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 openended questionandanswer sessions conducted with small groups. When exploratory information identifies a problem, possible solutions are obtained from specific data. Specific information gathering is costly and timeconsuming, 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 iniduals next purchase.
Business research involves eslishing objectives and gathering relevant information to obtain the answer to a business issue. You can conduct business research to answer a businessrelated question, such as What is the target market of my product? Business research can also be used to solve a businessrelated problem, such as determining how to decrease the amount of excess inventory on hand. Adequate planning and informationgathering are essential to derive results for your business.
Essentials of Business Research Models; Hair, Joseph F. et al
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Eileen Rojas holds a bachelors and masters degree in accounting from Florida International University. She has more than years of combined experience in auditing, accounting, financial analysis and business writing.
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 projects requirements. Research proposals are subject to revisions and must be approved by management before research commences.
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Before the research of business issues/problems commences, its important to create a problem definition and decision statement. During problem definition, you engage in defining and developing a decision statement. A decision statement expresses the critical question or questions the research must answer. The problem definition process involves various steps, such as understanding the business issue and its key elements; identifying the problems caused by the issue; writing the decision statement; determining the unit of analysis and research variables; and writing the research questions or hypotheses.
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Secondary business information is obtained from thirdparties, such as government agencies, media sources and trade associations. This of information is easier to obtain, requires less effort and can be costeffective, 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.
Conducting business research is an essential activity for any business owner.
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