Therefore, it often begins with an overview of the Industry or market. Although organizations normally evaluate their strengths and weaknesses, more focus is often placed on the customers outlook of their products. The first thing a business organization does before conducting a research study is establishing and defining a business opportunity or problem (Hair et al.. 2011). A business research problem can be a challenge experienced in real life or existing in theoretical basis.
Typically, a business organization will be faced with the need to adjust to a shifting business environment more so In very volatile environments. Selecting a research design is the next crucial step in business research process. It is important to ensure that resources are used efficiently. It is at this stage that the research realm is defined and narrowed to align with the available resources (Fabian & Griffin 2010). In addition, a research method is also selected. A research could involve examining historical materials as well as conducting a pilot research study.
Formulating research objectives, questions, and hypotheses Is also very crucial. A research objective is expected to have a formal statement and guidelines for the distinct steps characterizing the research. A research objective should precise, pacific and
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For Instance, a survey can be conducted and data gathered using questionnaires, experiments can be performed where variables are manipulated to explore cause-effect relationships, market participants can simply be observed, and toy 2 Non-explicit data points should be deduced (Fabian & Griffin 2010). It is normal to have gaps in data since data is not always available. Assumptive approaches such as statistical methods and intelligence proxies can be used in cases where data is not available. It is also essential to state assumptions clearly if they exists (Hair et al. 2011). Evaluation of data is the next step after data collection. Data has to be put in a suitable format or encoded and checked against probable errors. Symbols can be assigned to various groups of responses to allow easier comprehension. The final step of the research process involves preparing the research report and presenting the research work. A research report should be prepared professionally and able to ammunition effective the research outcomes. A research report can be written or oral.