Business research process Essay

This paper will discuss the business research process and how the business research process works and what the steps are. The business research process usually starts with an overview of the business market or industry. The objective of the business research process is to found out if an opportunity exists within a certain market of business. Business research is the method a company business or corporation makes to decide the most efficient, productive and the ethical way to make money for the company business or corporation to generate in the varied customers. Business research is also a field in which the use of practical study is also involved and is used which a business company or corporation obtains the data or information to get a better observation to better manage the business corporation or company. So when you start any business corporation or company business research needs to be done so that they can identify the competition that they might have. 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. When company managers study the market, they will usually take a comprehensive look at key competitors and the industry in which they operate. The first step in the business research process is Identifying Competitors in which the business or company identifies the competitors in the industry. One way to gain information on the competition is through a secondary set of research. Secondary research information is the data that is already available about the industry: market share and total market sales. Secondary research may also provide detailed information about competitors, such as the number of employees, the products they sell and their strengths. Secondary research can be found through many  different sources, depending on the industry that they are in. The second step in the business research process is studying the Customers In this process the business company or corporation studies the consumer or business customer. It is very important to figure out what the customer wants and needs before developing any products that will meet the needs of the customers. The customer will usually determine which products or goods will sell. If customers’ needs are not met, they will usually buy the competitors’ products. The best way to found out a customer needs is through primary research. Primary research includes phone surveys, personal interviews and even mail surveys. With these surveys, marketing research pros will test certain product concepts, measure a customer satisfaction and figure out the best features and prices for their products. Reference and citations www.smallbusiness.chron.com