What Is The Advantages Of Business Research?

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What Is The Advantages Of Business Research?

2 Answers

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Answer 1

There are various benefits of conducting business research. Firstly, it can help businesses to communicate with their stakeholders like customers, suppliers etc. They can derive important conclusions through business research. Secondly, it helps businesses to identify the opportunities and threats. Thirdly, risks and uncertainties can be minimized through business research. Business research is very important for evaluating the progress of the business and to exploit more opportunities. It can help the businesses to track their benchmark and to avoid any loss which they can incur without having market and business information.

Answer 2

Business research departments maintain a situation analysis, which is a document that details the past and present. Often used in marketing, the analysis will illustrate product sales, growth, consumption patterns, current marketing strategies and how each product contributes to profit. In addition, companies continually review both internal and external factors. The research is compiled in a document referred to as a SWOT analysis. The analysis details strengths, weaknesses, opportunities and threats. The document will identify problem areas, as well as suggest areas of expansion. The researchers will then produce alternative models based on scenarios that maximize strengths and exploit opportunities.