Over the last several years, a variety of organizations are facing considerable challenges when it comes to conducting research. This is because their efforts are often lacking an understanding of what is happening inside the marketplace. These issues are problematic, as firms could fail to comprehend key shifts and the impact it is having on stakeholders. Unless managers are attuned with shifts in the marketplace, there is a very realistic possibility they may ignore important variables. (James, 2011) (Wilson, 2014)
To fully understand how this occurs and the best avenues to troubleshoot these issues requires looking at the current practices and steps to deal with them. Together, these elements will illustrate the best avenues for addressing these challenges in the long term. This is when key insights can be provided, which are highlighting the most effective avenues in achieving these objectives.
The article that was written by Stolz (2009), is focusing on how the majority of companies will fail to conduct effective research and the impact it is having on them. This hurts their capacity to understand key shifts in the markets and the influence it will have their business model / ability to adjust with key challenges. The primary causes for these failures, are directly related to a variety of factors to include: unsound objectives, poor liaison, inward / outward pressures and glitches. These elements will have an influence on the firm and their ability to adjust with a number of issues. (Stolz, 2009) (James, 2011)
Unsound objectives is when the managers do not define the scope of the research. This is problematic, as these challenges will have a direct impact on the ability of organizations to comprehend what is happening. Instead, it will take a narrow focus and regurgitate what executives want to hear. Poor liaison occurs through, not having strong communication and emphasizing how it is a team approach. This impacts their ability to look at new ideas and comprehend what is happening. (Stolz, 2009) (James, 2011)
Inward and outward pressures are illustrating how executives are focused on short term objectives versus what is happening in the long term to organization. This is problematic, as it will hurt their ability to understand which variables are impacting the company and its capacity to adapt with various challenges. Glitches are occurring with the project looking at the status quo. However, it fails to understand the impact of different changes on firm and the way the marketplace is shifting. When this happens, the research will have conclusions which are completely wrong. (Stolz, 2009) (James, 2011)
To deal with these challenges, a number of steps should be utilized to improve the effectiveness of the research. The most notable include: establishing clear goals, utilizing translation targets, proper selection and making effective connections. These variables help to improve the effectiveness of the research and offer better insights about the way key transformations can impact the organization in the long term. (Stolz, 2009) (Wilson, 2014)
Establishing clear goals is are examining the social / economic factors, the competitive situation inside the industry, activities which are critical to the company’s success, important strengths / weaknesses and the ambition / resources to expand into new areas. These benchmarks are reached by illustrating actionable steps which must be utilized in the process. At the same time, it needs to clearly define management’s intentions to move inside different fields. The translation targets will look at how managers can reach all objectives and will not be swayed by the influences of different individuals. (Stolz, 2009) (Wilson, 2014)
Proper selection is focusing on specific variables that influence the outcome of the research to include: measuring economic and technical feasibilities. These areas require asking a number of different questions such as: the criteria that should be used, the way the data will be gathered, who participates and how the projects will be reviewed. This will offer specific insights about the way to improve the quality of the research. Making effective connections requires establishing a liaison between the different groups. Their main objectives are to enhance communication and coordination among different teams. The combination of these factors are important, as they will help an organization to focus and concentrate on areas that will deliver long term results. This is when they understand the impacts of these changes and identify the best avenues for dealing with them. (Stolz, 2009) (Wilson, 2014)
Clearly, a variety of businesses are failing to effectively focus their research. This has an impact on their ability to comprehend and adapt with transformations inside the marketplace. In many cases, most firms will have a number of challenges during this process. The most notable include: unsound objectives, poor liaison, inward / outward pressures and glitches. This hurts their capacity to identify and evolve with key challenges.
To deal with them, a new approach must be utilized that is emphasizing a number of variables over everything else. The most notable include: establishing clear goals, utilizing translation targets, proper selection and making effective connections. This helps their research to become more focused and it is taking an all encompassing approach, in order to understand what is happening from a longer term perspective. Those organizations who embrace these ideas, will be more effective in addressing various challenges they are facing in the long term. This makes them more responsive to the needs of customers and capable of comprehending how these shifts will impact their business model. When this happens, they will have greater amounts of flexibility and can introduce various products / services which are in demand.