• They help to optimize the problem solving approach in an organization by revealing multiple pathways to the solution of the problem.
• They also provide opportunities for improved interpersonal communication .
• They help to create a competitive advantage .
• DSSs also help in automation of managerial processes.

Recently, the information environment that surrounds today’s business activities and decisions is getting ever more complex. This is mainly due to the fact that with the advancements in IT, the relevant information available to the business management is growing exponentially by leaps and bounds. With ever increasing number of information releasing sources and constantly multiplying technologies, it is no surprise to see the huge importance of IT in aiding business research and hence, decision making process by properly accessing and handling data & information. IT helps by extracting and ensuring relevant information flows to the concerned individuals and simultaneously providing reliable and flexible support. Also, during the process of decision making in order to solve an existing problem, it is also possible to extract valuable information about the market, the business, the competitor etc for possible future situations, such as competitor threats, or product demand and supply. Hence it helps in generating new knowledge & experience for the participants involved, and in the case of right decision increasing confidence in the future actions.

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• Concept of Decisions and Decision Making Process in Crisis Management
• Decision Making: Meaning and Characteristics
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• Cross Cultural Decision Making – Programmed and Non-Programmed Decision Making
• The Role of Business Research

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Steps Involved in Business Research Decision-Making

• Small Business
• Business Planning & Strategy
• Making Business Decisions
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What Are the Steps That Make Up a Workable Plan?

How to evaluate problem solving in a business, what is a powerpoint abstract.

• How to Write a Business Project Solution Plan
• Cross-Section Design of a Business Research Method

Business research reduces uncertainty and improves decision-making outcomes. It is indispensable in numerous strategic decision-making situations, such as defining current competitive challenges, improving business practices and searching for business opportunities. With limited resources, small businesses are vulnerable to strategic decision-making mistakes; as a result, mastery of business research decision-making process is vital for small-business managers.

Problem Identification

The first step in business research is to identify a problem or business opportunity that needs attention. In real life, these dilemmas are not always clear, and research on the wrong problem is costly and time-consuming. Moreover, a well-defined problem is easier to solve. For example, profitability woes for a paint retailer may come from poor marketing and sales. Alternatively, a careful study may reveal that poor inventory management leads to stock-outs and delays in delivery. In this case, pursuing the marketing explanation of the problem would not tackle the crux of the problem.

Defining Research Objectives

Research objectives are the expected outcomes or deliverables of the business research process. The type of decision and problem definition determine the objectives of the research. For example, in the paint retailer example, depending on the circumstances of the problem, the objective may be identifying causes of order delays and stock-outs.

Choosing Alternatives

Business research is a complex endeavor with many alternatives at each stage of the process. Conducting the research process is like choosing paths for a journey. The map contains alternative routes, and there is no single best path for all journeys. The choice of a path depends on objectives and resources. For example, a slightly longer path may be more desirable if it passes by landmarks. In business research, the research design is a plan that specifies the methods and procedures for collecting and analyzing information. Surveys, benchmarking and focus groups are alternative research methods. Sometimes the complexity of the problem may require a multi-method research design.

Implementation and Assessment

The implementation and assessment stage involves data collection and analysis. The results are assessed and fed into the decision-making process. For example, in the paint retailer example, warehousing and operations documents may reveal sales loss due to out-of-stock items and delays in the delivery of items. Surveying a sample of customers can confirm these problems. The conclusion is that the current inventory management system does not produce up-to-date inventory information for sales and production personnel. Based on the findings, managers may decide to upgrade the inventory management and reporting system.

• Business Research Methods; William G. Zikmund, et al.
• Research for Business Decisions – An Interdisciplinary Approach; Eli P. Cox III

Alfred Sarkissian holds a master’s degree in industrial management. With experience in business and public policy, he has covered intellectual property rights, industrial policy and technology policy for various publications.

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How to use quality research to impact business decisions.

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President & CEO of  The NHP Foundation , not-for-profit provider of affordable housing.

As affordable housing practitioners, we know that every decision we make affects the thousands of residents living in our communities. And since no good decisions were ever made in a vacuum, The NHP Foundation relies on timely, cogent research to drive the work we do for low- to middle-income renters. Results like this can provide important insight into an audience that an organization needs to know more about in order to assist. 

Case Studies: Our Approach To Industry Research

• As the pandemic continued to cause distress for renters, landlords and ancillary businesses, The NHPF undertook research to help shed light on specifically what is most stressful for those living and working in affordable housing. We shared the study with our industry peers, enabling all to benefit and make smart business decisions based on the same reliable data. This “open-source” approach to data pays dividends for all, as businesses adapt a playbook for the next pandemic or other crisis.

• We also partnered on a study with real estate research and consulting firm Kingsley Associates to seek real estate investor input on deterrents to affordable housing investment. Kingsley conducted in-depth interviews with 30 key decision-makers in the institutional investment world and determined three top industry challenges : onerous rules and regulations, miseducation and affordable housing investments made solely to meet a mandate. Working with information like this, organizations can create new strategies for beginning conversations and nurturing relationships. 

• Conducting solid research on metrics that move more slowly than others — that tend to stay stable without drastic year-to-year variances — creates data with staying power. This means your research can be impactful and useful for decision-making for up to several years after it’s published. Our study looking at how those nearing retirement were saving for medical and living expenses was produced three years ago and is still factored into our understanding of baby boomers today.

• A great example of how quality research can work hard for an organization happened when Representative Suzan Delbene (D-WA) argued for housing spending before Congress in 2019. To bolster her claim for investing in infrastructure, particularly affordable housing, she said cited data from our research. This statement was entered into the Congressional Hearing record and shared with all lawmakers, proving that the value of good data is sometimes incalculable.

Making Quality Research A Part Of Your Organization

For real estate companies, not-for-profits and others looking to develop and leverage their own quality research, here are three questions to explore.

1. What do you want the research to do? If your research need is solely for internal use, like new business presentations, results reporting or to get staff feedback on issues or needs, tap a competent, curious staffer to start small with a DIY questionnaire distributed in-house through a service like Survey Monkey. But don’t stop there — be sure to compile the results into an action plan to demonstrate the importance of gathering input and “rewarding” those who participated. If you’re looking at research as a way to burnish company reputation through marketing and media coverage of your results, determine a hot topic you’d like researched. Be sure to do a thorough Google search to make sure the topic hasn’t been massively covered. Next, create a strategy for packaging and distributing the results. This could include choosing a spokesperson and creating a press release to get the word out, plus lots of social media.

 2. Do you need to make internal hires to make research happen? If the organization has it in its budget, a director of research can be invaluable for driving internal and external surveying and providing analysis of it for all kinds of measurements within a business. However, if your teams can up their own game in terms of keeping track of their sector’s data, there are reports they can issue themselves with minimal training. For surveys of consumers or particular interest groups (landlords with housing portfolios or institutional investors, for example), it’s best to retain outside experts. We have trusted firms, including Toluna or Wakefield, for consumer market research and Kingsley Associates for specific real estate expertise.

3. What are the research best practices that will help you reach your goals? For consumer market research driven by surveys, it is important to consider sample size. The experts recommend no fewer than 500 respondents and 1,000 is even better. If it is important to have certain population segments represented (by age, ethnicity, geographic region, etc.), be sure to inform the survey company. These “extras” will impact your budget, but without them, your survey could fall flat. Typically, you will be responsible for creating the questions, and the survey company will shape and edit for clarity. It is very helpful to check out past surveys in your industry to help craft questions as well as mini focus groups with your team.

Finally, the old adage “share and share alike” is important to remember. Distributing reliable, information-packed studies to colleagues and others helps to lift an entire industry.

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Market Research Role: Guide to Decision Making in Business

Published on Apr 11, 2023

With every passing year, businesses are witnessing a rapid shift in consumer behavior. This change in perspective can be based on several factors, such as the introduction of newer tech tools, refined user experience, or price fluctuation in the economy. 

Marketers today are exploring innovative ideas to make their content and campaigns viral. However, this might not be the only effective way to make an impression on the audience, especially when it concerns the long-term perspective. To cater to these changing demands, businesses need to formulate a plan worthwhile for the marketing spend while driving decisions based on the current market scenario. For the ship to sail, businesses need to steer their efforts in the right direction. And this can be made possible when they have the right compass for accurate information.  

And this change in dynamic has made market research a necessity for small businesses. 

Market research forms the crux of averting all kinds of risks - from decision-making to planning and designing methods to market a product or service. It enables businesses to build efficiency for their brand's value by offering them a direct approach to developing a better presence across social platforms. By investing in market research, brands lower their chances of witnessing failures 

What is Market Research? 

Before understanding the significance of market research, it is important to know what it is. Market research is not just a specific method or activity; it is a driven approach that enables businesses to learn more about their target audience. 

Read more: The Ultimate Guide: Tips to Choose a Top Marketing Analytics Company  

Market research assists businesses in gathering relevant insights on the target market, along with buyer persona, competitor analysis, and economic market shifts. It guides them to create a blueprint that yields desirable results for their marketing team. 

From marketing managers to researchers, everyone takes part in discovering relevant information that could eventually benefit the business. These insights can then be used to design unique advertisements, to achieve the goal of gasping for customers' attention. 

A business can choose different means to conduct research and gather relevant information to design a unique marketing strategy and launch it. While primary data accumulation may seem reliable for their existing customers, for a brand to grow, it is important to tap into new audiences. And for that, understanding the customers' thoughts is vital. The ultimate idea is to create a standard decision-making process that is bulletproof and goal-oriented. 

While tasks, including surveys and focus groups, can help businesses, they do not always provide the necessary information. Some of the tasks that businesses can undertake as a part of their market research include: 

Engaging in short conversations with the consumers who are part of the target market. This will help businesses understand the consumer's perspective and their requirements. 

Search relevant social media groups within the target market. This will provide businesses with a free, low-effort way to connect with their target customers online. This will eventually help in promoting the business in the groups. 

Integrating survey forms on the website. If you have a website for your small business, it will enable you to offer your potential customers discounts in exchange for filling in a survey. 

The above tasks can be included as a vital part of a market research strategy, enabling businesses to know the requirements of their target markets as well as their behaviors and preferences. 

Read more: Debt Ceiling Standoff - Will the World’s Renowned Economic Safe Haven go into Default?  

Role of Market Research 

Market research offers a systematic and objective approach to analyzing relevant information. This implies that businesses create a detailed and carefully designed research plan in which every stage of the research is specified. The research plan helps specify  

the research problem in concise terms,  

the data required to address the problem,  

the approaches to be employed to gather the information  

the analytical techniques to be used  

Market research (MR) facilitates organizations with relevant, accurate, reliable, and current information. Market research also enables the marketing manager to link the marketing variables with the existing environment and consumers. It helps in removing some of the uncertainties by providing relevant data. Owing to the competitive marketing environment and the ever-increasing costs, businesses are transitioning to market research to accumulate sound information. 

Importance of Market Research 

Let us explore the significant reasons why market research is important for smaller businesses : 

Spot Potential Business Opportunities 

A thorough market research presents a clear understanding of whom to reach out to in the targeted customer base, which marketing channels to use to reach them, and their interests. Once these parameters are defined, marketing managers will be able to spot business opportunities like- 

Forming partnerships with other businesses. By learning about the customers and their demographics, businesses can identify other small businesses that serve them. They can also approach other businesses for joint promotions to gain mutual benefits. 

Create profitable upgrades. Understanding other products and services that customers tend to buy can help in adding or creating new product bundles or upselling to increase the average value. 

Identifying new locations to sell to. Knowing the geographical areas of the target customers will help in creating compelling, targeted campaigns. 

Read more: US Job Growth Report: Why is the Market Slowing Down?   

Lower Risks  

Around half of the businesses with employees are not able to survive past the fifth year, as per the data issued by the Bureau of Labor Statistics. To ensure that the business survives for longer, it is important to gain a steady stream of sales and customers. And to do that, market research is vital. Regular market research offers a way to check in with existing and potential customers. Here's how a business can apply this: 

Testing modern designs and products before launching them in the market. Businesses can test new launches on a smaller subset of their audience to see if the change would be welcome. 

Find out why customers discontinue any product. Ideally, small businesses have recurring customers. But if the customer is not returning, they can conduct a survey to focus on a specific group and identify why they are not making any repeat sales. 

Get insights on different problem areas . If the hot-selling product experiences a drop in sales, businesses can conduct research to explore ways of fixing the crisis before it ruins the profits. 

Create Relevant Materials for Promotions 

It is important to plan the text or images that are put on fliers, websites, or social media accounts with thorough market research. As target customers have already expressed all their needs and frustrations, as a business, you will be in a better position to address the concerns and present new ways to create marketing materials. 

Knowing what the customers see in the products and services - if it is a necessity or a luxury - will help in designing product labels, brochures, and websites that fit their perception. 

Identifying the age range of customers to understand the type of language to be used in promotional materials.  

Simplify Decision-Making 

The need for market research arises when making tough business decisions. Instead of relying on arbitrary criteria for the decisions, businesses can undertake market research to discover relevant insights. While not all decisions can be based on market research, many of them can include the following: 

where to spend the advertising budget? 

identifying the demand for a new product 

which products should be discontinued, and which ones can be improved 

how to price offers for specific products  

Businesses need market research as it offers them solid facts. Through market research, they can make more informed decisions rather than basing their decisions on intuition or guesswork. 

Read more: National Cybersecurity Strategy: Net Positive for the Cyber and Cloud Security Sector  

Conclusion: The Significance of Market Research 

Customers today live in an era where Search Engine has answers to the silliest of questions one can imagine. They hold the power to buy products/services that aren't based on guesses but on thorough research and review. Similarly, for brands to make an impact on their target market, they need to integrate an effective decision-making process. It also depends on how well the marketing managers explore the market trends along with practices and technological shifts while doing market research. However, after gaining a deep understanding of the need for market research, it is important for businesses to commit a dedicated budget to focus on extensive surveys for market research. 

New businesses today are exploring ways to boost their sales and customers as soon as possible. And market research can ensure that the incoming traffic of sales and customers doesn't stop coming. By creating elaborate plans to identify the factors that would drive the efficacy of a marketing campaign, marketing managers can include different marketing variables in the brand's strategy. 

With a presence in New York, San Francisco, Austin, Seattle, Toronto, London, Zurich, Pune, Bengaluru, and Hyderabad, SG Analytics, a pioneer in Research and Analytics, offers tailor-made services to enterprises worldwide.       

A leader in Market intelligence consulting , SG Analytics enables organizations to achieve actionable insights into products, technology, customers, competition, and the marketplace to make insight-driven decisions. Contact us today if you are an enterprise looking to make critical data-driven decisions to prompt accelerated growth and breakthrough performance. 

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Where Data-Driven Decision-Making Can Go Wrong

• Michael Luca
• Amy C. Edmondson

When considering internal data or the results of a study, often business leaders either take the evidence presented as gospel or dismiss it altogether. Both approaches are misguided. What leaders need to do instead is conduct rigorous discussions that assess any findings and whether they apply to the situation in question.

Such conversations should explore the internal validity of any analysis (whether it accurately answers the question) as well as its external validity (the extent to which results can be generalized from one context to another). To avoid missteps, you need to separate causation from correlation and control for confounding factors. You should examine the sample size and setting of the research and the period over which it was conducted. You must ensure that you’re measuring an outcome that really matters instead of one that is simply easy to measure. And you need to look for—or undertake—other research that might confirm or contradict the evidence.

By employing a systematic approach to the collection and interpretation of information, you can more effectively reap the benefits of the ever-increasing mountain of external and internal data and make better decisions.

Five pitfalls to avoid

Idea in Brief

The problem.

When managers are presented with internal data or an external study, all too often they either automatically accept its accuracy and relevance to their business or dismiss it out of hand.

Why It Happens

Leaders mistakenly conflate causation with correlation, underestimate the importance of sample size, focus on the wrong outcomes, misjudge generalizability, or overweight a specific result.

The Right Approach

Leaders should ask probing questions about the evidence in a rigorous discussion about its usefulness. They should create a psychologically safe environment so that participants will feel comfortable offering diverse points of view.

Let’s say you’re leading a meeting about the hourly pay of your company’s warehouse employees. For several years it has automatically been increased by small amounts to keep up with inflation. Citing a study of a large company that found that higher pay improved productivity so much that it boosted profits, someone on your team advocates for a different approach: a substantial raise of $2 an hour for all workers in the warehouse. What would you do?

• Michael Luca is a professor of business administration and the director of the Technology and Society Initiative at Johns Hopkins University, Carey Business School.
• Amy C. Edmondson is the Novartis Professor of Leadership and Management at Harvard Business School. Her latest book is Right Kind of Wrong: The Science of Failing Well (Atria Books, 2023).

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Making Professional Decisions in Research: Measurement and Key Predictors

Alison l. antes.

1 Division of General Medical Sciences, Washington University School of Medicine, 4523 Clayton Avenue, Campus Box 8005, St. Louis, MO 63110

John T. Chibnall

2 Department of Psychiatry, Saint Louis University School of Medicine, 1438 S. Grand Boulevard, St. Louis, MO 63104

3 Department of Psychology, Saint Louis University, 3700 Lindell Boulevard, Morrissey Hall, St. Louis, MO 63108

Kari A. Baldwin

Raymond c. tait, jillon s. vander wal, james m. dubois.

The professional decision-making in research (PDR) measure was administered to 400 NIH-funded and industry-funded investigators, along with measures of cynicism, moral disengagement, compliance disengagement, impulsivity, work stressors, knowledge of responsible conduct of research (RCR), and socially desirable response tendencies. Negative associations were found for the PDR and measures of cynicism, moral disengagement, and compliance disengagement, while positive associations were found for the PDR and RCR knowledge and positive urgency, an impulsivity subscale. PDR scores were not related to socially desirable responding, or to measures of work stressors and the remaining impulsivity subscales. In a multivariate logistic regression analysis, lower moral disengagement scores, higher RCR knowledge, and identifying the United States as one’s nation of origin emerged as key predictors of stronger performance on the PDR. The implications of these findings for understanding the measurement of decision-making in research and future directions for research and RCR education are discussed.

Introduction

Researchers must make a number of decisions in the course of a project, including considerations about data, protecting research participants, mentoring junior investigators, managing personnel, and handling conflicts of interest ( AAMC-AAU 2008 ; Anderson et al. 2007 ; De Vries, Anderson, and Martinson 2006 ; Steneck 2007 ). In order to navigate these issues successfully, investigators must recognize the ethical considerations present in such situations, interpret written and unwritten rules, and address social and political dynamics, among other considerations ( Devereaux 2014 ; Shamoo and Resnik 2015 ). Sound professional decisions adhere to the norms and ethical expectations of research, safeguard the trust of the public, promote collaboration, and foster the generation of new scientific knowledge ( DuBois et al. 2015 ). Researchers’ actions influence their ability to exemplify the ethical principles of science and of their professions, and, ultimately, the integrity of their contributions to science ( DuBois et al. 2015 ; Shamoo and Resnik 2015 ).

Professional decision-making requires identifying and thinking through the dynamics of uncertain situations, recognizing and weighing options, predicting likely outcomes, and often obtaining additional information ( Antes et al. 2010 ; DuBois et al. 2015 ; Stenmark et al. 2011 ; Thiel et al. 2012 ). In so doing, investigators must manage self-serving biases, detrimental negative emotions, and short-term thinking, all of which hinder effective decision-making ( Bazerman, Tenbrunsel, and Wade-Benzoni 1998 ; DuBois et al. 2015 ; Moore and Loewenstein 2004 ; Thiel, Connelly, and Griffith 2011 ). Reasoning strategies that facilitate critical analysis, information gathering, and evaluation of outcomes can offset errors and biases in thinking and facilitate sound decision-making ( DuBois et al. 2015 ; Thiel et al. 2012 ). The purpose of this study was to identify personality, contextual, and knowledge variables among researchers that influenced the utilization of such reasoning strategies in professional decision-making.

The Professional Decision-Making in Research (PDR) Measure

The PDR is a scenario-based measure that operationalizes professional decision-making in research through the assessment of four reasoning strategies: (1) considering consequences and rules, (2) seeking help, (3) managing emotions, and (4) questioning personal assumptions and motives. The PDR is available in two parallel forms, which allows researchers to administer equivalent tests containing distinct items in a pre-post fashion for educational assessment. Each form consists of 16 items that describe a challenging professional situation in research. Examples of challenging situations include suspecting a co-investigator of tampering with data or managing underperforming research assistants. The items are presented in groups of four preceded by a scenario describing the broader context for the challenging situations. (The methods section provides additional detail about the PDR.)

Initial psychometric research with a sample of 300 NIH-funded researchers provided evidence that the PDR is a reliable, valid tool for assessing researchers’ use of strategies in professional decision-making ( DuBois et al. 2015 ). The PDR demonstrated satisfactory reliability (alpha = .84) and parallel form correlation ( r = .70). Further, it was not susceptible to socially desirable responding (i.e., providing answers that reflect what is deemed socially acceptable), r = −.02. Construct validity was evidenced through negative correlations of the PDR with narcissism ( r = −.15), cynicism ( r = −.26), moral disengagement ( r = −.32), and compliance disengagement ( r = −.38).

This initial research also identified a subset of researchers who performed significantly worse on the PDR than the others ( DuBois et al. 2015 ). This low performing group scored higher in cynicism, moral disengagement, and compliance disengagement. Thus, a distrustful view of others, cognitive distortions of moral issues, and devaluation of research integrity and compliance rules were associated with PDR response patterns that were inconsistent with the four professional decision-making strategies. Instead, the low performing group more frequently selected choices that favored breaking rules, causing unwarranted harm, or acting without complete information or before full deliberation relative to the higher performing group. This pattern suggests that individuals who score poorly on the PDR may be those most “at risk” for poor research decision-making and therefore most in need of training or other support to foster research integrity. However, sufficient evidence is not yet available to ascertain whether the PDR might accurately identify “at risk” individuals, and it remains unclear how interventions might remedy deficits in professional decision-making. Thus, the present study provides a next step in this agenda. We aim to cross-validate the PDR relationships found in the initial study, as well as to identify additional variables that explain variance in performance on the PDR.

Predictors of Decision-Making in Research

Prior studies have shown that aspects of the work environment, the nature of the problem at hand, and personal characteristics influence ethical choices and behavior ( Kish-Gephart, Harrison, and Trevino 2010 ; Trevino, den Nieuwenboer, and Kish-Gephart 2014 ). In the present research, we focused primarily on individual-level variables, including trait impulsivity and knowledge of principles or guidelines for responsible conduct of research (RCR). We also examined one element of the work environment—the individual’s perceptions of work-related stressors. In addition, we retained three variables as potential predictors that the prior study demonstrated to have significant associations with responses on the PDR: cynicism, moral disengagement, and compliance disengagement ( DuBois et al. 2015 ). We hypothesized that impulsivity and work stress would be associated with lower professional decision-making, and that RCR knowledge would be associated with higher professional decision-making.

Impulsivity

Impulsivity is a personality trait associated with acting without thinking or engaging in rash behavior ( Whiteside and Lynam 2001 ). It is linked with a variety of dysfunctional behaviors, including cheating ( McTernan, Love, and Rettinger 2014 ), and is associated with decision-making deficits ( Billieux et al. 2010 ; Cyders and Smith 2008 ; Enticott, Ogloff, and Bradshaw 2006 ; Evenden 1999 ; Franken et al. 2008 ; Martin and Potts 2009 ; Mobini et al. 2007 ; Zermatten et al. 2005 ). However, research generally has not examined potential relationships of impulsivity and decision-making in professional settings despite its potential to disrupt decision-making and behavior through several pathways: acting rashly in response to negative emotion (urgency), failing to consider consequences (lack of premeditation), inability to persist at a task (lack of perseverance), seeking stimulation and excitement (sensation seeking), and acting rashly when experiencing positive emotion (positive urgency) ( Cyders et al. 2007 ; Whiteside and Lynam 2001 ; Whiteside et al. 2005 ).

With regard to ethical decision-making, recent theorizing suggests that both automatic and controlled processes influence ethical choices and behaviors ( Haidt 2001 ; Reynolds 2006 ; Sonenshein 2007 ). When more conscious, controlled processing is necessary, for instance in cases of uncertainty, novelty, or strong emotions ( Reynolds 2006 ), impulsive individuals may be less inclined to stop and think before acting or making a choice. Thus, we hypothesized that impulsivity would disrupt decision-making reflected in fewer choices that utilize reasoning strategies on the PDR. Given the importance of considering possible outcomes and managing negative emotions in professional decision-making ( Stenmark et al. 2011 ; Thiel, Connelly, and Griffith 2011 ), we expected a negative relationship between both a lack of premeditation and negative urgency and professional decision-making in research.

Work Stressors

Given the pressure researchers report experiencing in their work ( De Vries, Anderson, and Martinson 2006 ; Lease 1999 ) and evidence that work-related stress and burnout lead to deficits in decision-making, well-being, and work performance ( Ganster 2005 ; Ganster and Rosen 2013 ; Lin et al. 2015 ; Mather and Lighthall 2012 ; Oberlechner and Nimgade 2005 ; Stewart and Barling 1996 ; Van der Linden et al. 2005 ), we examined work stressors as potential correlates of decision-making. Three key job stressors—interpersonal conflict, role ambiguity (i.e., lack of clarity about how to accomplish work tasks), and role overload—can drain an individual’s emotional, cognitive, or physical resources ( Zohar 1997 ). In the absence of adequate coping, stress undermines information processing, focusing attention, emotional regulation, and the generation of alternative solutions (Landy and Conte 2010). Given the resource intensive nature of professional decision-making, we hypothesized a negative relationship between work stressors and professional decision-making in research, and anticipated that role overload in particular would demonstrate a negative relationship with PDR scores.

Knowledge of RCR

Research rules and guidelines govern the work of researchers. They are intended to protect research subjects, prevent mishandling of research funds and data, and guide mentoring responsibilities in science ( Shamoo and Resnik 2015 ). Although knowledge is commonly an intended outcome of instruction in RCR ( Antes and DuBois 2014 ; Kalichman and Plemmons 2007 ; Powell, Allison, and Kalichman 2007 ), we are unaware of evidence specifically linking such knowledge to decision-making among researchers. The operating presumption is that making responsible choices in research relies at least in part on knowledge of the rules that govern science. Indeed, we expected that the successful identification of better professional choices in challenging research scenarios on the PDR would be associated with greater knowledge of RCR guidelines and principles. Accordingly, we hypothesized a positive relationship between RCR knowledge and professional decision-making.

Training in RCR is a primary mechanism for disseminating knowledge of rules and guidelines in research, fostering attitudes conducive to integrity, and developing skills for ethical decision-making ( Antes and DuBois 2014 ). Yet, the effectiveness of RCR instruction has been extensively questioned ( Antes et al. 2009 ; Antes et al. 2010 ; Devereaux 2014 ; Kalichman 2014a ; Kalichman 2014b ; Kalichman and Plemmons 2015 ; Nebeker 2014 ; Plemmons and Kalichman 2013 ; Tamot, Arsenieva, and Wright 2013 ). Our study provided an environment in which to test the relationships among RCR knowledge, disengagement attitudes, and professional decision-making. Therefore, we also examined whether these variables were associated with amount of participation in RCR or research ethics instruction.

In summary, our objective was to cross-validate relationships obtained in prior research ( DuBois et al., 2015 ) and to determine whether impulsivity, work stressors, and RCR knowledge explain variance in performance on the PDR in a sample of funded researchers.

Sampling and Recruitment

We utilized the National Institutes of Health (NIH) RePORTER website to identify NIH-funded extramural investigators who were diverse in terms of career stage and representative of the NIH-funded population in terms of gender, native language, racial background, type of research, and their institutions’ CTSA funding status. The database was queried for R01, K, T31, T32, F31, and F32 projects in their first year. This allowed recruitment of senior (R01) and junior investigators (K, T31, T32, F31, and F32). We also utilized CTSAcentral.org to identify KL2 scholars who were early career investigators. We obtained investigators’ names, emails, types of degree, institutions, and types of research from project information provided online, and we performed web searches to identify investigators’ phone numbers, gender, and English as a second language (ESL) status. We also tracked the CTSA funding status of the researchers’ institutions.

We also identified industry-funded physician researchers in order to evaluate potential differences with the NIH-funded investigators. Industry-funded physician researchers were identified using ClinicalTrails.gov and through web searches of U.S. medical schools for information regarding their clinical trials.

We excluded individuals who participated in the initial PDR validity study. Due to lower response rates in previous research among ESL individuals, we oversampled for ESL participants. We emailed 2,506 potential participants an invitation to volunteer for a study examining professional decision-making in research. We followed up the initial email with phone calls and email reminders. Of the invitations sent, 93 (4%) email addresses were invalid, and an unknown number went to junk email. Of persons who opened the email (n = 1,313), 120 (9%) individuals chose to opt-out of the study, 196 (15%) proceeded to the study webpage but did not complete the surveys, and 400 (30%) participated.

We administered a battery of psychological tests to participants to measure moral disengagement, cynicism, compliance disengagement, impulsivity, work stressors, RCR knowledge, social desirability, as well as the PDR. All measures we selected have demonstrated reliability and validity.

Moral Disengagement

We assessed moral disengagement with the 8-item version of the Propensity to Morally Disengage Scale. It measures the tendency to use cognitive distortions, such as euphemistic labeling, diffusion of responsibility, and distortion of consequences, that underlie moral disengagement ( Moore et al. 2012 ). Participants rated whether they agreed with items on a 7-point scale from 1 ( strongly disagree ) to 7 ( strongly agree ). Overall scale scores were the average of responses on the 8 items; therefore, the range of possible scores was 1 to 7, and higher scores reflect higher levels of disengagement.

We used the 11-item Global Cynicism Scale to assess the extent to which individuals have a generally distrustful attitude towards others ( Turner and Valentine 2001 ). Individuals rated on a 7-point scale from 1 ( strongly disagree ) to 7 ( strongly agree ) the extent to which each statement described their thinking. Overall scale scores were generated by computing the average of ratings across the items. Thus, possible scores range from 1 to 7, with higher scores reflecting higher levels of cynicism.

Compliance Disengagement

We employed the 45-item “How I Think about Research” (HIT-Res) scale to assess disengagement from research compliance and integrity ( DuBois, Chibnall, and Gibbs 2015 ). The HIT-Res assesses four cognitive distortions associated with disengagement: assuming the worst, blaming others, minimizing/mislabeling, and self-centered thinking. On a 6-point scale from 1 ( strongly disagree ) to 6 ( strongly agree ), participants rated how much statements described how they think about research. The HIT-Res total score was computed by averaging responses across the items. Scores can range from 1 to 6 with higher scores indicating higher compliance disengagement.

We utilized the 59-item UPPS-P Impulsive Behavior Scale consists of five scales measuring distinct pathways to impulsive behavior: Urgency, Premeditation (lack of), Perseverance (lack of), Sensation Seeking, and Positive Urgency (these pathways were described in the introduction) ( Cyders et al. 2007 ; Whiteside and Lynam 2001 ; Whiteside et al. 2005 ). Participants rated on a 4-point scale from 1 ( disagree strongly ) to 4 ( agree strongly ) whether they agree or disagree with statements describing ways in which they might think or act. The average of ratings across items for each scale provided the total score for each scale. Possible scores range from 1 to 4, with higher scores reflecting higher levels of impulsivity.

We administered the 20-item Role Hassles Index that measures three workplace stressors: conflict (interpersonal conflict and tension), ambiguity (uncertainty about performing work tasks), and overload (excessive demands or inadequate resources to accomplish demands) ( Zohar 1997 ). Participants rated how physically or emotionally disruptive they found the workplace events described in each item on a 1 ( slightly disruptive ) to 3 ( very disruptive ) scale. If participants did not experience the event within the past two weeks, the instructions indicated that they should select “did not occur.” The scores computed from participants’ ratings indicate “hassle density” as a proportion of the highest possible score for each scale; thus possible scores on the three scales range from 0 to 1.

RCR Knowledge

We assessed knowledge of basic responsible conduct of research principles and rules using a multiple-choice test developed for this study. The test consisted of 15 items about diverse RCR topics outlined as key areas by NIH, including data ownership, human subject protections, animal welfare, mentorship, authorship, plagiarism, peer review, and collaboration ( Steneck 2007 ). One to two items assessed each area. These items were taken from a test bank of 125 multiple-choice RCR knowledge items ( Antes and DuBois 2014 ), and they were reviewed and revised to ensure that they conformed to guidelines for effective multiple-choice items ( Haladyna and Downing 1986 ). Post hoc analysis examining item performance in our sample identified six items that were answered correctly by nearly everyone (90% or more of respondents) and one item that was missed by 77% of respondents. We dropped these items from subsequent analyses in addition to two items that demonstrated negative ( r = −.11) or low ( r = .03) item-total correlations. The RCR knowledge score was generated from the remaining 6 items, with 1 point for each item correct. Thus, possible scores range from 0 to 6. The average score was 4.28 (about 70% correct).

Social Desirability

We utilized the 13-item Marlowe-Crowne Social Desirability Scale to examine the potential influence of socially desirable responding on PDR scores ( Reynolds 1982 ). Participants indicated whether each statement regarding a personal attitude or trait was true or false. Marking “true” or “false” for each statement corresponded to either indicating a socially desirable response or not. For each item, one point was given towards the total score when participants indicated the socially desirable response. Thus, possible scores range from 1 to 13, with higher scores reflecting a greater propensity to respond in a socially desirable manner.

Background Questionnaire and Hours of RCR Instruction

We used a 19-item questionnaire that asked participants to report on their research, training, and demographic backgrounds. Among the questions about current academic rank and career training was an item in which participants estimated the number of hours of instruction that they had received in research ethics or responsible conduct of research during their career thus far. We used their responses as a continuous variable in our analysis. 94% of participants provided an estimate ranging from 0 to 300 hours, with a mean of 31.8 hours ( SD = 31.7). Twenty hours of instruction was the median and modal response, with 19% percent reporting 20 hours of instruction. Being a clinical researcher who works with human subjects was associated with reporting more hours of instruction ( r = .11, p <.05).

Professional Decision-Making in Research

We employed the 16-item Professional Decision-Making in Research (PDR) scale as the criterion measure ( DuBois et al. 2015 ). This scenario-based measure assesses the use of professional decision-making strategies when confronted with challenging problems in research. Following the presentation of each scenario depicting a research setting (n = 4), four items present professional challenges in research, such as conflicts of interest, suspected misconduct, subject protection, and managing personnel (for a total of 16 items). Six possible responses follow each item, and participants were instructed to select the two that they would most likely choose if they were in the situation. Three responses exemplify stronger professional decision-making through their use of one of four decision-making strategies—seeking help, managing emotions, considering consequences and rules, and questioning one’s assumptions and motives; the remaining three responses violate one or more of these strategies. For each item, 1 point was assigned if the respondent selected any two of the three stronger options; thus, possible PDR scores range from 0 to 16. The measure consists of parallel forms A and B. Half of the participants completed form A and the remaining half form B to yield validation data for both forms while minimizing the time burden for participants (assignment to Form A or B was random). The aggregated data were used as the criterion measure.

We emailed potential participants an invitation to participate in a study that was estimated to take 45–75 minutes. Participants were offered $100 in compensation for participation. Potential participants received one reminder email after one week, a phone call at 10 days, a third email at three weeks, and a fourth and final email at four weeks. If an individual agreed to participate, the recruitment email provided a link to the online study available through Qualtrics. After reading an informed consent document, participants completed the test battery described in the “Measures” section. The Institutional Review Board at “Washington University in St. Louis” reviewed and approved this study (#201401153).

Analytic Approach

We computed correlations for the PDR and cynicism, moral disengagement, compliance disengagement, impulsivity, work stressors, RCR knowledge, demographic variables, and social desirability. Next, we included statistically significant univariate correlates of PDR scores, including demographic variables, in a forward stepwise logistic regression analysis in order to identify variables uniquely associated with low versus high PDR performance.

In the logistic regression, we were interested in the variables that distinguished low scoring individuals from high scoring individuals. These groups were established by applying a strategy common in test development. Test developers often use the top and bottom 25% of scores to define groups of top and bottom performers ( Kline 2005 ). Accordingly, we approximated the top and bottom 25% by examining the distribution of PDR scores. Overall, the negatively skewed distribution indicated that PDR scores were tightly clustered and generally scores tended to be high. Cut points were identified at the whole-number scores closest to the top and bottom 25%, resulting in cuts at ≤ 12 (27%) and ≥ 15 (33%); scores of 13 and 14 comprised the middle 40%. Therefore, the dichotomous outcome variable in our logistic regression was membership in the lower performing group (PDR score ≤ 12) or the higher performing group (PDR score ≥ 15). The low PDR group consisted of 106 individuals, with scores ranging from 2 to 12, and a mean score of 10.58 ( SD = 1.77). The high performing group included 133 individuals scoring 15 or 16, with a mean of 15.41 ( SD = .49). Residual analysis identified two multivariate outliers in the low group, and these scores were removed from further analysis.

Demographics

Four hundred funded researchers completed the battery of instruments. Table 1 presents the sample characteristics. The majority of participants (63%) were between 20 and 39 years of age, and 55% were male. 236 participants (59%) reported conducting research for 10 years or less, 107 (27%) for 11–20 years, and 56 (14%) for 20+ years. With regard to academic rank, 39% described themselves as pre- or post-doctoral trainees, 35% as instructors or assistant professors, 11% as associate professors, and 15% as full professors. Participants indicated that they conducted a broad range of research: human subjects clinical research (43%), wet lab research (43%), animal subjects research (38%), human subjects social/behavioral research (27%), and “dry lab” research (22%). (Because participants could select more than one category to describe their type of research, the percentages add up to more than 100%.) Seventy-one percent (71%) of researchers identified their nation of origin as the United States and 29% reported being from international locations. Specifically, of the 117 international researchers, 51 (44%) reported being from Asia, 22 (19%) from the European Union, and the remaining from several other regions. Seventy-two percent of the sample described their race as White, 19% as Asian, and the remaining 9% as multiple or other racial categories. Twenty-one percent (21%) of the sample indicated that they spoke English as a second language (ESL).

Sample Demographics

Descriptive Statistics and Correlations

We report correlations and descriptive statistics in Table 2 . Scores on the PDR ranged from 2 to 16 with a mean score of 13.34 ( SD = 2.24). Social desirability did not correlate with the PDR ( r = .01, p = .82), replicating findings from the initial validation study ( DuBois et al. 2015 ). Similar to the former study, moral disengagement ( r = −.30), cynicism ( r = −.21), and compliance disengagement ( r = −.27) were statistically significant ( p < .01) negative correlates of the PDR. Positive urgency ( r = .19) and RCR knowledge ( r = .26) were significant ( p < .01) positive PDR correlates. Contrary to hypotheses, the remaining four impulsivity scales and the work stressor scales were not associated with PDR scores. Hours of RCR/ethics instruction were not correlated with PDR scores ( r = .04, p = .42), RCR Knowledge ( r = .07, p = .19), or compliance disengagement ( r = −.08, p = .15).

Correlations Among Potential Predictors and Professional Decision-Making in Research

Similar to the relationships observed in the initial sample of 300 investigators ( DuBois et al. 2015 ), several demographic variables were statistically significant PDR correlates. Specifically, conducting clinical research ( r = .11, p < .05), gender ( r = .13, p < .01; females scored higher), and speaking English as one’s native language ( r = .24, p < .01) were correlated with PDR scores. Similarly, racial category ( r = .18, p < .01) also correlated with PDR scores: a positive correlation emerged for White race ( r = .16, p < .01), and a negative correlation for Asian race ( r = −.20, p < .01). Finally, identifying the U.S. as one’s nation of origin also correlated with the PDR ( r = .23, p < .01). Type of research funding (industry versus NIH), however, did not correlate with the PDR ( r = −.04, p = .42). Therefore, further analyses according to type of research funding were not considered.

Logistic Regression

The results of the logistic regression analysis (n = 239) predicting membership in the high versus low performing PDR group indicated that moral disengagement, OR = 0.51 (95% CI = 0.33–0.77), RCR knowledge, OR = 1.51 (95% CI = 1.21–1.90), and nation of origin, OR = 2.92 (95% CI = 1.60–5.32) were significant ( p < .01) predictors of high performance on the PDR.

Overall, our data show that a majority of researchers drawn from a diverse sample of 400 NIH-funded and industry-funded researchers score high on a measure of professional decision-making in research. On average, individual decisions reflected use of good decision-making strategies on 83% of the items. However, as with a previous study ( DuBois et al. 2015 ), a bottom tier of performers emerged who selected “less professional” choices more than the other participants. On average, the bottom tier selected at least one less professional option on 34% of items.

Multivariate analyses showed that key predictors of high performance included greater RCR knowledge, lower moral disengagement, and being from the U.S. In fact, the odds of being in the higher performing group were nearly three times higher among individuals whose nation of origin was the U.S. relative to those from elsewhere. Similarly, the odds of being in the higher performing group were 1.5 times higher among people who scored better on the RCR knowledge test and two times higher for people who were lower in moral disengagement.

Our findings suggest there may be an underlying influence of researchers’ nation of origin on professional decision-making in research. This may be particularly true for investigators from Asian countries, as most of the investigators in our sample not from the U.S. indicated that they were from Asia. However, our sample represented a number of international regions. The PDR was written to assess the use of good decision-making strategies in solving ethical and professional problems in research. Some of these strategies – such as seeking help – may be more acceptable in U.S. culture than other cultures; a proposition that should be examined in future research. Other strategies – such as recognizing rules and consequences – were assessed within the context of U.S. regulations and oversight systems. Such factors may advantage researchers who are highly acculturated to the U.S. research setting. That said, all study participants were conducting research in the U.S., so the importance of understanding professional decision-making in research is not mitigated by nation of origin. Nonetheless, it is important to recognize that cultural backgrounds appear to influence how individuals might approach ethical research challenges.

In light of the correlation between nation of origin and ESL status ( r = .76, p < .01), it is also possible that participants from other countries were more likely to score lower on the PDR because of language challenges. Although reading level is a potential alternative explanation for lower scores among non-U.S. ESL participants, the PDR was written at the 8th grade level (with a Lexile score of 930, which is lower than USA Today) to mitigate this concern.

Thus, cultural differences in researchers’ perceptions of norms, expectations, and practices in research warrant additional investigation, especially given that science is a worldwide endeavor ( Heitman 2014 ). The prevalence of international researchers training and working in the U.S., international research collaborations, and the growing number of U.S. students training abroad underscore this need, as well as highlight the importance of cross-cultural considerations in research ethics education ( Heitman 2014 ). Indeed, research in cross-cultural psychology indicates cultural differences do exist in judgments about socially appropriate behavior, perceptions of professionalism, and reasoning styles ( Boucher and Maslach 2009 ; Heine and Ruby 2010 ; Resick et al. 2011 ; Uhlmann et al. 2013 ). Such differences may explain differences in responding on the PDR. Overall, more research is needed to explore cultural differences and commonalities in science and best practices for addressing cultural considerations in training in RCR.

Not surprisingly, knowledge of RCR rules and principles was associated with higher performance on the PDR. This suggests that efforts to advance knowledge of RCR may be fruitful as one strategy to advance professional decision-making in research. However, in keeping with concerns that ethics instruction may have limited positive effects ( Antes et al. 2009 ; Antes et al. 2010 ; Waples et al. 2009 ), we observed no relationship between RCR knowledge and hours of participation in RCR/ethics instruction. However, this finding should be interpreted in light of the limitation that our measure of participation in instruction was self-report. Self-report of hours of education may be limited by inaccuracies in estimates provided by participants. Nonetheless, these findings suggest the need for additional research to identify the role of RCR knowledge in good professional decision-making and the best approaches for conveying this knowledge to researchers.

Moral disengagement also emerged as an important variable in understanding performance on the PDR. Attitudes that discount or disconnect from the moral dimensions of problems were associated with poorer professional decision-making. Like RCR knowledge, these attitudes were not related to participation in research ethics instruction. Moral disengagement is a function of cognitive distortions that support self-interested thinking ( DuBois, Chibnall, and Gibbs 2015 ), and it is unclear whether and how environmental or educational factors reinforce or reduce disengagement. Thus, future work might examine whether environmental variables such as organizational climate exert an influence on disengagement ( Crain, Martinson, and Thrush 2013 ; Martinson et al. 2010 ). RCR educational efforts might also consider whether and how existing and new approaches to research integrity training might foster interest in engaging ethical issues in research ( Antes et al. 2010 , Devereaux 2014 , Kalichman 2014b ).

While the findings are generally consistent with prior research and support the validity of the PDR, our findings did not support hypotheses with regard to associations of the PDR with work stressors and impulsivity. Only positive urgency was associated with PDR scores, and that association was in a direction opposite that which was hypothesized: greater positive urgency was related to higher PDR scores. Interpretation of this finding should be informed by the composition of the positive urgency items: e.g., “When I get really happy about something, I tend to do things that can have bad consequences.” Thus, it may be that people who endorse such items actually have insight into the impact of their emotions on the quality of their decision-making. Accordingly, they know that they ought to “take a time out” to control their emotions before responding to a difficult situation. This is particularly plausible in a population of doctoral-level participants; achieving a doctoral degree might require or reinforce the development of compensating strategies for professional decisions.

The lack of other significant associations between the PDR and other impulsivity dimensions or work stressors is puzzling. At a conceptual level, it is unlikely that impulsivity and work stressors are unrelated to professional decision-making in research. Indeed, the impulsivity and work stressor scales demonstrated statistically significant correlations with compliance disengagement in research ( DuBois, Chibnall, and Gibbs 2015 ), suggesting some relationship with research integrity. Instead, it is likely that the pattern of findings with the PDR raises several important considerations regarding measurement issues.

The professional decision-making measure is predicated on the assumption that behavior is occasioned by decisions made in response to complex problems ( Mumford et al. 2006 ). Although vignette-based measures provide a practical tool for research and educational assessment, they do not generate the same psychological experience as real-world scenarios ( Kish-Gephart, Harrison, and Trevino 2010 ). In particular, they are limited in their activation of salient situational factors and emotional responses. Hence, while urgency and anxiety likely influence decision-making and behavior ( Billieux et al. 2010 , Kouchaki and Desai 2015 , Penolazzi, Gremigni, and Russo 2012 ), salient features of those states may not be captured in the context of test-taking, such as that associated with the PDR. Thus, it may be most appropriate to view the PDR, and potentially other vignette-based tests, as examining predisposition, rather than behavior ( Cohen 2010 ). That is, the PDR may demonstrate what a person may be inclined to do—in this case, address workplace problems in a professionally appropriate manner—but not a person’s actual behavior when actually faced with such situations. That is, we do not know whether performance on the PDR indicates that individuals actually make professionally appropriate decisions and behave professionally in a challenging context.

We encourage additional research examining the connection of the PDR to measures of real-world behavior. This information would prove particularly critical in establishing whether low scores identify individuals “at risk” with regard to professional decision-making and behavior in research ( Binning and Barrett 1989 , Messick 1995 ). However, linking measurement of theoretical constructs to real-world observations is a classic measurement issue and a perennial challenge in psychological testing ( Binning and LeBreton 2009 ). Moreover, self-report measurements of behavior are likely to be biased. Accordingly, an important next step in research on professional decision-making should involve the use of third party ratings of researcher behavior and researcher characteristics. Of course, in the context of ethical (or unethical behavior), where the consequences of misbehavior can be dire, the implementation of third-party observations is not without complications itself.

Finally, a related point concerns precision in the conceptualization and operationalization of constructs in studies of research ethics, integrity, and misconduct. A given study might examine professional wrongdoing, appropriate professional behavior, ethical decision-making, ethical behavior, unethical decision-making, or unethical behavior in research. Although related, these are distinct phenomena, and the antecedents of behaviors such as ethical decision-making and deviant behavior differ ( Kish-Gephart, Harrison, and Trevino 2010 ). Findings regarding one may or may not extend to the other. In the present study, this point might account for the lack of relationship observed among impulsivity, work stressors, and the PDR. We have examined the tendency to select or violate professionally appropriate strategies for addressing professional and ethical problems in research. This constitutes just one facet of the broader domain of interest to investigators studying research integrity and research misconduct.

We have already noted the need for future research to address limitations in the present effort, namely the use of self-report measures and need for behavioral outcome measures. Additionally, our data are correlational in nature; therefore we cannot draw conclusions about causation. Furthermore, although we recruited from a representative set of NIH-funded and industry-funded investigators in the U.S., our sample is limited to those individuals who volunteered to participate. It is possible that self-selection bias operated in our data, an issue that speaks to the generalizability of the findings if the choice to participate was related in some fashion to professional decision-making ( Olsen 2008 ).

In summary, this study suggests that the use of good decision-making strategies in the research context is associated with greater RCR knowledge, lower moral disengagement, and identifying the U.S. as one’s nation of origin. Our findings reinforce the need to identify effective RCR instructional approaches. They also suggest that education may need to target not only knowledge but attitudes and the use of cognitive distortions or self-serving biases. Finally, educational efforts may need to address specific needs of individuals from outside of the U.S., emphasizing the value and legitimacy of using strategies such as questioning one’s assumptions and seeking help. However, this study also reminds us of how little we know about the predictors of behavior—especially unprofessional behavior, which is often rare (in egregious forms), hidden, and difficult to induce in experimental designs.

Acknowledgments

This study was supported by the U.S. Office of Research Integrity (6 ORIIR140007-02-01), and also in part by the National Center for Advancing Clinical and Translational Science (2UL1 TR000448-06).

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Achieving net-zero in the manufacturing supply chain through carbon capture and lca: a comprehensive framework with bwm-fuzzy dematel.

1. Introduction

• RO1: To identify the prominent enablers of LCA adoption in MSC to achieve the net zero goal.
• RO2: To develop a comprehensive framework for prioritizing key enablers of LCA in the MSC.
• RO3: To assess the relative importance using causal interrelationships among the identified enablers.

2. Literature Review

2.1. carbon capture (cc): basic concept and its technology, 2.2. cct and lca: from msc and net zero perspective, 2.3. literature gaps, 3. research methodology, data collection and questionnaire development, 4. data analysis and results, 4.1. reliability and validity test, 4.2. efa technique, 4.3. bwm method, 4.4. causal interrelationship among enablers (f-dematel), 5. discussion and contributions, 5.1. theoretical contributions, 5.2. managerial contributions, 5.3. linking theoretical framework to practical applications, 6. conclusions, limitations, and future research recommendations, author contributions, institutional review board statement, informed consent statement, data availability statement, acknowledgments, conflicts of interest.

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Share and Cite

Yadav, A.; Sachdeva, A.; Garg, R.K.; Qureshi, K.M.; Mewada, B.G.; Qureshi, M.R.N.M.; Mansour, M. Achieving Net-Zero in the Manufacturing Supply Chain through Carbon Capture and LCA: A Comprehensive Framework with BWM-Fuzzy DEMATEL. Sustainability 2024 , 16 , 6972. https://doi.org/10.3390/su16166972

Yadav A, Sachdeva A, Garg RK, Qureshi KM, Mewada BG, Qureshi MRNM, Mansour M. Achieving Net-Zero in the Manufacturing Supply Chain through Carbon Capture and LCA: A Comprehensive Framework with BWM-Fuzzy DEMATEL. Sustainability . 2024; 16(16):6972. https://doi.org/10.3390/su16166972

Yadav, Alok, Anish Sachdeva, Rajiv Kumar Garg, Karishma M. Qureshi, Bhavesh G. Mewada, Mohamed Rafik Noor Mohamed Qureshi, and Mohamed Mansour. 2024. "Achieving Net-Zero in the Manufacturing Supply Chain through Carbon Capture and LCA: A Comprehensive Framework with BWM-Fuzzy DEMATEL" Sustainability 16, no. 16: 6972. https://doi.org/10.3390/su16166972

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Money blog: Bakery chain under fire for selling day-old croissants for 95p more

Welcome to the Money blog, a hub of personal finance and consumer news/tips. Leave a comment on any of the stories we're covering in the box below - we round them up every Saturday.

Friday 16 August 2024 15:28, UK

• Fines for parents taking children out of school to increase next month
• Gail's under fire for selling day-old croissants for £1 more
• Mortgage product shelf life drops significantly in sign of volatility
• The UK's highest-earning roads revealed
• Pound up against dollar after busy week on economic front

Essential reads

• Is this the end of the British pub?
• What's gone wrong at Asda?
• Best of the Money blog - an archive of features

Tips and advice

• All the discounts you get as a student or young person
• TV chef picks best cheap eats in London
• Savings Guide : Why you should now be checking T&Cs
• 'I cancelled swimming with weeks of notice - can they keep my money?'

Ask a question or make a comment

Monzo has been named the best bank in the UK for customer satisfaction, according to a major survey. 

More than 17,000 personal current account customers rated their bank on the quality of its services and how likely they would be to recommend to friends or family. 

Digital banks made up the top three, with Monzo coming out on top, followed by Starling Bank and then Chase. 

Some 80% of Monzo customers said they would recommend the bank. 

The digital banking app said topping the tables "time and time again" was not something it would "ever take for granted". 

Royal Bank of Scotland (RBS) was bottom of the ranking for another year. 

The banks with the best services in branches were Nationwide, Lloyds Bank and Metro Bank. 

Gail's bakery chain has come under fire for repurposing unsold pastries into croissants and selling them for almost £4 the next day.

The retailer lists the "twice baked" chocolate almond croissants as part of its "Waste Not" range, which means it is made using leftover croissants that are then "topped with almond frangipane and flaked almonds".

The scheme has been hit with criticism online, with many pointing out the £3.90 price tag is 95p more than the original croissant.

One X user said: "The audacity of bragging about it being part of their 'Waste Not' range like we should be grateful to them and proud of ourselves for contributing to reducing food waste when they could just sell it for less money – not one pound more than yesterday.

"Unsure whether to be impressed or horrified that someone has come up with a concept to capitalise on yellow sticker goods to make more profit."

It should be added, however, that the practice was not invented by Gail's - and almond croissants were originally created by French boulangeries to reuse day-old croissants and stop them going stale.

When factoring in the extra ingredients (almond frangipane and flaked almonds) and baking time, the bakery chain would likely defend the increased price by pointing to the additional costs incurred.

It comes as locals in a trendy London neighbourhood signed a petition against a Gail's bakery setting up shop in their area.

After (unconfirmed) rumours began circulating that the chain was looking to open a site in Walthamstow village, more than 600 have signed a petition opposing the plans.

The petition says the village "faces a threat to its uniqueness" should Gail's move into the area (see yesterday's 11.54am post for more).

Gail's has been contacted for comment.

British retailers saw a rise in sales last month after a boost from Euro 2024 and summer discounting, according to official figures.

High street retailers said sales of football shirts, electronics such as TVs, and alcoholic drinks were all stronger amid the Three Lions' journey to the final.

Total retail sales volumes rose by 0.5% in July, the Office for National Statistics (ONS) said. It was, however, slightly below predictions, with economists forecasting a 0.7% increase.

It followed a 0.9% slump in volumes in June as retail firms blamed uncertainty ahead of the general election and poor weather.

ONS director of economic statistics, Liz McKeown, said: "Retail sales grew in July led by increases in department stores and sports equipment shops, with both the Euros and discounting across many stores boosting sales.

"These increases were offset by a poor month for clothing and furniture shops, and falling fuel sales, despite prices at the pump falling."

The data showed that non-food stores saw a 1.4% rise, driven by a strong performance from department stores, where sales grew by 4% for the month as summer sales helped to stoke demand.

However, clothing and footwear shops saw a 0.6% dip, whilst homeware retailers also saw volumes fall 0.6%. Food stores, meanwhile, saw sales remain flat for the month.

There are fears that the £2-cap on single bus fares could be scrapped after the government declined to say whether the policy would continue past December.

Bus companies said it was vital the cost of using their services is kept low for young people to "enhance their access to education and jobs".

Alison Edwards, director of policy and external relations at industry body the Confederation of Passenger Transport, said: "Bus operators are working closely with the government so that together we can find a way to avoid a cliff edge return to commercial fares.

"Analysis has shown that supporting fares, which can be done in a range of different ways, is great value for money and can support many other government objectives.

"For example, keeping fares low for young people would enhance their access to education and jobs, while also encouraging them to develop sustainable travel habits to last a lifetime."

Transport Secretary Louise Haigh said in a recent interview with the PA news agency that her officials were "looking at various options" in relation to the cap, including whether they could "target it better".

It's been a busy week on the economic front.

There was no major shift in the overall outlook - since Monday we've had it confirmed that the UK economy has lower inflation and more growth than the last two years, while wages have grown faster than the overall pace of price rises.

On the back of all that news the pound is at the highest rate since early this month against the dollar, worth $1.2882, and the highest since July when it comes to buying euro with one pound equal to €1.1733. 

Signs of a recovery from the global market sell-off of Monday last week can be seen in the share prices of companies listed on the London Stock Exchange.

Share prices have grown among the most valuable companies on the stock exchange, those that comprise the Financial Times Stock Exchange (FTSE) 100 list of most valuable companies.

Today though, this benchmark UK index fell 0.19% but finishes the week higher than the start.

Also finishing the week higher than the start are the more UK-based companies of the FTSE 250 (the 101st to the 250th most valuable firms on the London Stock Exchange).

On Friday morning that index was up 0.08%. 

With tensions in the Middle East and Eastern Europe high as Iran mulled a retaliatory strike on Israel and Ukraine made incursions into Russian territory, there had been concern about energy price spikes.

But the benchmark oil price has remained steady at $80.13 dollars for a barrel of Brent crude oil.

Gas prices have remained below the Monday high of 100 pence a therm (the measurement for heat) and now are 94.50 pence a therm. 

A Cabinet Office minister has said it is "unfair" to suggest other public sector workers will be queuing up for a pay rise after the government's offer of a 15% increase for train drivers and junior doctors.

"I think that's an unfair characterisation as well," paymaster general Nick Thomas-Symonds told Times Radio.

"I think what is absolutely crucial here is we are a Government again that is sticking to the promises we made in opposition.

"We promised we would sit down and find solutions, and people expressed scepticism about that, but actually that is precisely what we have done in Government."

Last month, the government and the British Medical Association struck an improved pay deal for junior doctors in England worth 22% on average over two years.

Meanwhile, train drivers will vote on a new pay deal following talks between representatives of drivers' union ASLEF and the Department for Transport.

The new offer is for a 5% backdated pay rise for 2022/23, a 4.75% rise for 23/24, and 4.5% increase for 24/25.

The Dartford Crossing is the highest-earning toll road in the UK, new data shows. 

The Kent to Essex route raked in £215.9m in the last year - 2,159 times more than the Whitney toll bridge in Hereford. 

The crossing, which was supposed to stop charging customers in 2003, costs between £2 and £6 to use (depending on the vehicle you're driving) between 10am and 6pm every day. 

Car finance company Moneybarn found it earned just over £209m in 2022. 

It topped the chart of 13 toll roads in the country, making over £100m more than the second highest-earning road in 2023 - the M6 Toll in the West Midlands. 

In third place was the Mersey Gateway Bridge between Halton and Cheshire, which made £48.9m. 

You can see how the other toll roads fared below... 

Fines for parents who take their children out of school will increase this upcoming term as the government continues with plans to improve attendance. 

From next week, fines for unauthorised absences will go up by as much as £40.

Under the new system, the cost of a penalty charge notice will rise from £60 to £80 if paid within 21 days, and from £120 to £160 if paid within 28 days . 

This marks the first increases since the system was introduced in 2013. 

So, when do parents get fined? 

Children are only allowed to miss school if they are unwell, or they have been given permission from the school in advance. 

Parents can make an absence request to take their children out of school, but there needs to be "exceptional circumstances" and the headteacher needs to authorise it. 

Currently, it's the responsibility of the local authority to decide when to issue fines, meaning the process varies from council to council.

But, under the new rules which were created by the Conservative government, all schools will be required to consider a fine when a child has missed at least five days of school for unauthorised reasons.

What happens if you keep getting fined? 

If a parent receives a second fine for the same child within any three-year period, this will be charged at the higher rate of £160.

A parent can only receive two fines within any three-year period, and once this has been met, other actions can be considered. 

This includes a parenting order or prosecution. 

Parents who are prosecuted and attend court because their child hasn't been attending school, can be fined up to £2,500.

Where is the money spent?

Government guidance states any money collected from fines should be used by the local authority to cover the costs of administering the system. 

Any surplus after that should be spent on "attendance support". 

Any cash remaining at the end of the year must be paid to the education secretary.

A Department for Education spokesperson said: "High and rising school standards are at the heart of our mission to break down barriers to opportunity and give every child the best start in life. Strong foundations of learning are grounded in attendance in the classroom.

"Tackling the root causes of absence is a major priority for the government. 

"Our support-first approach outlined in our guidance is designed to help parents to meet their responsibility to ensure their child attends school.

"However, in some cases, including term-time holidays, it may be necessary to issue penalty notices." 

Every Friday we take an overview of the mortgage market, speaking to those in the industry before getting a round-up of the best rates courtesy of the independent experts at  Moneyfactscompare.co.uk .

Over recent months and years, the release of monthly inflation data has had a big impact on forecasts for interest rate cuts - but not this week.

Following a slight uptick in inflation to 2.2% in July, announced on Wednesday, markets were pretty unmoved at pricing in a 63% chance of a base rate cut next Monday.

Investors still think there will be two further cuts this year, bringing the base rate down to 4.5% by Christmas.

On the high street, rate cuts we've mentioned for a month or two now continued this week, with the lowest five-year fixed available now 4.83% - with NatWest, Barclays and Nationwide all settling there for now.

Moneyfacts finance expert Rachel Springall said: "Nationwide Building Society was one of many mutuals to cut fixed rates this week - it now offers a five-year fixed as low as 3.83%. NatWest also cut rates by up to 0.20% and Virgin Money made similar reductions."

Looking specifically at home movers, Springall has some data that shows the difference between now and this point five years ago.

"Home movers who want to lock into a longer-term fixed mortgage will find the average overall five-year fixed rate is much higher than it was back in August 2019, which was 2.84%. Week on week, the overall average two-year and five-year fixed rate mortgage fell to 5.66% and 5.29% respectively."

Away from rate changes from some of the big lenders, one of the most telling insights into the mortgage market this week came with statistics about the average shelf-life of mortgage products.

Springall said: "The volatility within the mortgage market was made clear by the notable drop in the average shelf-life of a mortgage to just 17 days, down from 30 in June. 

"There are expectations for rates to fall further in the weeks to come, particularly as the market reflects on the 0.25% base rate cut, the first cut in over four years."

Here's a look at the look at the best rates currently on offer for house purchases...

Moneyfacts also looks at what it calls "best buys" - which considers not just the rate, but other costs and incentives. These are their top picks this week...

British pubs are in trouble, with more of them closing every year. 

Once the beloved watering holes for many communities, they have fallen victim to higher costs, changing habits and "the real estate incentive". 

Some 239 pubs closed in England and Wales during the first three months of the year, according to government figures – 56% more than in the same period in 2023. 

Our Money reporter Brad Young has been exploring whether this is the end of the British pub as we know it. 

Earlier this week, he spoke to communities and experts about the reasons behind recent closures - you can read his piece here . 

In the video below, Brad explains three reasons why pubs are struggling. 

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