Rers351-Week2 Learning Team: Purpose of Business Research

Apr 22nd, 2015
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The purpose of business research is to identify existing and future problems the business is and will be faced. This helps the management team make decisions efficiently. It also involves identifying a society's need, what is in demand and how the business can satisfy that need in an appropriate place and at a price the community is prepared to pay.

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Team A Learning Team Reflection (Week 2) RES/351 May 5, 2014Team A Learning Team Reflection (Week 2)Purpose of Business Research The purpose of business research is to identify existing and future problems the business is and will be faced. This helps the management team make decisions efficiently. It also involves identifying a society's need, what is in demand and how the business can satisfy that need in an appropriate place and at a price the community is prepared to pay. Businesses who conduct thorough research, likely set themselves apart from their competitors. With the research, any business is capable of obtaining valuable information, for example, consumer buying habits. Owners also can discover which products and services the consumer is enjoying the most. More importantly, they are able to pinpoint which products are not selling and plan a course of action to fix their loss in revenue more efficiently. Appropriate Research Questions and HypothesesResearch questions illustrate a researcher's purpose of the conducted research. Next, researchers create a hypothesis by gathering possible solutions to the stated purpose. They generate ideas and research different resources to solve the problem. The research question and the hypothesis go hand and hand. Next, researchers will draft the plan of the research. The "research design constitutes the blueprint for the collection, measurement, and analysis of data" (Cooper & Schindler, 2011, p. 139). For

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