Current Events in Business Research Process
The business research process begins with collection of data and then processed into
information that can be used to define more details on where, when, how, and what type of
business is needed for that type of buyer. My eventual goal to open a bar and when deciding
to start my own bar business I will have to first collect data as to what the up-front company
expenses will be, as well as expenses incurred to sustain a business such as overhead, payroll,
and supply costs. Research regarding consumer demographics is a focal point that has an
impact involving business location and may affect potential revenue. Another important aspect
of research would entail research regarding competitors pricing and promotion. This data is
imperative in obtaining a competitive edge and maintaining a successful business.
After launching the company, costumer and employee satisfaction are key elements in
managing a successful company. Customer satisfaction is an obvious central concept particularly
when dealing with customers first hand, but employee satisfaction is also critical because they
are responsible for keeping customer satisfaction high. This type of research can be done by
gathering primary data with simple surveys, or questionnaires. Lack of research involving state
and local regulations could be detrimental in the bar business and can lead fallacies concerning a
companies’ ethics or procedures, and can possibly lead to the failure of a business.
In conclusion without good research a company may be faced with dilemmas and
problems that may go undetected and unconcluded. The importance of research also helps
management and owners make advantageous decisions regarding business strategies, tactics, and
intelligent and moral decision making. Good research can help guide a companies’ success.