An

Assignment

On

Business research and its types

Submitted To:

Mrs. Bijay Dahal

Lecturer, Business Research.

Nepal Business College

Submitted By:

Sonam purbe

LC00016000121

Bachelor in Business Administration

Nepal Business College

Lincoln University

Author Note

This assignment was prepared for fulfillment of course study of Business Research,

BBA 2433, Department of Management, taught by Mr. Bijay Dahal.

Business research and its Types 2

Acknowledgement
The successful accomplishment of this report is the outcome of contribution of a number of
people to whom I am grateful and thanked them from the very deep of my heart. At the
beginning, I would like to pay our humble gratitude to the almighty for giving me ability to work
hard under pressure.

Foremost, I would like to thank Lincoln University College affiliated Nepal Business College of
Management and Secondly the credit of thanks goes to our honorable Founder Chairman of NBC
Dr. Bhesha Parsad Dhamala for making good study environment likewise, I am very much
thankful to our respected Academic Director of NBC Prof. Dr. Ved Raj Acharya moving
forward a big thanks to our respect Managing Director of NBC Mr. Deepak Koirala

I would like to convey my sincere gratitude to my honorable lecture Mr. Bijay Dahal Nepal
Business College of management lecture department of Bachelor of Business Administration,
Lincoln University College. Without guidance and assistance this report would not have seen the
light of day.

I want to acknowledge my family and friends with great respect. Their love, encouragement and
support have been exemplary. All of the above I want to acknowledge and thank god that I have
been able to complete this expedition successfully.
Business research and its Types 3

Abstract
The purpose of business research is to gather information in order to aid businessrelated
decision-making. Business research is defined as ‘the systematic and objective process of
collecting, recording, analyzing and interpreting data for aid in solving managerial problems’.
These managerial problems can be linked to any business function, e.g. human resources,
finance, marketing or research and development. Your research project can also be interpreted as
business research in the sense that it will be related to business and management. In some cases,
this may encompass more than one particular business discipline. For instance, a study might
focus on the level of marketing knowledge among finance managers (marketing and finance).
We have already established that research is all about providing answers to questions and
developing knowledge. These questions in themselves are significant, hence the need to conduct
research. You are likely to have conducted your own research to address questions that are
important to you. In business, research is important in identifying opportunities and threats.
Often, a company’s success or failure is dependent on the actions undertaken as a result of
conducting research. Although carrying out business research does not guarantee success, it is
likely to increase the possibility that a new product, service, brand identity or even an event is
successful. In some cases, the level of research conducted can be questionable, especially if
public opinion is markedly different to that of an organization’s viewpoint.
Business research and its Types 4

Contents
Acknowledgement...........................................................................................................................2
Abstract............................................................................................................................................3
Chapter 1: Introduction....................................................................................................................4
1.1 Context information...............................................................................................................4
1.2 Purpose of study.....................................................................................................................5
1.3 Significance of study..............................................................................................................5
1.4 Literature review....................................................................................................................5
1.5 Research methodology...........................................................................................................5
Chapter 2: Meaning and its types....................................................................................................6
2.1: Definition of Business Research...........................................................................................6
2.2 : Types of Business Research.................................................................................................7
2.2.1 Quantitative Business Research......................................................................................7
2.2.2 Qualitative Business Research........................................................................................9
2.3 Benefits of Business Research.............................................................................................10
2.4 Advantages and Disadvantages of Business Research........................................................10
2.4.1 Advantages of Business Research.................................................................................11
2.4.2 Disadvantages of Business Research............................................................................11
2.5: Importance of business research.........................................................................................11
Chapter 3: Conclusion...................................................................................................................12
Bibliography..................................................................................................................................13
Business research and its Types 5

Chapter 1: Introduction

1.1 Context information

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, you can research on several things. 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.

1.2 Purpose of study

The purpose of study is to know the following:

 To now the business research

 To know the types of business research
 To understand the technique of business research in real scenario

1.3 Significance of study

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. 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.

1.4 Literature review

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
Business research and its Types 6

and better marketing approach. Due to this, this broad field has been distinguished into two types
namely, Qualitative Research and Quantitative Research Method. (theintactone.com)

1.5 Research methodology

Secondary data is analyzed.
 Business research and its Types 7

Chapter 2: Meaning and its types

2.1: Definition of Business Research

Business Research can be simply defined as a process of gather comprehensive data and
information of 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.

2.2 : 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.

2.2.1 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. 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 behavior 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. 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?
 Business research and its Types 8

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.

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

 Interview

Interviews and surveys are similar in nature. 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 a detailed perspective of the person with respect to the
subject of research. A mobile brand conducted research 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 to females than males.

 Focus Groups

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. With an intention
to launch a new product for a particular group of society, focus groups prove out 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. 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 consumer’s trust.

 Case Study Research

Business research and its Types 9

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 product or service.

 Ethnographic Research

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 a 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 really 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?

2.2.2 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. 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 moving 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 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
Business research and its Types 10

research methods include, who is connected with your network, how do they qualify the
‘product’ or how regularly they visit your website.

The data is collected based on the following research:

 Survey

It is the most common method under quantitative research via which a huge amount of data can
be collected with respect to 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 in taking suitable decisions.

 Correlation Research

Under this research, usually two entities are put together to examine the impact they create over
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

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.

2.3 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.
Business research and its Types 11

 It can keep you updated with current trends and innovations in the market.

2.4 Advantages and Disadvantages of Business Research

There are certain pros and cons of business research that you must know about. Here are the
advantages and disadvantages of Business Research.

2.4.1 Advantages of Business Research

 Business Research plays the role of a catalyst in identifying potential threats, issues as
well as opportunities.
 It provides a detailed analysis of customers and the target audience, thus helping in
building better relationships with one’s audience and capturing the areas which we might
be missing out on.
 It also anticipates future problems thus the enterprise is able to tackle those uncertainties
and prepare for them beforehand.
 It keeps a continuous track of competition in the market and gives businesses the scope to
come up with better strategies to tackle their competitors.
 Business Research also conducts a thorough cost analysis thus helping the company
efficiently manage resources and allocate them in an optimal manner.
 It keeps you updated with the latest trends and competitor analysis.

2.4.2 Disadvantages of Business Research

 Business Research can be expensive and time-consuming.
 It also has the danger of being assumptive and imprecise at times, because the focus
groups might be small or can be highly based on assumptions.
 The market is ever-changing and ever-evolving and capturing the right trends or
anticipating them can constitute a complicated process for business research.
(leverageedu.com)

2.5: Importance of business research

The most primary role of business research is that it helps across every decision in the business,
from product innovation to marketing and promotional planning. Business Research also helps in
forecasting for a business, whether in terms of competition or any other types of problems it will
be facing. Another key area where this plays a bigger role is ensuring consumer satisfaction as
Business research and its Types 12

through research, we can carry out research and highlight areas where we can efficiently serve
our target audience. Business research also helps in implementing cost-effectiveness in a
business as it can assist in cutting costs wherever needed and investing more in those areas,
where profit is coming from.
Business research and its Types 13

Chapter 3: Conclusion
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. 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.
Business research and its Types 14

Bibliography
leverageedu.com. (n.d.). Retrieved from https://leverageedu.com/blog/business-research/

theintactone.com. (n.d.). Retrieved from https://theintactone.com/2018/02/26/br-u1-topic-1-

business-research-types-of-research-and-process-of-research/

www.yourarticlelibrary.com. (n.d.). Retrieved from google:

https://www.yourarticlelibrary.com/retail-management/merchandise-pricing-introduction-
options-objectives-and-pricing-strategy/48130