what is business research and why is it important

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Business Research: Methods, Types & Examples

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Business research: Definition

Quantitative research methods, qualitative research methods, advantages of business research, disadvantages of business research, importance of business research.

Business research is a process of acquiring detailed information on all the areas of business and using such information to maximize the sales and profit of the business. Such a study helps companies determine which product/service is most profitable or in demand. In simple words, it can be stated as the acquisition of information or knowledge for professional or commercial purposes to determine opportunities and goals for a business.

Business research can be done for anything and everything. In general, when people speak about business research design , it means asking research questions to know where the money can be spent to increase sales, profits, or market share. Such research is critical to make wise and informed decisions.

LEARN ABOUT: Research Process Steps

For example: A mobile company wants to launch a new model in the market. But they are not aware of what are the dimensions of a mobile that are in most demand. Hence, the company conducts business research using various methods to gather information, and the same is then evaluated, and conclusions are drawn as to what dimensions are most in demand.

This will enable the researcher to make wise decisions to position his phone at the right price in the market and hence acquire a larger market share.

LEARN ABOUT: Test Market Demand

Business research: Types and methodologies

Business research is a part of the business intelligence process. It is usually conducted to determine whether a company can succeed in a new region, to understand its competitors, or simply select a marketing approach for a product. This research can be carried out using steps in qualitative research methods or quantitative research methods.

Quantitative research methods are research methods that deal with numbers. It is a systematic empirical investigation using statistical, mathematical, or computational techniques . Such methods usually start with data collection and then proceed to statistical analysis using various methods. The following are some of the research methods used to carry out business research.

LEARN ABOUT: Data Management Framework

Survey research

Survey research is one of the most widely used methods to gather data, especially for conducting business research. Surveys involve asking various survey questions to a set of audiences through various types like online polls, online surveys, questionnaires, etc. Nowadays, most of the major corporations use this method to gather data and use it to understand the market and make appropriate business decisions.

Various types of surveys, like cross-sectional studies , which need to collect data from a set of audiences at a given point of time, or longitudinal surveys which are needed to collect data from a set of audiences across various time durations in order to understand changes in the respondents’ behavior are used to conduct survey research. With the advancement in technology, surveys can now be sent online through email or social media .

For example: A company wants to know the NPS score for their website i.e. how satisfied are people who are visiting their website. An increase in traffic to their website or the audience spending more time on a website can result in higher rankings on search engines which will enable the company to get more leads as well as increase its visibility.

Hence, the company can ask people who visit their website a few questions through an online survey to understand their opinions or gain feedback and hence make appropriate changes to the website to increase satisfaction.

Learn More: Business Survey Template

Correlational research

Correlational research is conducted to understand the relationship between two entities and what impact each one of them has on the other. Using mathematical analysis methods, correlational research enables the researcher to correlate two or more variables .

Such research can help understand patterns, relationships, trends, etc. Manipulation of one variable is possible to get the desired results as well. Generally, a conclusion cannot be drawn only on the basis of correlational research.

For example: Research can be conducted to understand the relationship between colors and gender-based audiences. Using such research and identifying the target audience, a company can choose the production of particular color products to be released in the market. This can enable the company to understand the supply and demand requirements of its products.

Causal-Comparative research

Causal-comparative research is a method based on the comparison. It is used to deduce the cause-effect relationship between variables. Sometimes also known as quasi-experimental research, it involves establishing an independent variable and analyzing the effects on the dependent variable.

In such research, data manipulation is not done; however, changes are observed in the variables or groups under the influence of the same changes. Drawing conclusions through such research is a little tricky as independent and dependent variables will always exist in a group. Hence all other parameters have to be taken into consideration before drawing any inferences from the research.

LEARN ABOUT: Causal Research

For example: Research can be conducted to analyze the effect of good educational facilities in rural areas. Such a study can be done to analyze the changes in the group of people from rural areas when they are provided with good educational facilities and before that.

Another example can be to analyze the effect of having dams and how it will affect the farmers or the production of crops in that area.

LEARN ABOUT: Market research trends

Experimental research

Experimental research is based on trying to prove a theory. Such research may be useful in business research as it can let the product company know some behavioral traits of its consumers, which can lead to more revenue. In this method, an experiment is carried out on a set of audiences to observe and later analyze their behavior when impacted by certain parameters.

LEARN ABOUT: Behavioral Targeting

For example: Experimental research was conducted recently to understand if particular colors have an effect on consumers’ hunger. A set of the audience was then exposed to those particular colors while they were eating, and the subjects were observed. It was seen that certain colors like red or yellow increase hunger.

Hence, such research was a boon to the hospitality industry. You can see many food chains like Mcdonalds, KFC, etc., using such colors in their interiors, brands, as well as packaging.

Another example of inferences drawn from experimental research, which is used widely by most bars/pubs across the world, is that loud music in the workplace or anywhere makes a person drink more in less time. This was proven through experimental research and was a key finding for many business owners across the globe.

Online research / Literature research

Literature research is one of the oldest methods available. It is very economical, and a lot of information can be gathered using such research. Online research or literature research involves gathering information from existing documents and studies, which can be available at Libraries, annual reports, etc.

Nowadays, with the advancement in technology, such research has become even more simple and accessible to everyone. An individual can directly research online for any information that is needed, which will give him in-depth information about the topic or the organization.

Such research is used mostly by marketing and salespeople in the business sector to understand the market or their customers. Such research is carried out using existing information that is available from various sources. However, care has to be taken to validate the sources from where the information is going to be collected.

For example , a salesperson has heard a particular firm is looking for some solution that their company provides. Hence, the salesperson will first search for a decision maker from the company, investigate what department he is from, and understand what the target company is looking for and what they are into.

Using this research, he can cater his solution to be spot on when he pitches it to this client. He can also reach out to the customer directly by finding a means to communicate with him by researching online.’

LEARN ABOUT: 12 Best Tools for Researchers

Qualitative research is a method that has a high importance in business research. Qualitative research involves obtaining data through open-ended conversational means of communication. Such research enables the researcher to not only understand what the audience thinks but also why he thinks it.

In such research, in-depth information can be gathered from the subjects depending on their responses. There are various types of qualitative research methods, such as interviews, focus groups, ethnographic research, content analysis, and case study research, that are widely used.

Such methods are of very high importance in business research as they enable the researcher to understand the consumer. What motivates the consumer to buy and what does not is what will lead to higher sales, and that is the prime objective for any business.

Following are a few methods that are widely used in today’s world by most businesses.

Interviews are somewhat similar to surveys, like sometimes they may have the same types of questions used. The difference is that the respondent can answer these open-ended questions at length, and the direction of the conversation or the questions being asked can be changed depending on the response of the subject.

Such a method usually gives the researcher detailed information about the perspective or opinions of its subject. Carrying out interviews with subject matter experts can also give important information critical to some businesses.

For example: An interview was conducted by a telecom manufacturer with a group of women to understand why they have less number of female customers. After interviewing them, the researcher understood that there were fewer feminine colors in some of the models, and females preferred not to purchase them.

Such information can be critical to a business such as a telecom manufacturer and hence it can be used to increase its market share by targeting women customers by launching some feminine colors in the market.

Another example would be to interview a subject matter expert in social media marketing. Such an interview can enable a researcher to understand why certain types of social media advertising strategies work for a company and why some of them don’t.

LEARN ABOUT: Qualitative Interview

Focus groups

Focus groups are a set of individuals selected specifically to understand their opinions and behaviors. It is usually a small set of a group that is selected keeping in mind the parameters for their target market audience to discuss a particular product or service. Such a method enables a researcher with a larger sample than the interview or a case study while taking advantage of conversational communication.

Focus group is also one of the best examples of qualitative data in education . Nowadays, focus groups can be sent online surveys as well to collect data and answer why, what, and how questions. Such a method is very crucial to test new concepts or products before they are launched in the market.

For example: Research is conducted with a focus group to understand what dimension of screen size is preferred most by the current target market. Such a method can enable a researcher to dig deeper if the target market focuses more on the screen size, features, or colors of the phone. Using this data, a company can make wise decisions about its product line and secure a higher market share.

Ethnographic research

Ethnographic research is one of the most challenging research but can give extremely precise results. Such research is used quite rarely, as it is time-consuming and can be expensive as well. It involves the researcher adapting to the natural environment and observing its target audience to collect data. Such a method is generally used to understand cultures, challenges, or other things that can occur in that particular setting.

For example: The world-renowned show “Undercover Boss” would be an apt example of how ethnographic research can be used in businesses. In this show, the senior management of a large organization works in his own company as a regular employee to understand what improvements can be made, what is the culture in the organization, and to identify hard-working employees and reward them.

It can be seen that the researcher had to spend a good amount of time in the natural setting of the employees and adapt to their ways and processes. While observing in this setting, the researcher could find out the information he needed firsthand without losing any information or any bias and improve certain things that would impact his business.

LEARN ABOUT: Workforce Planning Model

Case study research

Case study research is one of the most important in business research. It is also used as marketing collateral by most businesses to land up more clients. Case study research is conducted to assess customer satisfaction and document the challenges that were faced and the solutions that the firm gave them.

These inferences are made to point out the benefits that the customer enjoyed for choosing their specific firm. Such research is widely used in other fields like education, social sciences, and similar. Case studies are provided by businesses to new clients to showcase their capabilities, and hence such research plays a crucial role in the business sector.

For example: A services company has provided a testing solution to one of its clients. A case study research is conducted to find out what were the challenges faced during the project, what was the scope of their work, what objective was to be achieved, and what solutions were given to tackle the challenges.

The study can end with the benefits that the company provided through its solutions, like reduced time to test batches, easy implementation or integration of the system, or even cost reduction. Such a study showcases the capability of the company, and hence it can be stated as empirical evidence of the new prospect.

Website visitor profiling/research

Website intercept surveys or website visitor profiling/research is something new that has come up and is quite helpful in the business sector. It is an innovative approach to collect direct feedback from your website visitors using surveys. In recent times a lot of business generation happens online, and hence it is important to understand the visitors of your website as they are your potential customers.

Collecting feedback is critical to any business, as without understanding a customer, no business can be successful. A company has to keep its customers satisfied and try to make them loyal customers in order to stay on top.

A website intercept survey is an online survey that allows you to target visitors to understand their intent and collect feedback to evaluate the customers’ online experience. Information like visitor intention, behavior path, and satisfaction with the overall website can be collected using this.

Depending on what information a company is looking for, multiple forms of website intercept surveys can be used to gather responses. Some of the popular ones are Pop-ups, also called Modal boxes, and on-page surveys.

For example: A prospective customer is looking for a particular product that a company is selling. Once he is directed to the website, an intercept survey will start noting his intent and path. Once the transaction has been made, a pop-up or an on-page survey is provided to the customer to rate the website.

Such research enables the researcher to put this data to good use and hence understand the customers’ intent and path and improve any parts of the website depending on the responses, which in turn would lead to satisfied customers and hence, higher revenues and market share.

LEARN ABOUT: Qualitative Research Questions and Questionnaires

Business research helps to identify opportunities and threats.
It helps identify research problems , and using this information, wise decisions can be made to tackle the issue appropriately.
It helps to understand customers better and hence can be useful to communicate better with the customers or stakeholders.
Risks and uncertainties can be minimized by conducting business research in advance.
Financial outcomes and investments that will be needed can be planned effectively using business research.
Such research can help track competition in the business sector.
Business research can enable a company to make wise decisions as to where to spend and how much.
Business research can enable a company to stay up-to-date with the market and its trends, and appropriate innovations can be made to stay ahead in the game.
Business research helps to measure reputation management
Business research can be a high-cost affair
Most of the time, business research is based on assumptions
Business research can be time-consuming
Business research can sometimes give you inaccurate information because of a biased population or a small focus group.
Business research results can quickly become obsolete because of the fast-changing markets

Business research is one of the most effective ways to understand customers, the market, and competitors. Such research helps companies to understand the demand and supply of the market. Using such research will 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 or train or mentor when needed. Business research enables the company to track its competitors and hence can give you the 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.

This will help the company grow its revenue and market share. Business research also helps recruit ideal candidates for various roles in the company. By conducting such research, a company can carry out a SWOT analysis , i.e. understand the strengths, weaknesses, opportunities, and threats. With the help of this information, wise decisions can be made to ensure business success.

LEARN ABOUT: Market research industry

Business research is the first step that any business owner needs to set up his business to survive or to excel in the market. The main reason why such research is of utmost importance is that it helps businesses to grow in terms of revenue, market share, and brand value.

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Business research: types, benefits, and its importance.

Business research is a process of obtaining a detailed study of all the business areas including the market and the customers and using that information to maximize the sales & profit of the business.

When you run a business, there are several things you can research on. You research everything from market shares to sales. Business research helps you make intelligent and informed decisions and identify the key areas to invest your money in.

For example, an automobile company plans to unveil the latest car model in the market. For that, they need to develop strategies to explore and monitor customer demand. So, the company will conduct research to collect information and analyze market trends. This will help them draw better conclusions and come up with a fine quality car at the right price resulting in a larger market share.

Types of Business Research

Researchers use various research methods to collect relevant data so that business enterprises can make wiser decisions. There are two main types of methods to carry out business research.

Quantitative Business Research It is a method of analyzing the largest group that meets your target goals. It uses mathematical techniques and data to explain the important stats about your business and market. Usually, this data uses multiple-choice questionnaires that can help you be profitable with your sales. For instance, quantitative research can answer questions such as;
Are your customers aware of the services or products you offer?
How many people are interested in buying your products or services?
Who are your best customers and what are their buying habits?
How long the visitor stays on your website, and which is their exit page?

The result of quantitative business research is in the numerical form, such as;

40% of customers rate the new product as “attractive”
70% of prospective customers use the Internet to book their hotel room
6 out of 10 customers will buy a new food product after trying the free in-store sample

The quantitative research methods include various surveys such as postal, telephone, online, and face-to-face.

Qualitative Business Research

This business research focuses on attitudes, intentions, and beliefs. Qualitative research includes questions such as “Why”? or “How?”.

The aim of this research is to gain insights into customers’ distinct behaviors and response to a new product. This research is beneficial for your new products and marketing initiatives to test reactions and rectify your approach.

You can collect qualitative data using common methods such as case studies, focus groups, and interviews. This data is often valuable but can be time-consuming and expensive to collect, especially for a small business or a startup.

Benefits of Business Research

Business Research helps you communicate with current and potential customers in a better way.
It helps you identify opportunities and threats in the marketplace.
It helps you minimize risks.
Business research is used to plan investments and financial outcomes effectively.
It helps you build a better market position.
It can keep you updated with current trends and innovations in the market.

Why is Business Research Important?

Business research helps businesses understand their customers’ buying patterns, preferences and pain points, gain deeper insights into the contenders, current market trends, and demographics. Using effective strategies to understand the demand and supply of the market, businesses can always stay ahead of the competition. Using business research, they can reduce costs and design solutions that aim at the market demand and their target audience.

Chances of failures are less with business research as it gives an idea of the target customers and the perfect time to launch a product. In addition, with a deep understanding of brand value, businesses can constantly innovate to meet customer requirements. This is essential to grow market share and revenue. The SWOT analysis in business research is crucial to make an informed decision and making the business a huge success.

Research is the building block of any business. It acts as a catalyst to thrive in the market. So, never underestimate the value of market research and leverage its benefits to give an extra edge to your business.

Authors Bio: Ritesh Patil is the co-founder of Mobisoft Infotech that helps startups and enterprises in mobile technology. He loves technology, especially mobile technology. He’s an avid blogger and writes on the mobile application. He works in a leading mobile app development company with skilled iOS and Android app developers.

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Business Research: Types, Methods, Examples

Updated on
Jan 29, 2024

Ever wondered what it takes to build a flourishing business ? Aiming to provide maximum sales and profit, business research helps you to gather comprehensive information about your business and accordingly make relevant changes if required. So, in this process of being successful, we gather all types of data to better define our strategies and understand what products or services customers want. And in case, you’re planning to expand your business, research can help you determine your odds of positive results. In this blog, we’ll help you understand the basics of research and analysis .

“Whoever gets closer to the customer, wins.” – Bernadette Jiwa

This Blog Includes:

What is business research, business research example, importance of business research, types & methods, focus groups , case study research , ethnographic research, survey , correlation research , experimental research , advantages and disadvantages of business research, scope of business research, role of business research, business research books, business research report, top 10 tools for business research, business research partners, top 10 business research topics, career prospects , [bonus] best mba colleges in the world.

Business Research can be simply defined as a process of gathering comprehensive data and information on all the areas of business and incorporating this information for sales and profit maximization. If you are wondering what is Business Research, it is a systematic management activity helping companies to determine which product will be most profitable for companies to produce. Also, there are multiple steps in conducting research, with each thoroughly reviewed to ensure that the best decision is made for the company as a whole.

Also Read: Scope of MBA in International Business

Let’s say there’s an automobile company that is planning to launch a car that runs on CNG. To promote cleaner fuel, the company will be involved in developing different plans and strategies to identify the demand for the car they intend to launch. Other than this, the company will also look for competitors, and the target audience, keeping in mind the distribution of CNG in India. Hence the research is conducted on various ideas to formulate a sustainable and more efficient design.

When it comes to the question of why Business Research is important, it has an essential role to play in varied areas of business. Here are some of the reasons describing the importance of Business Research:

It helps businesses gain better insights into their target customer’s preferences, buying patterns, pain points, as well as demographics.
Business Research also provides businesses with a detailed overview of their target markets, what’s in trend, as well as market demand.
By studying consumers’ buying patterns and preferences as well as market trends and demands with the help of business research, businesses can effectively and efficiently curate the best possible plans and strategies accordingly.
The importance of business research also lies in highlighting the areas where unnecessary costs can be minimized and those areas in a business which need more attention and can bring in more customers and hence boost profits.
Businesses can constantly innovate as per their customers’ preferences and interests and keep their attention on the brand.
Business Research also plays the role of a catalyst as it helps businesses thrive in their markets by capturing all the available opportunities and also meeting the needs and preferences of their customers.

Also Read: Business Analyst vs Data Analyst

Business research plays an important role in the business intelligence process. This is usually conducted to determine if a company can succeed in a new region through competitive analyses and a better marketing approach. Due to this, this broad field has been distinguished into two types namely, Qualitative Research and Quantitative Research Method.

Here are the most important types of Business Research :

Qualitative Research Methods

It involves putting open-ended questions to the audience through different channels of communication to understand why researchers think in a particular manner. Stress is laid on understanding the intent, attitude, and beliefs to figure out the behaviour and response of the customers. Moreover, the goal of Qualitative Business Research is to get in-depth knowledge about the subjects of the research. Moreover, qualitative research enables us to put the perspective of the consumer in front of the researcher so that we can understand and see the alignment of the ideas between the market and the business.

The data collected in this type of business research is by the following methods:

Interviews
Case Study
Ethnographic Research
Website Visitor Profiling
Content Analysis

Also Read: Study MBA in Music Business at Berklee College of Music!

Let us take a detailed look at some of the ways-

Interviews and surveys are similar. The only difference lies in the fact that the responder can put a question in an interview whilst it is not possible during a survey. Through interviews, it is easier to understand the detailed perspective of the person concerning the subject of research. A mobile brand researched to understand why certain colours are preferred by male and female customers. The research revealed that since red is assumed to be a feminine colour, it is more preferred by females than males.

Focus groups are a type of business research that involves only a set of individuals. Each selected individual represents a particular category of the target market. The major difference between interviews and focus groups is the number of people that it involves. To launch a new product for a particular group of society, focus groups prove to be the best way to understand the needs of the local audience.

For example, Tesla decides to launch their latest car model in India. The company, therefore, will require feedback from the Indian audience only.

Did you know? Amazon, the internet giant changed its payment strategy to enter the Indian market. Since the Indian economy was not entirely ready for online modes of payment, amazon introduced a new payment method and came up with ‘ cash on delivery ’ to gain consumers’ trust.

One of the most effective ways for business research is conducting case studies. With the motive to understand customer satisfaction, challenges that usually the customers face while using the product and hence, providing them with the right solution can be achieved by analysing data secured through data secured by case studies. Case study researchers are conducted in many fields of business that ultimately aid organisations in improving their products or services.

Ethnographic Research refers to understanding people as a whole. One must be able to grok their consumers or target audience which will help identify patterns, flaws, etc. Ethnography is a branch of anthropology that is the study of what elements or features make us humans. How did people live? What aspect made us so dependent on smartphones and technology? Why would people buy one product over the other? It refers to asking questions about lifestyle, communities, etc., and trying to gain insight into consumer behaviour and buying patterns.

For example, consider a random product. Are people looking for that product? Do they need it? Is it a necessity or a luxury? Which class of people are most likely to buy it? People often cannot comprehend what they are looking for. Gaining different perceptions can help us tailor our products accordingly to the consumers. Who would have thought that the majority of humans will need face masks for survival?

Also Read: How to Become a Research Analyst?

Quantitative Research Methods

With the employment of mathematical, statistical and computational techniques, quantitative research is carried out to deal with numbers. This systematical empirical investigation starts with the acquisition of the data and then moves on to analyzing it with the help of different tools. The goal is to identify clientele and then meet the targets of the audience. As the method of business research employs a questionnaire to determine the audience’s response, the questions are built around the idea that the audience knows about the product or the services that the firm offers. Some of the key questions answered in quantitative research methods include, who is connected with your network, how they qualify for the ‘product’ or how regularly they visit your website.

The data is collected based on the following research:

Correlational
Online
Casual Comparative
Experimental

It is the most common method under quantitative research via which a huge amount of data can be collected concerning a product or service. A common set of questions are asked to the people and they are asked to provide their inputs. To understand the nature of the market in-depth, this method is massively used by leading organisations all across the globe. Analysing data recorded through service helps organisations make suitable decisions.

Under this research, usually two entities are put together to examine the impact they create on each other. As suggested by the name it is the best process to understand patterns, relationships and trends. the data grasped through correlation research is generally combined with other tools as one cannot achieve a firm conclusion using this type of business research.

Experimental research is purely based on proving a particular theory that is pre-assumed. True experimental research companies can understand varied behavioural traits of the customers that further assist them in generating more revenue. Exposing a set of audience to common parameters, their behaviour is recorded and hence analysed. This can be understood as the main basis of the experimental research.

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The Importance of Business Research: Understanding Its Value for Management Decisions

Table of Contents

If you’re a business owner or manager, you know that making the right decisions can be the difference between success and failure. One of the most valuable tools for making informed decisions is conducting business research. In this blog, we will explore the importance of business research in detail and how it can benefit management decisions.

What is Business Research?

Business research is the process of collecting and analyzing data to support management decision-making. It helps organizations identify and solve problems, make informed decisions, and stay ahead of their competitors.

The Importance of Business Research

Business research plays a crucial role in an organization’s success by providing the following benefits:

1. Identifying Problems and Opportunities

Business research helps to identify the problems and opportunities that exist in a particular market or industry. By conducting research, organizations can identify gaps in the market, unmet customer needs, and areas where they can improve their products or services.

2. Making Informed Decisions

Making informed decisions is crucial for the success of any business. Business research provides the necessary information and insights to make informed decisions. It helps management to evaluate the potential risks and benefits of a particular strategy or decision.

3. Mitigating Risk

Business research helps to mitigate risk by providing information on potential risks and uncertainties. By conducting research, organizations can evaluate the potential risks associated with a particular decision or strategy and take measures to mitigate them.

4. Improving Customer Satisfaction

Business research can help improve customer satisfaction by identifying the needs and preferences of customers. By understanding customer needs, organizations can develop products and services that meet their customers’ needs and preferences.

5. Staying Ahead of Competitors

Business research helps organizations stay ahead of their competitors by providing insights into the market and industry trends. By conducting research, organizations can identify new opportunities and potential threats, develop strategies to capitalize on these opportunities, and stay ahead of their competitors.

In conclusion, business research is an essential tool for making informed decisions, identifying problems and opportunities, mitigating risk, improving customer satisfaction, and staying ahead of competitors. By conducting research, organizations can gain valuable insights into the market and industry trends, which can help them make more informed decisions and ultimately achieve greater success.

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Research Methodology for Management Decisions

1 Research Methodology: An Overview

Meaning of Research
Research Methodology
Research Method
Business Research Method
Types of Research
Importance of business research
Role of research in important areas

2 Steps for Research Process

Research process
Define research problems
Research Problem as Hypothesis Testing
Extensive literature review in research
Development of working hypothesis
Preparing the research design
Collecting the data
Analysis of data
Preparation of the report or the thesis

3 Research Designs

Functions and Goals of Research Design
Characteristics of a Good Design
Different Types of Research Designs
Exploratory Research Design
Descriptive Research Design
Experimental Research Design
Types of Experimental Designs

4 Methods and Techniques of Data Collection

Primary and Secondary Data
Methods of Collecting Primary Data
Merits and Demerits of Different Methods of Collecting Primary Data
Designing a Questionnaire
Pretesting a Questionnaire
Editing of Primary Data
Technique of Interview
Collection of Secondary Data
Scrutiny of Secondary Data

5 Attitude Measurement and Scales

Attitudes, Attributes and Beliefs
Issues in Attitude Measurement
Scaling of Attitudes
Deterministic Attitude Measurement Models: The Guttman Scale
Thurstone’s Equal-Appearing Interval Scale
The Semantic Differential Scale
Summative Models: The Likert Scale
The Q-Sort Technique
Multidimensional Scaling
Selection of an Appropriate Attitude Measurement Scale
Limitations of Attitude Measurement Scales

6 Questionnaire Designing

Introductory decisions
Contents of the questionnaire
Format of the questionnaire
Steps involved in the questionnaire
Structure and Design of Questionnaire
Management of Fieldwork
Ambiguities in the Questionnaire Methods

7 Sampling and Sampling Design

Advantage of Sampling Over Census
Simple Random Sampling
Sampling Frame
Probabilistic As pects of Sampling
Stratified Random Sampling
Other Methods of Sampling
Sampling Design
Non-Probability Sampling Methods

8 Data Processing

Editing of Data
Coding of Data
Classification of Data
Statistical Series
Tables as Data Presentation Devices
Graphical Presentation of Data

9 Statistical Analysis and Interpretation of Data: Nonparametric Tests

One Sample Tests
Two Sample Tests
K Sample Tests

10 Multivariate Analysis of Data

Regression Analysis
Discriminant Analysis
Factor Analysis

11 Ethics in Research

Principles of research ethics
Advantages of research ethics
Limitations of the research ethics
Steps involved in ethics
What are research misconducts?

12 Substance of Reports

Research Proposal
Categories of Report
Reviewing the Draft

13 Formats of Reports

Parts of a Report
Cover and Title Page
Introductory Pages
Reference Section
Typing Instructions
Copy Reading
Proof Reading

14 Presentation of a Report

Communication Dimensions
Presentation Package
Audio-Visual Aids
Presenter’s Poise

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What is Business Research: Methods, Types & Examples

What is Business Research: Methods, Types & Examples

Defne Çobanoğlu

Every business owner wants their company always to be successful and profitable. And even if you have a successful business plan, that does not mean things will not need changing in the future. And trial and error may not be on the table when you can not afford to lose money and precious customers. Therefore, you need to be cautious before taking any steps and do your research .

In this article, we explained business research, its methods, and types to help business owners and inform those interested to know more. We also added some examples of scenarios any company may face. Let us get started with the definition of business research!

What is business research?

Business research is a type of research process where the main goal is to help a company thrive and collect data about the target audience, potential business plans, and marketing strategies . The data collection about possible risks and investment opportunities helps business owners make informed decisions about future plans.

The fields that can use business research include marketing, business, education, and social science . But of course, they are not the only ones that can benefit from business research. It is a helpful research type for all business needs. Now, let us see how we can further categorize this into methods and types of business research.

Methods and types of business research

Business research methods and types

In business research methodology, there are two main types. These are quantitative research and qualitative research. In the simplest terms, quantitative research is about collecting numerical and factual data, whereas qualitative research is about collecting data by using open-ended questions . These two methods can be divided into more specific parts. Let us get started with quantitative research methods.

A. Quantitative Research Methods

Quantitative research methods give the researchers factual and numerical evidence that can be effectively used in decision-making processes. There are numerous ways to collect quantitative data, and it is also possible to use more than one method to prove the credibility of the information. Let us start with the first one:

1. Survey research

Surveys are a great way to collect information from a targeted group, no matter how big or small. They can be done in the format of an online survey, phone survey or questionnaire . Surveys are usually close-ended or multiple-choice questions that are easy to group and analyze. The business doing the research can collect valuable information directly from its customers.

2. Correlational research

Correlational research focuses on the discovery of whether two different entities influence each other in any way. The main focus of this research method is not to make decisions. But rather, they can use the findings to explore further using other research methods.

3. Causal-comparative research

Causal-comparative research is similar to correlational research in that both of them compare two different elements and how they affect each other. But the main difference is that fact the focus of this research method is to draw conclusions on the cause-and-effect relationship of said entities.

4. Experimental research

Experimental research has a broad spectrum when it comes to what is taken as ‘experimental’. Basically, it is when businesses want to test a specific theory about the quality of a product or service. There are many methods that can be used, and it is decided by the researcher according to the theory that will be tested.

5. Literature research

Literature research is a very effective and economical research method to use. It is about using offline and online existing literature and going through them to analyze the data. It is mostly used in sales about consumer behaviors.

B. Qualitative Research Methods

Qualitative research is not about numbers like quantitative research. Instead, it is about emotions, opinions, and approaches. The target audience can be presented with a topic through open-ended questions. There is more than one method to go with, and it is even possible to use multiple methods at once. Let us see qualitative research methods:

1. Interviews

The interview method is mostly done on a smaller participant group about a specific subject. They consist of open-ended questions and can be in a structured or unstructured format. Interviews are one-on-one questions asked to the target audience to gain insight into the problem .

2. Focus Groups

A focus group is a pre-determined group of individuals who are chosen to participate in a study to answer specific questions. The researchers present them with a topic and encourage discussions with open-ended questions . Then, the findings are generalized to make decisions.

3. Ethnographic Research

Ethnographic research is similar to conceptual research, and its main focus is to understand the culture and people of the target audience by using observation . This method is done by observing the people in their natural environment and seeing how they interact with one another and their surroundings.

4. Case Study

Businesses generally use a case study method to showcase to potential consumers how their product or service helped a certain individual or a group . It is a good way to attract new customers. This method helps highlight the company’s skill sets and assets.

5. Website visitor research

This research method is relatively newer than others. Its main focus is to collect feedback from individuals who use the company website and ask them about their opinions. A business can use this method by presenting a customer with a quick survey after their purchase on the website . Afterward, the company can improve user satisfaction by fixing existing problems.

Importance of business research

The reasons for conducting business research

Businesses grow by knowing their target market, potential customers, and competitors. And this is only possible by conducting market research to help make informed business decisions. The main goal of business research is to help stakeholders of the company make planned and informed decisions using the facts in the business research report. However, there are other reasons why business research is important. These are:

Gathering information on customers: A business research report provides data on consumers’ behavioral changes, their needs, preferences, and expectations. The managers and stakeholders can make informed decisions with this knowledge.
Performance evaluation: Research allows businesses to evaluate their success against industry standards and other competitors. This helps keep track while deciding how to differentiate themselves from others.
Market expansion: Business research topics include areas that were not explored before. Therefore, when the business wants to expand to new markets, the research provides information on the market’s dynamics and potential risks and profits .
Efficiency and cost-reduction: The data collected by business research helps identify any obstacles to productivity and cost excessiveness. That way, a more cost-effective and efficient approach can be taken.
Business research examples

Business research helps business managers make smart plans for the company and its future. They can make informed decisions about new marketing strategies, building new products or service branches, or improving customer satisfaction .

Business research example #1

Imagine a company making energy drinks wants to know if they can expand their market to the older part of the population. They do not know if they will be interested in their product or what kind of marketing strategies they can use to attract older people’s attention. They can make up a focus group and ask them about their opinions. The company can also conduct literature research to find out information about the competitors .

Business research example #2

Imagine a company that has a clothing store website wants to know if there is anything that makes shopping on their website difficult for customers. They can show a pop-up customer satisfaction survey and ask them if they can find what they are looking for easily and how the website visiting experience was. Then, they can collect customer feedback and see how they can improve their website to enhance customer satisfaction levels.

Frequently asked questions about business research

What are the 4 stages of business research?

Much like every other research, business research is also best done when it is preplanned and organized. And there is a 4 stage plan of business research. These are:

1 - Defining the problem

2 - Designing the research plan

3 - Collecting data and making an analysis

4 - Reporting on the findings

What is the purpose of business research?

The purpose of business research is to make sense of the existing elements of a business, such as consumers, product placement, marketing, innovation, etc . And using the data collected on these elements to make informed decisions and create smart business strategies to improve the success of the company.

When to use business research?

Business research is best used when a new approach is taken or a new product is launched, and the risks need to be assessed. It is essential to be mindful of all the negative and positive sides of a new strategy without risking the entirety of the company.

Final words

When you own a business, no matter how big or small, change can be intimidating. You can not go to new territories blindly. But, you can not stay the same either. In order to keep your existing customers and find new potential ones, you should be mindful of their habits and opinions. The best way of doing this is either to ask them directly ( using a survey, interviewing them, etc .) or to do your own research to draw conclusions.

In this article, we explained business research, quantitative and qualitative research methods, and business research types. We also included some examples of business research and what methods can be used for those problems. If you want to do your own business research but do not know where to start, you can check out quantitative research questions to get you started. Also, do not forget to check out other articles on research and so much more!

Defne is a content writer at forms.app. She is also a translator specializing in literary translation. Defne loves reading, writing, and translating professionally and as a hobby. Her expertise lies in survey research, research methodologies, content writing, and translation.

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Business Analytics: What It Is & Why It's Important

16 Jul 2019

Business analytics is a powerful tool in today’s marketplace that can be used to make decisions and craft business strategies. Across industries, organizations generate vast amounts of data which, in turn, has heightened the need for professionals who are data literate and know how to interpret and analyze that information.

According to a study by MicroStrategy , companies worldwide are using data to:

Improve efficiency and productivity (64 percent)
Achieve more effective decision-making (56 percent)
Drive better financial performance (51 percent)

The research also shows that 65 percent of global enterprises plan to increase analytics spending.

In light of these market trends, gaining an in-depth understanding of business analytics can be a way to advance your career and make better decisions in the workplace.

“Using data analytics is a very effective way to have influence in an organization,” said Harvard Business School Professor Jan Hammond, who teaches the online course Business Analytics , in a previous interview . “If you’re able to go into a meeting and other people have opinions, but you have data to support your arguments and your recommendations, you’re going to be influential.”

Before diving into the benefits of data analysis, it’s important to understand what the term “business analytics” means.

Check out our video on business analytics below, and subscribe to our YouTube channel for more explainer content!

What Is Business Analytics?

Business analytics is the process of using quantitative methods to derive meaning from data to make informed business decisions.

There are four primary methods of business analysis:

Descriptive : The interpretation of historical data to identify trends and patterns
Diagnostic : The interpretation of historical data to determine why something has happened
Predictive : The use of statistics to forecast future outcomes
Prescriptive : The application of testing and other techniques to determine which outcome will yield the best result in a given scenario

These four types of business analytics methods can be used individually or in tandem to analyze past efforts and improve future business performance.

Business Analytics vs. Data Science

To understand what business analytics is, it’s also important to distinguish it from data science. While both processes analyze data to solve business problems, the difference between business analytics and data science lies in how data is used.

Business analytics is concerned with extracting meaningful insights from and visualizing data to facilitate the decision-making process , whereas data science is focused on making sense of raw data using algorithms, statistical models, and computer programming. Despite their differences, both business analytics and data science glean insights from data to inform business decisions.

To better understand how data insights can drive organizational performance, here are some of the ways firms have benefitted from using business analytics.

The Benefits of Business Analytics

1. more informed decision-making.

Business analytics can be a valuable resource when approaching an important strategic decision.

When ride-hailing company Uber upgraded its Customer Obsession Ticket Assistant (COTA) in early 2018—a tool that uses machine learning and natural language processing to help agents improve speed and accuracy when responding to support tickets—it used prescriptive analytics to examine whether the product’s new iteration would be more effective than its initial version.

Through A/B testing —a method of comparing the outcomes of two different choices—the company determined that the updated product led to faster service, more accurate resolution recommendations, and higher customer satisfaction scores. These insights not only streamlined Uber’s ticket resolution process, but saved the company millions of dollars.

2. Greater Revenue

Companies that embrace data and analytics initiatives can experience significant financial returns.

Research by McKinsey shows organizations that invest in big data yield a six percent average increase in profits, which jumps to nine percent for investments spanning five years.

Echoing this trend, a recent study by BARC found that businesses able to quantify their gains from analyzing data report an average eight percent increase in revenues and a 10 percent reduction in costs.

These findings illustrate the clear financial payoff that can come from a robust business analysis strategy—one that many firms can stand to benefit from as the big data and analytics market grows.

Related: 5 Business Analytics Skills for Professionals

3. Improved Operational Efficiency

Beyond financial gains, analytics can be used to fine-tune business processes and operations.

In a recent KPMG report on emerging trends in infrastructure, it was found that many firms now use predictive analytics to anticipate maintenance and operational issues before they become larger problems.

A mobile network operator surveyed noted that it leverages data to foresee outages seven days before they occur. Armed with this information, the firm can prevent outages by more effectively timing maintenance, enabling it to not only save on operational costs, but ensure it keeps assets at optimal performance levels.

Why Study Business Analytics?

Taking a data-driven approach to business can come with tremendous upside, but many companies report that the number of skilled employees in analytics roles are in short supply .

LinkedIn lists business analysis as one of the skills companies need most in 2020 , and the Bureau of Labor Statistics projects operations research analyst jobs to grow by 23 percent through 2031—a rate much faster than the average for all occupations.

“A lot of people can crunch numbers, but I think they’ll be in very limited positions unless they can help interpret those analyses in the context in which the business is competing,” said Hammond in a previous interview .

Skills Business Analysts Need

Success as a business analyst goes beyond knowing how to crunch numbers. In addition to collecting data and using statistics to analyze it, it’s crucial to have critical thinking skills to interpret the results. Strong communication skills are also necessary for effectively relaying insights to those who aren’t familiar with advanced analytics. An effective data analyst has both the technical and soft skills to ensure an organization is making the best use of its data.

A Beginner's Guide to Data and Analytics | Access Your Free E-Book | Download Now

Improving Your Business Analytics Skills

If you’re interested in capitalizing on the need for data-minded professionals, taking an online business analytics course is one way to broaden your analytical skill set and take your career to the next level

Through learning how to recognize trends, test hypotheses , and draw conclusions from population samples, you can build an analytical framework that can be applied in your everyday decision-making and help your organization thrive.

“If you don’t use the data, you’re going to fall behind,” Hammond said . “People that have those capabilities—as well as an understanding of business contexts—are going to be the ones that will add the most value and have the greatest impact.”

Do you want to leverage the power of data within your organization? Explore our eight-week online course Business Analytics to learn how to use data analysis to solve business problems.

This post was updated on November 14, 2022. It was originally published on July 16, 2019.

About the Author

Doing Research in Business and Management: An Essential Guide to Planning Your Project

Management Decision

ISSN : 0025-1747

Article publication date: 21 June 2013

Berbegal‐Mirabent, J. (2013), "Doing Research in Business and Management: An Essential Guide to Planning Your Project", Management Decision , Vol. 51 No. 6, pp. 1311-1316. https://doi.org/10.1108/MD-06-2012-0505

Emerald Group Publishing Limited

“Publish or perish”. We've all heard this expression referring to the need academic, but especially PhD students and young academics have to make their research results public in order to promote and improve their contractual position, consolidating their careers. Nevertheless, it is also well‐known that this is a long‐distance race conditioned to the capacity to publish the research findings.

This means that students whether undergraduate, postgraduate or enrolled in a PhD programme need to develop their research knowledge from the very begging in order to refine their writing skills, paying attention to a large list of details and requirements which may vary from one situation to another. Indeed, academics invest innumerable hours and resources in writing their research results to succeed when submitting them to a peer‐reviewed journal. Therefore, it is not surprising that planning and writing a research project is often considered by inexperienced students as a challenging, time‐consuming and a demanding task. Yet, despite all these constraints, writing up the findings in a form that can be published and read for others, constitutes a very rewarding effort.

Emerging from the necessity to instruct students in acquiring the appropriate skills and abilities to effectively complete a research project, many courses are now incorporating a research module in their syllabuses as a mean to improve students' probabilities to succeed when doing so.

The editorial industry has also echoed these concerns and demands in the recent years, leading to the flowering of a large number of books and manuals addressing this issue (i.e. Bryman and Bell, 2011 ; Cooper and Schindler, 2011 ; Creswell, 2009 ; Flick, 2011 ; Sekaran, 2010 ). One of the most compelling books tackling this problem is Doing Research in Business and Management: An Essential Guide to Planning Your Project , written by Saunders and Lewis and published in 2012 by Pearson Education Limited.

Saunders and Lewis are experienced professors in teaching research methods in the fields of Business and Management. Indeed, they have published several books offering guidelines for students that need to conduct and produce a competent piece of research. According to the authors it is now fourteen years since their first book on research methods was printed. In 2009 the fifth edition was published ( Saunders et al. , 2009 ) and due to its popularity and good acceptance among academics and students they are now presenting this new and updated approach, providing a detailed coverage of all the relevant aspects (both theoretical and empirical) that may face students when carrying out a research project.

Combining their years of academic practice and their vast practical experience, with this book Andersen and Lewis aim at providing, in an accessible and friendly manner, some assistance to students and early career individuals who need to undertake an assessed research project by means of a written project report. This way, Doing Research in Business and Management provides a comprehensive and holistic overview of how to develop quality research in the fields of business and management, offering a detailed coverage of the relevant research approaches and methods used in these disciplines, and bringing together the essential components of the process of writing up a research project.

The authors take the reader through all the major stages involved in this process, introducing the different contexts and purposes that may guide a research project, as well as highlighting the key methods, strategies, tactics, programmes and processes that are recurrent in a management and business research context.

One noteworthy aspect of this book is that it takes extraordinary care to focus the reader on the logic and techniques of research methods using an accurate but simple language, that is, bearing in mind that the targeted audience is inexperienced students on undergraduate and postgraduate degree programmes in business, management or related disciplines, that may not yet be familiar with the language and style required by the scientific community. Therefore, employing a concise, highly accessible style and a logical structure, this book enables students that face for their first time the challenge of writing a research project to understand the practical relevance of research methods on business and management research. It also discusses the interrelationships of theoretical and empirical research, how these apply to practice, and the most recurrent software packages available in the market.

An important feature of this book is its clear structure and ease of reading. Furthermore, within each chapter, the use of illustrations, contemporary examples and key research terms placed in definition boxes to demystify their meaning, helps breaking up the text and brings it to life due to the practical perspective adopted. Certainly, it is presented in a logical and structured manner, organising the content in eight chapters that correspond to eight stages of the process of writing a research project.

Although the chapters follow a sequential order, the authors have written them in such a way that they stand alone, so any chapter in isolation make sense of it. Therefore, it is not necessary to read this book progressively from Chapter 1 through to Chapter 8, but allow readers to select those chapters that really match with their needs.

Each chapter follows a similar structure, starting with a brief summary that gives some ideas of the content and the approach adopted to afford the topic discussed (“Why read this chapter?”). Also each chapter contains a set of different examples to illustrate, from a practical point of view, some of the points addressed in the chapter (“Research in practice”). Every chapter ends with a “Thinking about” section, where the content is summarised in the form of concise and succinct bullets, and where authors make some suggestions on how to reinforce the contents learned.

Revising each chapter individually, Chapter 1 starts with some preliminary considerations on what is meant by a research process. Conducting research is something more than writing the findings using a formal language and a specific structure. It means to embark on a journey of discovery, where researchers have the chance to express their skills and resourcefulness demonstrating their abilities to carry out research projects of high quality.

Given these initial thoughts, Chapter 1 is then entirely devoted to the first matter academics come across: the selection of the research topic. As any process, a research project starts with the choice of a research theme. This is an issue entailing an extraordinary significance as the student/researcher should have to live with and live for, perhaps for a considerable period of time. Thus, it is important that the research topic matches with his/her expectations and motivations, contributing to the development of his/her personal skills and strengths, rather than being imposed by a supervisor.

The chapter follows with the main difficulties students face when choosing the research topic, and suggests novel ways in which to generate ideas, including for instance the use of relevant literature in the field to identify gaps that may constitute new research avenues. Discussions with friends and lecturers or drawing a concept map, are also listed as intermediate steps that may help filtering ideas, moving from the general to the specific question.

In the latter part of the chapter the authors focus on how to turn an idea into a research topic. At this point Sanders and Lewis recommend the use of the Russian doll principle ( Clough and Nutbrown, 2008 ), consisting of breaking down from the original statement to something which strips away all the complicated layers and obscurities until the heart of the question, in a similar fashion as the Russian doll is taken apart to reveal a tiny doll at the centre (p. 21).

Chapter 2 focuses on the subject of the literature review. A literature review is a very hard and time‐consuming process, as it should discuss relevant previous work and provide a comprehensive review of the major findings in the current area of study. This section is mandatory for any research project as it allows the researcher to demonstrate the need for a new study and that he/she has the appropriate background. Moreover, knowing what is known, it comes out easier to state what is still unknown, facilitating the identification of the gaps in the current understanding of the field, and making it simply to justify the research question(s) underlying the research and the context in which the study is going to be performed.

Thus, in this chapter the authors explain what constitutes an effective critical literature review, giving some ideas on how to start writing it and how to organise ideas and findings in a coherent logical argument.

A careful selection of the references to support statements and previous research findings is essential. In this sense, the authors make explicit differentiation of the main types and sources of literature available. A detailed description of the process of searching for obtaining the relevant literature is then provided, emphasising the use of an abstract to assess likely use of an article.

In accordance with the Harvard College Library (2006) , the authors also suggest that while reading, it is extremely important to take notes, summarise findings, compare information and contrast results. Likewise, they emphasise that a good literature review can lead to interesting insights into possible ways of collecting and analysing data.

Chapter 3 is concerned with how to manage the research process, focusing on four main aspects. First, questioning how to manage respondents, that is, how to access organisations for data collection. Here a set of six strategies are listed. Second, the authors focus on how to manage oneself in terms of keeping up the motivation, organising time and resources, and keeping in touch with individuals who may provide insightful comments on the work in progress. The relationship with the supervisor is believed to be indispensable, as he/she is expected to give advice at every stage of the process. But in order to succeed in this relationship, students are asked to report in a regular basis the partial results throughout the entire length of the project. A fourth issue deals with the management of the university context, that is, how to fit with the regulations, specific norms and other requirements imposed by the university. Paying special attention to the assessment criteria is also essential in order to guarantee that the research outcomes fulfil the requirements.

This chapter ends with a section covering the subject of research ethics, pointing out the key ethical principles and responsibilities that should be taken into account and that apply to all stages of any research process. This topic has perhaps been underexplored in the management and business literature; however it seems that it is now increasingly entering into the agendas of many academics ( Academy of Management, n.d. ; Frechtling and Boo, 2012 ; Payne, 2000 )).

Chapter 4 begins with a definition of what is meant by secondary data. A full definition is given, differentiating between qualitative and quantitative data and the possible transformation processes data may have suffered. Figure 4.1 (page 86) exhaustively summarises potential forms of secondary data according to their nature.

In this chapter the authors discuss the potential of using secondary data as a method for accessing large datasets and saving time and money, as they can often be found in the public domain as a result of the growth of the Internet. Nevertheless, secondary data also presents some pitfalls. For instance the authors emphasise that data are not always value‐neutral or only meet research needs partially. Although data available are rich and allows the creation of reliable variables, it is relevant to question whether the selected variables represent the core influential factors that match with the exact requirements of the study. The chapter ends with a list of some gateways to secondary data sources that are relevant for its broad scope and content.

Chapter 5 is entirely devoted to research strategy and design. Using the research onion metaphor presented in the authors' previous work ( Saunders et al. , 2009 ), Saunders and Lewis illustrate the different stages that conform the research process. Techniques and procedures for data collection and analysis are placed in the centre of the onion. As we move away from the centre we found the intermediate layers, where the strategies and choices have to be selected. Finally, the outer layers consider the research philosophies and approaches that embody the research. Building on this approach, the different layers of the onion are presented and complemented with readable examples. Definitions are also given, clarifying some terms that may be unknown for the freshman student, for instance, differences between inductive and deductive approaches, and alternative types of studies (exploratory, descriptive and explanatory).

This chapter also includes a section devoted to the description of different strategies that students may use in their attempt to answer their research question(s). Some useful insights are given on the use of experiments, surveys, case studies, action research methods, ethnography studies, grounded theory, archival research methods or the combination of any of the above. Although the aim of this book is not to in‐depth in the technical specifications behind these strategies, Saunders and Lewis provide the reader with the main features characterising each method. Further information on these approaches may be accompanied with the reading of the specific literature on each particular topic, such as Yin (2009) for case studies; the book of Berg and Lune (2008) with two chapters entirely focused on action research methods and ethnography studies; Corbin and Strauss (2008) and their approach to the grounded theory; or Ventresca and Mohr (2002) studying archival research methods. Correspondingly, the books of Miles and Huberman (1994) and Marshall and Rossman (2010) offer an exhaustive review of all aspects related to qualitative data analysis.

Chapter 6 pays attention to the methods used to collect data. The uses of different techniques and statistical procedures to obtain a sample that satisfies the research requirements, or how to draft an effective questionnaire, are some of the issues addressed in this chapter.

Part of this chapter is devoted to the importance of using a pilot test with a small group of respondents in order to corroborate the validity of a test/questionnaire before launching it to the whole sample. The chapter ends with some guidelines on how to successfully conduct interviews (either semi‐structured or unstructured), giving some examples on how to ask questions, how to interact with the respondent and how to prepare the material needed. A transcription of a potential interview is also provided.

The subject of Chapter 7 is about getting data ready for analysis, the use of different techniques for the analysis, and how to interpret the results obtained.

The chapter begins with the particularities of different types of data, namely quantitative and qualitative. Then the authors address each sort of data individually, first focusing on how to prepare and analyse quantitative data, and second, qualitative data. Essential statistical terms are defined, providing the reader with the basic instruments and techniques. Examples on how to interpret descriptives, correlation coefficients, associations between variables, predict cause‐effect relationships, or how to transcript an interview are provided, facilitating the understanding of those terms that the reader may not yet be familiar with. Screenshots of the most commonly used software packages for processing data are also introduced (i.e. SPSS, ATLAS.it, NVivo).

Writing an effective research proposal is a vital part of the research process. In the eighth and last chapter, the authors provide some insightful comments on the writing style students should adopt when compiling their research proposal and suggest some of the criteria against which the quality of the research project may be assessed.

Although each research process has its own particularities and layout, to a great extent, the content of a research project tends to follow a standardized structure: the title; an abstract; an introduction section presenting the research question(s); a review of the literature ending with the formulation of the hypotheses to be tested and the statement of the research objectives; a method section detailing how the research will be carried out; a discussion of the results; the conclusions and limitations of the study; and a list of the cited references. By way of conclusion, two research proposals are presented exemplifying all the aspects and issues discussed throughout the book.

Although the content of this book is quite predictable for a book of this type, it enables an effective learning process, representing a very useful guide for students planning or undertaking a research project or a dissertation in the fields of business and management. An eminently practical approach and a language free of an excessive use of technical terms helps students obtaining a thorough understanding of the main methodological issues a research project entails.

Therefore, taken as a whole, the value and rigour of this book is unquestionable, underpinning the strength of this publication.

A About the reviewer

Jasmina Berbegal‐Mirabent (PhD) received the MS degrees in Industrial Engineering and Industrial Scheduling, both from UPC BarcelonaTech (Spain) in 2008 and 2009, respectively. She is now working as an Associate Professor at the Department of Management at the UPC BarcelonaTech. She has been a Visiting Research Associate at the Institute of Education at the University of London. She has published her works in international and peer‐reviewed journals such as The Service Industries Journal , Management Decision , Journal of Technology Management & Innovation , Intangible Capital and Economía Industrial . She has recently been named Book Review Editor of Management Decision , and she is also on the editorial board of the Journal of Industrial Engineering and Management . Her research interests are in the areas of the management of higher education institutions and their role in regional development; academic entrepreneurship; and technology transfer. Jasmina Berbegal‐Mirabent can be contacted at: [email protected]

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Yin , R.K. ( 2009 ), Case Study Research: Design and Methods , 5th ed. , Sage Publications , London .

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5 reasons why marketing research is important to your business

Marketing research is a critical tool that businesses and organisations use to gather valuable information about their target market and industry. By conducting research, companies can gain insights into customer needs, preferences, and behaviour, as well as market trends and the competitive landscape. In this article, we'll explore five reasons why marketing research is important for businesses and organisations.

5 reasons why marketing research is important

Is your company on the fence about investing in marketing research? If so, read on for five reasons why marketing research is important to the viability and longevity of your business.

1. Marketing research helps businesses understand their customers.

Knowing your customers is the first step in running a successful business. And while this may sound simple enough, it can be difficult to look inside the consumer psyche—one whose needs, preferences, and behaviours are ever-evolving.

Fortunately, marketing research can give you a peek behind the curtain, helping you understand what motivates current as well as potential customers. A marketing research survey , for example, can provide insight into pricing sensitivity among a segment of your target population. The data yielded may suggest that boomers are more likely to purchase a product based on price alone while millennials are more motivated by the values of the respective company. Based on this information, you can tailor your offerings to better meet these needs.

Let’s take a closer look at what else marketing research can tell you about your target audience.

a. Marketing research reveals demographic data.

Through conducting surveys, you can better understand characteristics of your buyers, like age, gender, race, and ethnicity. You can also collect socioeconomic information like education, income, and employment status. These variables can help you engage in audience segmentation, which essentially involves tweaking your brand messaging to appeal to various subgroups.

b. Marketing research illustrates purchasing behaviour.

Marketing research tools like surveys, transaction tracking, and social media tracking can also shed light on when, why, how, and what consumers are buying. A better understanding of purchasing behaviour can help your company develop brand messaging that strikes a chord with its target audience. If consumers tend to shop between the hours of 5 and 8 p.m., for instance, your company may send an email coupon at 4:45 p.m. to prime that behaviour.

c. Marketing research helps companies appeal to potential customers.

It’s important to learn as much as possible about your current customers. However, it’s equally important to learn about people who are at the beginning of the customer journey. A deeper understanding of what motivates these individuals can help your business turn clicks into conversions.

2. Marketing research helps businesses manage risk.

Risk is an intrinsic part of the business world. However, by understanding market trends and customer behaviour, businesses can anticipate changes in demand and adjust their strategies accordingly. Market research can also help businesses identify potential obstacles or challenges and develop contingency plans to mitigate those risks.

For example, let’s say a company hopes to introduce a new product to the market. Before investing significant time and financial resources into product development, market researchers may conduct a series of surveys to determine if consumers are even interested in the respective product. This mitigates the risk of introducing a good for which there is no demand.

Other examples in which marketing research can be used as a tool for mitigating risk include:

Conducting ad testing to determine if brand messaging resonates with consumers
Hosting product development focus groups to receive feedback before revealing a new product to the larger market
Organising customer satisfaction surveys at various points of the customer journey to determine any issues affecting sales
Administering price testing to determine the ideal price for a new product

3. Marketing research helps businesses stay competitive.

Marketing research gives companies a competitive edge in many ways, one being a greater awareness of the industry itself. By understanding what other businesses are doing, your company can develop strategies to differentiate itself and stay ahead of the curve. For example, if research indicates that laundry detergent manufacturers are increasing prices, a company can either decide to a) keep up with the times and increase costs, b) keep costs the same, or c) decrease pricing to appeal to a specific target market.

Marketing research also helps companies determine areas where they may be falling behind. If several healthcare conglomerates are expanding telehealth services, it would be wise for a hospital to also make moves to provide digital appointments. Otherwise, patients may take their business elsewhere.

How else can marketing research help your business stay competitive?

a. Marketing research aids in trendspotting.

It’s important for companies to keep up with industry patterns. However, it’s also important for companies to predict patterns before they even happen. The fashion industry provides a good example of this. Trend forecasters analyse decades—centuries even—of socio-cultural data in an attempt to be the first company to put out a ‘hot’ new product that appeals to modern sensibilities.

b. Marketing research allows businesses to identify gaps in the industry.

Similarly, marketing research can help companies realise a demand that has yet to be satisfied. Through marketing research surveys, for instance, an organic snack food company may see that consumers are craving more savoury gluten-free snack options. Using this data, the company can one-up competitors by introducing a new product.

4. Marketing research gives businesses the tools to measure success.

Net profit is an important indicator of a company’s success. However, if profits are plummeting, it can be difficult to know if this is because of your company’s performance or industry-wide factors like increased materials costs and decreased demand. Because of this, businesses must rely on a more holistic approach to evaluating success.

Fortunately, marketing research can be a helpful tool if you want to measure business health using more than dollar signs. Here’s how marketing research can help you gauge company success.

a. Marketing research provides insight into customer satisfaction.

Sure, your company could be making money. But if your customers aren’t satisfied, your financial gains are likely to be short-lived. To determine if customers are happy with your products or services, you can conduct a customer feedback survey questionnaire.

Alternatively, you may choose to conduct a longitudinal panel survey . Unlike an ad hoc survey, which takes a snapshot of consumer opinions and behaviours, longitudinal studies (like monthly or quarterly trackers) monitor how consumer attitudes change over time. This tool is especially helpful if you want to see how customer satisfaction changes after the introduction of new protocols or training methods.

b. Marketing research helps businesses assess employee satisfaction.

A financially profitable company isn’t necessarily successful if its employees aren’t satisfied. To assess this metric of success, you can conduct surveys, in-person interviews, or focus groups. The results from these marketing research assessments may also shed light on the efficiency of your staff.

c. Marketing research provides insight into the performance of competitors.

It can be constructive to compare your company’s performance to that of competitors. This can help you understand if dips or rises in profit are unique to your company or simply an industry trend.

5. Marketing research helps businesses make informed decisions.

For decades, companies have made key business decisions based on gut feelings alone. But the new age of marketing revolves around data-driven decision-making: a process in which business decisions are informed by metrics and analytics. This contemporary model helps companies make solid choices that reduce risk while improving performance.

Since marketing research lends itself to data generation, it’s an integral part of this equation. For example, data yielded from a brand awareness survey may illustrate that men aged 50 to 65 in a specific geographic area are the least familiar with the brand. Using this information, the company can invest marketing dollars in a way that will yield true results.

Other examples of using marketing research to support data-driven decision-making include:

During a focus group, a company discovers that 60% of women are dissatisfied with the playback speed options of an audiobook app. In response, software developers dedicate time and financial resources to adjusting that feature.
Survey data reveals that as the price of microwaves increases, so does customers’ perceived value of the product. With this in mind, a company chooses to increase prices by 30%.
A popular food chain conducts a series of phone interviews to assess customer service at various locations. Afterward, the company mandates that employees at the restaurants with the lowest reviews take customer service training courses.

All this to say, marketing research has many different applications. By gathering data about customer preferences, market trends, and industry dynamics, businesses can make decisions based on facts rather than assumptions or intuition. This can help businesses avoid costly mistakes and increase their chances of success.

Conduct high-quality marketing research with Kantar

Marketing research is a critical tool that businesses and organisations can use to gather valuable information about their target market and industry. By conducting research, businesses can gain insights into customer needs and behaviour, stay competitive, make informed decisions, manage risk, and measure success.

And during VUCA times (volatile, uncertain, complex and ambiguous), keeping a consistent pulse on consumer sentiment and behaviour is essential to driving the right decisions for business growth.

However, in today's rapidly changing business landscape, marketing research can feel complicated and overwhelming. That’s where Kantar comes in. As an industry leader, we provide tips and tools to help you navigate each step of the marketing research process, from survey design to data visualisation.

Want to get started? Speak to our award-winning team to learn how we can help you conduct marketing research.

For research tips direct to your inbox each month, sign up using the form below.

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Why Is the Business Research Process Necessary to Assist Managers?

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The Consumer Research Process

Consumer research analysis, customer data strategies.

About Companies & Marketing Research
What Is Demographics in Marketing?

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. Research can help business organizations to make evidence-based major decisions determining future directions.

Defining Business Objective

Before a business can start operating, it first must define its business and niche, according to Entrepreneur . 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.

Data Collection Process

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 U.S. Small Business Administration, or SBA, suggests analyzing information from credible sources such as the Consumer Price Index, Consumer Credit Data and the Bureau of Labor Statistics to stay abreast of emerging national trends.

A second part of data collection involves conducting primary research such as organizing focus groups and designing different types of survey instruments, as explained by Reference for Business . Companies do research surveys to measure satisfaction among customers with products and services. Research helps ensure that the customer's needs are being met with current products, while identifying consumers most likely to use the company's products.

Data Analysis

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, or a rival may be planning an expansion that poses a threat in an already saturated market.

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, which offers an exciting opportunity to grow the business. The ultimate goal of the analysis stage is to start developing some relevant choices or alternatives.

Identifying Alternatives

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.

Informed Decision Making

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, research can help business organizations to revamp its customer service department to deal with low customer satisfaction scores revealed in consumer surveys. New product features may be added to satisfy the sector of the market that requested them.

Entrepreneur: How to Research Your Business Idea
Reference for Business: Research Methods and Processes
U.S. Small Business Administration: Market Research and Competitive Analysis
Forrester Research: Secondary Research Source

The steps in a business research process, what is a business research process, process of industry analysis, relationship between research and business decisions, industry analysis and strategy, what is segmenting in consumer markets, the best product strategies, what is a competitive assessment, how to write a marketing sampling plan, most popular.

1 The Steps in a Business Research Process
2 What Is a Business Research Process?
3 Process of Industry Analysis
4 Relationship Between Research and Business Decisions

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5 Reasons Why Research is Important in Business

What are the reasons why research is important in business, to better understand your customers, identifies problem areas, beneficial in comparative studies, helps design new business opportunities, minimizes loss.

The utilization of research through a WordPress survey tool is greatly beneficial to the evolution and the further development of a business. By exerting efforts in gathering data through research, a business can observe what parts of their current processes are working well and what needs to be changed. The collection of data can also be used to formulate new types of business opportunities and marketing campaigns, creating a bigger and better business for you.

Read on to learn more about reasons as to why research is important in business.

Marketing research with the use of online surveys can help you quickly and efficiently collect data from a vast group of people. In order to understand who exactly is benefiting from your products and services, you can choose to send out a survey that would ask questions regarding their demographic. Take note of the similarities in the replies in order to find out the consumers that benefit from your services. Doing so can help change up your business to better cater to the right consumers, effectively increasing your customer satisfaction.

These can help turn your business into a more aware one. It can even be a stepping stone to searching for a new consumer market to explore. Another reason as to why research is important is it can help you identify problem areas.

By customizing online survey tools, your business can better observe the points of improvement in each of your departments. If you opt to release a survey meant for the consumers, you can better see what factors of your products and services need to be improved upon. If you release a survey meant for your employees, then you can better see the point of improvement that you can do within your current business processes.

You could create necessary improvements, by identifying problem areas . You may also opt to release surveys every couple of months in order to track the progress of your changes. Besides your own data, you can also compare it to the data from other competitor companies.

In order for you to be a step above your competitors, you need to offer something unique to your consumers. If you observe that their sales are increasing at a relatively faster rate than yours, it may be due to a number of factors . In order to discover what exactly makes their company run more smoothly than yours, you could compare the data that you received from your market research with the growth of your competitors.

Compare your products & services and see what makes theirs more appealing to consumers. Then, adapt to this knowledge by making the necessary changes to your current business practices. These changes can be in the form of designing marketing campaigns or by exploring new business opportunities.

Research can not just help design new business opportunities, but it can help design successful ones. With the help of online surveys, you can easily ask your consumers for other things that they may need help in. If you notice a trend in the desires of your consumers, you can turn this into a good advantage for your company in terms of business opportunities. The release of this product will prove to your consumers that you care for their needs, which will ultimately boost loyalty.

Besides new products, with the help of research , you can even look into tapping new consumer markets. By releasing surveys to new and unexplored target markets for your company, you can discover what works and does not work for them. This way can help you effectively reduce your losses as online surveys are free to create.

By first sending out surveys to consumers, you are saving your company a lot of money. This is because you can already pinpoint the potential issues that could arise before you even launch a new product or service. After making the necessary changes, you can confidently release products that you know consumers will enjoy. In the case of a pre-existing product, you could send out surveys to help you find points of improvement in each one. By catering to the concerns of the consumers, it increases the chance of a product’s success.

Take note of these key reasons as to why research can be extremely beneficial to your business. This can better optimize your business processes as well as your services.

Key Takeaway

As a WordPress survey tool can be customized to better fit the needs of your business, it becomes easier to collect data from a large group of people. This, in turn, gives your business the opportunity to further improve upon current practices throughout multiple components. From sales to manufacturing, and even to employee handling.

Besides this, you can use the data you have learned about your business in order to compare how well you are faring against competitor companies. With this information, you can better improve your products and services to give you a competitive advantage.

Try and incorporate a WordPress survey tool into your business practices in order to get a better viewpoint of the success rate of your company.

10 Reasons Why Marketing Research Is Important to a Business

It’s easy to dismiss the importance of marketing research. But new businesses need sales and customers as soon as possible, and market research can ensure that those sales and customers don’t stop coming.

When you get caught by the creative spark, it’s easy to underestimate the importance of market research. But there’s a real need for market research before you bring a product to your customers.

Today, I’ll take you through some basic marketing research concepts. I’ll also explain why marketing research is important and share some resources to help you get started on your own marketing research.

If you want to stay up to date, you should also read the in-depth guide to the latest marketing trends on the Envato Blog.

Group of businesswomen meeting in the office

What Is Marketing Research?

Before you can understand the importance of marketing research, you need to know what it is. Market research isn’t about a specific method or activity—it’s just what businesses call their attempt to learn more about their target customers.

While tasks like surveys and focus groups can help, they aren’t absolutely necessary, and they aren’t the only things you can do to research your target market. Here are some tasks that can be part of your market research:

Have short conversations with contacts who are part of your target market . Let’s say you’re looking to launch a wedding photography service. Talk to your contacts who have been married or who are engaged and ask them about their experience in hiring and working with a wedding photographer. Even a five-minute conversation can give you insights on how to run your business.
Look up Facebook groups relevant to your target market . This can provide a free, low-effort way to reach target customers online and ask them questions. Eventually, you can go back to these groups to promote your business, if the group rules allow for it.
Add a survey form to your website . If you already have a website for your small business, you can offer potential customers a small discount in exchange for completing a survey. This tutorial on online market research forms can help you get started.

The above activities are just a handful of tasks that could be part of your market research. In fact, you can classify any task as a market research activity as long as you end up knowing your target market’s needs, behaviors, and preferences.

The Importance of Marketing Research

These are the ten reasons why market research is important, especially for smaller teams and businesses:

1. Better Understand Customer Needs

While every business has many stakeholders, the customer is always at the center of what you do. Conducting market research helps keep your customer as your business’s focus.

Here is where you can avoid the disconnect that businesses of all sizes can have with their customers. Learning their perspective from first-hand accounts has its benefits, including understanding what their needs and wants are. Taking this information into consideration will help guide your strategy better.

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2. Uncover Emerging Trends

Understanding customer needs also means uncovering industry trends. When interpreting your findings, it’s not uncommon to identify where businesses like yours will be headed in the future.

Staying ahead of the curve has its benefits. It allows you to better serve your customers in the future. Your business will be able to better position itself as an industry leader. There’s also increased trust in a business that can cater to its customers’ current and future needs.

3. Identify Potential Issues

While it’s great to keep an eye on the future in market research, it’s also important to pick up on any pain points your customers have. Pain points are the issues that stand in the way of your customers having a smooth experience when interacting with your business.

a Man Sad And Frustrated - Flat Illustration

The more pain points you can identify, the better. After all, you can’t solve a problem you don’t know you have. This is why marketing research is so important: you’ll be able to work on solutions that have been bothering your customers with the data to support your efforts.

4. Easily Spot Business Opportunities

After you’ve done your market research, it’ll be clear who you want to reach out to (your target customers), where you can reach them (your marketing channels), and what they’re interested in. Once you’ve defined these, you’ll be able to easily spot business opportunities. For example:

Form partnerships with other businesses . Learning about who your customers are, such as their demographics, can help you find other small businesses that serve them. You can approach these businesses for joint promotions that’ll be mutually beneficial.
Create profitable order upgrades . Knowing the other products and services that your customers tend to buy can help you come up with add-ons, product bundles, and upsells that increase the average value of each order.
Find new locations to sell to . Knowing the geographical areas where most of your target customers live will allow you to create compelling targeted campaigns that suit the needs and culture of that area.

5. Lower Business Risks

Around half of businesses with employees don’t survive past the fifth year, according to data from the Bureau of Labor Statistics . The way to make sure that your business survives for longer is to ensure that you’ve got a steady stream of sales and customers. To do that, you need market research.

Regular market research will be your way to check in with your current customers and potential customers to ensure that you’re still meeting their needs. Here’s how you can apply this:

Test new designs and products before launching . Before you go all-in on a dramatic change for your business, you can test it on a smaller subset of your audience to see if the change would be welcome. For example, if you plan to do a redesign of a popular product, show the new design to your most frequent buyers. Test or ask them if they’re more likely to buy the new design versus an alternative new design or the old design.
Find out why customers don’t come back . Ideally, your small business should have recurring customers. If they don’t come back, you can conduct a survey of previous customers or set up a focus group to find out why you’re not making any repeat sales.
Get insights on problem areas . If your most popular product sees a big drop in sales for three consecutive months, you need to find out how to fix it before it ruins your profits completely. Survey your most frequent customers about the product and find out where the problem lies. It could be anything from a decline in the product quality to a glitch on your online store. You’ll never know unless you ask.

6. Create Relevant Promotional Materials

If you’ve ever wondered what text or images to put on your fliers, website, or social media accounts thorough market research will tell you exactly what to do. Since target customers have already expressed all their wants, needs, and frustrations with you, you’ll know exactly what to address and how to address it when you start creating your marketing materials.

For example, author Tiffany Sun surveyed her readers to find out which problems they were trying to solve. Instead of coming up with blog topics or headlines in a vacuum, she used the results of this survey to brainstorm compelling topics.

Here are some other ways your marketing materials will be easier to create:

Knowing whether customers see your products and services as a necessity or as a luxury can help you design your product labels, brochures, and a website that fits their perception.
Identifying the age range of your customers can tell you the type of language you’ll be using in your promotional materials. You’ll write differently when addressing retired Baby Boomers than you would when addressing young professionals.

7. Know Where to Advertise

One of the problems that small business owners face is a limited budget. Because of this, your marketing budget should be optimized to give you the best returns possible. Your market research can help ensure that you’re reaching your intended audience in the channels where they’re most likely to see your message.

These are some of the budgetary tasks that your market research can help with:

Buying ads on social media . If your market research shows that your target audience spends most of their time on Instagram and almost never uses X, you’ll know to direct most of your social media ad budget to Instagram and forget about X.
Placing flyers and posters . Knowing the physical spaces where your customer spends their time will tell you where you can best place your advertising. For example, university students are likely to be on campus, so placing ads for that market means that you can try bulletin boards on campus or outside local establishments that their crowd tends to frequent.
Targeting ads . Online ads such as social media ads and pay-per-click ads can often be targeted with precision. This means that you can target based not just on the usual demographic data, but also based on online behaviors, life stage, and interests. If you truly know your customers, you’ll be able to maximize the potential for targeting. For example: here are some of the targeting options for Facebook Ads :

8. Outsell Competitors

Businesses that know their customers better tend to win more. If you can beat your competitors at finding out your customers’ needs and you aim to fulfill those needs, you’ve got a better chance of standing out from the competition. Here are some ways you can use market research to outsell competitors:

Target dissatisfied customers . Asking target customers about their frustrations with your competitors’ products or reading their product reviews can help you improve your own products and market them to an audience that’s ready to switch brands.
Find an underserved customer segment . Your market research might reveal that there’s a segment of the market that your competition has neglected. This will give you a new customer segment to reach out to.
Identify unaddressed customer needs . During your market research, you might uncover some customer pain points or desires that you don’t see addressed in your competitors’ marketing materials. Try including them in your own marketing and see if the results show an increase in sales.

If you need to know more about conducting market research with competitors in mind, check out this guide on how to write a competitive analysis . You can also learn more about finding out who’s buying from your competitors .

9. Set Better Goals for Your Business

When business owners set goals for their business, they’re typically related to growth in sales or customers. But without market research, you won’t be able to know if your goals are achievable and how to achieve them in the first place.

You might say that you want to double sales by the end of the next quarter. How would you know if this goal is feasible if you don’t know whether the size of your target market is more than twice the size of your current customer base? Without knowing the current size of your potential market, you’ll just be setting arbitrary goals.

With market research, you’ll be able to determine the specific ways you want to expand your customer base. For example, do you want to reach new customers via a new untapped market segment? Or do you still have room for growth among your current target audience?

If you need help setting growth goals for your business, check out this guide on small business growth strategies . You can also learn how to set effective goals for your freelance business .

10. Decision-Making Becomes Simple

The importance of marketing research frequently comes up when making tough business decisions. Instead of having arbitrary criteria for the decisions you make as a business owner, you can always go back to your market research report. Based on that report, will this decision lead to more customers? Will you be able to reach more people who are likely to buy from you? Will it be clear to them that your business can meet their needs?

While not all decisions should be solved by market research, many of them can be, such as:

where to spend your advertising or marketing budget
whether there’s a demand for a new product you want to make
if you should open a storefront in a new location
which products to discontinue and which ones to merely improve
how to price all your offers

There’s a real need for market research because it provides you with solid facts. Through market research, you’ll make more informed decisions rather than resting the fate of your business on guesswork.

Discover the Importance of Market Research for Your Business

Now that you understand the importance of market research, you’re ready to get started. Your business doesn’t have to spend tens of thousands of dollars on focus groups and extensive surveys to conduct market research. But it’s important that you do market research in the first place, and present your research findings with your team.

As long as you end up with a thorough list of your target market’s demographics, needs, and frustrations, you’ll be able to reap the above benefits as you grow your business. Why not get started with your marketing research today?

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Do Your Research! 6 Reasons Why Research is So Important for Your Business

When we think of research, we often think of analyzing scholarly information. However, if you’re involved in any kind of business operation, research will help you gather the necessary data for your industry to be successful. In fact, asking questions and researching answers or recommendations is essential for making major business decisions. This may include industry research, market research, or user research based on your business objective so that your business plan is aligned with the right customers and does a great job executing its goals. Here are six reasons why your company needs research:

Define your objectives

What is the size of your industry? How have sales trended in other industries? What goals does it make sense for your company to set? Perhaps the most important research task is to collect initial data that will help you define your business objectives. Typically survey information is available through secondary sources, but often companies do their own surveys as well to measure satisfaction among customers and ensure that their business plan will meet customer’s needs. Researching all kinds of information about the market and your potential customers will be your best friend when defining business objectives.

Understand your competition

Once you know your target market you can identify and research your competition. Whether you’re a small business or a large, successful corporation, markets are often changing and new competition is always a potential threat. Researching your market will help you assess your category, strategize, and make the right decisions for your company to gain an edge above your competition. This research can also help you identify what features your competition lacks so you can add add value to your services or brand through real insights.

Test your products or campaigns

Who are your customers and what do they want? Successful companies research every detail regarding users including their interests, experiences with your product or services, and potential ways to incorporate feedback. User research and testing will help you judge whether your product, advertising, packaging, and brand communication effectively influence consumers. This task is excellent for helping your company make informed decisions. Sample surveys will help you test conceived ideas so you can confidently make decisions.

Optimize your strategy

In any given industry, there may be up to hundreds of brands on the market targeted toward the same set of customers. This makes a marketer’s job quite challenging, since every brand needs a different positioning and strategy. Both qualitative and quantitative market research will help guide marketers when developing a brand strategy and analyzing how your company compares to the competition. Effective marketing comes from user research – understand what brand features matter most to your target market and build from there.

Keep pace with the industry

All industries change over time, so brands must innovate as the market evolves. In order to secure your brand’s relevancy in the market, your company likely must constantly research updates and trends in the market that will influence whether you “perform or perish.” As new competition arises with updated features, focus your innovation efforts on growth opportunities and respond to customer’s changing needs. Remember, if you don’t adapt to the market, someone else will, so staying ahead of the game is a key to success.

Solve problems and make decisions

Businesses often face loss or failure. Market research, user research, and research depending on your industry may help you gain insight into what went wrong. Whether brand awareness is decreasing or sales have fallen, analyzing available data can help you determine possible alternatives to your current strategy and overcome your company’s weaknesses. Research is critical not only for identifying problems but also for developing solutions and making decisions regarding the best strategies to carry out.

While scholarly research may help your company make decisions (for instance, many psychological studies evaluate the best colors to catch attention or the best font design), there are many other types of research that can dramatically influence your company such as market research and user research. Asking questions, evaluating sources, interviewing users, and testing designs all fall under the research umbrella. How do you make sure your company is on the right track? Research it!

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Business research: what it is & how to use it for business results.

10 min read What is business research and why does it matter? Here are some of the ways business research can be helpful to your company, whichever method you choose to carry it out.

What is business research?

Business research helps companies make better business decisions by gathering information. The scope of the term business research is quite broad – it acts as an umbrella that covers every aspect of business, from finances to advertising creative. It can include research methods which help a company better understand its target market. It could focus on customer experience and assess customer satisfaction levels. Or it could involve sizing up the competition through competitor research.

Often when carrying out business research, companies are looking at their own data, sourced from their employees, their customers and their business records. However, business researchers can go beyond their own company in order to collect relevant information and understand patterns that may help leaders make informed decisions. For example, a business may carry out ethnographic research where the participants are studied in the context of their everyday lives, rather than just in their role as consumer, or look at secondary data sources such as open access public records and empirical research carried out in academic studies.

There is also a body of knowledge about business in general that can be mined for business research purposes. For example organisational theory and general studies on consumer behaviour.

Free ebook: 2023 Global Consumer Trends Report

Why is business research important?

We live in a time of high speed technological progress and hyper-connectedness. Customers have an entire market at their fingertips and can easily switch brands if a competitor is offering something better than you are. At the same time, the world of business has evolved to the point of near-saturation. It’s hard to think of a need that hasn’t been addressed by someone’s innovative product or service.

The combination of ease of switching, high consumer awareness and a super-evolved marketplace crowded with companies and their offerings means that businesses must do whatever they can to find and maintain an edge. Business research is one of the most useful weapons in the fight against business obscurity, since it allows companies to gain a deep understanding of buyer behaviour and stay up to date at all times with detailed information on their market.

Thanks to the standard of modern business research tools and methods, it’s now possible for business analysts to track the intricate relationships between competitors, financial markets, social trends, geopolitical changes, world events, and more.

Find out how to conduct your own market research and make use of existing market research data with our Ultimate guide to market research

Types of business research

Business research methods vary widely, but they can be grouped into two broad categories – qualitative research and quantitative research .

Qualitative research methods

Qualitative business research deals with non-numerical data such as people’s thoughts, feelings and opinions. It relies heavily on the observations of researchers, who collect data from a relatively small number of participants – often through direct interactions.

Qualitative research interviews take place one-on-one between a researcher and participant. In a business context, the participant might be a customer, a supplier, an employee or other stakeholder. Using open-ended questions, the researcher conducts the interview in either a structured or unstructured format. Structured interviews stick closely to a question list and scripted phrases, while unstructured interviews are more conversational and exploratory. As well as listening to the participant’s responses, the interviewer will observe non-verbal information such as posture, tone of voice and facial expression.

Focus groups

Like the qualitative interview, a focus group is a form of business research that uses direct interaction between the researcher and participants to collect data. In focus groups, a small number of participants (usually around 10) take part in a group discussion led by a researcher who acts as moderator. The researcher asks questions and takes note of the responses, as in a qualitative research interview. Sampling for focus groups is usually purposive rather than random, so that the group members represent varied points of view.

Observational studies

In an observational study, the researcher may not directly interact with participants at all, but will pay attention to practical situations, such as a busy sales floor full of potential customers, or a conference for some relevant business activity. They will hear people speak and watch their interactions, then record relevant data such as behaviour patterns that relate to the subject they are interested in. Observational studies can be classified as a type of ethnographic research. They can be used to gain insight about a company’s target audience in their everyday lives, or study employee behaviours in actual business situations.

Ethnographic Research

Ethnographic research is an immersive design of research where one observes peoples’ behaviour in their natural environment. Ethnography was most commonly found in the anthropology field and is now practices across a wide range of social sciences.

Ehnography is used to support a designer’s deeper understanding of the design problem – including the relevant domain, audience(s), processes, goals and context(s) of use.

The ethnographic research process is a popular methodology used in the software development lifecycle. It helps create better UI/UX flow based on the real needs of the end-users.

If you truly want to understand your customers’ needs, wants, desires, pain-points “walking a mile” in their shoes enables this. Ethnographic research is this deeply rooted part of research where you truly learn your targe audiences’ problem to craft the perfect solution.

Case study research

A case study is a detailed piece of research that provides in depth knowledge about a specific person, place or organisation. In the context of business research, case study research might focus on organizational dynamics or company culture in an actual business setting, and case studies have been used to develop new theories about how businesses operate. Proponents of case study research feel that it adds significant value in making theoretical and empirical advances. However its detractors point out that it can be time consuming and expensive, requiring highly skilled researchers to carry it out.

Quantitative research methods

Quantitative research focuses on countable data that is objective in nature. It relies on finding the patterns and relationships that emerge from mass data – for example by analysing the material posted on social media platforms, or via surveys of the target audience. Data collected through quantitative methods is empirical in nature and can be analysed using statistical techniques. Unlike qualitative approaches, a quantitative research method is usually reliant on finding the right sample size, as this will determine whether the results are representative. These are just a few methods – there are many more.

Surveys are one of the most effective ways to conduct business research. They use a highly structured questionnaire which is distributed to participants, typically online (although in the past, face to face and telephone surveys were widely used). The questions are predominantly closed-ended, limiting the range of responses so that they can be grouped and analyzed at scale using statistical tools. However surveys can also be used to get a better understanding of the pain points customers face by providing open field responses where they can express themselves in their own words. Both types of data can be captured on the same questionnaire, which offers efficiency of time and cost to the researcher.

Correlational research

Correlational research looks at the relationship between two entities, neither of which are manipulated by the researcher. For example, this might be the in-store sales of a certain product line and the proportion of female customers subscribed to a mailing list. Using statistical analysis methods, researchers can determine the strength of the correlation and even discover intricate relationships between the two variables. Compared with simple observation and intuition, correlation may identify further information about business activity and its impact, pointing the way towards potential improvements and more revenue.

Experimental research

It may sound like something that is strictly for scientists, but experimental research is used by both businesses and scholars alike. When conducted as part of the business intelligence process, experimental research is used to test different tactics to see which ones are most successful – for example one marketing approach versus another. In the simplest form of experimental research, the researcher identifies a dependent variable and an independent variable. The hypothesis is that the independent variable has no effect on the dependent variable, and the researcher will change the independent one to test this assumption. In a business context, the hypothesis might be that price has no relationship to customer satisfaction. The researcher manipulates the price and observes the C-Sat scores to see if there’s an effect.

The best tools for business research

You can make the business research process much quicker and more efficient by selecting the right tools. Business research methods like surveys and interviews demand tools and technologies that can store vast quantities of data while making them easy to access and navigate. If your system can also carry out statistical analysis, and provide predictive recommendations to help you with your business decisions, so much the better.

eBook: 2023 Global Consumer Trends Report

Related resources

Qualitative research interviews 11 min read, video in qualitative research 10 min read, descriptive research 8 min read, market intelligence 9 min read, qualitative research questions 11 min read, ethnographic research 11 min read, business research methods 12 min read, request demo.

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KU Leuven builds new skills centre for students and health professionals

At Gasthuisberg campus, the foundation stone has been laid for STEPS, KU Leuven’s new skills centre for students and health professionals. This building will house innovative learning environments and advanced simulation technologies for students in the Biomedical Sciences Group and for health professionals. With this project, the university takes an important step in expanding and strengthening its infrastructure for education and training in the context of health care.

The past decade, the number of students in Biomedical Sciences (Medicine, Pharmaceutical Sciences, and Movement & Rehabilitation Sciences) has substantially increased. To make sure all these students can easily respond to the rapidly changing health care context and needs, the university will support a number of initiatives for educational innovation and interprofessional student education. Additionally, continuing education is an absolute requirement to make sure we keep working on the bridge between the professional field and the academic world.

One of the important pillars of that approach is the skills education in the study programmes. That is why the university is building a multidisciplinary and high-performing skills centre, to create a realistic learning environment for students, which will optimally prepare them for the professional field. The project was named STEPS: Skills Training Education Proficiency Simulation. This project will be housed in the existing building ‘Onderwijs & Navorsing 2’, and in a new building, of which the foundation stone was laid today. The new building should be ready by the start of the 2026-2027 academic year.

Not only students from the Faculties of Medicine, Pharmaceutical Sciences, and Movement and Rehabilitation Sciences will be trained in this centre, but also health professionals from University Hospitals Leuven (UZ Leuven) and from the Flemish Hospital Network KU Leuven will be able use this centre for training in the context of continuing education.

The STEPS building is divided into different zones for diverse types of training, like communication trainings, rooms for the so-called stationsproeven (practical medicine exams), reanimation courses, self-study stations, complex simulators for technical skills, simulated complex care environments, and rooms with virtual reality (VR), augmented reality (AR), and mixed reality (MR). Each zone is designed to support different learning goals, from basic instrumental skills to high-fidelity simulation training. With this centre, KU Leuven wants to respond to the need for continuous professional development for health care workers, a need that became even more visible during corona times.

Crossroads between education, research and health care

The location of the STEPS building on the Health Sciences Gasthuisberg Campus makes it a central hub for education, research and health care. This campus, where KU Leuven and UZ Leuven meet, provides an integrated environment where academic and professional programmes in health care can strengthen each other. The location of STEPS was no coincidence, the skills centre is a literal and symbolic bridge between the existing education and health care facilities, which allows for a seamless integration of theoretical and practical education.

Sustainability and flexibility are key concepts in the design of the new STEPS building, with a structure that should last for more than a hundred years, but, at the same time, can be adapted to changing technological and pedagogical evolutions. The fossil-free building will have a high-performance audiovisual system, broad hallways for transporting materials, and a room with a flexible lay-out that can be adapted easily to new needs and purposes.

This article was first published on 10 June by KU Leuven.

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If we’re all so busy, why isn’t anything getting done?

Have you ever asked why it’s so difficult to get things done in business today—despite seemingly endless meetings and emails? Why it takes so long to make decisions—and even then not necessarily the right ones? You’re not the first to think there must be a better way. Many organizations address these problems by redesigning boxes and lines: who does what and who reports to whom. This exercise tends to focus almost obsessively on vertical command relationships and rarely solves for what, in our experience, is the underlying disease: the poor design and execution of collaborative interactions.

About the authors

This article is a collaborative effort by Aaron De Smet , Caitlin Hewes, Mengwei Luo, J.R. Maxwell , and Patrick Simon , representing views from McKinsey’s People & Organizational Performance Practice.

In our efforts to connect across our organizations, we’re drowning in real-time virtual interaction technology, from Zoom to Slack to Teams, plus group texting, WeChat, WhatsApp, and everything in between. There’s seemingly no excuse to not collaborate. The problem? Interacting is easier than ever, but true, productive, value-creating collaboration is not. And what’s more, where engagement is occurring, its quality is deteriorating. This wastes valuable resources, because every minute spent on a low-value interaction eats into time that could be used for important, creative, and powerful activities.

It’s no wonder a recent McKinsey survey found 80 percent of executives were considering or already implementing changes in meeting structure and cadence in response to the evolution in how people work due to the COVID-19 pandemic. Indeed, most executives say they frequently find themselves spending way too much time on pointless interactions that drain their energy and produce information overload.

Most executives say they frequently find themselves spending way too much time on pointless interactions.

Three critical collaborative interactions

What can be done? We’ve found it’s possible to quickly improve collaborative interactions by categorizing them by type and making a few shifts accordingly. We’ve observed three broad categories of collaborative interactions (exhibit):

Decision making, including complex or uncertain decisions (for example, investment decisions) and cross-cutting routine decisions (such as quarterly business reviews)
Creative solutions and coordination, including innovation sessions (for example, developing new products) and routine working sessions (such as daily check-ins)
Information sharing, including one-way communication (video, for instance) and two-way communication (such as town halls with Q&As)

Below we describe the key shifts required to improve each category of collaborative interaction, as well as tools you can use to pinpoint problems in the moment and take corrective action.

Decision making: Determining decision rights

When you’re told you’re “responsible” for a decision, does that mean you get to decide? What if you’re told you’re “accountable”? Do you cast the deciding vote, or does the person responsible? What about those who must be “consulted”? Sometimes they are told their input will be reflected in the final answer—can they veto a decision if they feel their input was not fully considered?

It’s no wonder one of the key factors for fast, high-quality decisions is to clarify exactly who makes them. Consider a success story at a renewable-energy company. To foster accountability and transparency, the company developed a 30-minute “role card” conversation for managers to have with their direct reports. As part of this conversation, managers explicitly laid out the decision rights and accountability metrics for each direct report. The result? Role clarity enabled easier navigation for employees, sped up decision making, and resulted in decisions that were much more customer focused.

How to define decision rights

We recommend a simple yet comprehensive approach for defining decision rights. We call it DARE, which stands for deciders, advisers, recommenders, and executors:

Deciders are the only ones with a vote (unlike the RACI model, which helps determine who is responsible, accountable, consulted, and informed). If the deciders get stuck, they should jointly agree on how to escalate the decision or figure out a way to move the process along, even if it means agreeing to “disagree and commit.”

Advisers have input and help shape the decision. They have an outsize voice in setting the context of the decision and have a big stake in its outcome—for example, it may affect their profit-and-loss statements—but they don’t get a vote.

Recommenders conduct the analyses, explore the alternatives, illuminate the pros and cons, and ultimately recommend a course of action to advisers and deciders. They see the day-to-day implications of the decision but also have no vote. Best-in-class recommenders offer multiple options and sometimes invite others to suggest more if doing so may lead to better outcomes. A common mistake of recommenders, though, is coming in with only one recommendation (often the status quo) and trying to convince everyone it’s the best path forward. In general, the more recommenders, the better the process—but not in the decision meeting itself.

Executers don’t give input but are deeply involved in implementing the decision. For speed, clarity, and alignment, executers need to be in the room when the decision is made so they can ask clarifying questions and spot flaws that might hinder implementation. Notably, the number of executers doesn’t necessarily depend on the importance of the decision. An M&A decision, for example, might have just two executors: the CFO and a business-unit head.

To make this shift, ensure everyone is crystal clear about who has a voice but no vote or veto. Our research indicates while it is often helpful to involve more people in decision making, not all of them should be deciders—in many cases, just one individual should be the decider (see sidebar “How to define decision rights”). Don’t underestimate the difficulty of implementing this. It often goes against our risk-averse instinct to ensure everyone is “happy” with a decision, particularly our superiors and major stakeholders. Executing and sustaining this change takes real courage and leadership.

Creative solutions and coordination: Open innovation

Routine working sessions are fairly straightforward. What many organizations struggle with is finding innovative ways to identify and drive toward solutions. How often do you tell your teams what to do versus empowering them to come up with solutions? While they may solve the immediate need to “get stuff done,” bureaucracies and micromanagement are a recipe for disaster. They slow down the organizational response to the market and customers, prevent leaders from focusing on strategic priorities, and harm employee engagement. Our research suggests key success factors in winning organizations are empowering employees and spending more time on high-quality coaching interactions.

How microenterprises empower employees to drive innovative solutions

Haier, a Chinese appliance maker, created more than 4,000 microenterprises (MEs) that share common approaches but operate independently. Haier has three types of microenterprises:

Market-facing MEs have roots in Haier’s legacy appliance business, reinvented for today’s customer-centric, web-enabled world. They are expected to grow revenue and profit ten times faster than the industry average.
Incubating MEs focus on emerging markets such as e-gaming or wrapping new business models around familiar products. They currently account for more than 10 percent of Haier’s market capitalization.
“Node” MEs sell market-facing ME products and services such as design, manufacturing, and human-resources support.

Take Haier. The Chinese appliance maker divided itself into more than 4,000 microenterprises with ten to 15 employees each, organized in an open ecosystem of users, inventors, and partners (see sidebar “How microenterprises empower employees to drive innovative solutions”). This shift turned employees into energetic entrepreneurs who were directly accountable for customers. Haier’s microenterprises are free to form and evolve with little central direction, but they share the same approach to target setting, internal contracting, and cross-unit coordination. Empowering employees to drive innovative solutions has taken the company from innovation-phobic to entrepreneurial at scale. Since 2015, revenue from Haier Smart Home, the company’s listed home-appliance business, has grown by more than 18 percent a year, topping 209 billion renminbi ($32 billion) in 2020. The company has also made a string of acquisitions, including the 2016 purchase of GE Appliances, with new ventures creating more than $2 billion in market value.

Empowering others doesn’t mean leaving them alone. Successful empowerment, counterintuitively, doesn’t mean leaving employees alone. Empowerment requires leaders to give employees both the tools and the right level of guidance and involvement. Leaders should play what we call the coach role: coaches don’t tell people what to do but instead provide guidance and guardrails and ensure accountability, while stepping back and allowing others to come up with solutions.

Haier was able to use a variety of tools—including objectives and key results (OKRs) and common problem statements—to foster an agile way of working across the enterprise that focuses innovative organizational energy on the most important topics. Not all companies can do this, and some will never be ready for enterprise agility. But every organization can take steps to improve the speed and quality of decisions made by empowered individuals.

Managers who are great coaches, for example, have typically benefited from years of investment by mentors, sponsors, and organizations. We think all organizations should do more to improve the coaching skills of managers and help them to create the space and time to coach teams, as opposed to filling out reports, presenting in meetings, and other activities that take time away from driving impact through the work of their teams.

But while great coaches take time to develop, something as simple as a daily stand-up or check-in can drive horizontal connectivity, creating the space for teams to understand what others are doing and where they need help to drive work forward without having to specifically task anyone in a hierarchical way. You may also consider how you are driving a focus on outcomes over activities on a near-term and long-term basis. Whether it’s OKRs or something else, how is your organization proactively communicating a focus on impact and results over tasks and activities? What do you measure? How is it tracked? How is the performance of your people and your teams managed against it? Over what time horizons?

The importance of psychological safety. As you start this journey, be sure to take a close look at psychological safety. If employees don’t feel psychologically safe, it will be nearly impossible for leaders and managers to break through disempowering behaviors like constant escalation, hiding problems or risks, and being afraid to ask questions—no matter how skilled they are as coaches.

Employers should be on the lookout for common problems indicating that significant challenges to psychological safety lurk underneath the surface. Consider asking yourself and your teams questions to test the degree of psychological safety you have cultivated: Do employees have space to bring up concerns or dissent? Do they feel that if they make a mistake it will be held against them? Do they feel they can take risks or ask for help? Do they feel others may undermine them? Do employees feel valued for their unique skills and talents? If the answer to any of these is not a clear-cut “yes,” the organization likely has room for improvement on psychological safety and relatedness as a foundation to high-quality interactions within and between teams.

Information sharing: Fit-for-purpose interactions

Do any of these scenarios sound familiar? You spend a significant amount of time in meetings every day but feel like nothing has been accomplished. You jump from one meeting to another and don’t get to think on your own until 7 p.m. You wonder why you need to attend a series of meetings where the same materials are presented over and over again. You’re exhausted.

An increasing number of organizations have begun to realize the urgency of driving ruthless meeting efficiency and of questioning whether meetings are truly required at all to share information. Live interactions can be useful for information sharing, particularly when there is an interpretive lens required to understand the information, when that information is particularly sensitive, or when leaders want to ensure there’s ample time to process it and ask questions. That said, most of us would say that most meetings are not particularly useful and often don’t accomplish their intended objective.

We have observed that many companies are moving to shorter meetings (15 to 30 minutes) rather than the standard default of one-hour meetings in an effort to drive focus and productivity. For example, Netflix launched a redesign effort to drastically improve meeting efficiency, resulting in a tightly controlled meeting protocol. Meetings cannot go beyond 30 minutes. Meetings for one-way information sharing must be canceled in favor of other mechanisms such as a memo, podcast, or vlog. Two-way information sharing during meetings is limited by having attendees review materials in advance, replacing presentations with Q&As. Early data show Netflix has been able to reduce the number of meetings by more than 65 percent, and more than 85 percent of employees favor the approach.

Making meeting time a scarce resource is another strategy organizations are using to improve the quality of information sharing and other types of interactions occurring in a meeting setting. Some companies have implemented no-meeting days. In Japan, Microsoft’s “Work Life Choice Challenge” adopted a four-day workweek, reduced the time employees spend in meetings—and boosted productivity by 40 percent. 1 Bill Chappell, “4-day workweek boosted workers’ productivity by 40%, Microsoft Japan says,” NPR, November 4, 2019, npr.org. Similarly, Shopify uses “No Meeting Wednesdays” to enable employees to devote time to projects they are passionate about and to promote creative thinking. 2 Amy Elisa Jackson, “Feedback & meeting-free Wednesdays: How Shopify beats the competition,” Glassdoor, December 5, 2018, glassdoor.com. And Moveline’s product team dedicates every Tuesday to “Maker Day,” an opportunity to create and solve complex problems without the distraction of meetings. 3 Rebecca Greenfield, “Why your office needs a maker day,” Fast Company , April 17, 2014, fastcompany.com.

Finally, no meeting could be considered well scoped without considering who should participate, as there are real financial and transaction costs to meeting participation. Leaders should treat time spent in meetings as seriously as companies treat financial capital. Every leader in every organization should ask the following questions before attending any meeting: What’s this meeting for? What’s my role? Can I shorten this meeting by limiting live information sharing and focusing on discussion and decision making? We encourage you to excuse yourself from meetings if you don’t have a role in influencing the outcome and to instead get a quick update over email. If you are not essential, the meeting will still be successful (possibly more so!) without your presence. Try it and see what happens.

High-quality, focused interactions can improve productivity, speed, and innovation within any organization—and drive better business performance. We hope the above insights have inspired you to try some new techniques to improve the effectiveness and efficiency of collaboration within your organization.

Aaron De Smet is a senior partner in McKinsey’s New Jersey office; Caitlin Hewes is a consultant in the Atlanta office; Mengwei Luo is an associate partner in the New York office; J.R. Maxwell is a partner in the Washington, DC, office; and Patrick Simon is a partner in the Munich office.

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Business Research: Definition, Types & Methods
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Business Research: Methods, Types & Examples
Business research is carried out to understand the customer, market and the competitors. Such a research is important as it helps businesses to grow in terms of revenue, market share and brand value. This article talks about the methods, types, examples, advantages, disadvantages, and importance of business research.
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What Is Business Research? (With Methods and Examples)
Business research is the process of gathering relevant information regarding a company's business activities and using it to maximize profit. Regardless of your experience and knowledge, learning about business research can help you improve your organization's output. Researching the subject can also have a positive effect on your career ...
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Business research is the process of collecting and analyzing data to support management decision-making. It helps organizations identify and solve problems, make informed decisions, and stay ahead of their competitors. The Importance of Business Research. Business research plays a crucial role in an organization's success by providing the ...
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Research in business is important because it helps business owners and managers make important decisions. By learning more about their strengths and weaknesses, they can identify areas for improvement and growth. Business research can help companies during any stage. For example, professionals starting a new company can research the market to ...
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Business research methodologies can be broadly categorized into two main types: qualitative and quantitative methods. Qualitative Research Methods. In business, qualitative research aims to understand people's thoughts, emotions, and motivations. These methods help explore new ideas, create new products, and understand customer needs.
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The Importance of Marketing Research. These are the ten reasons why market research is important, especially for smaller teams and businesses: 1. Better Understand Customer Needs. While every business has many stakeholders, the customer is always at the center of what you do.
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Business Research Methods by Emma Bell
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