BUSINESS MUST BE DEVELOPED CONSTANTLY. A Research-based Decision-Making is the key factor in the growth of any business. So what is the importance of research? Decision Making Research provides valuable insights and data that can guide strategic decision making. Businesses can use research to understand market trends, customer preferences, and industry dynamics, allowing them to make informed choices about product development, marketing strategies, and resource allocation. Product Development Research informs the development of new products or the enhancement of existing ones. By conducting research, businesses can identify areas for improvement, design features that align with customer preferences, and create innovative solutions that set them apart from competitors. Competitive Advantage Research enables businesses to gain a competitive edge by understanding the strengths and weaknesses of their competitors. This knowledge helps them differentiate their offerings, develop unique value propositions, and position themselves effectively in the market. Risk Mitigation Research helps businesses identify potential risks and challenges early on. Whether it's regulatory changes, shifts in consumer behavior, or technological disruptions, research allows businesses to proactively adapt and develop contingency plans. Marketing and Branding Effective marketing relies on understanding customer preferences and behaviors. Research provides the data needed to create targeted marketing campaigns, refine branding strategies, and develop messages that resonate with the intended audience.

Writer: George S.Clason Overview With 12 main chapters and 197 pages, this book shares the real stories of people in an instructive simple manner. After publishment in USA, The book was going very popular among businessmen and bankers. It is amazing that its value and information are still intact after 100 years. Notes 1. A disciplined person achieves financial freedom… The main chapter relates Arkad (Main character of the book) sharing his own story to friends that how he became the richest man in Babylon and achieved financial freedom. He learned how to strengthen his financial resources by regularly saving the income he earns as a simple scribe. The secret of the being wealthy was simple as just keep one out of 10 coins and spend 9 you earn. You can earn any amount, but it is most important to keep 10 percent of every income regularly for your family and future life. To do this, you need to note all of your expenses and reduce some luxuries and click on what you can afford, and buy only what you need. A protagonist was able to not only save, but also make good investments and create a steady flow of income, which was the first step to financial freedom. 2. The key to increase your savings… This book tells us that only savings doesn’t make you rich and that real responsibility comes after you became wealthy. If you follow greedy desires and invest in things that promise high returns in a short-term, you will definitely be exposed to risk. Therefore, it is a more secure investment to invest in someone who knows what he is doing, has experience, and is reputable and receives regular returns. It is clearly and instructively expressed that do not forget to re-invest the returns you earned to other reliable investment things. Responsible and continuous investment returns are the key to wealth. As well as never forget to invest in home.          3. Future earnings come to a high performer… If you do your job to the best of yours, your income will increase, and the reason why people get paid differently is simply related to the performance of their work. A protagonist is increasing his ability through his tireless efforts and that’s how he achieved financial freedom. So here it is the secret of future incomes come. 4. Success comes from loyalty and hard work... This book tells us about  loyalty and good relationship. Creating uncertainty, focusing just short-term orientation is never lead us to peace. Each chapter expressed many times how to get out of financial pressure and failure only as a result of honesty, good relationships and tireless work and achieve success. He also mentioned that if you respect yourself, pay back the borrowed money as soon as you can, and if you can't pay, never borrow it. Procrastination is in everyone. Luck likes people who do what they want to do, and the god of luck blesses them. 5. Surmounting with the crisis… The feature of this book is that the heroes of each chapter of the given period did not always follow the easy path. Some of them talk about losing all their wealth, while others even went so far as to become slaves, but in the end they overcame the crisis through honest work, positive attitude and persistence, achieving amazing results and teaching others how to do it. Another point of this book is that he generously share his life experiences and success methods with his friends. There is no doubt that even today, thousands of people's lives are being turned upside down and directed people in a better direction. This book was selected and read by the book club of SICA LLC in May 2023. Notes by: T. Purevkhuu, B. Amarbayasgalan Date discussed in 06/05/2023

1. Define product policies A successful sales of products depend on identifying what you target audience prefer. Therefore, it is the step one importance of studying consumer behavior that it provides the opportunity to determine the policy of the product in accordance with the consumer's wishes and interests. The motivation that drives all businesses is to increase the company's products and sales, and for this, it is most important for any company or business to earn their customers trust. But in order to gain this trust, we need to discover what our customers like and what they prefer. 2. Understand how price affects purchases By studying consumer behavior, we can find out how the price of the product effects purchasing process of consumers. As long as the price of the product remains low, sales and audience will increase. After the product goes on sale, the company needs to rethink the price of product. Because updating the price of a product can greatly help to categorize consumers and increase the number of sales. 3. Take advantage of market opportunities If changes in consumer preferences are identified, there is a good opportunity for products that cannot find new value in the market to re-enter the market in line with consumer preferences. Changing the packaging, label, and name of products to match the current situation of consumers is a great example of using market opportunities. 4. Creating the marketing kit With the importance of consumer behavior research, we create the right marketing kit (product, price, promotion, distribution) to use in our business. Products needs to be valuable, stability of price, positioning intensive and consistent, all of which need to work with the right promotion mechanism. 5. STP-Segmentation, targeting and positioning We implement policies such as customer segmentation, targeting and distribution by understanding consumer attitudes towards several brands. Consumer behavior research is important in classifying consumers who are similar in terms of interests, needs or preferences and finally positioning products in the market according to distribution. In addition, in order to create a positive image of a company's product, it is very important to be competitive and outperform them. 6. Understand the different options The 6th importance of studying consumer behavior is that consumer choices are very diverse in background and change regularly over a period of time. Today's consumers are very savvy and want to maximize the profit they can get from a product or brand. 7. Understanding purchase decision making The 7th importance of consumer behavior research is that consumers are divided into many roles during the purchase decision process, and being able to identify and study these roles and decision-making steps. Consumers create many different personas during their purchasing decisions, including innovators, thinkers, aspirants, and experimenters. The stage of making a purchase decision is divided into identifying the need, searching for information related to the need, evaluating multiple options, and making a purchase decision. 8. Customer satisfaction results The 8th importance of consumer behavior is to understand whether the product meets consumer expectations through consumer satisfaction. If the product is able to exceed the expectations of the customers, then the result of satisfaction is great. Although there are many different departments and areas in the organization, such as finance, product, marketing, etc., they all work under the same goal of satisfying the needs and interests of the customers.

Satisfaction is very important and widely used understanding in marketing. It determines how company and their products and services meet customer expectations. By conducting a customer satisfaction survey, you can be able to develop the following results and plan. Determine your strengths and weaknesses The first result of a satisfaction survey is that your organization evaluates the level of satisfaction experienced by the customer in each of the parameters that define the product or service. In this section, you can find out what they are satisfied with and what they are not satisfied with your product or service. Difference between significance and reality The most important consideration for an organization is ensure that the satisfaction of each of the proposed indicators is always higher than the importance given by the customer. A driver of satisfaction and a baseline indicator of loyalty The percentage that exceeds the average of each of the overall satisfaction and importance indicators is the main reason customers use and the main advantage that differentiates them from others. Clarifying and preventing wasteful spending From each of the above results, it is possible to evaluate whether the costs incurred at the organizational level were effective. Particularly, your organization may have invested heavily in a certain indicator. However, depending on the characteristics of the product, the indicator is not very important for consumers and may not affect decision-making. Development plan and marketing policy Present situation: Focus on how to maintain and differentiate the factors that drive customer satisfaction.  Short-term planning: Plan how to improve each indicator that is important to customers with no satisfaction. Mid-term planning: Focusing on how to make each indicator significant that is less important in customers, but  it creates satisfaction. Long-term planning: Finally, focus on improving your least significant indicators of importance and satisfaction.  Results : Create customers with loyalty 80 percent of the company's revenue is generated by 20 percent of all customers, or loyal customers. The main way to keep and grow this 20 percent is to always keep the level of satisfaction provided by the product or service above the level of importance given by the customer. Results : Attract new customers In the context of marketing, word-of-mouth marketing has a significant impact. Here, the 20 percent of loyal customers your organization creates will have a significant impact on increasing the remaining 80 percent of new customers. Will consumers bad-mouth products and services that surpass their importance, frequently use, and exceed expectations?