Business Research Is A Field of Practical Study in Which A Company Obtains

1.
Business research is a field of practical study in which a company obtains

data and analyzes it in order to better manage the company.Business research can
include financial data, consumer feedback, product research and competitive
analysis.
Or
Business research involves establishing objectives and gathering relevant information to

obtain the answer to a business issue. You can conduct business research to answer a
business-related question, such as: What is the target market of my product? Business
research can also be used to solve a business-related problem, such as determining how
to decrease the amount of excess inventory on hand. Adequate planning and
information-gathering are essential to derive results for your business.
Or
Business research is a field of practical study in which a company obtains data and
analyzes it in order to better manage the company. Business research can include
financial data, consumer feedback, product research and competitive analysis.
Executives and managers who use business research methods are able to better
understand their company, the position it holds in the market and how to improve that
position.
10 Most Important Business Objectives

by Julie Davoren , Demand Media
(Photo: Jupiterimages/Pixland/Getty Images )
Related Articles
SHARE SHARE EMAIL
Business objectives are clearly defined targets that are set by management or business owners.
They give directions and the mode in which the business needs to operate. Business managers
devise plans to meet these objectives and keep track of progress and deviations. Business
objectives are a blend of the needs of various stakeholders who are affected by your
organization's activities.
Increasing Profitability
Most organizations operate because their owners want to maximize wealth. Therefore, improving
profitability is one of the prime objectives of a business. When a business achieves incremental
profit margins, it shows that the operations of the business are probably reducing costs
proportionally .
Increasing Return on Investment

Increased return on investment shows how quickly your business returns profit on the money or
capital that interested parties have invested in it. A higher rate ROI ensures that owners receive
funds more quickly for investments in other ventures, or that funds can be further reinvested in
the business.
Maintaining Cash Flow

Increased cash flow is a financial objective that allows smooth running of the business in the
form of timely payments to employees and creditors. It also enables business owners to draw
earnings in cash from the business.
Improving Market Share

Businesses often compete to rule a market by growing their market share. You can obtain
increased market share by increasing revenues; your revenue increases as customers buy more
of your products. Improved market share also shows that your products or services may be more
desirable.
Achieving Business Globilization

Businesses want to grow their market share not only within their countrys borders, but also
across the globe. You can measure globalization by identifying the amount or number of exports
you make. You also can determine your globalization standing by measuring the market value of
your businesses that are operating in other countries.
Creating Process Improvements

Businesses have significant internal objectives that they try to achieve to create superior
customer values. Your company can eliminate non value-added activities from its processes by
setting process improvement goals. This enables your organization to be more efficient and costeffective in delivering its products and services.
Research and Development

Research and development, or other learning or innovation goals, improve your companys
capabilities for serving the market and its interests. A basic market research resulting in
identification of your products minor flaws may go a long way in helping you attain your financial,
market and reputational objectives.
Improving and Maintaining Goodwill

Some businesses strive to maintain their image and goodwill in the market. These enterprises
want the masses to view them favorably. For this purpose, enterprises need to comply with
moral, ethical and legal standards, and let these compliances be known to relevant stakeholders.
Superior Brand Recognition

Superior brand recognition occurs when a business or its products are readily and positively
identified by the masses. For example, many consumers recognize that the crocodile on a shirt
represents Lacoste. Through heavy advertising and product differentiation, organizations aim to
achieve superior brand recognition.
Brand Loyalty
Brand loyalty occurs when the customer buys only your particular brand and is uncomfortable
using goods or services of another entity. Marketers use a partnership of advertising and the
quality of products and services to build brand loyalty. They also use schemes such as loyalty
cards, which provide discounts to repeat customers, to create brand loyalty.
References
Resources
American Industrial Hygiene Association: Phase III: Develop and Test the Qualitative
Approach of the IH Value Strategy
About the Author
A technical business analyst since 1995, Julie Davoren began her writing career in 2009. She
writes technical articles and travel articles for various websites. Davoren studied accounting at
Point Park University and computer information systems at the University of Phoenix.
Objectives of Marketing Research:

Marketing research is undertaken for attaining the following
objectives:
(1) To Provide Basis For Proper Planning:
Marketing and sales forecast research provides sound basis for the
formulation of all marketing plans, policies, programmes and procedures.
(2) To Reduce Marketing Costs:
Marketing research provides ways and means to reduce marketing costs
like selling, advertisement and distribution etc.
(3) To Find Out New Markets for The Product:
Marketing research aims at exploring new markets for the product and
maintaining the existing ones.
(4) To Determine Proper Price Policy:
Marketing research is considered helpful in the formulation of proper price
policy with regard to the products.
(5) To Study in Detail Likes and Dislikes of the Consumers:
Marketing research tries to find out what the consumers, (the men and
women who constitute the market) think and want. It keeps us in touch with
the consumers, minds and to study their likes and dislikes.
(6) To Know The Market Competition:

Marketing research also aims at knowing the quantum of competition
prevalent in the market about the product in question. The company may
need reliable information about competitors moves and strategies which
are of immense significance for further planning.
(7) To Study The External Forces and Their Impact:
Marketing research provides valuable information by studying the impact of
external forces on the organisation. External forces may include conditions
developing in foreign markets, govt, policies and regulations, consumer
incomes and spending habits, new products entering in the market and
their impact on the companys products.
Prof. Gilies has rightly pointed out that, The basic objective of marketing
research is to supply management with information which will lead to a
fuller understanding of the distribution habits and attitudes of present and
potential buyers and users, and their reactions to products, packing, selling
and advertising methods.
Marketing Research V/S Market Research:

Marketing research is a broader term including market research. Marketing
research is concerned with all the major functions of marketing. Market
research is primarily concerned with knowing the capacity of the market to
absorb a particular product. Marketing research is not only concerned with
the jurisdiction of the market but also covers nature of the market, product
analysis, sales analysis, time, place and media of advertising, personal
selling and marketing intermediaries and their relationships etc.
Marketing Research:
Marketing research serves the purpose of intelligence wing of the

marketing management. Its scope is very broad as compared to marketresearch. It is concerned with collection of market information
systematically and impartially, analysis and evaluation of relevant data and
use such data for the benefit of the organisation.
It is a careful and objective study of various areas of marketing activities.
What, when, where and how to sell the end product and the services are
four questions to which the marketing research wing provides an answer.
Thus, market research and marketing research are different from each
other. Market research is a narrow concept whereas marketing research is
a broad one and its scope is much wider.
It includes nature of the market, product analysis, sales analysis, time,
place and media of advertising, personal selling, pricing, sales
organisation, packaging, brand names, etc.

Business Research Is A Field of Practical Study in Which A Company Obtains

Uploaded by

Copyright:

Available Formats

Business Research Is A Field of Practical Study in Which A Company Obtains

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Business Research Is A Field of Practical Study in Which A Company Obtains

Uploaded by

Copyright:

Available Formats

1.

Business research is a field of practical study in which a company obtains

Business research involves establishing objectives and gathering relevant information to

10 Most Important Business Objectives

(Photo: Jupiterimages/Pixland/Getty Images )

Increasing Return on Investment

Maintaining Cash Flow

Improving Market Share

Achieving Business Globilization

Creating Process Improvements

Research and Development

Improving and Maintaining Goodwill

Superior Brand Recognition

About the Author

Objectives of Marketing Research:

(6) To Know The Market Competition:

Marketing Research V/S Market Research:

Marketing research serves the purpose of intelligence wing of the

You might also like