Business research involves collection of data, recording and analyzing that data. This process involves gathering information concerning competitors and customers that exist in the business. Business research is very fundamental in all processes of the business. It assists organizations get vital information which assists in improving the company service delivery.
This is used in determining the standard of service delivery of the company according to the customers’ perspective. Business research is crucial in helping companies and organizations to make viable decisions. These decisions are generally those in line with marketing views. Burns and Bush (2001) as well explain that Business research is vital in presenting the consumers’ say in a business.
Company selected: Wal-Mart Stores
Wal-Mart Stores is one of major public business not only in U.S, but also in the world. Wal-Mart was established in 1962 by a business man known as Sam Walton. The Corporation was listed on the New York stock exchange in 1972. Currently the Wal-Mart is the biggest private employer in whole world.
Wal-Mart Company has well stated business research methods which are formulated by the Research and development department aligned with improving the quality and services provided by the stores with the aim of creating commitment and sensitivity to both its customers and employees. Its core value of Endeavouring for excellence attests its commitment to research in improving its performance. (Frank, 2006)
Development of a product entails determining the features and characteristics of a good product to be sold. When designing a product it is important that the customer needs should be incorporated in the designing process. The facilities and tools which will be used in product production are in this category. Also information system that is required in monitoring and controlling the performance of the product are included in this stage of designing.
As Burns and Bush (2001) points out developing process of a company are integral part of the designing process and will determine the failure or the success of the business enterprises. The decisions address the questions such as how the product will be made. It is important to ensure that product designing is teamwork process and marketing and operating plans are incorporated so that the product can successful be launched on the market. Wal-Mart Stores uses Research and Development to carry out all this process in designing their products. (Wal-Mart, 2008)
Competition is present in any business industry; the most important thing is to gain competitive advantage over other industry players. This can only be achieved through doing business research to ascertain the level of competition and also find out the strategies employed by other competitors in the industry. Wal-Mart uses its R&D section to monitor competition and develop business strategies which will give it a competitive advantage over other players. (Wal-Mart, 2008)
For Wal-Mart to fight against this potential market threat poised by its competitors, Wal-Mart has put measures to retain its position in the industry by being a first mover. Wal-Mart continuously innovate fresh products so as to be ahead of its competitor’s aggressive designs.
Improving quality and maintain high standards
The company states that it is committed to attaining and maintaining a high standard of quality in whatever it undertakes. Most important Wal-Mart consistently endeavours to ensure that the customers’ experiences a concept of quality care by providing advanced services, considerate support together with whole stakeholders’ participation and their commitment. Such an objective ensures that tradition of perfection in anything done in the company. This ensures that the company uses well its business research in developing ways that ensures continuous improvement of its services and products. (Wal-Mart, 2008)
Wal-Mart commitment to better quality that has ensured realization and innovation at the company which has lead to cost effective and excellent service delivery of the company. In addition the company has been able to embrace technologically advancement and use new technologies in improving its service delivery to new heights. All this has been possible through constant business research in coming up with new and effective ways of improving quality and services to reflect the changing market trends and customer demands. Frank, 2006)
A customer is the most important individual for any business, customer satisfaction is very important; The Company carries out business research to find out the level of satisfaction the customer of the Wal-Mart in relation to other service providers. In addition business research is used to establish the customer perception of the services that are being provided by the Wal-Mart in terms of quality and efficiency.
Wal-Mart stores, provide outstanding customer service and also convenience to its customers. The company offers working families with the things they require at affordable prices. Wal-Mart stores goes an extra mile in ensuring that it offers the requirements and wishes of the customer, the company works strives to make certain that the its stores are viewed as important partners within the communities where the stores are situated. Wal-Mart has been able to be received well in every part they establish their business because of this approach. It is also this system of offering best services to its customer which gives Wal-Mart a lot of potential to maintain the fast growth it is experiencing (Wal-Mart, 2008)
The company is highly committed in finding new ways and strategies to ensure that their customers always feel being treated with high esteem and a lot of fairness. Wal-Mart also strives to come up with ways to advocate for their rights and be sensitive to the causes of its customers. Wal-Mart also appreciates the differences of the customer they serve and endeavours to give them the best services as possible. The company commitment formulating new ways of satisfying its customers takes numerous types one of them is;
- Wal-Mart “store of the community” program that showcases local products that reflect the tastes and make-up of the local community, in many cases moving itself particularly towards the desires of the company’s diverse customers. (Wal-Mart, 2008)
Business research is very important in order to improve the services providing by a company. Burns and Bush (2001) explain that, business research assists to highlight areas that need to be improved. In carrying out the research companies need to design their research in a way to get reliable information. Wal-Mart stores utilizes well its business research in its R&D department in formulating ways of formulating high quality products, monitoring competition, constantly improving its services and products and formulating ways to ensure customer satisfaction. This has ensured that the company remains at the top as it increases its market share. Business research will remain an important aspect for any company in order to ascertain areas to be improved
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Burns, A. and Bush, R. (2001): Marketing research; London; Prentice-Hall;
Frank, T.A. (2006): A Brief History of Wal-Mart: The Washington Monthly; April
Wal-Mart (2008): Wal-Mart Stores; Retrieved from; www.walmart.com Accessed on 28/7/2008