Types Of Business Research
When it comes to business research there are several types of business research and each of them are beneficial for the business in their own way as they help find out information that is important as far as the business is concerned. Without such research certain facts and figures would not be known to the business and it wouldn’t be possible for businesses to rectify the situation accordingly either. These types of business research are many and each one of them is conducted in their own way and by different departments.
One of the many types of business research is known as cohort analysis where a business produces a certain product and wishes to see the feedback it receives from a certain segment of the population. The segment could be chosen at random or it could be decided on the basis of religion, race, color and such like. If the consumer appears to like the product, the business/company will go ahead and make these in larger numbers for the market because they would know that the chances of positive responses would be high but if that is not the case, they do not make the product for commercial purposes.
Then there are those types of business research that help determine quantifiable data. This is known as quantitative analysis. What happens in these types of business research is that the business takes a look at the market and looks at what it is that the market is interested in. Statistics, demographics and any information that has anything to do with numbers are taken into consideration. So, for example, before making a medicine a pharmacy would look at how many people do rely on medicines for, say, headaches and then, the pharmacy would decide whether or not to go ahead with making a medicine for this purpose.
The opposite of the quantitative analysis is the qualitative analysis. It is important to note, however, that both types of business research are used in most cases. Qualitative research is research that has absolutely nothing to do with statistics. Anything apart from numbers is important where these types of business research are to be considered. So, take the example from above- a pharmacy would also consider why people go for aspirins or why they would stay away from it. This is qualitative because it has nothing to with numbers or statistics.
Observations are certain types of business research too. Don’t let the title fool you- there are many businesses that do rely on observations. In fact most businesses and people who now have successful businesses all over the world initially relied on observation to see what it is that people are in search of and what they would want in a product or service. This way they would get an idea of how to make a product for them. There is no need for expertise in these cases because it has everything to do observation and feedback and complaints would be considered where these types of business research are concerned.