Question

In business research variables are considers the most important pillars of research, discuss the various forms of variables.

Answer 1

Business research is conducted to get information about the various areas which can be used to enhance the overall profit and sales of a business. It helps to identify the customers needs, market changes and competitors moves. It identifies the demand and supply of the products in the market.

Variables

Variables means anything that varies over the course of a research. It can be dependant and independent variable.

Dependent variables vary by changing the factors influence them, where  as independent variables are not influenced by any other changes and it can stand by their own.

Independent variables of business

1. Customer demographics: it includes their age,occupation, income, gender etc will affect the demand and profitability of business

2. Location of the store : if the store location is difficult to reach then it will have an impact over business

3. Climate: it affects the change in demand of certain products

4. Raw material availability : it affects the production and supply of business.

5. Labour  wages: employee strikes , lock outs, wage changes also affect the employee turn over and production.

6. Economic conditions : boom, recession, depression also affects the profitablity of business.

Dependent variables

1. Profit: it varies upon the variability of many factors such as demographic features, location, economy etc.

2. Product quality : it depends on changes in production and work environment.

3. Government tax revenue : it affects the profitability, changes in economic policies etc

These are some of the commonly used variables in business research.