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Research Methods in Business Essay Sample

Business Research Methods Essay, UAE

In this essay, we will discuss methods of doing research in a business.

Business research is a process of finding and collecting profound information on all aspects of the business to use in incrementing sales and revenue of the company. 

Moreover, it refers to acquiring data or information for commercial or professional objectives to discover possibilities and goals for a corporation.

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Importance of Business Research

Generally, business research resolves the dilemma like where we should spend money to boost market share, sales, or profit. 

Furthermore, such a study is crucial for making intelligent and firm decisions. It helps businesses decide the most profitable or demanding product or service.

Methods of doing business research

Business Research Methods involve the techniques used for conducting the research. There are various types of business research methods in the market. Here, we will discuss some standard and most essential types. 

The types of business research method are as following:

Quantitative Business Research Methods

Quantitative methods deal with quantities or numbers. It is an experimental but systematic investigation of data using mathematical or statistical computational techniques. 

The first thing to do is to collect the data and then perform statistical analysis. 

The types or process of quantitative research methods are as follows:

  • Data Collection or Analysis: Data collection is the initial step of researching and evaluating the business idea. We can collect the data through existing trade and government associations about the market and the industry sector they are about to enter. Additionally, data collection comprises the investigation of relevant data as databases, financial records, report, newsletters. Performing analysis on collected data to get insights about the market and make wise business decisions.
  • Survey: A survey is the most effective and inexpensive research method to collect data about the business market. Businesses can do the surveys online on the survey website and link it with the business website and social media handles. Survey on calls or telephonic surveys and email surveys can target a specific group.
  • Correlational Research: Correlation means the relationship between two or more variables. Hence, in correlational research, we get the idea of a relationship between two features and their impact on each other. Moreover, correlational metrics enable us to correlate two or more variables or features.
  • Comparative Research: This method helps in explaining the comparison between two variables. It deduces the cause-effect connection or relation between variables. This method involves analyzing the effects of the independent variable on dependent variables.
  • Experimental Research: Experimental research tries to prove a hypothesis. It helps a business to recognize some behavioral aspects of their customers that help to generate more revenue. The theory is tested by an experiment to observe and analyze their behavior on specific parameters.

Qualitative Research

This method is necessary for business research. It obtains data by open-ended communications. Moreover, such a study enables one to understand the thinking of the audience. Here, we are discussing some of the qualitative methods: 

  • Interviews: Interviews are one-to-one conversations between two parties. In business research, a business person asks open-ended questions to the audience. Open-ended questions are questions that can be changed depending on the reply of the audience.
  • Focus Groups: Focus groups are formed by selecting individuals to understand the behaviors and opinions regarding the business product or service.
  • Ethnographic research: Ethnographic research involves adapting the natural environment and observing the potential customers for acquiring the data. Moreover, This kind of method is used to understand the challenges, culture, and daily activities of the target market.
  • Case Study: A case study is an essential aspect of business research. It evaluates client satisfaction, records the hurdles and solutions the business is providing. These conclusions are used to highlight the benefits the customer is getting from the firm.

 

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Advantages of Business Research

  • Business Research helps to identify threats, competition, and opportunities
  • It helps to find the problem and make wise decisions to tackle that issue
  • It gives better customer understanding and beneficial in communicating with the stakeholders and customers better
  • It can minimize the uncertainties and risks
  • Help in tracking the competition
  • Planning investments and financial outcomes effectively

Roadblocks in doing Business Research

  • High costly aspects 
  • Research can be time-consuming 
  • Biased audience
  • Maintaining pace with modern abrupt changing market

Conclusion

Before starting a business, an entrepreneur must do business research. Business research will help to survive and grow in the market. Besides, one can follow these methods to do business research efficiently and get better outcomes. MBA students of UAE also study these business research methods.

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