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The Concept of Business Research 101

The concept of business research has a broad meaning. This type of research is done to understand the business goals of the company and its key performance indicators. It means that the purpose of this research is to see how business is performing.

When doing business research, we study a particular business or the activities of the company, obtain information on external and internal health and performance of an organization. We also find and estimate the strengths, weaknesses, opportunities and threats of our business. Sometimes business research also includes competitor and customer analysis, but this is not obligatory. Generally speaking, business research helps us to understand the financial health, employment status, history of the organization to make a plan for future growth.

Doing business research can look as simple as hiring somebody to make an Internet search about certain product or service markets, potential or existing competitors of your business, etc. The owner of the business can also do this himself. It can also involve reading annual business reports, analyzing websites and coming up with conclusions.

Let us look deeper at key performance indicators, since with their help the company estimates its performance over time. They are quantifiable measures of the company’s business success. The metrics of key performance indicators are used to define the company’s progress in strategic and operational goals achievement. It helps the company to do business research by comparing its finances and performance against the ones of other businesses of the industry in focus.

Performance indicators depend on the industry. They can be the measure of revenue growth over years, for example. In retail industry, same-store sales are used as a metric to measure sales increase between various store locations.

Financial key performance indicators are net profit and profit margin. Another financial indicator is the current ratio, which is calculated by dividing the company’s current assets by its current debts. Comparing the organization’s current ratio to one of other businesses of the same industry lets understand whether the company’s cash flow complies with the standards of the industry.

As for non-financial measures of key performance indicators, they include yearly or monthly measures of foot traffic, employee turnover, the number of returning and new customers, and different quality metrics.

The concept of business research has a broad meaning. This type of research is done to understand the business goals of the company and its key performance indicators. It means that the purpose of this research is to see how business is performing.

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Assignment ID
100002786
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CREATED ON
November 8, 2016
COMPLETED ON
November 9, 2016
Price
$33
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Essay Example Comments
saleem141241
November 8, 2016
saleem141241
fast and quality
diana.restrepo.686817
November 2, 2016
diana.restrepo.686817
super patient. delivered way before deadline. will use again!!! highly reccomend
eh041416
October 31, 2016
eh041416
Great ! Gave alot of detail.