Business Research

1. Define Business Research

In general, business research refers to any type of researching done when starting or running any kind of business. For example, starting any type of business requires research into the target customer and the competition to create a business plan. Conducting business market research in existing businesses is helpful in keeping in touch with consumer demand. Small business research begins with researching an idea and a name and continues with research based on customer demand and other businesses offering similar products or services. All business research is done to learn information that could make the company more successful.

Business Research involves researching company details from the respective company websites, public domain databases, commercially available online databases and the latest Annual Report.

The business research process entails learning everything possible about a company and customers, competitors and the industry. The major objectives of the process are determining what products or services to offer, which customers are most likely to buy them, where to sell them and how to price and promote them. Various steps in the business research process help a company achieve these objectives.

2. Importance of Business Research

An organization can get the benefits insights into the following aspects of business research services.

• Identifying potential/likely clients for a new product/service

• Self analysis of the organization - Where we stand

• Determine how your competitors are performing in given market condition - competitor analysis.

• Keep up with latest developments in the industry

An effective business research campaign is justified for any organization seeking competitive edge in the ever ballooning industries over the globe. Outsourcing Business research would be an extremely productive exercise for any company seeking 360 degree insight into the prevailing market.

The business research...