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Business Research Methods:
Organizations do business research to make decisions about to start particular business or to refine any business idea. Business research is a systemic and scientific method which is applied to know the business opportunities, monitoring performance and to know the business operations. If organization has any business running successfully, then the business research can be done to identify if they can succeed in new geographical region, assess competitors or select a marketing approach for a product.
Business research is done mainly:
- Before introduction of the product/service into the market to collect the data about the market scenario.
- After introduction of the product/service into the market to know the response of the customers.
- After taking away the product/service from the market to know if the customer wants the product to be introduced again or not.
There are various business research methods. Some of the widely accepted research methods are as follows:
Case Study:Case studies are done in order to understand what is the interaction and response of the customers towards a product or service provided by the organization. It targets to develop a complete assessment for customer satisfaction, product use and attitudes regarding the product.
Surveys: Surveys is cost effective and provide data quickly and on mass scale.
Interviews:Interviews are a direct way of communicating with the customers. It brings out the deep information about customer’s personal experience about a product.
Focus Groups:A focus group is a qualitative research technique which provides a larger sample group than that of interviews or case studies.
External Information:External information is a research method to collect to data so that organization may know if the product to be introduced into the market will run successfully or not.
Benefits of Good Business Research Methods:
Conducting business research methods help organization in several ways. It helps organization to communicate directly or indirectly with their stakeholders i.e. customers and the suppliers. Research helps in finding out the threats, problems and best opportunities available in the market. The business environment is mostly not certain. There can be change any time which may affect the organization. Many organizations fail to move ahead. So in order to avoid such risks, business researches are done, which are cost effective and help them in surviving against any change or crisis.
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