Business research involves collecting and analyzing data to make informed decisions. Primary research involves surveys and interviews, while secondary research involves analyzing data from external sources. Different methods are used depending on the research goal.
Conducting business research, also known as market research, involves collecting and analyzing data in an objective and systematic manner. This type of research is often conducted in relation to specific target markets or competitors of a company and is conducted in both primary and secondary methods. By conducting business research, you can help your business make informed and strategic decisions which, in turn, can help the business expand and increase profit levels. There are many different ways to conduct trade research, but the goal determines which method will be most beneficial. Reading trade journals, conducting interviews, creating and using surveys, creating focus group discussions, and more are great ways to conduct business research.
Primary research involves collecting data directly from the customers you target through surveys and interviews. Surveys are very beneficial because they can be conducted in a number of ways, including over the phone, the Internet, snail mail, and more. When surveys consist of multiple choice questions, the answers provided by customers can be viewed as quantitative data. Qualitative data can be acquired through interviews with customers in general or can be more targeted on specific demographic areas. Many times you will find that you need to complete further analysis on all data obtained through interviews because the data is subjective and unreliable.
Another type of primary business research used to obtain qualitative data is known as focus group discussion. You can implement this type of research by bringing together employees or target customers into groups that consist of no more than ten participants. Each group is assigned a product and then asked about it. This information is then analyzed and compiled to present a more complete view of the research.
You can conduct secondary research by analyzing data that is accumulated across various resources other than you. This is often accomplished by reading and analyzing data found in trade magazines and periodicals. These types of readings are easily accessible in libraries and via the Internet. You may also want to subscribe to peer reviewed journals so that you can do this type of secondary research continuously.
Other types of secondary research include analyzing data found on investment websites and discussing it with professionals and competitors. In the United States, many businesses contact their local Small Business Administration office, which provides them with resources that can assist with their business search processes. Whenever you do secondary research, you are able to gather helpful demographic profiles from a single or number of particular locations. Useful data often includes different seasonal effects found within industries as well as different laws and/or ordinances that exist and how those laws affect your business.
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