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What Are the Steps in the Business Research Process?

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RESEARCH PROCESS

Quick Answer The steps in the business research process are gathering data and studying the market and industry; assessing the strengths, weaknesses, opportunities and threats of an endeavor; and studying the target audience. Full Answer A key step in the business research process is determining whether or not an opportunity exists within a certain market.

Learn more about Business Resources. A SWOT analysis is a structured planning method used to evaluate strengths, weaknesses, opportunities and threats involving a business or project.

You May Also Like Q: What Is Innovation in Terms of Business? What Is Cent Mobile's Purpose? What Is the Nature of Business? What Is the Function of a Professional Body? What Is Risk Management? Typically, a company will assess its own strengths and weaknesses, but place particular emphasis on how customers view their products. When company managers study the market, they will usually take a comprehensive look at key competitors and the industry in which they operate.

The business research process often starts with an overview of the market or industry. The key objective is determining whether an opportunity exists within a certain market. One determining factor may be how much market share or percent of total industry sales each competitor possesses. For example, a small software company may determine their are two major competitors. Competitors A and B may have a 60 and 20 percent market share, respectively.

The other 20 percent of the market may be served by a number of smaller competitors. The software company must determine if there is enough potential business in the market for it to make a considerable profit. Government regulation, trade policies and other industry dynamics must also be taken into consideration.

Most industry data can be obtained through secondary research sources. These outside agencies, including the NPD Group and Forrester Research, conduct research with consumers to determine the size of certain industries as well as sales trends. Companies that want specific information about their own customers must conduct primary research.

Through primary research, a company can study the needs and product preferences of its own customers. An example of primary research is a customer satisfaction survey. A customer satisfaction survey can help a company determine how satisfied its customers are with certain product features, the price of the products and even customer service. After gathering data from primary and secondary research, business research process entails analyzing the data and looking for specific market trends or consumer preferences.

Management will then use the key findings from the data to develop certain business or marketing strategies. For example, if customers demand additional features, modification plans may be made for a certain product.

In addition, any other necessary changes about the product, service or entering a new market will be determined during the analysis stage.

APPLIED VERSUS PURE RESEARCH

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The business research process entails learning everything possible about a company's customers, competitors and the industry. The major objectives of the process are determining what products or services to offer, which customers are most likely to buy them, where to sell them and how to price and promote them.

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Business research process entails studying all aspects of a company, its customers and the market, then using that information to make sound business decisions. Typically, a company will assess its own strengths and weaknesses, but place particular emphasis on how customers view their products.

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The steps in the business research process are gathering data and studying the market and industry; assessing the strengths, weaknesses, opportunities and threats of an endeavor; and studying the target audience. These steps should be followed repeatedly, especially when introducing new products or. Business Research Process BUS Business Research and Communication 1 Goals and Learning Objectives Goals and Learning Objectives Goals of this chapter: { Learn what research is. { Learn why businesses want to do research to inform decisions. { Learn about types of research. { Learn the steps of the research process.

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Few business organizations will engage in pure research related to business problems. However, understanding the process and methods used for both applied and basic research are important to interpreting research results. The research process begins when a management dilemma triggers the need for a decision. The origin, selection, statement, exploration, and refinement of the management question is the most critical.