There’s little doubt that profitable businesses have good products and services. But the case can be made that good decisions are actually the key to good — and sustainable — business practice. Knowing when and how to pivot course when needed is critical to maintaining relevancy in ever-changing markets, regardless of how great a product is or how..
Like any type of research, the purpose of market research is to gather information, specifically information concerning the validity of a product or service within a particular market. This type of information makes it easier for companies to anticipate and meet consumer demand, thus allowing them to better satisfy their customers and stay ahead..
You know what people say about assumptions, right? In the business world, they can do a lot more than color you a fool, though; they can sabotage even the most brilliant business decisions, often leaving you and your company with more losses than gains. Of course, many companies take a leap of faith when they start out, presuming a consumer need..
Measuring the return on an investment (ROI) is part of good business practice. Both large and small companies must calculate the value of the items they buy, as well as the processes they create, in order to determine whether the time, effort and money they are spending to obtain and/or facilitate each of them is actually reaping any benefits. But..
Spend any time in the working world, and you realize that the more you know, the better you perform. Indeed, you’ve probably learned this lesson via other areas of your life, whether it was during your 9th grade history class or your baby’s first year; Knowledge yields, and certainly wields, power. For companies, this often means figuring out to..
Market research is the calculated and often complicated process of identifying the most pertinent aspects of a marketplace so that a company can glean and then use insight to effectuate better (i.e., more profitable) business decisions. While sometimes confused with marketing research, which is a more narrow type of research focused primarily on..
Getting good data: it’s the key to making good decisions. Accurate information enables businesses to anticipate and respond to market demand and, hopefully, turn a profit at the end of the day.
The restaurant industry is a competitive one. There are more dining establishments and more diners now than during any other time in history; the National Restaurant Association reports over 1 million restaurant locations in the U.S. alone, a particular boon considering more than half the American population visits at least one of them each week...
Data-driven decision making is the key to success for all businesses. The more facts and figures a company has, the better able it is to assess its policies, procedures, products and services, maintaining or altering them as needed to meet public demand.
But good data doesn’t just benefit for-profit organizations; we all use information to inform..
Companies introduce new products all the time. Whether those products succeed or fail often depends on the processes that went into their development rather than the usefulness of the products themselves. A profitable (i.e., successful) product is one that reaches consumers in the right place and the right time, as well as satisfies a specific..