Summary
The business research process entails carrying out a survey on aspects of a business. It requires carrying out a scan of the internal and external business environment. Some of the areas that should be reviewed in a business are the customers, market, employees, government regulations, suppliers, and community among others. The results of a business scan are used to make informed business decisions. SWOT analysis and PESTEL analysis are commonly used in carrying out a scan of the environment. The business research process aids in minimizing risks in business decision-making. The paper discusses the steps of a business research process.
Steps of the business research process
The business research process goes through six distinctive stages. The first step is coming up with the research question. The stage entails formulating a research question or the problem that needs to be addressed. The research question often arises from the problem the business faces. The research question can be specifically targeted only one function such as how to reposition a commodity or it can be too generally such as how to increase sales of the entity. Also, research questions can be formulated to address a control issue or a dilemma. The research question should be able to define the scope of the study, indicate the variables and assess the research hypothesis. The second stage entails coming up with a research proposal that will address the business research question. The research proposal should be accompanied by a research plan. This can be in the form of a Gantt chart. The chart shows the timing of all activities that need to be carried out to complete the project. It also shows the obligations that come with the project. The research proposal also the budget for the proposal that is, the amount the project will cost. This stage also evaluates the legality of the project proposed. Finally, the research proposal also clearly states the purpose of the research and the deliverables expected at the end of the project.
The third stage of a business research process is coming up with a design for a research project. The analyst at this stage comes up with research design, sampling designs and carrying out pilot testing. This stage is important for the success of the pilot testing affirms that the proposal addressed the research question. The fourth step is data collection. The data collected should be verifiable and close. Various statistical data collection techniques can be used at this stage so as to ensure that the sample selected suits the project and is not biased. The fifth step entails analyzing the data and interpreting the results in relation to the project needs. The final step is reporting on the results of the business research. This section shows the research overview, executive summary, implementation strategies and technical requirements to implement the project. This is important because it provides guidelines for the implementation of the project. The tables below show a business research process of a bank that wants to grow its customer base. The bank is considering using a sales team to carry out a door-to-door campaign to sell the bank’s products. The table below shows possible activities that can be carried out at each stage.
