What Is Business Research?

1. What is business research?

Business research is a systematic inquiry that provides guidance of business management and managerial decisions. In depth, Business research is a field of practical study in which a company obtains data and analysis of finance, consumer feedback, product research and competitive aspects, in order to better manage the company.

Executives and managers who use business research methods are able to better understand their company and its potentiality in products in the market and ways to improve that position. In this context of business research, it provides research pertaining to process of planning, acquiring, analyzing, and disseminating relevant data, information, and insights to decision makers or governance in ways that mobilize the organization to take actions that maximize business performance. The definition of research is some way restrict the meaning of “research” to specific approaches, topics, or procedures.

2. You have received a business research report done by a consultant for your firm, a life insurance company. The study is a survey of customer satisfaction based on a sample of 600. You are asked to comment on its quality. What will you look for?

The quality measurements are multi-dimensional. It needs an application of highly ethical standards with adequate report analysis; that the findings if were straightforward, if conclusions were justified, and if the researcher’s credentials were stated appropriately. However, I might evaluate the customer satisfaction more in term of demography with respect to regional distribution, countries, race and ethnicity coverage of the 600 samples, their age groups, if buyers of similar insurance products etc.

3. A sales force manager needs to have information in order to decide whether to create a custom motivation program or purchase one offered by a consulting firm. What are the