Business research is a method of collecting accurate information from all business fields and using such information to increase the company ' s revenue and benefit. Such a study helps businesses assess which service/product is most lucrative or in demand. In simple words, in order to evaluate opportunities and objectives for a company, it can be stated as the acquisition of information or knowledge for technical or commercial purposes. Market research can be carried out for every aspect of business. In general, it means asking research questions when people talk about business research to know where the cash can be invested to boost revenue, income or market share. In order to make wise and educated decisions, such research is important.
TYPES AND METHODOLOGIES
A part of the business intelligence framework is business analysis. Typically, it is carried out to determine whether a company will compete in a new field, to consider its rivals, or simply to choose a product marketing strategy. Using qualitative methods of study or quantitative methods of research, this research may be carried out.
QUANTITATIVE RESEARCH METHODS
Analysis techniques that deal with numbers are quantitative research methods. Using statistical, mathematical or computational methods, it is a systematic scientific investigation. Usually, such techniques begin with data collection and then move to statistical analysis using different methods. Some of the business research methods used to carry out market research are below.
- Survey research
- Correlational research
- Causal-Comparative research
- Experimental research
- Online research / Literature research
QUALITATIVE RESEARCH METHODS
In market analysis, qualitative research is a tool of high importance. Qualitative analysis includes gathering knowledge through open-ended communication strategies for conversation. This study helps the researcher not only to consider what the listener feels, but also why he believes it. In such study, based on their responses, in-depth information may be obtained from the subjects.
There are different kinds of qualitative methods of research that are commonly used, such as interviews, focus groups, ethnographic research, content analysis, case study research. In market research, such techniques are of very high importance as they enable the researcher to understand the customer. What motivates the customer to purchase and what does not is what will lead to higher sales and that is the primary target for every company.
Below are a few techniques that are widely used by most companies in today's world.
- Focus groups
- Ethnographic research
- Case study research
- Website visitor profiling/research
ADVANTAGES OF BUSINESS RESEARCH
- Study in company helps to detect opportunities and risks.
- It helps to identify problems and it is possible to make wise decisions to tackle the problem appropriately using this information.
- It helps to better understand clients and can also be helpful for consumers or partners to interact better.
- By performing market analysis in advance, risks and uncertainty may be minimised.
- Using market research, financial results and expenditures that will be required can be easily prepared.
- Such research will help track competition in the private sector.
- Market research will help a business to make wise choices as to where and how much to invest.
- Business research will help a company to remain up-to-date with the market and it is possible to keep its trends and relevant developments ahead of the game.
- Company analysis helps to assess the credibility of businesses.
DISADVANTAGES OF BUSINESS RESEARCH
- Market research can be a costly business.
- Company analysis is based on assumptions most of the time,
- Research is a time-consuming activity.
- Market analysis, because of a skewed population or a limited focus group, may often give you incorrect details.
- Because of the rapidly evolving markets, business research findings will easily become irrelevant.