Quick Marketing & Business Tips

Episode 25

Welcome to our video series “quick marketing and business tips” where we’re giving you actionable advice, tips, and recommendations, to grow your business today.

This is episode #25.

Let’s dive right in!

Episode 25: Decisions

Management involves making decisions, of small or large economic importance.

Decisions in a company are made by all employees, regardless of hierarchy.

Production and consumption mean problems, solutions, and decisions.

Most problems are common, they recur almost daily, and so we can solve them quite easily.

Our experience is enough to lead to instant, almost automatic decisions.

But there are also difficult problems, old ones that reappear or even new ones.

Here you need thought, mental exercise, spiritual and mental effort.

All decisions made are based on intuition, luck, research, or a combination of those three.

The experience of the past, which is an accumulated store of knowledge, inevitably affects the way a decision is made.

Now, if the decisions we made after a thorough investigation turned out to be the worst afterward, then in the future the investigation will be met with skepticism.

Investigation and research are values with which modern marketing functions.

But researching before deciding does not always equal success. 

There were countless cases where even giant multinational companies failed miserably.

However, for marketing decision-makers, research becomes a necessity for the following reasons:

• The adoption of the marketing ideology presupposes the complete knowledge of the needs of the customers. The acquisition of this knowledge is made possible with the help of research
• Implementing the marketing ideology, through the marketing mix, requires a lot of resources. The research helps both in the most economical use of the resources, as well as in the continuous self-control, in order to determine the course of the implementation
• For marketing, changes in the environment and their impact on business are a given. Research helps to closely monitor environmental changes and, when necessary, guides the process of self-adaptation

Nothing stays the same, the needs of the customers’ change, the environment changes, the world, the economy, and so on.

In marketing, we can’t just rely on our experience, we need to constantly monitor the marketplace and perform research before we make decisions that could affect our business. 

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