Editor’s Note
Dr. Sabyasachi Dasgupta teaches Marketing at Globsyn Business School – one of the best business management colleges in Kolkata. Dr. Dasgupta has commanded prominent positions in several corporate and academic giants for more than 14 years. He has taught at the Florida State University, USA and has also been a visiting researcher in the University. Dr. Dasgupta, apart from presenting research papers in national and international conferences, also has a number of publications including Scopus/ABDC/UGC Care, edited books, number of cases, book chapters and a book under his name. He has also received the distinguished Research Excellence Award 2020. Dr. Dasgupta heads the Research and Publications vertical of Globsyn Research Cell. He is also a scientific committee member of TIIKM – Colombo, a member of American Marketing Association and Calcutta Management Association, and a reviewer in Journal of Brand Management, Journal of Creative Communication and journals published by American Marketing Association.
The debate over whether companies should invest in research has been a global topic of discussion for years. Decades ago, when decisions were made in boardrooms, companies often relied on brainstorming sessions to come up with solutions, without delving deeply into research. However, the landscape has changed dramatically. Today, companies not only have in-house researchers but also hire external agencies to conduct research for them. This shift raises an important question: if research was not a priority back then, why is it now? Should companies conduct in-depth research or merely respond to market dynamics and conditions?
The fundamental answer to this shift lies in the sheer volume of products manufactured daily to compete with other brands. Competition has reached unprecedented heights, and companies that fail to understand market dynamics struggle to maintain their market presence. In the past, there were fewer brands and less competition, reducing the need for extensive research. Companies could afford to rely on intuition and experience because the market was less saturated, and consumer behavior was relatively easier to predict.
Over the last few decades, the market has become increasingly cluttered, making it essential for companies to conduct elaborate research to understand consumers and effectively position their brands. Brands like Globsyn Business School and others, through their consultancy services, have successfully differentiated themselves in the market. Research is crucial for distinguishing a company from its competitors. Without a solid understanding of market trends, consumer preferences, and competitive strategies, companies risk falling behind.
To prepare students for the corporate world, business schools need to train them to conduct research and understand their brand’s position relative to competitors. This preparation involves teaching students how to gather and analyze data, interpret market trends, and develop strategic insights based on their findings. If employees have a research-oriented mindset, the task of differentiation becomes simpler. Research helps brands stand out in a crowded market, creating strong differentiators that can be easily positioned in consumers’ minds.
When debating research versus intuition, there is a clear divide between those who rely on research and analysis to provide solutions and those who rely on gut feelings. Data and evidence are essential for maintaining the authenticity of any work done. Relying solely on intuition can lead to biased decisions and missed opportunities. On the other hand, research-driven decisions are grounded in factual data and are more likely to yield positive results. Companies need to develop a culture that values evidence-based decision-making to remain competitive.
To stay in the game and play it well, hardly any company can exist without being a differentiator, and thereby there is a need to develop a strong research committee within the organization. This committee should be responsible for continuously monitoring market trends, analyzing consumer behavior, and providing actionable insights to guide strategic decisions. Every employee needs to be a researcher to survive in this tough market. They should be trained to think critically, ask the right questions, and seek out data to support their decisions.
Brands like Globsyn have fostered a research-driven atmosphere for their students through various in-house and external seminars and conferences. These initiatives provide students with valuable opportunities to apply their research skills in real-world scenarios, preparing them for the challenges of the corporate world. It is imperative to develop more trainers equipped with research skills to differentiate their brands in the market. By investing in research and training, companies can build a sustainable competitive advantage that sets them apart from their competitors.
In conclusion, the importance of research in today’s competitive market cannot be overstated. Companies that invest in research are better equipped to understand market dynamics, anticipate customer needs, and develop strategies that differentiate them from their competitors. As the market continues to evolve, the role of research will only become more critical, making it an indispensable tool for business success.
Dr. Sabyasachi Dasgupta
Faculty – Marketing
Globsyn Business School