Current Business Research essay

Nowadays, a business research is very popular as it allows you to explore the main issues of business in order to avoid a certain number of mistakes. What makes your business prosperous and successful? This is the main question that any companies and organizations have to answer in order to achieve its goals, and to succeed in its businesses. It is very important for any organization to be competitive in the world market. According to Barney, “The competitive strategy perspective argues that a firm enjoys superior performance when it is able to develop unique organizational resources, capabilities and competencies” (Wade, Chiaburu&Lyles, 2010, p. 291).

Thus, in this paper we are going to discuss and examine the business research and its purpose, to explain the business problems under investigation, and to describe the data collection methods and researchers’ conclusions as a result of their research.

To start with, a business research is a methodical, systematic and organized attempt to investigate the specific and concrete problems encountered in work, whichneeds significant solutions.

Themain purpose of business researches is to overcome and solve the problematic and existing business situations connected withdifferentfields in a business organization with the help of providing vocational guidance and learning to the managers in order to help and promote them in taking and solving some business problems and decisions.In addition, the purpose of a business research is to find out about competitors, market structure, government regulations, economic trends, technological developments and many other factors that include the business environment.

There are different business problems under investigation that include:

• No financial planning or forecasting;
• The lack of calculation of expenses with respect to incomes;
• Inappropriate, inadequate, and low profits;
• No calculations of cashflow;
• The lack of course correction and guidance for the complex issues and tasks;
• Business competition from other firms and organizations;
• No management appropriate measures connected with sales, different markets, and various target customers.

The plan development for the data collection methods consists of several stages:

• The determination of a problem and the formulation of research objectives;
• The detailed planning of the study. It is necessary to determine what should be a source of information –assembled data (secondary data) or  new data collections (primary data);
• The evaluation of assembled data;
• The planning of primary data. It is necessary to determine which method of collecting information will be used – survey, observation, questionnaire or experiment;
• The analysis of data;
• The presentation of research results.

The following methods are used in a research project:

1. Survey is a psychological, verbal, and communicative method, which implement an interaction between an interviewer and a respondent by obtaining from the subject answers to the questions formulated in advance.
2. Observation is a descriptive research method, consisting of a focused and organized perception and registration of the studied object’s behavior. Observation is an organized, purposeful, fixed perception of psychic phenomena in order to study them under certain conditions.
3. Questionnaire is a verbal and communicative method, which uses a specially designed list of questions – questionnaire in order to gather the necessary information.
4. Experiment is an investigative method of a phenomenon under the controlled conditions.

As a result of their research, the researchers conclude the state of the organization’s competitiveness. The technology and methods of a business research allow the researchers to sufficiently get answers to questions that affect the important aspects of the organization’s functioning.Moreover, the research shows how effective and competent an employee, department and organization are.

Frazier and Huddleston (2009) stated that “Competence is achieved by acquiring the information and skills that enable a retailer to develop and execute effective marketing strategies” (p.167).

In conclusion, it is possible to conclude that it is necessary and important to carry out the constant monitoring of any situation in various aspects of management in order to get to know business problems, quickly react to different changings, and plan an appropriate development.