Business Research – An Overview
The process of undertaking a detailed study of all the areas of a business including its customers and the market and effectively using such information gathered in maximizing the sales and profit of the business can be defined as Business Research.
Purpose of undertaking business research. The sole purpose behind undertaking Business Research could be for any one or all of the following reasons:
- Targeting of customers
- Understanding of market trends
- Better knowledge about production departments
- Projection of sales
- Gaining knowledge about financial practices
- Locating opportunities
- For adopting steps to prevent future problems
Business research when undertaken helps companies in better understanding of the needs and requirements of the existing and potential customers. This in turn acts as a guiding force in the development of products and services as per the customer’s requirements.
Moreover, companies undertaking business research are always aware of their competitor’s move thus remaining abreast about the latest happenings in the industry.
Research undertaken by any business enables it to analyze and gauge the different department’s performance in respect to the projections made thus equipping it to take necessary steps and actions as and when required.
Methods and Types of Business Research. Undertaking business research aids a business in obtaining authentic and reliable data. This can be done in the following two ways:
1. Primary Market Research
The primary business research involves face to face interviews and an online survey. Companies in need of specific information about their customers conduct primary research. Say, for example, certain companies may undertake primary data just to get feedback from their customers about the level of satisfaction experienced by them pertaining to the price and characteristics of the product or even customer service.
2. Secondary Market Research
Secondary Market Research involves using data that is readily available. This secondary source of information may have been researched and collected by somebody else for some other purpose or it could be from within the firm itself collected for various other reasons. The secondary sources of market research are also gathered from trade associations, government agencies and sources of media.
3.Using the Key Findings
The next process of business research entails analyzing the collected primary and secondary source of information for key findings and developing relevant marketing strategies based on the same. These key findings could be used to make or change strategies in any one or all of the following areas:
- Modification of a specific plan or product
- Changing the features of a product or service
- Even determining the entry of a new product or service into the market.
Though most of the business research process undertaken by businesses ends with concrete decision making, it is still an ongoing evolving process for most business houses. This is mainly because collecting information, analyzing data and getting feedback from customers will only help a business to sustain in the long run as just like technological changes even consumer preferences keeps changing every now and then.
If you think there is a need for conducting business research for your business too, iResearch Services can help you with customized and cost-effective solutions. iResearch Services is a leading market research outsourcing company in India and internationally recognized by some of the top brands in the industry.