Research and Decision Making in Business: A Comprehensive Report

This report provides a comprehensive overview of business research and its critical role in effective decision-making. It begins by defining business research and outlining its objectives, emphasizing the importance of understanding customers and the competitive landscape. The report explores various research methods, including interviews, questionnaires, and the use of public data, and highlights the significance of research in gathering vital information about customers, competitors, and employees. It details the functions of research, such as identifying customer needs and assessing product marketability, and examines primary and secondary data collection methods. The report also considers the value of consultants and emphasizes the importance of research in employee training, international business expansion, and leveraging information technology. Furthermore, it underscores how research supports sales, identifies market trends, and helps businesses address problems and improve customer support. Overall, the report stresses the value of research in improving business operations and competitiveness.

Research and Decision Making in Business
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Research and Decision Making in Business
Introduction
Business research generally means any type of research that takes place at the start or
during the running of any type of business(Vitez 2019). Such research targets the customers
and looks into the nature of competition to determine the creation of a business plan. If the
business research is conducted in businesses which already exist, such a research helps to
keep in touch with the demands of the consumers. Any business research has the objective of
looking at the relevant information which would improve the success of the company.
The methods of business research vary according to the company’s size and the type
and nature of information that is required. Methods such as interviews, seminars and
questionnaires may be used to gauge the satisfaction of customers. Public data research
provides statistics to the business which affects educational and financial information
regarding product usage and customer demographics(Sarkissian).
The Role Played by Research in Decision Making in Business
Research is fundamental in the collection of statistics and facts concerning the
company’s customers, competitors and employees. These numbers enable the managerial
department of the company to make better business decisions. After collecting the statistics,
they are organized and arranged into reports after which the management team will rely on
them for taking of action. It is a fundamental element for a business to have a good
mechanism of research as this enables the competitiveness of the business in the market. The
research should take place whether or not the company or its client base is big(Faris 2018).
Significance of Research in Decision Making

Research enables a business to make knowledgeable and informed decisions and inthe
obtaining of key information about business areas, analyze this information, develop a
business strategy and also distribute information about the business. Reports that are provided
to the company’s management include information on employee and consumer preferences as
well as information about finance, sales, production and marketing. This information is used
by the management for decision making on the best strategy to apply for the benefit of the
business. Research is a basic requirement in all the phases and stages of operations of the
business. Initial research before commencing a business idea also helps to determine the
profitability of the business and whether the proposed product is in demand in the
market(Hill).
Functions of Research
The company confirms the wants of its customers through research after which it
takes the requisite steps in preparing a product that meets the given desires. Research is used
to determine the acceptability of the product in the market. It also assists the business to
expand into new markets(Akram 2015).
Methods of Data Collection
There are two main methods typically applied by businesses in the collection of data
and information. Firstly, companies collect primary data from their immediate consumers
who bring back information about the consumed products. Te companies can also offer an
inviting hand to the consumers in order for them to comment on future products and their
views on the future modification of the productin case of dissatisfaction of the customers.
Surveys and questionnaires may be used by the business interviewer in the collection and
recording of such data.

Secondary data collection is the other method of collecting data. This method makes
use of an already printed data in magazines, journals and over the internet. It proves to be
useful in gauging the scenarios of the broader market(Australian Bureau of Statistics 2018).
Consideration of a Consultant’s Services
Any research process involves time and cost. Before hiring the services of a
consultant to conduct a research, an organization must look at the advantages and
disadvantages of the same. The consultant must be clearly informed of the organization’s
expectations from the research(IBIS World 2019)
Importance of Research in Business
Research programs in businesses help greatly in educating and training the business’
employees and particularly the managers in the different fields that affect the business. The
research education can be with regard to the business ethics and strategy and economics, as
well as matters affecting modern trade and business. The executives of the companies have to
ensure that they have staff members who are capable of fulfilling their responsibilities
expected of them effectively. Staff members who are well-educated are capable of ensuring
smooth operations of the business. People management theories are considered as one of the
effective tools of education for companies. Official education and certification of the senior
managers in the management field enables them to take charge of a workforce by applying
effective and motivational techniques(Universal Research).
Another popular form of education is the provision of accounting information. Even
though specialist accountants are a resource which is available for the company, a company
builds its knowledge foundation in the market by training its members of staff in
understanding the accounting functions and achieving the overall improvement to the

efficiency of the company. The improved efficiency increases profitability, making this kind
of education worthy(Guthrieet al. 2014).
Research also aids in international business(Elsevier 2019). Company directors with
the intentions of enlarging their businesses beyond their national boundaries may consider
sending their members of staff to pursue relevant courses in the business field. The different
theories and strategies in the international trade make it necessary for the company to acquire
knowledge to enable them to find their bearing in the global competition.
Research on the information technology is also necessary to equip the company’s staff
with the relevant know-how on the use of software in management, invoicing or accounting.
The staff should be educated on how to take advantage of the new media of online trade and
internet for the development of the business.
Another area of research in the business is the field of sales and the applicable
techniques. This is a critical factor as sales enable companies to secure new income. If a
company has a sales team which is well informed and trained, this enables it to attract more
trade which will in turn improve the profits and portfolio of the company. This kind of
education empowers employees with knowledge needed in producing a brand image which is
dynamic, attractive and desirable to the customers.
Proper research provides a business with the most effective and latest market trends.
New methods of operations get introduced on a regular basis, and these can only be explored
through research. Looking at the methods applied by the competitors enables a business to
make better and more informed decisions on the development of the business. Research
avails a wider variety of possible solutions to the problems in existence.This is a very
important move in the effective and efficient running of the business.

Proper research and survey also makes it possible for a business to identify its flaws
and mistakes and to know what to do in order to improve the current situation. The owners of
the business can also understand the competitors’ trends and the reasons why some strategies
bear negative results. The research conducted by the company will enable it to understand the
problem with its goods and services. Finally, research enables the heightening of customer
support. The nature of support offered to the customers determines the customer relations
between the company and the customers in the future. The business benefits from
understanding the needs of the customers because this enables the business to address these
needs in a more comprehensive manner.

References
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https://www.abs.gov.au/websitedbs/D3310114.nsf/home/Basic+Survey+Design+-
+Data+Collection+Methods.
Elsevier 2019. Research in international business and finance. Retrieved from
https://www.journals.elsevier.com/research-in-international-business-and-finance.
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fromhttps://bizfluent.com/about-6593241-role-research-business-decision-
making.html.
Guthrie, J., Evans,E. & Burritt, R. (2014) Australian accounting academics: challenges and
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https://doi.org/10.1108/MEDAR-09-2013-0038.
Hill, B. The significance of market research to small business owners. Retrieved from
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41749.html.
IBIS World (2019). Management consulting- Australia market research report. Retrieved
from https://www.ibisworld.com.au/industry-trends/market-research-reports/
professional-scientific-technical-services/management-consulting.html#.

Sarkissian, A. Steps Involved in Business Research Decision-Making.Retrieved from
https://smallbusiness.chron.com/steps-involved-business-research-decisionmaking-
64040.html.
UniversalResearch. Importance of research in business decision making. Retrieved from
https://universalteacher.com/1/importance-of-research-in-business-decision-making/.
Vitez, O. (2019). Definition of business research. Bizfluent. Retrieved from
https://bizfluent.com/about-5512869-definition-business-research.html.