Business: Marketing and Business Research Essay

Submitted By bandit31586
Words: 491
Pages: 2

Business research is a process that businesses need to perform in order to understand the customers and their buying trends, the industry that they operate in and the competitors. The business research process is a detailed study of products and services that a company offers, by engaging in understanding the customer reactions. The main objective of a business research is to determine what kind of products or services to offer to the customers, how many people would buy them, the markets that the company has to concentrate on, and the prices and promotions that need to be taken into consideration. Business research is a wide topic and contains various steps that help companies consider how to reach the desired objectives management is looking to achieve. In our business, we use research to develop products and marketing strategies which includes some or all of the steps described below. Business research identifies the competitors within the industry and the market they operate in. This study finds out the key data about the competition such as products, employees, market share, sales, and customer base. Customer study is another step in the business research process. The customer wants and needs is a crucial factor in determining what kind of products to develop and sell according to their needs. If the company fails to identify the customer wants and needs, competitors can gain an upper hand in the process. Researchers often pay attention to product concepts, and customer satisfaction to determine the product design and prices. Even though our quality was the best and the prices were lower than our competitors, customers often would not buy our products due to regular packaging. We noticed that customer’s would pay high prices just because the packaging looks attractive. The strength, weakness, opportunities, and threats analysis helps researchers study the company and point out any