Q:

What is the business research method?

A:

Quick Answer

A business research method refers to a set of research techniques that companies employ to determine whether a specific business endeavor is worth their time and effort. Additionally, research methods help companies establish the viability of business success and choose an appropriate marketing approach for their products and services.

Continue Reading

Full Answer

To accomplish its business-related tasks, a company can utilize a variety of business research methods, including case studies, surveys, interviews and focus groups. Before conducting research, companies typically determine the problem that a research study is supposed to tackle. Once it has been established, the most appropriate research method is chosen.

A case study is a business research method through which a company familiarizes itself with the way consumers react to a product or service. Although it requires a lot of time, a case study provides a detailed overview regarding customers' satisfaction with and attitude towards various products.

Surveys and interviews are business research methods that allow companies quick and low-cost access to a large amount of information. Unlike surveys, which can result in insufficient or irrelevant data, interviews provide an option to respond to relevant queries in great length, thereby providing companies with more thorough data.

With focus groups, a company can gather a small group of people and glean information from their discussions regarding their experiences with a product or service. The accuracy and viability of acquired information depends on the skills of the facilitator who directs the discussion.

Learn more about Managing a Business

Related Questions

Explore