Ever wondered what it takes to build a flourishing business? Aiming to provide maximum sales and profit, business research helps you to gather comprehensive information about your business and accordingly make relevant changes if required. So, in this process of being successful, we gather all types of data to better define our strategies and understand what products or services customers want. And in case, you’re planning to expand your business, research can help you determine your odds of positive results. In this blog, we’ll help you understand the basics of research and analysis.
“Whoever gets closer to the customer, wins.” – Bernadette Jiwa
Business research plays an important role in the business intelligence process. This is usually conducted to determine if a company can succeed in a new region through competitive analyses and a better marketing approach. Due to this, this broad field has been distinguished into two types namely, Qualitative Research and Quantitative Research Method.
Are you wondering why is there a need to do business research? Business is not stable and it is vital to stay up to date with all the data and developments. It is also important to make business-related decisions, and keep track of competitors, customer feedback, and market changes. The basic objective of business research is to identify the issues and evaluate a plan to resolve them for better managerial functioning.
Now that you are familiar with the objective, importance, and advantages the next important step is to know how to conduct research. There are numerous tools available for free while for some advanced tools there is a membership. Check out the list of top 10 tools:
The one thing constant in a business is market changes. A new trend or change comes every time you blink an eye. To keep track of everything externally and internally a research partner comes helpful. There are a few things to keep in mind that will help you in choosing the right business partner. The first thing to keep in mind is that the person should have relevant work experience and expertise in that particular field. An experienced partner can help businesses reach new heights. Look for a partner that can provide well-curated solutions and not the generic ideas that every enterprise follows. Last but not least is that your business research partner should have knowledge of the latest tools and techniques.
Is your big presentation coming up or your report is due on Monday but you still haven’t finalized your business research topic? Here are some of the trendiest research topics for you:
In order to build a career in Research , you can simply grab a degree in the field of Management , Business or Administration. So, students with an understanding of the core concepts of business and an inclination for research can consider it as a go-to option. Other suitable programs can be Master in Management , MBA Business Analytics , and MBA Data Analytics , to name a few.
To know more, check out Qualitative Research Methods !
| Best MBA Colleges in the World | Location | Duration of MBA | QS 2023 Rankings |
| The Wharton School | USA | 20 Months | =1 |
| Stanford Graduate School of Business | USA | 2 Years | 1 |
| INSEAD | Multiple Campuses | 10 Months | 6 |
| MIT Sloan School of Management | USA | 2 Years | 3 |
| Harvard Business School | USA | 2 Years | 5 |
| London Business School | UK | 15-21 Months | 7 |
| HEC Paris | France | 16 Months | 5 |
| Chicago Booth School of Business | USA | 21 Months | 11= |
| IESE Business School | Spain | 15/19 Months | 11= |
| Judge Business School | UK | 1 Year | 15 |
| Saïd Business School | UK | 1 Year | 16 |
| ESADE Business School | Spain | 12/15/18 Months | 13 |
| Yale School of Management | USA | 2 Years | 17= |
| Imperial College Business School | UK | 1 Year | 22 |
| SDA Bocconi School of Management | Italy | 1 Year | 23 |
It can simply mean researching every area of a business and using the provided information and data to ensure profit maximization.
What are the types of business research?There are different types of business research such as interviews, surveys, focus groups, correlational research, ethnographic research, case study research, and quantitative research methods, amongst others.
What is the importance of business research?It is essentially important for various aspects of a business such as profit maximization, cost-cutting, financial management , personnel management, consumer behaviour, etc.
What is the process of business research?The process of research depends upon the type of research design you are opting for. To start with, we first need to determine the aim or objective of the research, then plan out the whole process which includes the types of methods we will be using, then the actual research that takes place followed by the data found that helps in understanding the key observations and how they can be implemented to actualize research hypothesis.
If you’re thinking to start a product line in your existing business or planning a startup, business research is a fundamental process that helps you to navigate the opportunities and obstacles in the marketplace. Knowing your strengths and weaknesses can help you come up with advanced and powerful research techniques that will make it easier to manage. Are you planning to take your higher education abroad? Then, you can quickly book a counselling session with the experts at Leverage Edu and we can help you build the right platform for you to grow in the corporate world.
