The business research process is designed as a tool for management to utilize when exploring profitable products or services for the company. This process entails study of all phases of the company, the company’s target market, and its customers. Oddly, the business research process is not necessarily a structured, sequential list of steps. However, the process involves understanding the research question posed by the decision-maker, discovering management dilemmas, collection of data, research design strategies, and data analysis that help build the research proposal for management’s decision.
Typically, a problem arises or critical event that requires management to make an important decision regarding the future of the company or products/services. For example, my organization manufactures cotton products focused on sanitation and protection for the healthcare industry and beyond. Historically, the company has been very successful but has recently faced criticism from consumers who prefer doing business with a company who can supply all of their cotton/paper needs collectively as a convenience.
When upper-management learned of this feedback, internal business research began surrounding the idea of expanding our product line to involve various cotton products that our current customer base buys from other suppliers. This process began long before I was apart of the organization and required lots of hands-on activity internally and externally during market research phases. Employees were involved in conducting surveys of products and prices our customers are mostly buying and interested in.
Many test products were in place for limited amounts of time to analyze consumers’ buying habits. Eventually, all of the data collected was presented to the board to decide whether taking on new products would be beneficial to the company’s bottom-line or not so much. The research proposal was delivered strong results. My organization has since purchased two smaller companies that produce products that compliment our current product selection and offers consumers convenience and savings.