The business research process is an important tool that can help the marketing in a business. By using the steps of this process managers are able to make decisions based on the study of the consumer and target audience. It is also important to identify the competitors in order to stay profitable and competitive.
Business Research Process
The business research method involves the studying of all parts of a company, the customers, and the market to make important decisions for the business. The strengths and weaknesses of a company are evaluated but especially how a customer views their goods and merchandise. Management studies the competition and the industry that which they are a part of. As part of the management at AZ Alarm Company, I make use of the business research process myself. The first step in this process is to identify the significant competitors in the industry. In the alarm industry it is important to know what other companies are offering so that we stay competitive and bring in new customers while still making a profit. Most of this information is readily available and easy to obtain.
The second step in the process is to study the customer or consumer. Doing this enables management to find out what the needs and wants are in order to create new products. By analyzing this information it is also to be determined the amount of money someone is willing to spend on these services. After this information has been gathered it is ready to be analyzed. Companies sometimes use the SWOT (Strengths, weaknesses, opportunities, and threats) analysis. This method enables a business owner or management to enhance their strengths and to figure out what needs to do to change their weaknesses into strengths. Opportunities need to be taken advantage of and utilized because they will not always be available.
The target audience also needs to be taken into consideration. If a business is marketing to people that will not use or benefit from their product or service they will not be able to meet their full potential. This can also affect their profit and gain immensely. All of the steps in the business research method are only effective if the information is used and applied to develop and better their marketing strategies. Collecting and analyzing data is something that is ongoing and should be done continuously. As times and technology change so does a consumers wants, needs, and preferences. At AZ Alarm we are always to striving to have the newest and latest technology but also at a competitive price so that we stay on top.
Cooper, D., & Schindler, P. (2011). Business research methods (11th ed.). New York, NY: McGraw-Hill/Irwin. Suttle, R. (2013). The Steps in a Business Research Process. Retrieved from http://smallbusiness.chron.com/steps-business-research-process-3294.html
Suttle, R. (2013). What Is a Business Research Process?. Retrieved from http://smallbusiness.chron.com/business-research-process-3279.html
Courtney from Study Moose
Hi there, would you like to get such a paper? How about receiving a customized one? Check it out https://goo.gl/3TYhaX