Business research
principles are the key elements or basic components that make up consumer or business-to-business research. For example, most business research starts with problem definition or objectives. A company may need to determine why customer purchases are diminishing, for example. Consequently, the company will conduct marketing research to get to the root of the problem. You will need to know several key principles to conduct effective business research.
Target Audience
Your target audience is extremely important in business research. You need to talk to the right people to get the most out of your business research. Your target audience will be current customers if you want to conduct a customer satisfaction survey, as only customers can answer questions about product satisfaction, for example. You can better define your target audience by talking to customers ages 24 to 50 with incomes over $75,000. Many companies will skew their target audience toward heavier users of a product. For example, a restaurant company may prefer talking to people who eat at the restaurant at least once per week for feedback on a new sandwich. Your target audience can also include non-customer consumers, like when you study awareness of your brand amongst the general population.
Surveys
Surveys are one of the most common tools used for collecting business research information. A survey is the process of actually gathering input from customers about your products and services. You can conduct several types of business research surveys, including phone, mail, Internet and in-person surveys. You will need a questionnaire to do a survey. Questionnaires are a series of questions you will ask consumers when conducting a survey. The key to writing an effective questionnaire is first making sure you ask the right questions. For example, ask customers how likely they are to purchase a new product, if determining "purchase intent" is a primary objective of your survey. Determine the answer format for your questions as you write the questionnaire. For example, you can design a questionnaire with "yes/no" questions. You may also want to use multiple choice or fill-in-the-blank questions, too.
Sample Size
Another business research principle is sample size. Your sample size includes the total number of people who participate in your survey. Sometimes, companies draw their samples from telephone books, according to Quick MBA, an online business reference site. The key to sampling is given all target audience members an equal chance of being represented in the sample. This random nature of sampling is what makes research a valid way of predicting future customer activity. A larger sample also will enhance your chances of collecting reliable data or using survey information to represent the entire population's opinion.
Data Analysis
Data analysis is the process of interpreting the results of your survey. For example, a mid-scale restaurant company may learn that its customers primary patronize its restaurants because of the food quality and hospitality. Price may only be a secondary consideration. Additionally, customers may suggest that the restaurant company add several meals to it menu. Managers will usually use data analyses to develop marketing strategies for their businesses.
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