As the contemporary era is the era of perfect competition and there are plenty of products in each and every field, a company must have to keep an eye on the business strategic plans and innovations of the competitor companies in order to sustain its position within the business environment. Companies involve in PESTLE, SWOT and other relevant analysis in order to remain updated with the political, environmental, social, technical, legal and economic changes taking place far rapidly than it happened in past. Theoretically, many concepts are discussed under this topic, though practically, marketing research is the process based on all the developments being made in the business environment in everyday life. Bailey (1987) has defined five steps of research process including choosing the research problem and stating the hypothesis, developing the research design, gathering of data, coding and analysis of data and the interpretation of findings on the basis of the data gathered. Almost all the researchers follow these steps while conducting both marketing as well as social research processes.Decision-making plays vital role in the life and strategies of organizations and business entrepreneurship. Johnson and Scholes view strategy as the response of an organization to its environment. Managerial decision-making differentiates an organization with other industries existing under the similar business environment. Many cultural frames of reference influence the managerial decision-makings. These include industry frame of reference i. an industry recipe and organizational framework i. If management is more stable carrying long-term momentum of strategy, the paradigm will be more smooth and homogenous. It is in the benefit of an organization that it. Marketing Research in Theory and Practice.
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