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Business research: Definition

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Business research is a process of acquiring detailed information of all the areas of business and using such information in maximizing the sales and profit of the business. Such a study helps companies determine which product/service is most profitable or in demand. In simple words, it can be stated as the acquisition of information or knowledge for professional or commercial purpose to determine opportunities and goals for a business.

Business research can be done for anything and everything. In general, when people speak about business research it means asking research questions to know where the money can be spent to increase sales, profits or market share. Such research is critical to make wise and informed decisions.

For example: A mobile company wants to launch a new model in the market. But they are not aware of what are the dimensions of a mobile that are in most demand. Hence, the company conducts a business research using various methods to gather information and the same is then evaluated and conclusions are drawn, as to what dimensions are most in-demand, This will enable the researcher to make wise decisions to position his phone at the right price in the market and hence acquire a larger market share.

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