The Business Research Process from your Experience in the Workplace

Business Research Process
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Introduction
The primary reason for existence of every business is to make profits. In order to realize this goal, the business must increase sales and reduce cost of production. There are several aspects that influence and which directly contribute to the success of any business. The process of business research is one of the strategies that all businesses use to increase their chances of success (Remenyi, 2008). The focus of this paper is what entails business research process.
Understanding the Market
The market of in which any business is operating tends to be dynamic. This means that certain key issues are bound to change from time to time. It is therefore of paramount importance for a business to remain in tandem with the happenings within the market. Business research process therefore entails a thorough understanding of the various dynamics within the market (Coldwell, 2013). It helps to understand what strategies must be incorporated to make the business more profitable.
A through understanding of the market will help a business to reorganize itself in order to better meet the needs of the clients. When this is done over time, the business can now create niche for itself. Business research process also entails seeking for opportunities within a market. Every market will always present various opportunities (Coldwell, 2013). Some of them may not always be forthright. This means that a business must therefore be willing to re-strategize so as to make the best of such opportunities.
Business research process also involves dealing with new entrants within the market. New entrants within an industry always pose a unique challenge for existing businesses. There is fear of the new businesses overtaking and encroaching into the space of existing businesses. Research process within a business context therefore helps businesses to deal with the various issues in the best way possible (Remenyi, 2008).
Conclusion