The following factors can help decide whether or not to engage in market research activities, except
The product’s current position in the product life cycle
The risk level of the business decision
The cost versus the benefit of having the findings
The time needed to gather research

Engaging in market research is often like going on a treasure hunt: the more you know about the landscape, the better your chances of finding the gold! For instance, a product in the introduction stage may require comprehensive research to understand market needs, while a mature product may not need as much. Also, if the risk level of a decision is high, research can turn into your safety net, helping you make informed decisions and dodge potential pitfalls!

When considering cost versus benefit, think of it like choosing a dinner menu: sometimes, spending a little more on a gourmet meal is worthwhile if it brings you joy! Similarly, if research findings can be transformed into strategic gold, they often justify the expense. And remember, gathering research isn’t just about time—it’s about efficiency! Engage savvy methods like online surveys or focus groups to gather valuable insights without draining your clock!