Definition of Business Research

6895 WordsNov 11, 201128 Pages
Definition of Business Research Business research is an important management activity that helps companies determine which products will be most profitable for companies to produce. Several steps are necessary when conducting business research; each step must be thoroughly reviewed to ensure that the best decision is made for the company. * Product Analysis Product analysis is the first step of business research. Companies must find a product that meets or exceeds consumer demand, or the product will fail in the economic market place. One type of analysis is to find an existing product that can be improved through design or features. Another type of product analysis will find emerging markets with high demand and low supply, which…show more content…
This type of research can uncover business trends and strategies. * Statistical Data Examination of information and statistical data is another method of business research. Financial data is one important area of statistical analysis that helps a firm to evaluate performance and predict trends. It can lead to strategy revisions that translate into changes in a firm 's internal policies and procedures. * Surveys and Focus Groups Surveys and focus groups are a common business research method. It helps a firm to better understand the potential customer for its products and services. This includes understanding who the customer is, what the customer values and how the customer buys. This type of research focuses on identifying demand trends. What Is the Business Research Method? The business research method is how companies collect information from consumers or business-to-business customers. Some business research is conducted among smaller groups of people, with the objective of clarifying research content. For example, a restaurant company may test six menu items but try to find the best two for further research. Other business research is for garnering explanations of customers ' purchases or buying habits. There are several key steps in the business research process. * Defining the Objectives Companies that conduct business research must first define their key objectives. Objectives can include measuring satisfaction among
Open Document