The basic tenets of business research revolve around carrying out an inquiry with the aim of constructing a reality for a phenomenon. In the business environment, research is part and parcel of everyday activity since the findings from different inquires might form the basis for decision making. When carrying out business research, it is imperative to define the specific goals and objectives of the proposed study to ensure that the scope of inquiry is focused. This can be followed by exploratory research, which involves carrying out a literature review ad survey to obviate the necessity for the reinvention of the research paper. Therefore, this paper will attempt to explore the concept of business research and its significance in the success of businesses at local and global levels.
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In order to carry out comprehensive business research, there is a need to create the aim and objectives of the study to ensure that the findings are focused on addressing the research question (Yin, 2011). Besides, it is necessary to carry out background study to establish the existing literature that might act as the guide for the fact-finding mission. In the ideal, any business research is incomplete when there is no research design since it determines the method of the actual investigation. There are several methods of business research such as experiment, observation, and survey. The most preferred method of business research is the survey since it allows “for extensive probing by the interviewer and gives respondents the ability to elaborate their answers” (Smithson, 2008, p. 162).
Among the most common types of surveys are mail, web, face-to-face, and telephone. After picking the research design, it is important to integrate the sampling tool to ensure that the subject of the study is well distributed and representing the entire population. For instance, through systematic sampling in business research, it is to devise means of ensuring strategic and equal representation of the sample space, which translates into authentic results (Yin, 2011).
As part of the business research outline, it is necessary to carry out comprehensive data collection through the application of statistical tools such as qualitative and quantitative analysis to ensure that the inductive and deductive logic remains within the research topic and scope. From the collected data, a researcher carrying out business research is in a position to not only make sense of values and figures that have been collected but also relate the same to the objective of the research (Yin, 2011). However, it is important to remain objective in analyzing the collected data as a precautionary measure against prejudice and common research biases. Through proper data analysis, the researcher is in a position to not only guarantee the validity of the results but also the reliability of the findings.
In any business research, the accuracy of the data analysis relies on the degree of significance, which defines the representational extent of each set of data (Smithson, 2008). It is important to observe research ethics to ensure that the findings are aligned with the acceptable guidelines for carrying out any study. Irrespective of the magnitude of the business research, it is imperative to observe the ethical guidelines such as privacy, seeking the consent of the research subject, and testing errors (Yin, 2011). Besides, the researcher should endeavor to avoid prejudiced opinion and present the findings are they are as a precautionary measure against presenting results that do not represent the true picture of the phenomenon under investigation.
Significance of Research in Local and Global Context in the Business Field
Local and international business organizations have created a special department called the research and development segment that is mandated with the responsibility of modifying products, markets, and other aspects of the business through continuous research. In the twenty-first century, business research has become a vital aspect of organizational functionality since it determines the quality, perception, and suitability in the volatile business environment. Within the production business environment, research has a series of benefits such as testing of products, creating adequate distribution network, studying competition, knowing customer demand, and improving operational efficiency among others. The significance of business research in the production business environment is discussed below.
New product testing
Through business research, it is possible to test the potential and actual success of a new product before it is released into the market to avoid product rejection or underperformance. It is imperative for a business to have an idea on the type of product or service the customers are interested in as a precautionary measure against limited returns on investments (Bowden, 2009).
This means that a comprehensive and subjective research before launch of a new product will act as strategy for minimizing risks associated with product rejection. Therefore, market research may be instrumental towards shaping a new product, highlighting the specific market demand, and guaranteeing the development of the product within the focus of the targeted market. As a result, the business will only manufacture products that are tested and guaranteed to be successful in the market in the short and long-run.
Guaranteeing adequate distribution network
Business research can be employed by companies at local and international levels to ensure that their product distribution network is adequate, efficient, and sustainable. For instance, a production business might carry out research with the retailers of its products about efficiency of the current distribution network and what can be done to improve on it. Besides, the research might be extended to potential clients on their perception on the visibility of the company products in the market (Osterman, 2010).
The findings of such research might present a clear picture to the business on the right strategies that should be applied to improve on its distribution network. Besides, the business might have an idea on how to go about different components of retail-business-customer relationship by creating a continuous network. In addition, the marketing managers might use the collected data to determine the right time to increase or reduce the production distribution into the market.
Measuring the effectiveness of different promotional strategies
Product promotion is a very tricky aspect of business functioning since it determines the degree of product acceptance and visibility in the market. At local and international levels, companies endeavor to create some the best advertisements to increase chances of their product intake amidst competition. This means that business research might be the solution for effective creating and recreation of different advertising and promotional strategies (Rhim & Lee, 2013). For instance, a production company might be interested to establish the number of customers who saw their recently launched advert in the local media networks.
Through a simple survey, the business might establish the average number and learn that advertisements which run for long reach more customers than those that are sponsored for a short period. This means that the company can use the results from the research to create and sponsor advertisements that can run for weeks or months to reach more customers (Lee & Emile, 2011). The business might also modify the advertisement based on popular opinion by the respondents to appeal to the targeted market since product intake and general acceptance is often linked to the perception created by clients.
Local and international businesses can use business research to study the competition trends and other businesses perceived as the major competitors. At local level, companies might resort to carrying out secondary research on available data about competitors (Osterman, 2010). For instance, a software vending company might carry out secondary research on the number of customers buying its products against the number of customers buying the products of its major competitors. The number of customers might be converted to percentages to establish the company market share against that of the competitors.
The company might use the findings of such research to carry out further study on the general market trends and specific product performance. As a result, the company might be in a position to come up with strategies for increasing its market share within a specific period of time. The need for increasing market share based on the findings from primary or secondary business research is informed by the desire to increase revenues and profitability (Smithson, 2008). Therefore, business research might put a company in a better position to design strategies for countering competition at the local and international business environment.
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Planning for the future
Companies at local and international levels may use business research to plan for short term and long term expansion and growth strategies as determined by the past experience (Rhim & Lee, 2013). For instance, if a company makes loses in the previous financial year, it may roll out a strategic research to establish the possible cause of the losses and use the findings to create a strategic map for reversing the trend in the short and long-term. Again, the findings such results might be utilized by the companies to stay competitive and sustainable. In addition, such research might help a business to manage its costs, create strong business performance parameters, improve on the productivity, and exercise the primary competencies. This means that research findings might be used by a business to proactively create design and product range in line with the growing technology and customer preferences.
From the above reflection, it is apparent that business research is part and parcel of company growth and sustainability since it determines the success of a product, distribution network, planning, execution, and product promotion. Research also facilitates competition tracking and penetration of the market. Irrespective of the size of a business, research can be applied at local and international levels to improve on company visibility and quality of products to ensure that customer perception and product acceptance is sustainable. In addition, it is apparent that business research might help a business to turn around its performance since past bad experiences can be used to create water tight strategies for permanently reversing the trend.
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