Question

Any signifigant businesss decision requires input from a research project. Write a brief answer ( about 200-250 words) either defending this statement or refuting it.

Answer 1

Business of all types and sizes are implementing a wide range of research methods to improve and grow. The long-term success of a mid-sized and established startup depends on research that is efficient and cost-effective.

Companies often rely on different business research methods to obtain information from other consumers or businesses. Such a business research approach allows companies to conduct a thorough study of various internal and external factors that influence market share and profitability.
Business research methods that assist in decision making

Based on information obtained through various business research methods, companies that are new or established can make some basic business decisions, such as:
    Opportunities for businesses to survive and thrive in new geographical areas
    Competitor Evaluation
    Adoption of appropriate marketing methods for the product

Businesses can choose one or all of the following methods to achieve their business goals:

1) Case Study
Business case study methodologies are usually undertaken by those business houses who want a thorough and comprehensive understanding of customer response to a particular product or service.

These cases significantly help businesses in the following ways:

    In-depth evaluation of customer satisfaction.
    Consumer attitude and perception of the product.

Although the business case study method is time-consuming, it helps to gather in-depth information about customers' likes, dislikes and preferences, thereby reflecting the strengths and weaknesses of a particular product or service.

2) Study

Surveys are a common method allowed by businesses to gather additional information or data immediately at very low cost. Due to the high popularity of this method of business research, a sample survey is easily accessible for companies that can collect to identify relevant information.

The major drawback of the research methodology is the rejection of consumer feedback in specific target markets along with less detailed, incomplete studies and less information about specific target markets.

3) Interview

The company relies on this business survey methodology to track actual customer experience with a specific product or service. Customers are asked specific questions that they have had to answer for a long time, on the basis that the company gets a clear picture of the level of customer satisfaction, customer experience instead of a product or service.

The main advantage of this research method is the ability to ask follow-up questions that reflect the customer's response to a particular product or service. The only drawback is that the negligent interviewer may have partially influenced the response provided by the interviewer. Also, this method of business research usually takes a long time.

4) Focus groups

Focus groups can be described as being between research methods among different business research methods. The idea behind this business research method is to get honest feedback and feedback about a particular product or service.

Focus groups aim to provide a larger sample of interviews and case studies. The only disadvantage of this type of research is that there is an opportunity for the moderator to ask irrelevant questions that can divert the study in a particular direction, thus defeating the ultimate goal of the analysis.