Business Research Methods
Business research is defined as, “a systematic inquiry that provides information to guide managerial decisions” (Cooper & Schindler, 2011). The new president of an established company, which manufactures equipment and supplies within the dairy industry, finds the company to be inefficient and unprofitable. Using business research will be very beneficial to the new president. Using the steps of the research process, the president will be able to make educated decisions as to the future of the company.
Clarify the research question. In the first step of the research process, the president will need to identify what question he/she is trying to answer. Is it whether or not the company is profitable? What makes the company inefficient? How to make the company more efficient? Can the company survive in a changing market? Or what changes need to be made to make the company work within the changing market? It could even be a combination of these questions.
Research proposal. The president will then have to determine where and how they will gather the data, what design strategy to use and basically come up with a research plan. In this specific case, the president would first need to collect data on the current operations of the company. This would not only be data collection on costs versus profits but also man-hours, number of employees, product demand and customer dynamics. The next step would be to set up a research design in order to test different solutions for the above questions. This company could test the profit results of manufacturing more products, selling directly to large corporations, ceasing the manufacturing of products and supplies and only dealing in wholesales, or any combination of these courses of action.
Data. collection Once the research design strategy is complete and the research begins, the president will need to have an organized method of data
References: Cooper, D., & Schindler, P. (2011). Business research methods. (11th ed.). New York, NY: The McGraw-Hill Companies, Inc.