Question

1. Discuss the necessity for any one small or medium-size specific Organization to engage in ‘business research’

2. Discuss the process of conducting business research and implementing its results in the small or medium-size specific Organization you chose.

Answer 1

Answer:

Business research refers to the process of getting a detailed study about every business area that contains the market and consumers and utilizing the information to maximize the profit and sales of the business.

It is very important and beneficial for companies especially small businesses and medium-size specific Organizations.
There are many benefits of engaging in business research for small and medium-sized organizations. some of them are as follows:

• Business research allows small and mid-sized companies to communicate with potential and current clients in a more effective manner.
• It helps small and mid-sized companies to find the opportunities, risks and that's in the competitive marketplace.
• Business research helps them to reduce or eliminate the risks.
• It is also used to plan financial outcomes and investments more effectively.
• Business research helps small and mid-sized companies to develop a much better market position.
• It helps small and mid-sized companies to be updated with the latest innovations and current trends in the market.
• In brief, business reach is very important and crucial for any company especially small and mid-sized companies because it helps them to remain in the competition.