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Instruments with Various Measurement Scales
Worksheet
MKT/441 Version 5
University of Phoenix Material
Instruments with Various Measurement Scales Worksheet
Describe in no more than 350 words a business situation of your choice where market research can
influence decision making.
Market research for any business is the essential for collection of facts and statistics
regarding the company's clients, employees and also competitors. By these facts, businesses
can make informed managerial decisions by ensuring that the collected statistics gets organized
into immediate reports where the management team employs them to take the proper action. A
good research mechanism is essential, regardless of the company size and also its client base.
Market research is an important method for remaining very competitive in the market.
According to Churchill and Iacobucci (2006), a business situation where the market research is
crucial for decision making influence is the product quality that a particular company offers to
the customers. In this state, an individual cannot make any decision without carrying out a
market research since the person is not aware of the contentment level that any customer gets.
A sales team can think that they offer some high quality products, but in the real sense, the
other competitors offer better and quality products as compared to what the business is
offering.
Consequently, for a business to come up with an informed decision that its products
are of high quality, they have to establish a proper market research first for them to conclude a
decision whether to increase the quality of the goods or introduce a new product in the market.
Ultimately, the biggest reason why is because the customers are the people who are responsible
for giving responses and feedback if a products are either of high or low quality since they are...