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The Role of Market Research in Business - By Datin Dr Rehana Kassim

In developing a strategy, managers need to look at the business environment of the market they wish to pursue or the product they wish to introduce. "What you can't measure you can't control" - we work in an environment where we must manage by fact and not by 'gut-feeling'. Knowledge and information on market share, market segment, pricing, product value, and expenditure on advertising and promotion are contributory factors towards strategic planning. The undertaking of market research plays a very critical part in the decision-making process in the development of a business strategy.

An understanding of market research will assist the business managers or owner/investor to assess and foresee the future direction of the market industry he/she has chosen. The implementation of creative innovation through the process of research and development gives a competitive edge to the product in hand. Timing and a sound budget allocation for the purpose of market research are essential factors in the pre-planning stage.

CONTENT/OBJECTIVES

Introduction
- Definition of Market Research
- Benefit of Market Research
Stages in Market Research
- Methodology
- Timing/Funding
Findings from the Market Research
Case Study of Market Research

FACILITATOR

Datin Dr Rehana Kassim is a statistician by profession. She is the founder and Managing Director of RehanStat Sdn Bhd for the past 15 years. She holds a professional qualification from the Institute of Statistician of United Kingdom and Bachelor of Science in Statistics from Northern Illinois University, USA. She then attained her Master of Philosophy and Doctorate of Business Administration in Knowledge Management, both from Dublin Metropolitan University, Ireland.

Prior to establishing Rehanstat in 1992, Datin Dr Rehana worked as a researcher in MARDI for 8 years and continued as a lecturer at Institute Technology MARA for 13 years. Her research and consultancy experience stretches from working with various public and private sectors in the areas of Consumer Affairs, Entrepreneurship, Communication, Banking, Tourism, Handicraft, Manufacturing (food), Media (print) and the IT Industry.

video 1, video 2

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The Role of Market Research in Business - Video 2