Current Events in Business Research
Current Events in Business Research
University of Phoenix
RES/351 - Business Research
April 17, 2014
Professor K.E. Brown
Current Events in Business Research
The importance of business research in today 's growing economy is essential in predicting the performance of a business. Analyzing what a company’s weaknesses and strengths are can help in understanding why business research is necessary. It also focuses on problems and issues and solves these issues. The experience I have acquired in trying to establish a start-up company needs extensive research and hard work. In starting any business and wanting it to be successful research of the business, should be made. Knowing exactly what a new business entails and being prepared facilitates decisions that will determine the productivity. The research a new business acquires is first understanding and reading into a situation. Studying an industry and interpreting strategies and patterns allows for a better outlook on business decisions and changes. According to Cooper and Schindler (2011), business planning requires decision making, planning, acquiring, analyzing, and disseminating relevant data, and information in order to maximize the performance of a business. For my start-up business, my partner and I determined there was an open market and decided to create a service that we could offer. The market research we performed also captured the strategies that competitors currently have that we can capitalize on by what they do not offer and create a higher return to our productivity and services. The importance of business research in today’s economy is decisive because it allows for managers to make decisions that impact businesses and provide information that will bring higher returns and productivity. Organizations methods for business research also include using the scientific method. This analysis allows for reporting, descriptive, explanatory, and predictive studies. (Cooper & Schindler, 2011).
University of Phoenix
RES/351 - Business Research
April 17, 2014
Professor K.E. Brown
Current Events in Business Research
The importance of business research in today 's growing economy is essential in predicting the performance of a business. Analyzing what a company’s weaknesses and strengths are can help in understanding why business research is necessary. It also focuses on problems and issues and solves these issues. The experience I have acquired in trying to establish a start-up company needs extensive research and hard work. In starting any business and wanting it to be successful research of the business, should be made. Knowing exactly what a new business entails and being prepared facilitates decisions that will determine the productivity. The research a new business acquires is first understanding and reading into a situation. Studying an industry and interpreting strategies and patterns allows for a better outlook on business decisions and changes. According to Cooper and Schindler (2011), business planning requires decision making, planning, acquiring, analyzing, and disseminating relevant data, and information in order to maximize the performance of a business. For my start-up business, my partner and I determined there was an open market and decided to create a service that we could offer. The market research we performed also captured the strategies that competitors currently have that we can capitalize on by what they do not offer and create a higher return to our productivity and services. The importance of business research in today’s economy is decisive because it allows for managers to make decisions that impact businesses and provide information that will bring higher returns and productivity. Organizations methods for business research also include using the scientific method. This analysis allows for reporting, descriptive, explanatory, and predictive studies. (Cooper & Schindler, 2011).
References: Cooper, D., & Schindler, P. (2011). Business Research methods (11th ed.). Retrieved from The University of Phoenix eBook.