Business research is a process of acquiring detailed information related to all the areas of business and using such information in maximizing the sales and profit of an organisation. In simple words, it can be stated as the acquisition of information or knowledge for professional or commercial purpose to determine opportunities and goals for a business. It involves studying people as buyers, sellers, and consumers by examining their attitudes, preferences, habits, and purchasing power. Business research is also concerned with the channels of distribution, with promotion and pricing, and with the design of the products and services to be marketed.
Importance of Business Research
- Business research is one of the most effective ways to understand customers, the market, and competitors.
- It helps companies to understand the demand and supply of the market.
- It will also help businesses reduce costs, and create solutions or products that are targeted to the demand in the market and the correct audience.
- In-house business research can enable senior management to build an effective team and train or mentor when needed.
- Business research enables the company to track its competitors and get an upper hand to stay ahead of them.
- Failures can be avoided by conducting such research as it can give the researcher an idea if the time is right to launch its product/solution and also if the audience is right.
- It will help understand the brand value and measure customer satisfaction which is essential to continuously innovate and meet customer demands.
- It will help the company grow its revenue and market share.
- Business research also helps to recruit ideal candidates for various roles in the company.
- By conducting such research a company can carry out a SWOT analysis, with the help of which wise decisions can be made to ensure business success.
We, CREA Insights – Business Research & Creative Solutions, as a Business Research firm gather and analyze data about customers, competitors, distributors, and other actors and forces in the marketplace. We undertake quantitative research activities like Market Surveys, Correlation Research, Causal Comparative Research, Experimental Research, Online Research, Literature Review etc. In the case of qualitative research, we do initiate Customer Interviews, Focus Group Study, Ethnographic Research, Case Study Research, Web Visitor Profiling etc.