Business Research Methods Chapter 1 Dis. 6

Change is inevitable. Growth is optional"-John C. Maxwell. This quote sums up the focus for a newly appointed president to a well established dairy supply company. The loss of profit and customers demand changes be made immediately; business research will assist in determining the full rimification the current company climate has on profits, customer relationships, and the forecasting within the industry.

Business reseach can first pinpoint shift in profit using any available BIS or DSS. This knowledge will allow the president to gain clear ensight of the company's current role in the industry. "BI applications and technologies help companies to analyze changing trends in

market share; changes in customer behavior and spending patterns; customers' preferences; company capabilities; and market conditions. It is used to help analysts and managers determine which adjustments are most likely to respond to changing trends" (Khan, pp. 64)

Business research will also allow the president the opportunity to renew relationship with longtime customers. Sonia Franguel of Espresso Communication.com sited statitics that indicated the importance of customer relationship management (CRM)" for such circumstances, such as "A 2009 study by the Harvard Business Review showed that US companies lose 50 percent of their customers every five years. That’s almost 10 percent each year! Why? Two-thirds of respondents attributed it to poor customer care."

Finally, business research will provide the president with forecasting data. As the industry is in a stateof change,the concern becomes that if the company can meet the challenges that come with the industry trend; will those changes be cost effective. "At no other time in our history has so much attention been placed on measuring and enhancingreturn on investment (ROI). At its most simplistic, when we measure ROI, we calculate the financial return for all expenditures." (Cooper. Business Research Methods. 2011)

As the...