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Current Events in Business Research
RES / 351
June 19, 2013
Business research is systematic inquiry that provides information to guide decision. The business research process entails learning everything you can about a company, its customer, the industry and its competitors. You want to know what products or services to offer, who is more likely to buy them and where to sell them.
Several steps in the research process are: clarifying the research question, research design strategy, pilot testing & instruments development, data collection, data analysis & interpretation, research reporting and management decision. These steps are not done in any order and some are not used at all. Good business research help management make better decision that help get goals set and done. It follows the standard of the scientific method which is systematic, empirically based procedures. The purpose is clearly defined and the research process is detailed.
First you will need to identify the key competitors in your industry, which can be done by various sources. Second you must study the customers by looking at what they want and what products they need. This can be done through primary research, which includes phone surveys, emails surveys or interviews with the customers. Once the information on the competitors and customers are done, analysis can be used to study the weakness and strengths of the competitor and on the products that the customers may want and need. Sometimes a weak company can be purchased by it competitor in order increase sales and profits.
When doing business research there are many steps and types of research that can be done. By following several steps you can achieve your goal in no time at all.
(Ed (Edward M. Glaser, An Experiment in the Development of Critical Thinking, Teacher’s College, Columbia University, 1941) ward M. Glaser, An Experiment in the Development of Critical Thinking, Teacher’s College, Columbia University, 19
CURRENT EVENTS IN BUSINESS RESEARCH
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Marketing, Management, Strategic management, Business intelligence, Market research, Critical thinking, Research, Business process management, Marketing research, Product planning
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