Business Research Process
The promotion of business services and products requires preparation in the form of research. Business research is the identification of truth regarding a particular phenomenon in business (Hair Jr. et al., 2019). It involves collecting, analyzing, and interpreting data to generate and report conclusions on which business representatives can rely when making decisions (Hair Jr. et al., 2019). As a result, the success of all enterprises of various types depends on the quality of research, planning, and applying critical thinking. Following Hair Jr. et al. (2019), the research process involves several stages:
- The first is a formulation, which includes validating the need for research, literature review, goal setting, creating hypotheses and research questions, and research design selection.
- The second phase is execution, where the researcher chooses a sample and collects the necessary data.
- The third phase is analytical, which involves the interpretation of data and the creation of a report.
The current presentation aims to study the features of business research, its methods, and its goals.
Primary and Secondary Research
There are different types of studies, which can be specified depending on how the researcher collects the data. In particular, one may choose primary or secondary research. Primary one assumes that the researcher independently gathers data, which requires significant involvement, costs, and a long time (“Primary & secondary,” 2022). Nevertheless, such studies provide relevant real-time information specific to the research needs. Such research aims to customize methods and collect highly specific data. Secondary research uses data that other researchers and organizations have already collected (“Primary & secondary,” 2022). In this case, the researcher takes less time and resources to collect data, but the information may be outdated and not fully meet the set goals, which will disrupt the reliability of the study. Secondary research goals include gathering information in the initial stages of the study, finding out the competitors’ situation, and avoiding similar studies. To minimize risks, researchers can take both approaches in one study.
Data Collection Methods
After choosing a primary or secondary approach, a researcher can go several ways to collect data. In particular, primary research is characterized by such methods as interviews, surveys, observations, and focus groups (Bouchrika, 2022). For example, a company can survey consumers of a certain age to find out which social network is most popular and invest more resources in advertising. Sources of data in secondary studies are articles in research journals, published books, and data collected by government organizations or educational institutions (Bouchrika, 2022). For instance, a researcher might use a government census to analyze the potential audiences for products or services.
Research Culmination
The business study finishes with a report and practice changes in the organization. Reports usually contain information on how the data was collected and analyzed and what conclusions or recommendations can be drawn from them. An important consideration when creating a report is its clarity and attractiveness to the target audience. It is necessary to approach its creation from the point of view of communication with other employees. Moreover, the report can include elements such as graphs and tables, making it visually attractive and understandable for use (Hair Jr. et al., 2019). Another critical consideration when completing research is the translation of findings into practice. The authorized team of employees must monitor the implementation, progress, and impact of the recommendations. The effective use of research results can significantly benefit the organization.
Research Impact on Organizations
Organizations use research with different goals but often aim to improve efficiency and increase profit. As a result, there are many examples of studies of the impact on the work of various enterprises. Studies have found that firms using research faster identify opportunities for profit as they consider multiple options for investing and developing products and services (Kamenda & Qutieshat, 2021). Moreover, research reveals the influence of various aspects on the enterprise. For example, they confirmed that the innovation factor is essential in gaining competitive advantages and improving productivity (Kamenda & Qutieshat, 2021). Consequently, research is integral to organizations’ decision-making, strategy development, and planning.
Summary
Conducting business research is critical to the success of the organization.
Research has various types, such as primary and secondary.
Primary research requires more effort and time but provides more specific data.
Critical data collection methods in the primary research are interviews, surveys, focus groups, and observations.
Secondary studies are low-cost and quick, but their conclusions are not so reliable.
With a secondary approach, the researcher can turn to scientific, governmental, and educational sources to search for data.
The research culminates in creating a report and translating results into practice.
Research is essential for decision-making, strategic planning, opportunity finding, product development, and other company objectives.
References
Bouchrika, I. (2022). Primary research vs secondary research: Definitions, differences, and examples. Research.com. Web.
Hair Jr., J., Page, M., & Brunsveld, N. (2019). Essentials of business research methods (4th ed.). Routledge. Web.
Kamenda, M., & Qutieshat, A. (2021). Uses of the outcomes of research in business management and profitability. Open Journal of Business and Management, 9(6), 2938-2949. Web.
Primary & secondary data definitions. (2022). Benedictine University Library. Web.