Organisation of business research for Business Research MCOM sem 4 Delhi University
Business research is the process of gathering the necessary data for an industry to be successful. Business research is synonymous with market research, but companies typically use every type of market research available to fully analyze their business situation: industry analysis, product research, and even identifying key customer groups. The business research process is necessary to assist managers in making major business decisions.Organisation of business research for Business Research MCOM sem 4 Delhi University.Organisation of business research for Business Research MCOM sem 4 Delhi University
Defining Business Objective
Before a business can start operating, it first must define its business. For example, a new discount health-care company may define its objective as providing affordable health care to individuals and families. After a company defines its main objective, it then is ready to study the industry and competition. The process of defining a business objective is necessary for managers to properly align their business plans with the right customers.
Companies usually start the data collection process by studying secondary research data. Some of this information may be available in business articles or at local libraries. A company often will need to purchase this data from vendors. Businesses can acquire information through secondary research about the size of their industry and how sales have trended. The second part of data collection entails primary research surveys. Companies do research surveys to measure satisfaction among customers, to ensure that the customer’s needs are being met with current products and to identify consumers that are most likely to use their products. Organisation of business research for Business Research MCOM sem 4 Delhi University.
Marketing managers and other business professionals analyze data so they fully understand where they stand versus competitors in sales volume and market share. A company may also learn more about its key strengths and weaknesses versus competitors. For example, secondary research may reveal that a key competitor is on the verge of merging with another company. Another competitor may be suffering financially. Additionally, analyzing primary research can help a company understand how it fares against competitors in product quality, service, price and value. Customers also may want additional features added to the company’s products. The ultimate goal of the analysis stage is to start developing some relevant choices or alternatives. Organisation of business research for Business Research MCOM sem 4 Delhi University.
After fully analyzing all available data, business managers usually will list possible alternatives for harnessing strengths and overcoming weaknesses. These alternatives eventually will need to be winnowed down to one viable solution or alternative. The goal of this solution will be to better satisfy key customers, increase distribution or whatever it takes to improve the company’s sales and profits. Organisation of business research for Business Research MCOM sem 4 Delhi University.
Ultimately, the business research process will lead to certain company decisions or strategies. The savvy business man knows that he can learn a lot from business research. However, he must also use it to avoid being outmaneuvered by competitors on important issues such as service and product features. For example, a company may revamp its customer service department to deal with low customer satisfaction scores revealed in the research. New product features may be added to satisfy the sector of the market that requested them. Organisation of business research for Business Research MCOM sem 4 Delhi University.
Organisation of business research for Business Research M COM sem 4 Delhi University
Global business is a combination of amazing opportunities and extraordinary challenges. In order to understand the dynamism of businesses and to exploit opportunities, organizations need access to current, accurate, and actionable inputs and knowledge for strategic decision making. We research on your customers, prospects and markets. We analyze market segments, industries and companies. Our actionable insights add value to our research reports. Business solutions vary at every stage of a business – at the launch of your business, during the operations stage and at the growth stage. Brickwork India assists you at every stage of your business! Organisation of business research for Business Research MCOM sem 4 Delhi University.
We validate your business idea with robust research and methodology, helping you adopt a well-rounded strategy to increase the success rate of your business venture.
Business plans serve as a blueprint to guide a firm’s policies and strategies for external audience (lenders, prospective investors) highlighting your firm’s past, present, and forecasted future performance. Our business plans supports with industry analysis to create a road map to meet your business objectives. It includes macroeconomic analysis of the industry, evaluation of your company operations, identification of the best vehicles to increase profitability, and financial models depicting each scenario, which can be used as a prospectus for potential investors and lenders.
Organizations use competitive intelligence to compare themselves to their competitors to anticipate competitors’ moves, decrease response time and plan their strategies to stay ahead. We gather information on your competitors’ products, domain constituents, customers, and competitors. We do a thorough analysis and help you implement this analysis for the short-term and long-term planning needs of your business.
Company analysis involves understanding the structure, finances, products, services, markets, customers, prospects, management, investments, geographic reach, etc., for any company. Understanding the business model is a key component. SWOT analysis is a part of the research to essentially create a company profile.
Our research team gathers and analyzes the demographics of a particular market and provides you with insights such as population breakup, fastest growing age group, local cultures, disposable incomes, spending patterns, etc to understand the overall dynamics of the target market.
A feasibility study is a preliminary study undertaken to determine and document a project’s viability. The results of this study are used to make a decision whether or not to proceed with the project. It is an analysis of possible alternative solutions to a problem and a recommendation on the best alternative.
Market Potential Studies
Ideally, meant for new product development, R & D, entering new markets, and developing potential new customers. The Brickwork team assists in developing a forecast of the size of a market in terms of revenue, numbers of buyers, or other factors. The overall market potential is analyzed and compared with the potential within the company’s customer base.
Business Research is not tied to any particular subfield, type of analysis, or national context. It guarantees a review of a maximum of ten weeks with a definite decision after a maximum of 2 rounds. Business and management research is a systematic inquiry that helps to solvebusiness problems and contributes to management knowledge. It Is an appliedresearch. Four factors (Easterby-Smith, 2008) combine to make business and management a distinctive focus for research.
Business research report is the same as academic report. … The topics may be product development research, Marketing, and a budget research etc. The purpose of the research report is to provide information or data on any specific areas or a subject. This business research can either be external or internal.
Business research process entails studying all aspects of a company, its customers and the market, then using that information to make sound businessdecisions. … When company managers study the market, they will usually take a comprehensive look at key competitors and the industry in which they operate.
Study Material that you should use to prepare M.COM
To successfully prepare for M.COM you should use a combination of best faculty video lectures, best recommended scanners and books, and a lot of free notes, charts, pdf files available for free download from www.cakart.in.