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Business research refers to the process of gathering information on all areas of business with the purpose of leveraging this data to promote organizational growth, increase sales, and maximize profit. It involves the systematic management activities that help companies decide which products or services will perform well in the market and will therefore be most profitable to produce.
Conducting exploratory research seems tricky but an effective guide can help.
Business research provides companies with comprehensive data on the target customer’s preferences, purchasing behavior, demographics, and pain points. Such information allows the business to strategize and create more effective marketing plans that resonate with the target audience. A thorough overview of the overall market will also give the business an understanding of market trends and market demands so that plans and strategies can be devised accordingly.
Another key use of business research is that it can bring attention to areas where costs can be minimized to increase profits. It provides businesses with a competitive edge in the market by ensuring that all identified opportunities are capitilized on and that decisions are made with customers in focus.
We can categorize business research methods in two ways:
Before we can delve into the specific kinds of research, it is important to have an understanding of the distinctions between the two key types of research: quantitative and qualitative business research.
Quantitative research involves data that is statistical and numerical in nature. Such data can be analysed using statistical techniques. Qualitative research, on the other hand, involves non-numeric data that generally takes a textual form.
Another way in which research methods can be classified is by primary and secondary research. Primary research refers to the collection of first-hand data, generally directly from the source. Some common methods of primary research are surveys, interviews, and observations.
Conversely, secondary research uses existing data that is already avalaible.
Some commonly used quantitative methods of business research are:
Some commonly used qualitative methods of business research are:
Business research involves gathering information on all areas of business with the goal of maximising sales and revenue.
Business research methodologies can be categorized in two ways;
Some quantitative methods of business research are;
Some primary research methods are interviews, surveys, and focus groups. Some secondary research methods are public sources, educational sources, and commercial sources.
Some qualitative methods of business research are;
Descriptive Research: Definition, Methods & Examples Voxco’s Descriptive Research guide helps uncover the how, when, what, and where questions in a research problem Download Free