What is Business Research?
Business Research represents a structured approach to collecting appropriate information concerning a firm’s operations to optimize profits and facilitate well-informed decision-making. This process includes acquiring comprehensive data about diverse aspects of business, including market dynamics, consumer trends, and competitive landscapes, to pinpoint opportunities, minimize expenses, and boost overall business efficacy.
Key Takeaways:
- Business Research involves structured data collection to optimize profits and inform decision-making.
- Qualitative Research gathers non-numerical data for deep understanding. It includes interviews, focus groups, ethnographic studies, website visitor research, observational studies, and case studies.
- Quantitative Research quantifies social phenomena using statistical methods.
- Types of quantitative research include survey research, correlational research, causal-comparative research, experimental research, and literature research.
Table of Content
- Types of Business Research
- I. Qualitative Research
- 1. Interviews
- 2. Focus Groups
- 3. Ethnographic Research
- 4. Website Visitor Research
- 5. Observational Studies
- 6. Case Study
- II. Quantitative Research
- 1. Survey Research
- 2. Correlational Research
- 3. Causal-Comparative Research
- 4. Experimental Research
- 5. Literature Research