• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Methods of Business Research

Extracts from this document...

Introduction

Methods of Business Research Importance of Business Research Date of Submission: 18-02-2005 Submitted to: Sir Hafiz Mushtaq Submitted by: Sarah Nasir 02ba18 BBA-VI According to the American Marketing Association, marketing research is the systematic gathering, recording, and analyzing of data about problems relating to the marketing of goods and services. Marketing research is not a perfect science. It deals with people and their constantly changing feelings and behaviors, which are influenced by countless subjective factors. To conduct marketing research you must gather facts and opinions in an orderly, objective way to find out what people want to buy, not just what you want to sell them. It is impossible to sell products or services that customers do not want. Learning what customers want, and how to present it attractively, drives the need for marketing research. Small business has an edge over larger concerns in this regard. Large businesses must hire experts to study the mass market, while small-scale entrepreneurs are close to their customers and can learn much more quickly about their buying habits. ...read more.

Middle

Interest in scientific decision-making has been fostered by the increased need of managers for more and better information and the availability of improved techniques to meet this need. Additionally, these trends have as a result led to complex business organizations in a highly dynamic market where competition is vigorous, expansions leads to more complexity due to dynamism, increased risk rates, and a better informed public sensitive to its power. Overall, business research contributes to more effective decisions in all functional areas and has emerged as a specialty in marketing and operations research. Lets take the example of the different functions of a particular company and the relevance of research to the company's success and growth. In the context of finance, with the help of research, a company can set effective and flexible budgets, manage its finances in an improved manner and have a secure financial future. In terms of production, how much to produce, how much is required, the new techniques and improved methods of production that reduce costs are the different types of information that are required. ...read more.

Conclusion

Since the business has to carry out strategic planning with reference to a company and its functions a separate specialized R&D department should be made. The reason is that research provides information on the external and internal environments of the company, on the development of a competitive edge, goals and performance measuring controls. The information collected may not be interpreted in the same way, which may lead to chaos and confusion and accurate and appropriate decisions may not be made. An un-integrated department for R&D would mean the employment of research specialists who have the expertise to collect accurate information, provide information about different opportunities and interpret it accurately. Researchers need to be well equipped with data collection, measurement and analysis tools to make the best possible use of the information gathered. There fore, in larger businesses, it is almost essential for company to have a separate well equipped research department to deal with large amounts of data in an effective manner in order to maintain the focus of strategic development on the different functions of the organizaiton ?? ?? ?? ?? Methods of Business Research 1 ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level ICT in Business section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level ICT in Business essays

  1. Business Aims and Objectives.

    The card is swiped through a terminal at a checkout and the funds are transferred electronically from the customer's bank account to the Tesco store. The customer signs a voucher to validate the sale and may also take advantage of a cash back facility in Tesco.

  2. Electronic and non-electronic methods for communicating business information

    This method can be used if a business has bought products from their supplier, this will show the details of purchased products. It is useful to understand, it keeps records of what has been purchased and for how much. This is good because if any mistakes are made then businesses can refer to invoices and rectify the mistakes.

  1. In this coursework I need to produce a detailed business report on one medium-sized ...

    This approach reflects a corporate culture which is more human resource centred and recognises the organisational benefits from meeting its employees' non-monetary needs - such as a need for job satisfaction and a sense of belonging. A consultative approach is particularly important if an organisation is planning to change product design or working conditions, methods and practices.

  2. Apple Incorporation - Case Analysis

    are ordered before manufacturing begins so forecasted sales dictate how much should be ordered. If the sales do not occur then the orders may have been more plentiful than required and excess inventory could adversely affect the company. New innovative product may be presented to the consumer and make the

  1. Starting a new business - marketing

    Completed in lesson - Suggest at least 2 improvements you could make to the overall Marketing Campaign - How would these improvements help the business in the long-term? In Thursday 22nd April lesson Look at my overall marketing campaign and how certain improvements could help the business My previous work

  2. "Feasibility study of starting a new business".

    Health and Safety at Work Act 1974- Employers have a general duty to provide for health, safety and welfare of those they employ. Information needs to be displayed about any work related hazards and the precautions needed to contain them.

  1. Business planning

    How often do you travel past Homerton High Street? 8. Why do you visit this particular restaurant? This result shows that most people prefer good price, which means I have to set a competitive price and make sure I have good service, good reputation and also good promotion.

  2. "Customer Research"

    Appetizers and desserts. b) Privacy. c) Beverages eg: Coffee, juices, milkshakes, etc. d) Comfortable seats, furniture. 8) What special promotion would encourage you to go to the internet caf´┐Ż? a) Free dessert b) Free hour of internet usage c)

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work