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10 Steps in Research Process

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❶The company should also study the product or service target audience, which lends direction and focus to marketing and sales efforts. A random sample, for example, is the case where each element has the same probability of being selected.

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APPLIED VERSUS PURE RESEARCH
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The business research process entails learning everything possible about a company's customers, competitors and the industry. The major objectives of the process are determining what products or services to offer, which customers are most likely to buy them, where to sell them and how to price and promote them.

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Business research process entails studying all aspects of a company, its customers and the market, then using that information to make sound business decisions. Typically, a company will assess its own strengths and weaknesses, but place particular emphasis on how customers view their products.

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The steps in the business research process are gathering data and studying the market and industry; assessing the strengths, weaknesses, opportunities and threats of an endeavor; and studying the target audience. These steps should be followed repeatedly, especially when introducing new products or. Business Research Process BUS Business Research and Communication 1 Goals and Learning Objectives Goals and Learning Objectives Goals of this chapter: { Learn what research is. { Learn why businesses want to do research to inform decisions. { Learn about types of research. { Learn the steps of the research process.

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Few business organizations will engage in pure research related to business problems. However, understanding the process and methods used for both applied and basic research are important to interpreting research results. The research process begins when a management dilemma triggers the need for a decision. The origin, selection, statement, exploration, and refinement of the management question is the most critical.