Posted: June 27th, 2015

Current Events in Business Research

Paper Outline

1. Description of business research process
2. Identifying business research problems

• Data collection and analysis

1. Successful business research and its most important ingredients
2. Reference

Business Research

Question 1

Description of business research process

Businesses are complex entities just as the case in the business research process. The quality of input in business process research is the determining factor of the best outcomes to be attained by the business. This is because many options exists both in the internal and external business environment that must be given priority regarding business research. The options prevailing in the environment have a possibility of being either problematic or beneficial to a business depending on the way they are chosen and utilized within the business. The main aim of business research is to identify the best business options within the business environment, as well as stipulating on how to maximize on these options. This enhances the profitability of a business (Hair, 2011).

Identifying business research problems

The first hurdle during the business research process is the identification of the problem facing the business. Here, the entire business environment must be properly assessed to identify the main hindrance to performance. There are many generative factors that hinder business in the modern economy. Different research approached can be adopted depending on the problem identified. These include descriptive, causal, and explanatory research approaches. Causal and explanatory research approaches are significantly desired in business research because they help in exploring the problem. Also, they help in attaining a firm grasp of the problem. Therefore, it is easy to make inferences and develop practical solutions to the 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 in the process is the collection and analysis of data. The data should be related to certain business problem and objectives. Accurate statistical data are desired. The collected data is then analyzed basing on theory and real business cases in order to develop tangible solutions. Practical recommendations are critical and are thus derived from professional analysis of the collected information relating to the problem facing the company (Hair, 2011).

Question 2

Successful business research and its most important ingredients

Research aims at investigating certain problems and offer amicable recommendations that are applied to solve the problem. However, modern business environments are increasingly fragmented thereby complicating the nature of problems. This calls for the introduction of business research in business organizations. The success of business research in any business firm is attained when the problem is well defined within the context of the entire business firm. A single problem within a business firm can impact differently on different departments of the firm. This has to be well featured in the research problem and objectives. This is because the solutions to be developed have to resolve the impacts of the problem.

A successful business research should also be elaborate enough in order to cover a wide range of business cases. This offers a big room of developing applicable solutions or recommendations. Therefore, a comprehensive research must have enough data from which inferences can be developed. The solutions developed here are applicable across a wide business arena as many businesses are venturing in external environments.

The research must offer or clearly show the potential opportunities to the business. Offering closed solutions and recommendations is not considered sustainable in business. This is because research should help to look into the future and define new opportunities for the business organization. The firm can sustainably deal with the problem and minimize the prospects of such problems from occurring again by venturing in the new opportunities.

Reference

Hair, J.F. (2011). Essentials of business research methods. Armonk, N.Y. [u.a.: M. E. Sharpe.