Business Research Process

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Using both primary and secondary forms of research methods, the organization is able to establish unstructured and structured data for analysis. Primary forms of data collection include surveys, interviews and questionnaires put directly to the customer. Secondary forms use data already collected by someone else. This could be collected from magazines, journals, Internet, etc. The collected data is now ready for analysis.

The data collected has to be made available for interpretation and analysis. In order to bridge the gaps in the collected data, the organization has to often make use of statistical and mathematical models. This gives meaning to the raw data and can be understood by everyone. The data is presented in cross-functional formats and can be put to many uses. Comparison of various variables is facilitated then.

Simulation of data

The data is then simulated and various alternatives are found. The best possible trade-off is adopted by the organization. The trade-offs could be in terms of lowering of costs, heightening demand, sales, profits, etc. All these have to be understood with respect to the readily available resources.

Implementation of the alternate chosen

The trade-off that has been chosen needs to be implemented. As markets and customer preferences keep changing, there is need for on-going research in order to maintain a competitive advantage.

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