Business research is the means of gaining a competitive frame and driving business results. For a business to gain competitive advantage and conduct research effectively there is need to have quick access to business information. Business research is a mean of acquiring information in the format required when needed. Business research is important to business performance and it is acquired by supplementing limited pool of current literature through a theoretical model that can be adopted to evaluate statistical behavior of future claims.
Business research process is necessary in assisting managers in decision-making process. It is conducted to gain more information since information is a tool for making management decisions (Coldwell and Herbst, 2004, p. 12). Purpose of Business Research Business research is mostly conducted to gain more information about the business. This information is vital for business because it helps managers in making decisions and be in a position to monitor and know business performance. Business research helps managers to know the weak departments in the business that require improvement and the strong ones.
Through business research ineffective employees are known thus facilitating recruitment of other effective employees or looking for means of motivating the effective ones to improve business performance. Conducting research provides more information to managers enabling them to make decision. Some business researches like marketing research provide managers with accurate, relevant, valid, reliable and current information on market competitiveness thus able to make decision on how to improve their products to meet market demands.
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Competitive marketing environment and increasing costs which are attributed to poor decision making require sound information thus a need for managers to conduct research. Marketing managers usually have to make numerous tactical and strategic decisions in process of identifying and satisfying needs of their customers. Business research helps managers in making decision on potential opportunities, making selection on target markets for their products, market segmentation, business, employees and marketing performance, planning and implementing management and marketing programs.
Business decision making are complicated and requires sufficient information that acts as a guide to managers (Ramenyi, et. al, 1998, p. 25). Business research is conducted according to information required. A business may require to conduct research incase if managers have faced problems in making decisions like ongoing complaints from customers, poor productivity in the business and poor performance of both employees and business at large. The more focused the managers are on what they want to gain from the research the shorter the time will take in conducting the research and effective the research will be. This will also cost less.
If managers conduct marketing research, this helps them in connecting marketing variables with marketing environments. This helps in eliminating some uncertainty by getting relevant information on marketing variables, consumers and environment. Absence of this information in business then consumers’ response on marketing programs of the business is unpredictable. If a business conducts market research, marketing managers are provided with information on controllable and non-controllable factors and consumers. This information promotes effectiveness in decision making for marketing managers (Murdick and Cooper, 1999, p. 35). Read also Research Proposal sample on customer satisfaction
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