Current Events in Business Research
The business research process begins with collection of data and then processed into information that can be used to define more details on where, when, how, and what type of business is needed for that type of buyer. My eventual goal to open a bar and when deciding to start my own bar business I will have to first collect data as to what the up-front company expenses will be, as well as expenses incurred to sustain a business such as overhead, payroll, and supply costs. Research regarding consumer demographics is a focal point that has an impact involving business location and may affect potential revenue. Another important aspect of research would entail research regarding competitors pricing and promotion. This data is imperative in obtaining a competitive edge and maintaining a successful business. After launching the company, costumer and employee satisfaction are key elements in managing a successful company. Customer satisfaction is an obvious central concept particularly when dealing with customers first hand, but employee satisfaction is also critical because they are responsible for keeping customer satisfaction high. This type of research can be done by gathering primary data with simple surveys, or questionnaires. Lack of research involving state and local regulations could be detrimental in the bar business and can lead fallacies concerning a companies’ ethics or procedures, and can possibly lead to the failure of a business. In conclusion without good research a company may be faced with dilemmas and problems that may go undetected and unconcluded. The importance of research also helps management and owners make advantageous decisions regarding business strategies, tactics, and intelligent and moral decision making. Good research can help guide a companies’ success.
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