Business Research

Business Research

UOP Student

RES/351

10/31/2012

Parviz Gandomani

Business Research

In a business environment it is very important to understand and know how to do business research. It may sound simply since you can almost Google everything, however it is not. In order to have a successful research there are several steps that need to be taken. These steps include discovering the management dilemma, defining the management question, defining the research question, to create a research proposal. Once this has been determined you can strategize the scope of the research, which can include the data collecting and sampling design. When data is collected then it is analyzed and management can make a decision. As you can see it is not simple. If you skip any of the steps you risk losing money or can even lose a business proposal due to lack of research.

The importance of each research step

As a Supervisor in a Financial Institution most of my work hours are spent in researching products and services from our local competitors. This requires reading the newspaper, watching financial media, reading financial news, listening to suggestions and monitoring complaints. Our credit union recently started offering Energy Efficient and Solar Loans for San Diego County home owners. The process to establish this product was not simple. It all began with the need of a member. The member expressed how they wanted to install solar panels in their home and were not able to find a lender within the County with affordable rates. The only option available was to lease the product. As you may be aware the City and County of San Diego are very influential in Energy Efficiency and going Green. This was a great opportunity for the credit union to become the leading lender. This was the management dilemma, and then followed by the management question. The question was “If we create a product, in our case a loan with a competitive rate and term how...