Why Business Research Is Important To Manager?

3 Answers

Connor Sephton Profile
Connor Sephton answered
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.
Ajay Prasad Profile
Ajay Prasad answered

A research in business can provide you help with determining the various potential  customers that can provide guidance towards the development of better products and services. Also it can lead to conducting an analysis for various other department for the smooth working of the business operations.

Overall, a business research includes analysis about the business trends, your target audiences, your financial aspects of the business, pros and cons of the business, measuring the uncertainities etc.

1 Person thanked the writer.
Yo Kass
Yo Kass commented
Good answer Ajay. What kind of business are you involved in?
Ajay Prasad
Ajay Prasad commented
I have a business which serves various types of transcription and translation services including academic transcription services, business transcription services, focus group transcription services,Spanish translation, English to Spanish translation services, Spanish to English translation etc.
Yo Kass
Yo Kass commented
Wow sounds like you guys must be pretty busy! i'll be sure to send some Spanish translation questions your way, could be a good chance to highlight how excellent your translation knowledge is :)
Call Tutors Profile
Call Tutors answered

Conducting thorough research in business is an excellent strategy to learn more about your market, customers, and competition. With that information in hand, you can make innovative and well-thought-out decisions to help grow your business. Research helps companies to plan new products, develop advertising campaigns and compete with direct competitors. Without research, companies would be left in silos, trying to navigate the market in the dark. When you’re in a management function, you’re in a key decision-making position in the company.

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