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Definition of Business Research Methods

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The mediating role of competitive advantage, reputation, and customer satisfaction Sayedeh Parastoo Saeidi Saudah Sofian Online brand community engagement: Product analysis is the first step of business research. Companies must find a product that meets or exceeds consumer demand, or the product will fail in the economic market place. One type of analysis is to find an existing product that can be improved through design or features.

Another type of product analysis will find emerging markets with high demand and low supply, which allows for companies to sell new products to meet consumer demand. Companies will conduct a market analysis to determine how much profit may be earned from current demand.

Management will look at which stage of the business cycle the market is currently in, whether emerging, plateau, or declining. Each stage has its own level of profitability, with the first stage being the highest and the last stage being the lowest profitability.

A market analysis will also determine the price points at which products can be sold; for example, high-quality products at a higher price may not tempt consumers to start buying the product based on quality itself. A financial analysis determines the cost of each production item used to produce goods and services.

High costs may not allow companies to price goods or services competitively, leading to an unprofitable situation. Management will examine the costs of raw materials, labor, and manufacturing overhead to find the best raw goods available to produce the most profitable product.

Management will also review the best cost application methods, ensuring that all production costs are properly applied to each product or service produced. Analyzing the current competitors of a market is an important part of business research.

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Jun 27,  · Business research looks at the market viability, product need, consumer desire and operations costs. It weights business strengths and weaknesses .

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Definition of Business Research by Osmond Vitez - Updated September 26, Business research is an important management activity that helps companies determine which products will be most profitable for companies to produce.

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Definition of Business Research. Research is a systematic method of discovering new facts and verifying old ones with their sequence interrelationship and caused explanation. Staying on top of industry research is an integral part of a successful business. Whether a company’s looking for a new base of operations or a would-be entrepreneur wants to launch a first business, using the right business research methods can be the difference between success or failure.

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Research It is a process if gathering information to answer a question Induction Induction involves observation and investigation into the relationship between meanings and actions of human subject Deduction Deduction involves the formulation of hypotheses Basic research Research done mainly to. Systematic investigative process employed to increase or revise current knowledge by discovering new facts. It is divided into two general categories: (1) Basic research is inquiry aimed at increasing scientific knowledge, and (2) Applied research is effort aimed at using basic research for solving problems or developing new processes, products, or techniques.