Description ofbusiness research process
Business research processes involve complex activities, which must be integrated to develop suitable systems. The quality of input in business process research determines the outcome achieved in business. This is because many strategies exist in the internal and external business environment, and the strategies are formulated using business research. The internal and external environments of a business should be considered in business research to facilitate developing reliable business strategies.
The research options available in the environment have a possibility of being problematic or beneficial to a business depending on the way they are chosen and utilized in business. The main aim of conducting business research is to identify the best business strategies and stipulating how to maximize profits when the strategies are applied. This enhances the profitability of a business (Hair, 2011).
Identifying business research problems
The first hurdle in the business research process is the identification of a problem facing the business.The entire business environment must be assessed to identify the main hindrances to performance. There are many generative factors which hinder business success in the modern economy. Depending on the problem identified, different research approaches can be adopted. The research approaches include: descriptive, causal and explanatory research approaches.
Causal and explanatory research approaches are applied in business research because they help explore the existing problems in a business. They help identify business problems and possible solutions to the problems. Therefore, it is easy to make inferences and develop practical solutions to any business problem. Business problems need quick, practical and implementable solutions to prevent further shocks that are brought about by the problem (Hair, 2011).
Data collection and analysis
After the problem has been identified and well defined, the second stage is the collection and analysis of data. The data should be related to the business problem and objectives. Accurate statistical data is critical to ensure proper solutions are developed. The analysis of the collected data is then done basing on theory and real business cases to develop tangible solutions.
Practical recommendations are derived from professional analysis of the data collected in relation to the problem facing an organization (Hair, 2011).
Successful business research and its most important ingredients
Research investigates certain problems and offers recommendations that are applied to solve the problem. Modern business environments are fragmented, and this complicates the nature of problems. Therefore, the dimension of business research in business organizations should be well analyzed to develop good structures.
The success of business research in any business firm is attained when the problem is well defined in the context of the entire business firm. A single problem within a business affects different departments. This has to be well featured in the research problem and objectives as solutions to be developed have to suit the impacts of the problem.
A successful business research should be elaborate enough to cover a wide range of business cases, which offers a big room of developing applicable solutions or recommendations. Therefore, a comprehensive research must have data to infer. The solutions developed are applicable across a wide business arena as many businesses are venturing in external environments.
The research must offer the potential opportunities to the business. Providing closed solutions and recommendations is not considered sustainable in business as research should help to look into the future and define new opportunities for the business organization. The firm can deal with the problem and minimize the prospects of such problems when new opportunities are explored.
Hair, J. F. (2011).Essentials of business research methods. Armonk, N.Y. [u.a.: M. E. Sharpe.