Ans. Meaning and definition of Business Research
Business Research refers to any type of researching done when starting or running any kind of business. For example, starting any type of business requires research into the target customer and the competition to create a business plan. Conducting business market research in existing business is helpful in keeping in touch with consumer demand. •Nature of Business Research
(1) Clearly the Right Methodology: A good business research should clearly define the objective. It should know in advance what information want to procure. (2) Choose the Right Methodology: It is the method use for obtaining business research data. Business research methodologies include phone, mail and Internet surveys as well as personal interviews. Mall intercept studies are another type of methodology, where researchers talk to consumer in stores. (3) Promoting Business: The objectives of any good business research should be how to better promote business in an economically sound manner and to increase the businesses net profit, exposure, and ensure its continuity. (4) Covers region in which business operates: it covers all the regions in which the business operates, locally and internationally. Setting-up a hotel means knowing local conditions, such as attractions and competing establishments, but also problem such as crime or obtaining supplies. (5) Judging problems: another characteristic of good business research is judging local problem of the environment in which our establishment is going to operate. (6) Flexibility: ONE MORE CHARACTERISTIC OF GOOD BUSINESS research objectives are flexibility. The research may be programmed for one area and then something shows-up. If that “something” is pertinent, it should be investigated and included in the research is discovering new things and factors, it should not be easily sidetracked but it also should not be inflexible. (7) Help determine how to produce the product: good business research should include the use of the internet. If the business is manufacturing a specific product, look at the market size and options on how to produce the product. This is part of knowing who the competitor is, is but slightly different as it helps to best determine how to produce the products.
•Scope of business research:
1. Environmental level- •Technological innovations:
Research is conducted to know & adapt new technological innovations, developments in machinery, method, etc. used. For e.g. To know level of use of information technology e.g. Networking, Tally, SAP, etc. in the organization. •Economical, Socio-Cultural, Natural, Political - Legal Environments : Research is also done to know the characteristics, complexity, dynamism of socio-Cultural, economical, political- legal, Which ultimately gives the idea of the potential, feasibility, viability etc. of the market? •Competitors Analysis :
Companies conducts research for studying the strategic patterns of competitors, their strengths & weaknesses for making better strategies for competing effectively in order to survive & thrive in the market. •Industry fears :-
Research is conducted sometimes to know the survival & growth opportunities of an industry. it may be due to the extinction of raw material/sources of raw material E.g. Finishing stock of Petroliam, coal may cause the extinction for automobile & power industry thus research for alternative sources/solutions is conducted. For the above e.g. the solutions are electric car (automobile), CNG gas generated Automobile, Battery driven Automobiles. •New Market entry
Before making any entry into any new market, companies conduct research/pilot survey to know market potential, commercial feasibility, and growth rate for the acceptance level of the consumers. •New product...