Unit 2: Chapter 10

It is no secret that businesses must make tough decisions. When it comes to widening the reach of your business, data can help ensure the right choice is made. Data from your market such as surveys and focus groups can help receive feedback from people who use your product. A well-researched decision is much more likely to be successful than a non-researched one. The market can be unpredictable, so it’s important to be prepared for success and failure. It’s also important to keep in mind that you cannot please everyone. Some business decisions are bound to upset some people. Your goal as a business owner should be to please the majority of your customers, and ensure they want to spend money on your business.

Sometimes, business decisions are influenced by factors outside the customers’ wants. Businesses sometimes make decisions to better fit their mission statement. A business focused on being environmentally conscious may choose to use paper cups and straws instead of plastic ones. Businesses will often make directions to increase economic success. For example, nobody wants the price to increase for their favorite product, but it can be necessary for a business to survive. Many factors should be considered when making decisions, so it’s important to be thorough in planning.

When conducting research for a large decision, you are bound to encounter problems and setbacks. It can be very helpful to make a list of questions you need to be answered in order to guide your research. Once you have a list of questions, you must find out how to answer them. Most questions can be answered with standard research methods, however, occasionally you will need direct communication with your customers. Sometimes, if the problems with a decision are too difficult to solve, it is better to scrap your idea and start over. The purpose of the research process is to prevent bad decisions from being made, so there is no shame in scrapping a decision.

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