Question

1. Discuss the necessity for any organization to engage in ‘business research’
2. Discuss the process of conducting business research and implementing its results

Answer 1

a.            The research is the main criteria for any business that is required to be conducted for targeting the audiences with the product. Without the proper research, it is difficult to know the place for targeting the business as per the needs of the customers.

For example; a shoemaking company has planned to sell leather bags to their potential and new customers. Without validating the needs in the market it will be absurd to finally come for the manufacturing process. In such cases; across everywhere if the organization wants to extend their selling process it is necessary to run with the business research first so that the organization business flourishes at the time of conduction to market and also should not be dipped in growth further. Thus, identifying the areas of targeting the business can lead to the organization at a height with a proper source of achieving seamless revenue generation.

b.            The processes of conduction of business research are consisting of variable steps but there are some major steps that should be considered for obtaining better results. The steps are like; understanding the customers, segment validations, and marketing. The customers are likely required to be identified and understood by interacting with them for knowing their needs and expectations. It will give a lot of data’s that can be utilized further for implementing the innovative process.

The segments validations from demographics to Geographic’s are necessary to be analyzed correctly for identifying the demands and needs of the customers. The segment validation is the major important part of the business research that is required to be done with full focus as through this process the organization will get to know the public demand, positioning and placing of specific genres of the products in the market.

The last comes is marketing, it is very crucial aspects of making the implementation for the betterment of the business growth. The most targeted platforms like social media, the organization is required to come up with their own ideas into it for the upcoming launching of the products in the market. Through this process a lot of people will share their feedbacks into the platform; each feedback is required to be analyzed well.

The analysis is required to be done in the most effective way so that the audiences can be fulfilled with their demands by implementing the areas. In this way, business research is required to be conducted for implementing the areas of the business to enhancing growth.