Business research is a process that is used by companies and enterprises to figure out the best way to make a profit. The focus of business research is to determine which product or service has the most consumer demand and which one would yield the most profit.
Business research: Types and methodologies
There are different types of business research methods. Businesses utilize focus groups, qualitative research, case study research, and interviews to determine the market, to target consumers, and to figure out how their organization will effectively compete against other businesses. This type of business process is also performed to understand competition and it helps businesses to develop an effective strategy for success.
Quantitative research methods
This business method requires an organization to use statistical and data analysis to collect the number of orientated information about a business. In other words, how well is a business performing according to the numbers? Questionnaires, surveys, polls, and computer analysis are used with this type of research process.
Business Research 101