Business research is important to managers in numerous ways, as it allows them to gather information that is essential to ensure business success. This involves:
• Creating a business objective, to attract the right type of customers required for business success.
• Collection data from surveys and questionnaires as well as from libraries and business articles in magazines. These are primary and secondary sources of information.
• This data must then be analyzed efficiently so an understanding is fully gained of other business competition that there may be and what the business must do to compete and be more successful than other businesses. You may also then need to find alternatives to overcome any weaknesses there may be in their business and they may also try to strengthen advantages, increasing a chance of profit.
• Lastly, decision making is important for the business as they must then decide on what they're offering to the market, which will guarantee that the business will gain a profit from it and become successful.
Managers may employ other people to do this research. This research must be done to make sure the business does make a profit rather than losing out on money, due to them not having a full and correct understanding of the business market they are entering into.
It may also be advantageous to create a business hierarchy so you know which businesses you're most in competition with. A hierarchy is a sequence which is ordered, for example in business, the most profiting business would be at the top and the least profiting business would be at the bottom, depending on how you decide to set it out. Managers should try to progress their business up the hierarchy as it is very unlikely they will begin high up.
• Creating a business objective, to attract the right type of customers required for business success.
• Collection data from surveys and questionnaires as well as from libraries and business articles in magazines. These are primary and secondary sources of information.
• This data must then be analyzed efficiently so an understanding is fully gained of other business competition that there may be and what the business must do to compete and be more successful than other businesses. You may also then need to find alternatives to overcome any weaknesses there may be in their business and they may also try to strengthen advantages, increasing a chance of profit.
• Lastly, decision making is important for the business as they must then decide on what they're offering to the market, which will guarantee that the business will gain a profit from it and become successful.
Managers may employ other people to do this research. This research must be done to make sure the business does make a profit rather than losing out on money, due to them not having a full and correct understanding of the business market they are entering into.
It may also be advantageous to create a business hierarchy so you know which businesses you're most in competition with. A hierarchy is a sequence which is ordered, for example in business, the most profiting business would be at the top and the least profiting business would be at the bottom, depending on how you decide to set it out. Managers should try to progress their business up the hierarchy as it is very unlikely they will begin high up.
