Jasz
VIP Contributor
Benefits of intelligence department to businesses
Businesses need to be able to collect data and information about their customers in order to make informed decisions. This can be done through the use of market research, which is a scientific approach to obtaining information about a particular product or service and its potential customers.
The quality of market research depends on how well the organization understands its customers’ needs and wants. The primary objective of any business is to satisfy its customers so that they will continue doing business with them. By understanding their customers, businesses can provide them with products or services that meet their needs, thereby increasing profits for all concerned.
Market research can be conducted by using many different methods (e.g., surveys, questionnaires, focus groups), but there are advantages associated with each method:
Surveys are more cost effective than focus groups because they require less time and manpower than focus groups do. However, surveys are not as accurate because respondents tend not to provide truthful answers when asked questions that are sensitive or embarrassing. Focus groups allow for more in-depth discussions about specific issues and products; however, they require a larger investment in resources such as time, money, and staff training.
Businesses need to be able to collect data and information about their customers in order to make informed decisions. This can be done through the use of market research, which is a scientific approach to obtaining information about a particular product or service and its potential customers.
The quality of market research depends on how well the organization understands its customers’ needs and wants. The primary objective of any business is to satisfy its customers so that they will continue doing business with them. By understanding their customers, businesses can provide them with products or services that meet their needs, thereby increasing profits for all concerned.
Market research can be conducted by using many different methods (e.g., surveys, questionnaires, focus groups), but there are advantages associated with each method:
Surveys are more cost effective than focus groups because they require less time and manpower than focus groups do. However, surveys are not as accurate because respondents tend not to provide truthful answers when asked questions that are sensitive or embarrassing. Focus groups allow for more in-depth discussions about specific issues and products; however, they require a larger investment in resources such as time, money, and staff training.
