Business research involves establishing objectives and gathering relevant information to obtain the answer to a business issue.
You can conduct business research to answer a business-related question, such as: What is the target market of my product? Business research can also be used to solve a business-related problem, such as determining how to decrease the amount of excess inventory on hand. Adequate planning and information-gathering are essential to derive results for your business.Ads by Google
An effective business research proposal details what, where and how research is gathered. It is a written statement explaining the purpose of the research by outlining the business objectives, along with the methods and procedures that will be used during each phase of the project. It typically includes a research cost analysis and the deadlines of the project’s requirements. Research proposals are subject to revisions and must be approved by management before research commences. Primary Business Information
During business research, primary business information can be gathered. Such information, which can be exploratory or specific, is gathered by you or someone you know. Exploratory information defines a specific problem and is obtained through open-ended question-and-answer sessions conducted with small groups. When exploratory information identifies a problem, possible solutions are obtained from specific data. Specific information gathering is costly and time-consuming, has a precise scope, and requires a formal and structured approach to interviews. An example of primary research is the submission of direct mail questionnaires or online surveys; these usually include an added incentive, such as a discount on the individual's next purchase.
Secondary Business Information
Secondary business information is obtained from third-parties, such as government agencies, media sources and trade associations. This type of information is easier to obtain, requires less effort and can be cost-effective, as long as the source of the information is reliable. For example, statistics from government agencies, such as the U.S. Census Bureau and the Small Business Administration, provide a wealth of information you can use to obtain answers to your business research questions.