Aiding decision making

Market research aids decision making because it gives you evidence to support a business choice, rather than leaving you to rely on guesswork.

When a decision matters, a hunch is not enough: evidence lets you compare your options and choose the one most likely to work.

Evidence beats guesswork

Suppose you are unsure whether a weekend dog-walking service would work in your area. Instead of guessing, you ask 30 local households whether they would use the service and which day suits them best. If 21 say Saturday morning, that finding is evidence: it supports a decision to launch on Saturday mornings rather than at another time.

Before significant decisions

Entrepreneurs need market research before making significant business decisions, such as whether to launch a good or service, or when to launch it. Once money, time and effort have been committed, changing direction is harder and costs more, so evidence gathered first makes the decision better informed.

Market research cannot promise that a decision will succeed, but it means the choice rests on evidence rather than a guess. That is how it aids decision making.