Introduction to Business Research Methods

?? Introduction to Business Research Methods ??

?? What is Research?

• Re – Again
• Search – To find something
• Research is the process of finding solutions to a problem after a thorough study and analysis of situational factors.

?? Business Research Business research helps in making informed decisions about business phenomena. It involves applying the scientific method to explore business opportunities, problems, and processes.

?? Key Business Questions Answered by Research:

• What is the target market of a product?
• How can we reduce excess inventory?
• What are the trends and patterns affecting business performance?

?? Activities in Business Research:

• Identifying business opportunities & problems
• Generating & evaluating new ideas
• Monitoring performance
• Understanding business processes

?? Benefits of Business Research:

• Helps strategize for maximizing profits
• Identifies the most profitable/in-demand product or service
• Helps in tracking competition and market trends
• Reduces risks and uncertainties

?? Types of Business Research: Quantitative & Qualitative

?? 1. Quantitative Research Methods: Deals with numbers using statistical tools.

• Survey Research ??: Uses polls, questionnaires, and surveys to collect data.
• Correlational Research ??: Analyzes the relationship between two entities and how they impact each other.
• Causal-Comparative Research ??: Studies cause-effect relationships between variables.
• Experimental Research ??: Conducts experiments to analyze behavioral traits and their impact on revenue.
• Online-Offline Research ??: Uses existing documents, reports, and online data for analysis.

?? 2. Qualitative Research Methods: Involves open-ended communication methods.

• Interviews ??
• Focus Groups ??
• Website Visitor Profiling ??
• Case Study Research ??

?? Advantages of Business Research:

• Identifies opportunities & threats
• Enhances customer understanding
• Minimizes risks & uncertainties
• Tracks competition & industry trends
• Assists in financial planning & investments

?? Disadvantages of Business Research:

• Expensive & time-consuming ?
• Based on assumptions ??
• Bias or small focus groups may lead to inaccurate results
• Fast-changing markets can alter research outcomes

?? Conclusion Business research is a powerful tool that enables companies to make informed decisions, stay ahead of competitors, and enhance profitability. While it has challenges, its benefits outweigh the drawbacks when conducted effectively.

?? Stay informed, stay ahead! ??

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