What is research? Research is “the process of finding solutions to a problem after a thorough study and analysis of the situational factors” (Sekaran & Bougie, 2010, p. 2). Although research itself seeks to find an answer the methodology is not necessarily controlled. Formal research takes the process of research and focuses of whatever a company wants. The research is conducted in a controlled, systematic, and objective way while gathering the data that is needed. Then there is the business proposal, the one most talked about. The research is done, so all the business proposal needs is to determine the marketability, cash flow analysis, and any other possible profit the company can make. The following paper will discuss both formal research and business proposal and their similarities and how they compare, contrast, and how different they are in their approach to form of research
Business proposal and formal research although they are different they still share many commonalities. To understand them better we must define them first. Formal research is a report that “provides basic information and statistics in a given field or industry, depending on the focus decided by the company” (Jane, 2012). A Business proposal is “a document that suggests a method for completing a task whether it is launching a new product or implementing a new marketing campaign” (Jane, 2012).
A business proposal and formal research are both themselves a form of research. They both have specific goals although how they arrive there is unique to each ones specialty but the final result is still for the company. There methods and techniques are by far very different. So they can in a sense they can work side by side to create or arrive at the optimal solution for a business to achieve financial success. In order for there to be a business proposal, the formal research must have been done at one...