Business Research

Topics: Scientific method, Research, Social research Pages: 2 (569 words) Published: March 25, 2014

Current Events In Business Research
November 12, 2012
University of Phoenix
Dr. Jon Webber

Current Events In Business Research
Business research process involves a sequence of steps to collect data, formulate hypotheses, analyze data, and make decision. It involves examining every aspect of an organization, including its market and customers, and subsequently utilizing the information to come up with appropriate business decisions (Babin & Griffin 2010). The main objective of business research process is to determine if there is an opportunity in a particular market. Therefore, it often begins with an overview of the industry or market. Although organizations normally evaluate their strengths and weaknesses, more focus is often placed on the customer’s outlook of their products. The first thing a business organization does before conducting a research study is establishing and defining a business opportunity or problem (Hair et al., 2011). A business research problem can be a challenge experienced in real life or existing in theoretical basis. Typically, a business organization will be faced with the need to adjust to a shifting business environment more so in very volatile environments. Selecting a research design is the next crucial step in business research process. It is important to ensure that resources are used efficiently. It is at this stage that the research realm is defined and narrowed to align with the available resources (Babin & Griffin 2010). In addition, a research method is also selected. A research could involve examining historical materials as well as conducting a pilot research study. Formulating research objectives, questions, and hypotheses is also very crucial. A research objective is expected to have a formal statement and guidelines for the distinct steps characterizing the research. A research objective should precise, specific and efficiently represent the research question. A research objective should...

References: Babin, Z., & Griffin, C. (2010). Business research methods. (8th edn.). Mason, Ohio: Cengage Learning.
Hair, J. F., Celsi, M. W., Money, A. H., Samouel, P. & Page, M. J. (M.E. Sharpe, 2011). Essentials of business research methods. (2nd edn.). New York, NY: M.E. Sharpe.
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