Res/351 Week 1 Individual Assignment

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Current Events in Business Research
RES / 351
01/28/2013

Current Events in Business Research
“When you take stuff from one writer it’s plagiarism; but, when you take it from many writers, it’s research” – Wilson Mizner (1876-1933) In order for companies to set themselves apart from their competitors, it is vital to gather as much information on the industry that is being considered. Researching a business helps to provide information on such things like what consumers like and don’t like to purchase, what it will cost to start up, whether or not the idea for a new business is viable based upon facts and not on emotion. Researching a business will also show if the new business idea has potential to be profitable or not and also provide essential information about competitors so that a new owner doesn’t price their goods or services to high, how to layout your store and also where to purchase merchandise while being able to determine inventory if there is any and what it will cost to advertise so that customers are aware of the products and services that are newly available to them in their area. Research also aides’ management when certain decisions that needs to be made that involve or affect the company and their employees. Working for one of the largest package companies in the world, it is imperative that United Parcels Service stay on top of what the industry is doing so that they can keep a competitive edge. United Parcels Service top executives use what’s called a SWOT Analysis. The SWOT Analysis covers the company’s entire profile while examining UPS’s key business structure and operations, history and products, and provides a summary analysis of its key revenue lines and strategy. (Wood, Marc)

Reference
Wood, L. (March 25, 2011). Research and Markets: United Parcel Service Inc. - SWOT Analysis. Retrieved from http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a_CO9vBG8Zf4
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