type of business research method

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Business Research: Methods, Types & Examples

Content Index

Business research: Definition

Quantitative research methods, qualitative research methods, advantages of business research, disadvantages of business research, importance of business research.

Business research is a process of acquiring detailed information on all the areas of business and using such information to maximize the sales and profit of the business. Such a study helps companies determine which product/service is most profitable or in demand. In simple words, it can be stated as the acquisition of information or knowledge for professional or commercial purposes to determine opportunities and goals for a business.

Business research can be done for anything and everything. In general, when people speak about business research design , it means asking research questions to know where the money can be spent to increase sales, profits, or market share. Such research is critical to make wise and informed decisions.

LEARN ABOUT: Research Process Steps

For example: A mobile company wants to launch a new model in the market. But they are not aware of what are the dimensions of a mobile that are in most demand. Hence, the company conducts business research using various methods to gather information, and the same is then evaluated, and conclusions are drawn as to what dimensions are most in demand.

This will enable the researcher to make wise decisions to position his phone at the right price in the market and hence acquire a larger market share.

LEARN ABOUT:  Test Market Demand

Business research: Types and methodologies

Business research is a part of the business intelligence process. It is usually conducted to determine whether a company can succeed in a new region, to understand its competitors, or simply select a marketing approach for a product. This research can be carried out using steps in qualitative research methods or quantitative research methods.

Quantitative research methods are research methods that deal with numbers. It is a systematic empirical investigation using statistical, mathematical, or computational techniques . Such methods usually start with data collection and then proceed to statistical analysis using various methods. The following are some of the research methods used to carry out business research.

LEARN ABOUT: Data Management Framework

Survey research

Survey research is one of the most widely used methods to gather data, especially for conducting business research. Surveys involve asking various survey questions to a set of audiences through various types like online polls, online surveys, questionnaires, etc. Nowadays, most of the major corporations use this method to gather data and use it to understand the market and make appropriate business decisions.

Various types of surveys, like cross-sectional studies , which need to collect data from a set of audiences at a given point of time, or longitudinal surveys which are needed to collect data from a set of audiences across various time durations in order to understand changes in the respondents’ behavior are used to conduct survey research. With the advancement in technology, surveys can now be sent online through email or social media .

For example: A company wants to know the NPS score for their website i.e. how satisfied are people who are visiting their website. An increase in traffic to their website or the audience spending more time on a website can result in higher rankings on search engines which will enable the company to get more leads as well as increase its visibility.

Hence, the company can ask people who visit their website a few questions through an online survey to understand their opinions or gain feedback and hence make appropriate changes to the website to increase satisfaction.

Learn More:  Business Survey Template

Correlational research

Correlational research is conducted to understand the relationship between two entities and what impact each one of them has on the other. Using mathematical analysis methods, correlational research enables the researcher to correlate two or more variables .

Such research can help understand patterns, relationships, trends, etc. Manipulation of one variable is possible to get the desired results as well. Generally, a conclusion cannot be drawn only on the basis of correlational research.

For example: Research can be conducted to understand the relationship between colors and gender-based audiences. Using such research and identifying the target audience, a company can choose the production of particular color products to be released in the market. This can enable the company to understand the supply and demand requirements of its products.

Causal-Comparative research

Causal-comparative research is a method based on the comparison. It is used to deduce the cause-effect relationship between variables. Sometimes also known as quasi-experimental research, it involves establishing an independent variable and analyzing the effects on the dependent variable.

In such research, data manipulation is not done; however, changes are observed in the variables or groups under the influence of the same changes. Drawing conclusions through such research is a little tricky as independent and dependent variables will always exist in a group. Hence all other parameters have to be taken into consideration before drawing any inferences from the research.

LEARN ABOUT: Causal Research

For example: Research can be conducted to analyze the effect of good educational facilities in rural areas. Such a study can be done to analyze the changes in the group of people from rural areas when they are provided with good educational facilities and before that.

Another example can be to analyze the effect of having dams and how it will affect the farmers or the production of crops in that area.

LEARN ABOUT: Market research trends

Experimental research

Experimental research is based on trying to prove a theory. Such research may be useful in business research as it can let the product company know some behavioral traits of its consumers, which can lead to more revenue. In this method, an experiment is carried out on a set of audiences to observe and later analyze their behavior when impacted by certain parameters.

LEARN ABOUT: Behavioral Targeting

For example: Experimental research was conducted recently to understand if particular colors have an effect on consumers’ hunger. A set of the audience was then exposed to those particular colors while they were eating, and the subjects were observed. It was seen that certain colors like red or yellow increase hunger.

Hence, such research was a boon to the hospitality industry. You can see many food chains like Mcdonalds, KFC, etc., using such colors in their interiors, brands, as well as packaging.

Another example of inferences drawn from experimental research, which is used widely by most bars/pubs across the world, is that loud music in the workplace or anywhere makes a person drink more in less time. This was proven through experimental research and was a key finding for many business owners across the globe.

Online research / Literature research

Literature research is one of the oldest methods available. It is very economical, and a lot of information can be gathered using such research. Online research or literature research involves gathering information from existing documents and studies, which can be available at Libraries, annual reports, etc.

Nowadays, with the advancement in technology, such research has become even more simple and accessible to everyone. An individual can directly research online for any information that is needed, which will give him in-depth information about the topic or the organization.

Such research is used mostly by marketing and salespeople in the business sector to understand the market or their customers. Such research is carried out using existing information that is available from various sources. However, care has to be taken to validate the sources from where the information is going to be collected.

For example , a salesperson has heard a particular firm is looking for some solution that their company provides. Hence, the salesperson will first search for a decision maker from the company, investigate what department he is from, and understand what the target company is looking for and what they are into.

Using this research, he can cater his solution to be spot on when he pitches it to this client. He can also reach out to the customer directly by finding a means to communicate with him by researching online.’

LEARN ABOUT: 12 Best Tools for Researchers

Qualitative research is a method that has a high importance in business research. Qualitative research involves obtaining data through open-ended conversational means of communication. Such research enables the researcher to not only understand what the audience thinks but also why he thinks it.

In such research, in-depth information can be gathered from the subjects depending on their responses. There are various types of qualitative research methods, such as interviews, focus groups, ethnographic research, content analysis, and case study research, that are widely used.

Such methods are of very high importance in business research as they enable the researcher to understand the consumer. What motivates the consumer to buy and what does not is what will lead to higher sales, and that is the prime objective for any business.

Following are a few methods that are widely used in today’s world by most businesses.

Interviews are somewhat similar to surveys, like sometimes they may have the same types of questions used. The difference is that the respondent can answer these open-ended questions at length, and the direction of the conversation or the questions being asked can be changed depending on the response of the subject.

Such a method usually gives the researcher detailed information about the perspective or opinions of its subject. Carrying out interviews with subject matter experts can also give important information critical to some businesses.

For example: An interview was conducted by a telecom manufacturer with a group of women to understand why they have less number of female customers. After interviewing them, the researcher understood that there were fewer feminine colors in some of the models, and females preferred not to purchase them.

Such information can be critical to a business such as a  telecom manufacturer and hence it can be used to increase its market share by targeting women customers by launching some feminine colors in the market.

Another example would be to interview a subject matter expert in social media marketing. Such an interview can enable a researcher to understand why certain types of social media advertising strategies work for a company and why some of them don’t.

LEARN ABOUT: Qualitative Interview

Focus groups

Focus groups are a set of individuals selected specifically to understand their opinions and behaviors. It is usually a small set of a group that is selected keeping in mind the parameters for their target market audience to discuss a particular product or service. Such a method enables a researcher with a larger sample than the interview or a case study while taking advantage of conversational communication.

Focus group is also one of the best examples of qualitative data in education . Nowadays, focus groups can be sent online surveys as well to collect data and answer why, what, and how questions. Such a method is very crucial to test new concepts or products before they are launched in the market.

For example: Research is conducted with a focus group to understand what dimension of screen size is preferred most by the current target market. Such a method can enable a researcher to dig deeper if the target market focuses more on the screen size, features, or colors of the phone. Using this data, a company can make wise decisions about its product line and secure a higher market share.

Ethnographic research

Ethnographic research is one of the most challenging research but can give extremely precise results. Such research is used quite rarely, as it is time-consuming and can be expensive as well. It involves the researcher adapting to the natural environment and observing its target audience to collect data. Such a method is generally used to understand cultures, challenges, or other things that can occur in that particular setting.

For example: The world-renowned show “Undercover Boss” would be an apt example of how ethnographic research can be used in businesses. In this show, the senior management of a large organization works in his own company as a regular employee to understand what improvements can be made, what is the culture in the organization, and to identify hard-working employees and reward them.

It can be seen that the researcher had to spend a good amount of time in the natural setting of the employees and adapt to their ways and processes. While observing in this setting, the researcher could find out the information he needed firsthand without losing any information or any bias and improve certain things that would impact his business.

LEARN ABOUT:   Workforce Planning Model

Case study research

Case study research is one of the most important in business research. It is also used as marketing collateral by most businesses to land up more clients. Case study research is conducted to assess customer satisfaction and document the challenges that were faced and the solutions that the firm gave them.

These inferences are made to point out the benefits that the customer enjoyed for choosing their specific firm. Such research is widely used in other fields like education, social sciences, and similar. Case studies are provided by businesses to new clients to showcase their capabilities, and hence such research plays a crucial role in the business sector.

For example: A services company has provided a testing solution to one of its clients. A case study research is conducted to find out what were the challenges faced during the project, what was the scope of their work, what objective was to be achieved, and what solutions were given to tackle the challenges.

The study can end with the benefits that the company provided through its solutions, like reduced time to test batches, easy implementation or integration of the system, or even cost reduction. Such a study showcases the capability of the company, and hence it can be stated as empirical evidence of the new prospect.

Website visitor profiling/research

Website intercept surveys or website visitor profiling/research is something new that has come up and is quite helpful in the business sector. It is an innovative approach to collect direct feedback from your website visitors using surveys. In recent times a lot of business generation happens online, and hence it is important to understand the visitors of your website as they are your potential customers.

Collecting feedback is critical to any business, as without understanding a customer, no business can be successful. A company has to keep its customers satisfied and try to make them loyal customers in order to stay on top.

A website intercept survey is an online survey that allows you to target visitors to understand their intent and collect feedback to evaluate the customers’ online experience. Information like visitor intention, behavior path, and satisfaction with the overall website can be collected using this.

Depending on what information a company is looking for, multiple forms of website intercept surveys can be used to gather responses. Some of the popular ones are Pop-ups, also called Modal boxes, and on-page surveys.

For example: A prospective customer is looking for a particular product that a company is selling. Once he is directed to the website, an intercept survey will start noting his intent and path. Once the transaction has been made, a pop-up or an on-page survey is provided to the customer to rate the website.

Such research enables the researcher to put this data to good use and hence understand the customers’ intent and path and improve any parts of the website depending on the responses, which in turn would lead to satisfied customers and hence, higher revenues and market share.

LEARN ABOUT: Qualitative Research Questions and Questionnaires

• Business research helps to identify opportunities and threats.
• It helps identify research problems , and using this information, wise decisions can be made to tackle the issue appropriately.
• It helps to understand customers better and hence can be useful to communicate better with the customers or stakeholders.
• Risks and uncertainties can be minimized by conducting business research in advance.
• Financial outcomes and investments that will be needed can be planned effectively using business research.
• Such research can help track competition in the business sector.
• Business research can enable a company to make wise decisions as to where to spend and how much.
• Business research can enable a company to stay up-to-date with the market and its trends, and appropriate innovations can be made to stay ahead in the game.
• Business research helps to measure reputation management
• Business research can be a high-cost affair
• Most of the time, business research is based on assumptions
• Business research can be time-consuming
• Business research can sometimes give you inaccurate information because of a biased population or a small focus group.
• Business research results can quickly become obsolete because of the fast-changing markets

Business research is one of the most effective ways to understand customers, the market, and competitors. Such research helps companies to understand the demand and supply of the market. Using such research will help businesses reduce costs and create solutions or products that are targeted to the demand in the market and the correct audience.

In-house business research can enable senior management to build an effective team or train or mentor when needed. Business research enables the company to track its competitors and hence can give you the upper hand to stay ahead of them.

Failures can be avoided by conducting such research as it can give the researcher an idea if the time is right to launch its product/solution and also if the audience is right. It will help understand the brand value and measure customer satisfaction which is essential to continuously innovate and meet customer demands.

This will help the company grow its revenue and market share. Business research also helps recruit ideal candidates for various roles in the company. By conducting such research, a company can carry out a SWOT analysis , i.e. understand the strengths, weaknesses, opportunities, and threats. With the help of this information, wise decisions can be made to ensure business success.

LEARN ABOUT:  Market research industry

Business research is the first step that any business owner needs to set up his business to survive or to excel in the market. The main reason why such research is of utmost importance is that it helps businesses to grow in terms of revenue, market share, and brand value.

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• What is Business Research: Methods, Types & Examples

Defne Çobanoğlu

Every business owner wants their company always to be successful and profitable. And even if you have a successful business plan, that does not mean things will not need changing in the future. And trial and error may not be on the table when you can not afford to lose money and precious customers. Therefore, you need to be cautious before taking any steps and do your research . 

In this article, we explained business research, its methods, and types to help business owners and inform those interested to know more. We also added some examples of scenarios any company may face. Let us get started with the definition of business research!

• What is business research?

Business research is a type of research process where the main goal is to help a company thrive and collect data about the target audience, potential business plans, and marketing strategies . The data collection about possible risks and investment opportunities helps business owners make informed decisions about future plans. 

The fields that can use business research include marketing, business, education, and social science . But of course, they are not the only ones that can benefit from business research. It is a helpful research type for all business needs. Now, let us see how we can further categorize this into methods and types of business research.

• Methods and types of business research

Business research methods and types

In business research methodology, there are two main types. These are quantitative research and qualitative research. In the simplest terms, quantitative research is about collecting numerical and factual data, whereas qualitative research is about collecting data by using open-ended questions . These two methods can be divided into more specific parts. Let us get started with quantitative research methods.

• A. Quantitative Research Methods

Quantitative research methods give the researchers factual and numerical evidence that can be effectively used in decision-making processes. There are numerous ways to collect quantitative data, and it is also possible to use more than one method to prove the credibility of the information. Let us start with the first one:

• 1. Survey research

Surveys are a great way to collect information from a targeted group, no matter how big or small. They can be done in the format of an online survey, phone survey or questionnaire . Surveys are usually close-ended or multiple-choice questions that are easy to group and analyze. The business doing the research can collect valuable information directly from its customers.

• 2. Correlational research

Correlational research focuses on the discovery of whether two different entities influence each other in any way. The main focus of this research method is not to make decisions. But rather, they can use the findings to explore further using other research methods.

• 3. Causal-comparative research

Causal-comparative research is similar to correlational research in that both of them compare two different elements and how they affect each other. But the main difference is that fact the focus of this research method is to draw conclusions on the cause-and-effect relationship of said entities.

• 4. Experimental research

Experimental research has a broad spectrum when it comes to what is taken as ‘experimental’. Basically, it is when businesses want to test a specific theory about the quality of a product or service. There are many methods that can be used, and it is decided by the researcher according to the theory that will be tested.

• 5. Literature research

Literature research is a very effective and economical research method to use. It is about using offline and online existing literature and going through them to analyze the data. It is mostly used in sales about consumer behaviors.

• B. Qualitative Research Methods

Qualitative research is not about numbers like quantitative research. Instead, it is about emotions, opinions, and approaches. The target audience can be presented with a topic through open-ended questions. There is more than one method to go with, and it is even possible to use multiple methods at once. Let us see qualitative research methods: 

• 1. Interviews

The interview method is mostly done on a smaller participant group about a specific subject. They consist of open-ended questions and can be in a structured or unstructured format. Interviews are one-on-one questions asked to the target audience to gain insight into the problem . 

• 2. Focus Groups

A focus group is a pre-determined group of individuals who are chosen to participate in a study to answer specific questions. The researchers present them with a topic and encourage discussions with open-ended questions . Then, the findings are generalized to make decisions.

• 3. Ethnographic Research

Ethnographic research is similar to conceptual research, and its main focus is to understand the culture and people of the target audience by using observation . This method is done by observing the people in their natural environment and seeing how they interact with one another and their surroundings.

• 4. Case Study

Businesses generally use a case study method to showcase to potential consumers how their product or service helped a certain individual or a group . It is a good way to attract new customers. This method helps highlight the company’s skill sets and assets.

• 5. Website visitor research

This research method is relatively newer than others. Its main focus is to collect feedback from individuals who use the company website and ask them about their opinions. A business can use this method by presenting a customer with a quick survey after their purchase on the website . Afterward, the company can improve user satisfaction by fixing existing problems.

• Importance of business research

The reasons for conducting business research

Businesses grow by knowing their target market, potential customers, and competitors. And this is only possible by conducting market research to help make informed business decisions. The main goal of business research is to help stakeholders of the company make planned and informed decisions using the facts in the business research report. However, there are other reasons why business research is important. These are:

• Gathering information on customers: A business research report provides data on consumers’ behavioral changes, their needs, preferences, and expectations. The managers and stakeholders can make informed decisions with this knowledge.
• Performance evaluation: Research allows businesses to evaluate their success against industry standards and other competitors. This helps keep track while deciding how to differentiate themselves from others.
• Market expansion: Business research topics include areas that were not explored before. Therefore, when the business wants to expand to new markets, the research provides information on the market’s dynamics and potential risks and profits .
• Efficiency and cost-reduction: The data collected by business research helps identify any obstacles to productivity and cost excessiveness. That way, a more cost-effective and efficient approach can be taken.
• Business research examples

Business research helps business managers make smart plans for the company and its future. They can make informed decisions about new marketing strategies, building new products or service branches, or improving customer satisfaction . 

Business research example #1

Imagine a company making energy drinks wants to know if they can expand their market to the older part of the population. They do not know if they will be interested in their product or what kind of marketing strategies they can use to attract older people’s attention. They can make up a focus group and ask them about their opinions. The company can also conduct literature research to find out information about the competitors .

Business research example #2

Imagine a company that has a clothing store website wants to know if there is anything that makes shopping on their website difficult for customers. They can show a pop-up customer satisfaction survey and ask them if they can find what they are looking for easily and how the website visiting experience was. Then, they can collect customer feedback and see how they can improve their website to enhance customer satisfaction levels.

• Frequently asked questions about business research

What are the 4 stages of business research?

Much like every other research, business research is also best done when it is preplanned and organized. And there is a 4 stage plan of business research. These are:

1 - Defining the problem

2 - Designing the research plan

3 - Collecting data and making an analysis

4 - Reporting on the findings

What is the purpose of business research?

The purpose of business research is to make sense of the existing elements of a business, such as consumers, product placement, marketing, innovation, etc . And using the data collected on these elements to make informed decisions and create smart business strategies to improve the success of the company.

When to use business research?

Business research is best used when a new approach is taken or a new product is launched, and the risks need to be assessed. It is essential to be mindful of all the negative and positive sides of a new strategy without risking the entirety of the company.

• Final words

When you own a business, no matter how big or small, change can be intimidating. You can not go to new territories blindly. But, you can not stay the same either. In order to keep your existing customers and find new potential ones, you should be mindful of their habits and opinions. The best way of doing this is either to ask them directly ( using a survey, interviewing them, etc .) or to do your own research to draw conclusions.

In this article, we explained business research, quantitative and qualitative research methods, and business research types. We also included some examples of business research and what methods can be used for those problems. If you want to do your own business research but do not know where to start, you can check out quantitative research questions to get you started. Also, do not forget to check out other articles on research and so much more!

Defne is a content writer at forms.app. She is also a translator specializing in literary translation. Defne loves reading, writing, and translating professionally and as a hobby. Her expertise lies in survey research, research methodologies, content writing, and translation.

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Business research methods: A comprehensive overview

Last updated

3 April 2024

Reviewed by

Cathy Heath

Business research is the process of gathering and analyzing different types of information to make informed business decisions. 

If you undertake business research correctly, it has multiple benefits, such as:

Improving organizational operations

Identifying trends

Forecasting potential outcomes

This research can include studying competitor performance, examining consumer preferences, analyzing market trends, and identifying industry gaps .  

Let’s learn more about business research methods and the steps for a successful research process.

Market analysis template

Save time, highlight crucial insights, and drive strategic decision-making

• The importance of business research

In today's fast-paced, data-driven world, we need to rely on more than just intuition and guesswork. Companies need a well-planned business research strategy to uncover invaluable insights into consumer preferences, market trends , and emerging opportunities.

Business research allows companies to:

Identify market opportunities

Researching industry trends and market segments enables businesses to discover untapped markets and new opportunities to expand sales.

Analyze customer behavior

Understanding customers’ motivations, perceptions, and behaviors is essential. Companies can create targeted marketing strategies and products that meet consumer needs while improving customer satisfaction .

Stay ahead of competitors

Competitive analysis can reveal what your competitors are doing well and where they are struggling. With this information, businesses can adjust their strategies to remain competitive.

Optimize operations

Business research can help companies optimize their operations and improve efficiency. Analyzing data on processes and workflows lets businesses identify areas of improvement, streamline operations, and reduce costs.

Overall, investing in business research is essential for companies wanting to remain competitive and relevant. The right research strategy helps businesses uncover insights to drive growth and improve their bottom line.

• Qualitative research methods vs. quantitative research methods

Business research has two main methods: Qualitative research and quantitative research.

Qualitative research methods

Qualitative research involves exploring and understanding a topic through non-numerical data. 

This research type is particularly useful for exploring complex, multifaceted issues that may be difficult to quantify. 

It can provide insights into customer needs and preferences and identify trends and patterns. 

Researchers often use qualitative research in the early stages of a project to explore the problem and develop a deeper understanding. 

It provides a foundation for quantitative research and can determine what researchers need to ask to answer the research question.

Qualitative research methods include: 

Focus groups

Case studies

Ethnographic research

Website visitor profiling

They focus on understanding people’s attitudes, behaviors, and motivations.

Quantitative research methods

Quantitative research uses numerical data to test a hypothesis or solve a research question . 

Researchers can capture quantitative data from: 

Face-to-face interviews

Telephone interviews

Online polls

People often view quantitative data as more objective since it’s statistical and less subjective than qualitative data .

Quantitative research uses collections of data and measures, manipulates, and compares the information to get insight. 

Which type of business research is best?

While quantitative and qualitative research methods both have their benefits, they also come with a few drawbacks:

Qualitative research cons include:

Typically small sample size , making it harder to generalize

Time-consuming

Quantitative research disadvantages include:

Not capturing the depth or nuance of the topic

Minimal understanding of beliefs, opinions, or behavior behind consumer decisions

Researchers must interpret the data correctly for accurate observations

Businesses need to consider which method suits their research goals and resources best. Carefully selecting a method ensures valuable insights for more informed decisions to meet your business goals.

• Five research techniques for your business

As you start planning your business research strategy, it's important to consider which research methods you want to use. 

Let’s look at five research techniques, including when you should use them:

Surveys are a common method in business research. They effectively collect data from a large group by asking them to complete a questionnaire . 

Surveys are best for gathering information about a specific population's: 

Preferences

Experiences

You can conduct specific types of surveys, each with varying purposes and methodologies. 

Types of surveys:

Customer satisfaction surveys

These surveys measure customer satisfaction with a product or service. 

The questions may focus on the customer's product experience or the overall customer experience . 

Market research surveys

These surveys gather information on a specific market, including: 

Consumer preferences

Consumer behavior

Competitor analysis

Market trends

Employee satisfaction surveys

These surveys gauge the level of satisfaction and engagement of employees within an organization. 

They may include questions on: 

Compensation

Work-life balance

Job security

Career development

Brand awareness surveys

These surveys determine the level of awareness and recognition of a brand within a specific market. This type of survey can also measure brand loyalty and reputation.

Researchers conduct surveys in different ways, including online, by phone, or in person. 

Online surveys are becoming increasingly popular due to their convenience and the ability to gather data quickly.

2. Interviews

Interviews are another valuable method in business research. 

Unlike surveys, interviews involve talking to people one-on-one to gather in-depth information. Interviews are best to understand someone's perspectives, motivations, or experiences. 

For example, if a company wants to understand why its customers prefer a certain product or service, it can use interviews to ask follow-up questions to gain more insights. 

Interviews can be structured or unstructured depending on the researcher's objectives. 

In a structured interview , the interviewer has a predetermined set of questions to ask all respondents. This method ensures that everyone answers the same questions, making it easier to compare and analyze their responses. 

An unstructured interview is where the interviewer does not have a set of predetermined questions but lets the conversation flow naturally. This type of interview is more flexible and allows for unexpected insights to arise. 

Whether a researcher wants to understand consumer behavior or develop new business strategies, interviews can provide valuable data to inform decisions.

3. Observation

Observation is an excellent method to see how people interact with products, services, or physical spaces.

It allows researchers to observe real-life scenarios and collect accurate data about: 

Business processes

Employee behavior

Customer interactions

Overall business operations

It's particularly useful in situations where traditional survey or interview methods may not be effective. 

Researchers can use several types of observation for business research, including: 

Naturalistic observation

Controlled observation

Participant observation

Non-participant observation

Naturalistic observation involves observing behavior in a natural setting without manipulating the situation. This can gain insight into customer interactions and the decision-making process .

Controlled observation consists of manipulating a scenario and observing how people react. This can be useful for testing new products, services, or processes in a controlled environment.

Participant observation involves the researcher participating in the situation they are observing. This can help the researcher better understand the motivations and behaviors of those they’re observing.

Non-participant observation occurs while the researcher remains outside the situation and simply observes the actions. This approach can be helpful when it’s not possible or ethical for the researcher to participate directly.

Observation understands the human aspect of consumer behavior and how it influences decision-making.

Testing involves conducting experiments to gather quantitative data about a specific product or service. It's best to measure the impact of changes or improvements to a product or service. 

Testing can involve different techniques like: 

A/B testing: Evaluating two versions of a product or service

Usability testing : Seeing how users interact with a product to evaluate its ease of use

Performance testing: Checking the performance of a product under various conditions

Each type of testing is for a specific reason and with a specific goal in mind. 

For example, usability testing ensures a product or service is user-friendly, while A/B testing identifies which version is more effective or preferred. Performance testing ensures a product can handle the demands of heavy use.

5. Focus groups

Focus groups are a popular method of business research to gain in-depth insights into consumer behavior, attitudes, and perceptions toward products and services. 

A focus group typically consists of people that share similar characteristics. They come together to discuss and provide feedback on a specific topic. 

Focus groups are best suited for situations where businesses want to understand their target audience’s needs and wants. This can be useful when:

Launching a new product

Testing a new advertising campaign

Evaluating the effectiveness of an existing marketing strategy

Focus groups provide a unique opportunity to get real-time feedback on ideas and products, allowing businesses to fine-tune their offerings to meet customer demands.  

Understanding each research technique helps you design a strategy to collect the most relevant data for your business needs.

Steps of a business research process

Now you know the types of business research and its purpose, let’s look at the seven steps to successfully undertake it:

1. Identify the research problem 

The first step in conducting research is to define the problem or issue to address. This may involve surveying customers, analyzing market data, or interviewing key stakeholders . 

For example, if you own a fashion brand and your sales have dropped significantly, you may want to know why.

2. Conduct a review

Before starting research, check what researchers have already discovered in your organization, industry, or field. 

Conducting a review can involve reading relevant articles or research papers and gathering secondary or desk research data. 

This review process helps you better understand your research topic and may provide some insights into your research problem and fine-tune the next stage of your research.

3. Develop research questions and objectives

At this stage, you will develop specific research questions to achieve your objectives. 

Research objectives are the goals you aim to achieve by conducting the research. 

In our fashion brand example, one research question might be: "How do current fashion trends affect our sales?"

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How To Choose Your Research Methodology

Qualitative vs quantitative vs mixed methods.

By: Derek Jansen (MBA). Expert Reviewed By: Dr Eunice Rautenbach | June 2021

Without a doubt, one of the most common questions we receive at Grad Coach is “ How do I choose the right methodology for my research? ”. It’s easy to see why – with so many options on the research design table, it’s easy to get intimidated, especially with all the complex lingo!

In this post, we’ll explain the three overarching types of research – qualitative, quantitative and mixed methods – and how you can go about choosing the best methodological approach for your research.

Overview: Choosing Your Methodology

Understanding the options – Qualitative research – Quantitative research – Mixed methods-based research

Choosing a research methodology – Nature of the research – Research area norms – Practicalities

1. Understanding the options

Before we jump into the question of how to choose a research methodology, it’s useful to take a step back to understand the three overarching types of research – qualitative , quantitative and mixed methods -based research. Each of these options takes a different methodological approach.

Qualitative research utilises data that is not numbers-based. In other words, qualitative research focuses on words , descriptions , concepts or ideas – while quantitative research makes use of numbers and statistics. Qualitative research investigates the “softer side” of things to explore and describe, while quantitative research focuses on the “hard numbers”, to measure differences between variables and the relationships between them.

Importantly, qualitative research methods are typically used to explore and gain a deeper understanding of the complexity of a situation – to draw a rich picture . In contrast to this, quantitative methods are usually used to confirm or test hypotheses . In other words, they have distinctly different purposes. The table below highlights a few of the key differences between qualitative and quantitative research – you can learn more about the differences here.

• Uses an inductive approach
• Is used to build theories
• Takes a subjective approach
• Adopts an open and flexible approach
• The researcher is close to the respondents
• Interviews and focus groups are oftentimes used to collect word-based data.
• Generally, draws on small sample sizes
• Uses qualitative data analysis techniques (e.g. content analysis , thematic analysis , etc)
• Uses a deductive approach
• Is used to test theories
• Takes an objective approach
• Adopts a closed, highly planned approach
• The research is disconnected from respondents
• Surveys or laboratory equipment are often used to collect number-based data.
• Generally, requires large sample sizes
• Uses statistical analysis techniques to make sense of the data

Mixed methods -based research, as you’d expect, attempts to bring these two types of research together, drawing on both qualitative and quantitative data. Quite often, mixed methods-based studies will use qualitative research to explore a situation and develop a potential model of understanding (this is called a conceptual framework), and then go on to use quantitative methods to test that model empirically.

In other words, while qualitative and quantitative methods (and the philosophies that underpin them) are completely different, they are not at odds with each other. It’s not a competition of qualitative vs quantitative. On the contrary, they can be used together to develop a high-quality piece of research. Of course, this is easier said than done, so we usually recommend that first-time researchers stick to a single approach , unless the nature of their study truly warrants a mixed-methods approach.

The key takeaway here, and the reason we started by looking at the three options, is that it’s important to understand that each methodological approach has a different purpose – for example, to explore and understand situations (qualitative), to test and measure (quantitative) or to do both. They’re not simply alternative tools for the same job. 

Right – now that we’ve got that out of the way, let’s look at how you can go about choosing the right methodology for your research.

2. How to choose a research methodology

To choose the right research methodology for your dissertation or thesis, you need to consider three important factors . Based on these three factors, you can decide on your overarching approach – qualitative, quantitative or mixed methods. Once you’ve made that decision, you can flesh out the finer details of your methodology, such as the sampling , data collection methods and analysis techniques (we discuss these separately in other posts ).

The three factors you need to consider are:

• The nature of your research aims, objectives and research questions
• The methodological approaches taken in the existing literature
• Practicalities and constraints

Let’s take a look at each of these.

Factor #1: The nature of your research

As I mentioned earlier, each type of research (and therefore, research methodology), whether qualitative, quantitative or mixed, has a different purpose and helps solve a different type of question. So, it’s logical that the key deciding factor in terms of which research methodology you adopt is the nature of your research aims, objectives and research questions .

But, what types of research exist?

Broadly speaking, research can fall into one of three categories:

• Exploratory – getting a better understanding of an issue and potentially developing a theory regarding it
• Confirmatory – confirming a potential theory or hypothesis by testing it empirically
• A mix of both – building a potential theory or hypothesis and then testing it

As a rule of thumb, exploratory research tends to adopt a qualitative approach , whereas confirmatory research tends to use quantitative methods . This isn’t set in stone, but it’s a very useful heuristic. Naturally then, research that combines a mix of both, or is seeking to develop a theory from the ground up and then test that theory, would utilize a mixed-methods approach.

Let’s look at an example in action.

If your research aims were to understand the perspectives of war veterans regarding certain political matters, you’d likely adopt a qualitative methodology, making use of interviews to collect data and one or more qualitative data analysis methods to make sense of the data.

If, on the other hand, your research aims involved testing a set of hypotheses regarding the link between political leaning and income levels, you’d likely adopt a quantitative methodology, using numbers-based data from a survey to measure the links between variables and/or constructs .

So, the first (and most important thing) thing you need to consider when deciding which methodological approach to use for your research project is the nature of your research aims , objectives and research questions. Specifically, you need to assess whether your research leans in an exploratory or confirmatory direction or involves a mix of both.

The importance of achieving solid alignment between these three factors and your methodology can’t be overstated. If they’re misaligned, you’re going to be forcing a square peg into a round hole. In other words, you’ll be using the wrong tool for the job, and your research will become a disjointed mess.

If your research is a mix of both exploratory and confirmatory, but you have a tight word count limit, you may need to consider trimming down the scope a little and focusing on one or the other. One methodology executed well has a far better chance of earning marks than a poorly executed mixed methods approach. So, don’t try to be a hero, unless there is a very strong underpinning logic.

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Factor #2: The disciplinary norms

Choosing the right methodology for your research also involves looking at the approaches used by other researchers in the field, and studies with similar research aims and objectives to yours. Oftentimes, within a discipline, there is a common methodological approach (or set of approaches) used in studies. While this doesn’t mean you should follow the herd “just because”, you should at least consider these approaches and evaluate their merit within your context.

A major benefit of reviewing the research methodologies used by similar studies in your field is that you can often piggyback on the data collection techniques that other (more experienced) researchers have developed. For example, if you’re undertaking a quantitative study, you can often find tried and tested survey scales with high Cronbach’s alphas. These are usually included in the appendices of journal articles, so you don’t even have to contact the original authors. By using these, you’ll save a lot of time and ensure that your study stands on the proverbial “shoulders of giants” by using high-quality measurement instruments .

Of course, when reviewing existing literature, keep point #1 front of mind. In other words, your methodology needs to align with your research aims, objectives and questions. Don’t fall into the trap of adopting the methodological “norm” of other studies just because it’s popular. Only adopt that which is relevant to your research.

Factor #3: Practicalities

When choosing a research methodology, there will always be a tension between doing what’s theoretically best (i.e., the most scientifically rigorous research design ) and doing what’s practical , given your constraints . This is the nature of doing research and there are always trade-offs, as with anything else.

But what constraints, you ask?

When you’re evaluating your methodological options, you need to consider the following constraints:

• Data access
• Equipment and software
• Your knowledge and skills

Let’s look at each of these.

Constraint #1: Data access

The first practical constraint you need to consider is your access to data . If you’re going to be undertaking primary research , you need to think critically about the sample of respondents you realistically have access to. For example, if you plan to use in-person interviews , you need to ask yourself how many people you’ll need to interview, whether they’ll be agreeable to being interviewed, where they’re located, and so on.

If you’re wanting to undertake a quantitative approach using surveys to collect data, you’ll need to consider how many responses you’ll require to achieve statistically significant results. For many statistical tests, a sample of a few hundred respondents is typically needed to develop convincing conclusions.

So, think carefully about what data you’ll need access to, how much data you’ll need and how you’ll collect it. The last thing you want is to spend a huge amount of time on your research only to find that you can’t get access to the required data.

Constraint #2: Time

The next constraint is time. If you’re undertaking research as part of a PhD, you may have a fairly open-ended time limit, but this is unlikely to be the case for undergrad and Masters-level projects. So, pay attention to your timeline, as the data collection and analysis components of different methodologies have a major impact on time requirements . Also, keep in mind that these stages of the research often take a lot longer than originally anticipated.

Another practical implication of time limits is that it will directly impact which time horizon you can use – i.e. longitudinal vs cross-sectional . For example, if you’ve got a 6-month limit for your entire research project, it’s quite unlikely that you’ll be able to adopt a longitudinal time horizon. 

Constraint #3: Money

As with so many things, money is another important constraint you’ll need to consider when deciding on your research methodology. While some research designs will cost near zero to execute, others may require a substantial budget .

Some of the costs that may arise include:

• Software costs – e.g. survey hosting services, analysis software, etc.
• Promotion costs – e.g. advertising a survey to attract respondents
• Incentive costs – e.g. providing a prize or cash payment incentive to attract respondents
• Equipment rental costs – e.g. recording equipment, lab equipment, etc.
• Travel costs
• Food & beverages

These are just a handful of costs that can creep into your research budget. Like most projects, the actual costs tend to be higher than the estimates, so be sure to err on the conservative side and expect the unexpected. It’s critically important that you’re honest with yourself about these costs, or you could end up getting stuck midway through your project because you’ve run out of money.

Constraint #4: Equipment & software

Another practical consideration is the hardware and/or software you’ll need in order to undertake your research. Of course, this variable will depend on the type of data you’re collecting and analysing. For example, you may need lab equipment to analyse substances, or you may need specific analysis software to analyse statistical data. So, be sure to think about what hardware and/or software you’ll need for each potential methodological approach, and whether you have access to these.

Constraint #5: Your knowledge and skillset

The final practical constraint is a big one. Naturally, the research process involves a lot of learning and development along the way, so you will accrue knowledge and skills as you progress. However, when considering your methodological options, you should still consider your current position on the ladder.

Some of the questions you should ask yourself are:

• Am I more of a “numbers person” or a “words person”?
• How much do I know about the analysis methods I’ll potentially use (e.g. statistical analysis)?
• How much do I know about the software and/or hardware that I’ll potentially use?
• How excited am I to learn new research skills and gain new knowledge?
• How much time do I have to learn the things I need to learn?

Answering these questions honestly will provide you with another set of criteria against which you can evaluate the research methodology options you’ve shortlisted.

So, as you can see, there is a wide range of practicalities and constraints that you need to take into account when you’re deciding on a research methodology. These practicalities create a tension between the “ideal” methodology and the methodology that you can realistically pull off. This is perfectly normal, and it’s your job to find the option that presents the best set of trade-offs.

Recap: Choosing a methodology

In this post, we’ve discussed how to go about choosing a research methodology. The three major deciding factors we looked at were:

• Exploratory
• Confirmatory
• Combination
• Research area norms
• Hardware and software
• Your knowledge and skillset

If you have any questions, feel free to leave a comment below. If you’d like a helping hand with your research methodology, check out our 1-on-1 research coaching service , or book a free consultation with a friendly Grad Coach.

Psst... there’s more!

This post was based on one of our popular Research Bootcamps . If you're working on a research project, you'll definitely want to check this out ...

Very useful and informative especially for beginners

Nice article! I’m a beginner in the field of cybersecurity research. I am a Telecom and Network Engineer and Also aiming for PhD scholarship.

I find the article very informative especially for my decitation it has been helpful and an eye opener.

Hi I am Anna ,

I am a PHD candidate in the area of cyber security, maybe we can link up

The Examples shows by you, for sure they are really direct me and others to knows and practices the Research Design and prepration.

I found the post very informative and practical.

I struggle so much with designs of the research for sure!

I’m the process of constructing my research design and I want to know if the data analysis I plan to present in my thesis defense proposal possibly change especially after I gathered the data already.

Thank you so much this site is such a life saver. How I wish 1-1 coaching is available in our country but sadly it’s not.

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Business Research: Definition, Types, and Methods

• February 7, 2022

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What is Business Research?

Business research refers to the process of gathering information on all areas of business with the purpose of leveraging this data to promote organizational growth, increase sales, and maximize profit. It involves the systematic management activities that help companies decide which products or services will perform well in the market and will therefore be most profitable to produce.

Exploratory Research Guide

Conducting exploratory research seems tricky but an effective guide can help.

Why is Business Research Important?

Business research provides companies with comprehensive data on the target customer’s preferences, purchasing behavior, demographics, and pain points. Such information allows the business to strategize and create more effective marketing plans that resonate with the target audience. A thorough overview of the overall market will also give the business an understanding of market trends and market demands so that plans and strategies can be devised accordingly. 

Another key use of business research is that it can bring attention to areas where costs can be minimized to increase profits. It provides businesses with a competitive edge in the market by ensuring that all identified opportunities are capitilized on and that decisions are made with customers in focus. 

Business Research Methodologies

We can categorize business research methods in two ways: 

• Quantitative and Qualitative
• Primary and Secondary 

Quantitative vs Qualitative Business Research

Before we can delve into the specific kinds of research, it is important to have an understanding of the distinctions between the two key types of research: quantitative and qualitative business research. 

Quantitative research involves data that is statistical and numerical in nature. Such data can be analysed using statistical techniques. Qualitative research, on the other hand, involves non-numeric data that generally takes a textual form. 

Primary vs Secondary Business Research

Another way in which research methods can be classified is by primary and secondary research. Primary research refers to the collection of first-hand data, generally directly from the source. Some common methods of primary research are surveys, interviews, and observations. 

Conversely, secondary research uses existing data that is already avalaible.

See Voxco survey software in action with a Free demo.

Quantitative and Qualitative Research Methods

Quantitative research methods.

Some commonly used quantitative methods of business research are: 

• Experimental Research : Experimental research refers to research studies that adhere to the scientific research design. This type of research aims to prove or disprove a theory, or hypothesis. Businesses generally use experimental research to study consumers’ behavioral traits. 
• Survey Research : Survey research is one of the most commonly used methods of data collection because it is relatively easy and inexpensive to leverage. Surveys can be conducted in many different ways such as through social media polls or email surveys. 
• Existing Literature : Existing research papers and online research are other sources of gathering quantitative data. This method is economical, accessible, and allows for the collection of vast amounts of data. 

Qualitative Research Methods

Some commonly used qualitative methods of business research are: 

• Interviews : Interviews are structured conversations that take place between an interviewer and an interviewee face-to-face, over the internet, or even through the phone. Generally, interviews involve the use of open-ended questions that provide respondents the flexibility to express their thoughts, perceptions, and opinions on the topic. 
• Ethnographic Research : Ethnographic research where researchers immerse themselves in the participant’s real-life environment to observe and study their behaviour. It is generally used by organizations that want to understand cultural dynamics or factors. Although this method of research can help extract intensive and compelling data, it is extremely time-consuming and expensive. 
• Case Study Research : Case study research refers to the detailed study of a specific subject. This method is used to produce in-depth, multi-faceted information on complex issues in the real-world setting.

FAQs on Business Research

Business research involves gathering information on all areas of business with the goal of maximising sales and revenue.

Business research methodologies can be categorized in two ways; 

• Quantitative and qualitative
• Secondary and Primary

Some quantitative methods of business research are; 

• Survey Research 
• Experimental Research 
• Existing Literature

Some primary research methods are interviews, surveys, and focus groups. Some secondary research methods are public sources, educational sources, and commercial sources.

Some qualitative methods of business research are; 

• Ethnographic Research
• Case Study Research

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Business Research Methods: Key Elements & Use Cases

In the cutthroat business world, research is the holy grail that unlocks the doors to success. It is the difference between floundering in obscurity and soaring to greatness.

Successful businesses have one thing in common. They all deeply understand their customers, their competition, and their industry.

And how do they gain this knowledge? Through research.

You must be a research ninja – agile, precise, and armed with the right tools to succeed.

But not just any research will do. To be a true research ninja, you must know the best practices for business research methods.

Lucky for you, we’ve got you covered.

We’ll take you through the best practices for business research methods.

We’ll not stop there. We’ll also look at the use cases and show you how to create a business research report. Consequently, equips you with the skills to sift through the data and uncover valuable insights.

What is Business Research?

Why do you need business research methods, elements of business research methods, use cases for business research methods, how do you write a business research template, how to create a business research report.

Business research refers to the systematic investigation and analysis of various aspects of a business. It involves collecting and interpreting data, conducting surveys, interviews, and experiments, and analyzing trends and patterns. This helps you identify opportunities, improve products or services, and enhance overall business performance.

Have you ever tried to navigate a maze blindfolded? It’s not easy, right? Trying to run a business without proper research methods is like navigating a maze without guidance. You may stumble upon success, but chances are you’ll end up lost and confused. So, why do you need business research methods?

• Decision-making: Effective business research methods provide reliable data and insights to support informed decision-making . This helps reduce uncertainty and increases the chances of making successful strategic choices.
• Market analysis: Using business research methods, you can analyze market trends, understand customer preferences, and evaluate competitor strategies. This enables you to seize opportunities, develop competitive advantages, and tailor your offerings to meet customer needs.
• Product development: Business research helps gather customer feedback and understand their needs and preferences. This aids in developing and improving product offerings, ensuring they align with customer expectations and demands.
• Risk management: You can evaluate risks and uncertainties associated with new ventures, product launches, or market expansions. Consequently, mitigate the risks, and improve the likelihood of success.
• Performance evaluation: Business research methods enable you to measure and evaluate your performance and that of competitors. This helps identify areas of improvement, track progress, and benchmark against industry standards.
• Innovation and adaptation: Business research facilitates the identification of emerging trends, technological advancements, and changing consumer behaviors. This information allows you to innovate, adapt, and stay ahead in dynamic market environments.

The elements of business research methods include:

• Research question/objective: Clearly define the purpose of the research and the specific questions or objectives to be addressed.
• Research design: Determining the overall approach and structure of the research study. Decide whether it will be qualitative or quantitative , experimental or observational, cross-sectional or longitudinal, etc.
• Data collection: Select appropriate methods and tools for gathering relevant data. This may include surveys, interviews, focus groups, observations, experiments, secondary data analysis , or a combination.
• Sampling: Determine the target population and select a representative sample from which you will collect the data. This involves defining the sampling frame, selecting sampling techniques, and ensuring adequate sample size.
• Data analysis:  Apply suitable analytical techniques to interpret the collected data. Such techniques include statistical analysis, content analysis, thematic analysis, regression analysis, or qualitative coding.
• Results and findings: Summarize and present the analyzed data , highlighting trends, relationships, or patterns observed during the research process.
• Conclusion and recommendations:  Draw conclusions based on the research findings and provide recommendations for action or further exploration.
• Ethical considerations:  Address ethical issues related to data collection, privacy, confidentiality, and informed consent.
• Market analysis: Research methods help you understand market trends, customer preferences, and competitive landscapes. This information is crucial for market segmentation , target audience identification, and developing effective marketing strategies.
• Product development: Research methods assist in gathering customer feedback and analyzing market demand. This helps refine existing product offerings, identify new opportunities, and optimize features to meet customer needs.
• Decision-making: Business research methods provide reliable data, insights, and analysis to support informed decision-making.
• Risk assessment and management: By employing research methods, you can identify risks, evaluate market uncertainties, and assess the viability of business ventures. This facilitates effective risk management and informed decision-making to minimize potential losses.

When creating a business research template, consider the following components:

• Title and introduction: Provide a concise and informative title for your research project. Also, write an introduction that provides background information and explains the significance of the study.
• Research objectives:  Clearly define the specific objectives or research questions that your study aims to address.
• Literature review:  Summarize existing research and literature relevant to your topic. Identify gaps, controversies, or areas that require further exploration.
• Methodology: Describe the research design , including whether it is qualitative, quantitative, mixed methods, or other approaches. Explain your data collection methods and tools, such as surveys, interviews, and observations. Furthermore, detail the data analysis techniques or statistical methods you will employ.
• Data collection: Outline the procedures for collecting data, including any survey instruments, interview protocols, or observation guidelines. Provide clear instructions for data collection, ensuring consistency and reliability.
• Data Analysis: Describe your approach to analyzing the collected data. Explain the statistical or qualitative analysis techniques that you will apply.
• Results and findings:  Present and interpret the results of your data analysis. Use tables, charts, or graphs to visualize the findings.
• Conclusion and recommendations:  Summarize the key findings of your research. Draw conclusions based on the results and address the research objectives. In addition, provide recommendations for future action or further research based on your findings.
• References:  List all the sources cited in your research template. Follow a specific referencing style (e.g., APA, MLA) consistently.
• Appendices: Include supplementary materials, such as survey questionnaires , interview transcripts, or additional data charts supporting your research.

Creating a comprehensive business research report that effectively communicates findings and insights can be a daunting task. However, with the help of ChartExpo, an Excel-based data visualization tool , the process becomes more streamlined and efficient.

ChartExpo empowers you to transform raw data into insightful and visually engaging visualizations. This makes it easier to present complex information clearly and concisely.

Benefits of Using ChartExpo

• With an intuitive user interface, ChartExpo empowers you to create insightful visualizations without requiring any coding experience.
• With ChartExpo, customization options abound, allowing you to create unique visualizations. You can personalize colors, fonts, and styles to align with your brand aesthetics.
• ChartExpo offers excellent value for money, with a free 7-day trial and an affordable $10 monthly plan.

How to Install ChartExpo in Excel?

• Open your Excel application.
• Open the worksheet and click the “ Insert ” menu.
• You’ll see the “ My Apps ” option.
• In the office Add-ins window, click “ Store ” and search for ChartExpo on my Apps Store.
• Click the “ Add ” button to install ChartExpo in your Excel.

ChartExpo charts are available both in Google Sheets and Microsoft Excel. Please use the following CTA’s to install the tool of your choice and create beautiful visualizations in a few clicks in your favorite tool.

Assume you have recently launched a product. You want to gather customer feedback to help you improve. Therefore, you conduct an online customer feedback survey consisting of the following questions.

• How often do you use our product?
• How satisfied are you with the quality of our product?
• How likely are you to recommend our product to others?

Your customers provide an answer to each question using the response scale below.

Let’s say you have organized the results in the data table below.

Follow through as I show you how to create a chart with ChartExpo to make data analysis easier.

• To get started with ChartExpo, install  ChartExpo in Excel .
• Navigate to the  INSERT  menu and select  My Apps. 

• Select ChartExpo and click the  “Insert”  button.

• Once it loads, choose the “ Likert Scale Chart ” from the charts list.

• Select the data from the sheet and click the “ Create Chart From Selection ” button.

• Sometimes=3
• Once all is set, click the “ Create Chart ” button.

• ChartExpo will generate the visualization below for you.

• Click the “ Edit Chart ” button to modify your chart.
• Click the pencil icon next to the Chart Header  to add a title.
• This will open the properties dialog.
• Add a heading in  Line 1  under the  Text  section and enable the  Show  option. Then click the “ Apply ” button.

• Your final chart will appear below.

• 20% always recommend your product to others, while 30% indicated that they often do so. On the other hand, 15% of customers mentioned that they never recommend it. 10% rarely recommend it, with 25% doing so sometimes.
• Regarding the quality of the product, 25% of customers were always satisfied. 20% stated that they often feel satisfied. Conversely, 20% reported never being satisfied, and 15% were satisfied. Additionally, 20% selected the sometimes option.
• Regarding product usage, 20% of customers selected the always option, and 25% chose the often option. Conversely, 15% of customers indicated never using it, and 15% rarely do so. Furthermore, 25% of customers selected the sometimes option.
• 22% of customers selected the always option
• while 25% chose the often option. Additionally
• 15% selected never
• 15% rare, and 23% chose sometimes.

What are the 4 types of business research?

The four types of business research are exploratory, descriptive, causal, and predictive. Exploratory research aims to explore a topic, and descriptive research provides a snapshot of a situation. Furthermore, causal research investigates cause-and-effect relationships, and predictive research predicts future outcomes.

What are the 5 classifications of business research?

The five classifications of business research are;

• Basic research seeking to expand knowledge.
• Applied research focusing on solving practical problems.
• Quantitative research involving numerical data.
• Qualitative research using non-numerical data.
• Mixed-methods research combining quantitative and qualitative approaches.

Understanding and applying best practices for business research methods is essential for conducting effective and insightful studies. Following these practices will help you gather relevant data and gain valuable insights. Consequently, make informed decisions that drive growth and success.

Selecting the appropriate research method is crucial. Whether exploratory, descriptive, causal, or predictive, the choice should align with the research objectives.

Additionally, maintaining research integrity is paramount. This involves ensuring ethical considerations, protecting data privacy, and adhering to rigorous research standards.

Furthermore, a well-designed research plan is essential. Have clear research objectives, define the target population, and carefully construct survey questions or interview protocols. These measures contribute to gathering reliable and meaningful data.

Conclusively, effective communication of research findings is crucial. Present results in a clear, concise, and actionable manner. This enables stakeholders to understand and apply the insights effectively.

Use ChartExpo for Excel. ChartExpo takes the complexity out of the equation by allowing you to effortlessly create insightful, engaging visualizations. No coding is required.

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• Knowledge Base

Methodology

• Types of Research Designs Compared | Guide & Examples

Types of Research Designs Compared | Guide & Examples

Published on June 20, 2019 by Shona McCombes . Revised on June 22, 2023.

When you start planning a research project, developing research questions and creating a  research design , you will have to make various decisions about the type of research you want to do.

There are many ways to categorize different types of research. The words you use to describe your research depend on your discipline and field. In general, though, the form your research design takes will be shaped by:

• The type of knowledge you aim to produce
• The type of data you will collect and analyze
• The sampling methods , timescale and location of the research

This article takes a look at some common distinctions made between different types of research and outlines the key differences between them.

Table of contents

Types of research aims, types of research data, types of sampling, timescale, and location, other interesting articles.

The first thing to consider is what kind of knowledge your research aims to contribute.

Prevent plagiarism. Run a free check.

The next thing to consider is what type of data you will collect. Each kind of data is associated with a range of specific research methods and procedures.

Finally, you have to consider three closely related questions: how will you select the subjects or participants of the research? When and how often will you collect data from your subjects? And where will the research take place?

Keep in mind that the methods that you choose bring with them different risk factors and types of research bias . Biases aren’t completely avoidable, but can heavily impact the validity and reliability of your findings if left unchecked.

Choosing between all these different research types is part of the process of creating your research design , which determines exactly how your research will be conducted. But the type of research is only the first step: next, you have to make more concrete decisions about your research methods and the details of the study.

Read more about creating a research design

If you want to know more about statistics , methodology , or research bias , make sure to check out some of our other articles with explanations and examples.

• Normal distribution
• Degrees of freedom
• Null hypothesis
• Discourse analysis
• Control groups
• Mixed methods research
• Non-probability sampling
• Quantitative research
• Ecological validity

Research bias

• Rosenthal effect
• Implicit bias
• Cognitive bias
• Selection bias
• Negativity bias
• Status quo bias

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McCombes, S. (2023, June 22). Types of Research Designs Compared | Guide & Examples. Scribbr. Retrieved September 3, 2024, from https://www.scribbr.com/methodology/types-of-research/

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Types of Business Research

• Updated on  
• Jul 27, 2021

Business research is a crucial part of every business enterprise, from startups to established organisations. It provides a detailed analysis of how efficiently business management and marketing strategies are working and the scope for improvement. There are two main types of business research corresponding to quantitative analysis and qualitative analysis. As the name suggests, both the methods are entirely different from each other in terms of drafting the best business strategies across various departments. This blog elaborates upon the prominent types of business research methods on the basis of qualitative and quantitative research.

What is Business Research?

The process of business research is carried out to determine the performance of varied areas in an organisation and finding the best strategies accordingly to maximize the sales and profit of the business. Through different types of business research, enterprises are able to figure out which product/service is generally beneficial for their target audience. In simple words, it is defined as the collection of information by business professionals to boost up the opportunities for the business. It can be performed for discovering various marketing strategies. In general, if people talk about marketing research it means they are focusing on spending money to increase sales, profit and market share. Such exploration is crucial to settle on wise and formal choices. Business research helps the business enterprise to discover more about their target audience from what they purchase and the amount they’re willing to pay. Further, it also provides you with an analytical overview of your competitors. Following this process, the research studies are broken down into strategies and reviewed to understand the aetiology of the market.

As mentioned above, business research plays a crucial part in helping the company get a proper review of their target audience as well as what they prefer in terms of the products on offer, competitors, prices, etc. It prepares an insightful analysis of the product and its performance in the market. It can assist you in finding out whether your products are as per the needs of your target audience and use these inputs for your future plans before you commit any error. There are two main types of business research mainly, qualitative and quantitative research methods. In the coming sections, we are going to discuss different methodologies and examples of these two business research methods.

Quantitative Research Methods

The Quantitative research method deals with a numerical process of analysis and is a systematic enquiry method done by statistical, mathematical, computational and algorithm techniques. In a nutshell, it means the collection of data is processed, and then the quantitative analysis is done to acquire informative results. This process is further carried out by various techniques mentioned below.

Survey Research

Survey research is one of the most broadly utilized types of business research techniques to assemble information for leading companies. It involves online surveys, online reviews, polls etc. The vast majority of the significant industries utilize this strategy to assemble information and use it to comprehend the market and settle on suitable business choices. Cross-sectional reviews which are expected to gather information from a varied audience at a given purpose of time are performed to achieve the desired market result. It is a multidisciplinary technique to understand the market of your business.

Benefits of Survey Research

If survey research is applied for the right purposes at the right time, it can be beneficial for a company’s growth. However, it can hijack the number of customers reaching out for a particular product/service. The major advantages of this type of business research are:

• Low investment
• Easy sources for data collection
• Reliable for responses
• Cyber secured
• Accurate result production

Correlational Research

Correlational research is carried out to comprehend the connection between two elements and what vibration does both of them have on each other. Using numerical analysing techniques, correlational exploration empowers the professional to associate more than two factors. Such research can help get trends, connections, patterns, etc. Manipulating the one factor can give you the required result in productivity and analysis. These types of business research are widely used in merchandise industries and business firms to connect their products with customers.

Benefits of Correlational Research

It has multiple benefits, not in the field of business but also social science and medicine. Some of the advantages of correlational research is-

• Versatility of results
• Enhances productivity by providing accurate data
• Provides a good starting position’
• Determines causation experimentally

Causal Comparative Research

Amongst the prominent types of business research, Causal-Comparative technique is dependent on investigation and comparison. It is utilized to conclude the cause impact connection between variables. It is also known as semi exploratory study which includes setting up a free factor and dissecting the results on the reliant variable. In such an analysis, there are zero chances of manipulation. However, concluding such a study is a little complicated as independent and secondary variables will always exist in a group. Hence, it becomes necessary to look after every minute parameter details.

Benefits of Causal Comparative Research

The crucial benefits of Causal comparative research are:

• Allows the study of causal and effect relationship
• Variable can not be manipulated
• Two or more groups are compared

Experimental Research

Experimental research depends on trying to demonstrate a hypothesis. Such an analysis might be valuable in business research as it can let the company know some social qualities of its customers, which can prompt more income. In this technique, an investigation is done on a lot of crowds to watch and later understand their behaviour when concerned with specific parameters. Experimental research permits you to test your thought in a controlled domain before taking it to market. It likewise gives the best technique to test your hypothesis, on account of the accompanying preferences.

Benefits of Experimental Research  

These types of business research are important to test the new ideas and theories before applying them in the market. Some of the benefits are:

• Allows us to have a stronger hold on variables without altering them
• Effective in business analysis
• Accurate results

Qualitative Research Methods

Qualitative research is a strategy that has a high significance in business research plans. It includes getting information through open conversational methods of communication. Such analysis empowers the specialist to comprehend what the crowd thinks but also how they will react. In such an investigation, top to bottom data can be assembled from the subjects relying upon their reactions. There are different types of business research strategies for qualitative research, for example, interviews, group discussion, ethnographic observation, content investigation, contextual analysis etc. Below are some major types of qualitative research techniques that are widely used in business management.

Focus Groups

Focus group research is a technique in which 5-6 individuals gather in a room to suggest ideas and remarks on a particular product/service. It is a small gathering conducted to ensure the various aspects of business-related areas. Such a technique empowers a specialist with a bigger example than the meeting or a contextual analysis while exploiting communication. The group might comment on the manufacturing of products, feature updates and another topic of interest related to a particular cause.

Benefits of Focus Groups

• It helps in collecting accurate feedback
• Open access to customer queries and product description
• The best medium to focus on true feelings of the target audience

Ethnographic Research

Ethnography carries out the qualitative analysis for a business through the direct observations of its customers across varied environments. The target of this type of business research is to pick up experiences into how customers associate with things around them. Ethnographic research is a technique incorporating direct observation, the journal studies, video accounts, photography and ancient rarity investigation, for example, gadgets that an individual uses for the day. Observations can be made anywhere from the client’s work environment, their home or while they are out with loved ones. They can last for two or three hours of study, to cases that last more than seven months in these types of business research.

Benefits of Ethnographic Research

• It gives access to understand how users interact with the products in their environment
• Identifies expected problems
• Gives opportunities to test new products

Phenomenological Research

It is one of the types of business research techniques that analyzes the situation and customer reaction. The phenomenological approach means to investigate the encounters of specific phenomena in a network or a gathering of individuals. It is the investigation of a specific phenomenon through meetings of individuals who have encountered it to discover the copies between their meetings. Even though this methodology relies significantly upon interviews, different sources of information combination may likewise be utilized to enhance the discoveries.

Benefits of Phenomenological Research

It is beneficial in understanding the variety of customers according to their reactions. Some of the advantages are:

• Helps in understanding people choice
• Contribute to developing new strategies
• Gathers natural data
• Help in resolving new issues

Interviews are a vital part of business research. They are a qualitative type of business research where the questions are open-ended and candidates can share their opinions on a number of products and services. Interviews are like focus groups, surveys and website research where the intent is to gain how a product or service is performing. There are various types of interviews such as email, telephonic, in-person and video-based interviews.

Website Visitor Research

Website Visitor Research is a new form of business research wherein website visitors convey their opinions through a survey available on the website. This is a great way to analyse visitor behaviour as well as get quick feedback on the services and products of the company. This research is used by big and small companies so to understand their customers, their preferences so that they can make business decisions. Website visitor research can be used as reviews and testimonies to guide other clients and get a genuine assessment of the companies’ services.

Business Case Study 

A case study is a type of business research used to analyse complex issues. It involves in-depth analyses and investigation of an issue within a real-life context. Case studies are used in multiple areas like the educational sector, clinical and corporate. Case studies are summaries of real-life business scenarios. These case studies can be on companies an organisation is working with or competing with. Sometimes case studies are fictitious accounts of a business situation or dilemma to assess a candidate’s understanding and how a candidate analyses business issues from a variety of perspectives.

Online Research 

Online Research is another type of business research wherein students and professionals do data collection on a company or business issue issuing online sources. Online research has become a powerful tool in recent years with the increase of internet usage across the globe. Online research helps in market research where one can evaluate the performance of a product and do a comparative analysis with its competitiveness. Online research is a great way to understand the consumer market and different trends in the industry.

Thus, we hope that this blog has helped you explore the diverse types of business research. Want to pursue a degree in business administration abroad? Reach out to our experts at Leverage Edu who can help you choose the best university and course as per your preferences and guide you throughout the admission process to ensure that you get successfully shortlisted. Sign up for a free career counselling session with us today!

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Business Research Methodology

Research Process and Methods

• © 2022
• Sergey K. Aityan 0

Lincoln University - California, Oakland, USA

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• Presents the major research processes and methods used in business research
• Features multiple and exhaustive examples illustrating the material and helping in the learning process
• Features questions and problems at the end of each chapter for self-testing
• Provides lecture slides for better course preparation
• Applicable for single semester coursework

Part of the book series: Classroom Companion: Business (CCB)

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About this book

This book introduces students to major research processes and methods used in business research. The research process includes all steps in the research project beginning from the problem formulation, through research design, proposal, conducting the research, deriving conclusions, writing research report, and preparing and making presentation. The major research methods include risk assessment, statistics, sampling, hypothesis testing, surveys, and comparative analysis. It helps students develop solid knowledge and practical skills sufficient for conducting a research project from its initiation, through completion, and delivery. The author provides multiple examples as well as the questions and problems for self-testing and self-evaluation in each chapter. The book is structured to provide a smooth flow of understanding and learning the material along the learning curve and is concise enough to fit a one-semester course.

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• Ethical Aspects of Business Research
• Cyber Intelligence in Business Research
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• Bayesian Probability in business research
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Table of contents (23 chapters)

Front matter, the journey to the land of unknown, the nature of research.

Sergey K. Aityan

Scientific Method

The research process, preparation for research, formulating a research problem, review of literature, research design, research proposal, foundations of probability, distribution, expectation, and risk, bayesian probability, major distributions, introduction to statistics, confidence intervals, statistical hypothesis testing, sampling experiments, survey method, authors and affiliations, about the author, bibliographic information.

Book Title : Business Research Methodology

Book Subtitle : Research Process and Methods

Authors : Sergey K. Aityan

Series Title : Classroom Companion: Business

DOI : https://doi.org/10.1007/978-3-030-76857-7

Publisher : Springer Cham

eBook Packages : Business and Management , Business and Management (R0)

Copyright Information : The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022

Hardcover ISBN : 978-3-030-76856-0 Published: 20 December 2021

eBook ISBN : 978-3-030-76857-7 Published: 01 January 2022

Series ISSN : 2662-2866

Series E-ISSN : 2662-2874

Edition Number : 1

Number of Pages : XVIII, 518

Number of Illustrations : 84 b/w illustrations, 50 illustrations in colour

Topics : Management Education , Computer Science, general , Business Strategy/Leadership , Research Skills

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Home » Research Methods – Types, Examples and Guide

Research Methods – Types, Examples and Guide

Table of Contents

Research Methods

Definition:

Research Methods refer to the techniques, procedures, and processes used by researchers to collect , analyze, and interpret data in order to answer research questions or test hypotheses. The methods used in research can vary depending on the research questions, the type of data that is being collected, and the research design.

Types of Research Methods

Types of Research Methods are as follows:

Qualitative research Method

Qualitative research methods are used to collect and analyze non-numerical data. This type of research is useful when the objective is to explore the meaning of phenomena, understand the experiences of individuals, or gain insights into complex social processes. Qualitative research methods include interviews, focus groups, ethnography, and content analysis.

Quantitative Research Method

Quantitative research methods are used to collect and analyze numerical data. This type of research is useful when the objective is to test a hypothesis, determine cause-and-effect relationships, and measure the prevalence of certain phenomena. Quantitative research methods include surveys, experiments, and secondary data analysis.

Mixed Method Research

Mixed Method Research refers to the combination of both qualitative and quantitative research methods in a single study. This approach aims to overcome the limitations of each individual method and to provide a more comprehensive understanding of the research topic. This approach allows researchers to gather both quantitative data, which is often used to test hypotheses and make generalizations about a population, and qualitative data, which provides a more in-depth understanding of the experiences and perspectives of individuals.

Key Differences Between Research Methods

The following Table shows the key differences between Quantitative, Qualitative and Mixed Research Methods

Examples of Research Methods

Examples of Research Methods are as follows:

Qualitative Research Example:

A researcher wants to study the experience of cancer patients during their treatment. They conduct in-depth interviews with patients to gather data on their emotional state, coping mechanisms, and support systems.

Quantitative Research Example:

A company wants to determine the effectiveness of a new advertisement campaign. They survey a large group of people, asking them to rate their awareness of the product and their likelihood of purchasing it.

Mixed Research Example:

A university wants to evaluate the effectiveness of a new teaching method in improving student performance. They collect both quantitative data (such as test scores) and qualitative data (such as feedback from students and teachers) to get a complete picture of the impact of the new method.

Applications of Research Methods

Research methods are used in various fields to investigate, analyze, and answer research questions. Here are some examples of how research methods are applied in different fields:

• Psychology : Research methods are widely used in psychology to study human behavior, emotions, and mental processes. For example, researchers may use experiments, surveys, and observational studies to understand how people behave in different situations, how they respond to different stimuli, and how their brains process information.
• Sociology : Sociologists use research methods to study social phenomena, such as social inequality, social change, and social relationships. Researchers may use surveys, interviews, and observational studies to collect data on social attitudes, beliefs, and behaviors.
• Medicine : Research methods are essential in medical research to study diseases, test new treatments, and evaluate their effectiveness. Researchers may use clinical trials, case studies, and laboratory experiments to collect data on the efficacy and safety of different medical treatments.
• Education : Research methods are used in education to understand how students learn, how teachers teach, and how educational policies affect student outcomes. Researchers may use surveys, experiments, and observational studies to collect data on student performance, teacher effectiveness, and educational programs.
• Business : Research methods are used in business to understand consumer behavior, market trends, and business strategies. Researchers may use surveys, focus groups, and observational studies to collect data on consumer preferences, market trends, and industry competition.
• Environmental science : Research methods are used in environmental science to study the natural world and its ecosystems. Researchers may use field studies, laboratory experiments, and observational studies to collect data on environmental factors, such as air and water quality, and the impact of human activities on the environment.
• Political science : Research methods are used in political science to study political systems, institutions, and behavior. Researchers may use surveys, experiments, and observational studies to collect data on political attitudes, voting behavior, and the impact of policies on society.

Purpose of Research Methods

Research methods serve several purposes, including:

• Identify research problems: Research methods are used to identify research problems or questions that need to be addressed through empirical investigation.
• Develop hypotheses: Research methods help researchers develop hypotheses, which are tentative explanations for the observed phenomenon or relationship.
• Collect data: Research methods enable researchers to collect data in a systematic and objective way, which is necessary to test hypotheses and draw meaningful conclusions.
• Analyze data: Research methods provide tools and techniques for analyzing data, such as statistical analysis, content analysis, and discourse analysis.
• Test hypotheses: Research methods allow researchers to test hypotheses by examining the relationships between variables in a systematic and controlled manner.
• Draw conclusions : Research methods facilitate the drawing of conclusions based on empirical evidence and help researchers make generalizations about a population based on their sample data.
• Enhance understanding: Research methods contribute to the development of knowledge and enhance our understanding of various phenomena and relationships, which can inform policy, practice, and theory.

When to Use Research Methods

Research methods are used when you need to gather information or data to answer a question or to gain insights into a particular phenomenon.

Here are some situations when research methods may be appropriate:

• To investigate a problem : Research methods can be used to investigate a problem or a research question in a particular field. This can help in identifying the root cause of the problem and developing solutions.
• To gather data: Research methods can be used to collect data on a particular subject. This can be done through surveys, interviews, observations, experiments, and more.
• To evaluate programs : Research methods can be used to evaluate the effectiveness of a program, intervention, or policy. This can help in determining whether the program is meeting its goals and objectives.
• To explore new areas : Research methods can be used to explore new areas of inquiry or to test new hypotheses. This can help in advancing knowledge in a particular field.
• To make informed decisions : Research methods can be used to gather information and data to support informed decision-making. This can be useful in various fields such as healthcare, business, and education.

Advantages of Research Methods

Research methods provide several advantages, including:

• Objectivity : Research methods enable researchers to gather data in a systematic and objective manner, minimizing personal biases and subjectivity. This leads to more reliable and valid results.
• Replicability : A key advantage of research methods is that they allow for replication of studies by other researchers. This helps to confirm the validity of the findings and ensures that the results are not specific to the particular research team.
• Generalizability : Research methods enable researchers to gather data from a representative sample of the population, allowing for generalizability of the findings to a larger population. This increases the external validity of the research.
• Precision : Research methods enable researchers to gather data using standardized procedures, ensuring that the data is accurate and precise. This allows researchers to make accurate predictions and draw meaningful conclusions.
• Efficiency : Research methods enable researchers to gather data efficiently, saving time and resources. This is especially important when studying large populations or complex phenomena.
• Innovation : Research methods enable researchers to develop new techniques and tools for data collection and analysis, leading to innovation and advancement in the field.

About the author

Muhammad Hassan

Researcher, Academic Writer, Web developer

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What is Market Research?

Making informed decisions is crucial for success. Market research is your secret weapon for gathering valuable insights about your target audience, industry trends, and competitors. Understand your customers' needs and preferences, and you'll develop products, services, and marketing strategies that hit the mark.

Market research involves collecting and analyzing data about your target market, competitors, and industry. Its purpose? To help you make data-driven decisions that minimize risks and maximize opportunities. Techniques like surveys, focus groups, and data analysis offer a deeper understanding of consumer behavior, market trends, and the competitive landscape.

In any industry, market research is your ticket to staying ahead of the curve. Whether you're a small startup or a large corporation, understanding your market is essential for growth and profitability. Conduct regular market research to identify new opportunities, anticipate challenges, and adapt to changing market conditions. It helps you develop effective pricing strategies, identify new customer segments, and create targeted marketing campaigns.

Moreover, market research boosts business success by enabling better alignment across go-to-market (GTM) teams. When sales, marketing, and product development teams access the same customer insights and market data, they collaborate more effectively towards common goals. Misalignment across GTM teams can lead to missed opportunities and wasted resources. Leverage market research to foster collaboration and ensure all teams work towards the same objectives.

The benefits of market research are numerous and far-reaching. From improving decision-making to gaining a competitive edge, market research is an invaluable tool for businesses of all sizes and industries. In the next section, we'll dive into these benefits in more detail and discuss how market research can help your business thrive.

Benefits of Market Research

Market research can be your secret weapon for business success. Dive into the data pool, and here's what you'll fish out:

Improved decision-making: Market research hands you the golden ticket to understanding consumer behavior, market trends, and competitor strategies. With this intel, you can make decisions that hit the bullseye of your audience's needs and preferences. This isn't just guesswork; it's a strategy shield against costly mistakes, ensuring your business plans are rooted in reality.

Better customer understanding: Use surveys, focus groups, and interviews to become a customer whisperer. You'll uncover their pain points, motivations, and buying habits. This treasure trove of insights lets you craft products, services, and marketing campaigns that strike a chord with your audience, boosting satisfaction and loyalty.

Competitive advantage: Peek into your competitors' playbooks to spot their strengths, weaknesses, and market positions. Market research reveals the gaps they've missed, giving you the chance to swoop in with unique value propositions and snag that untapped market share. Plus, staying clued-in on your competitors' moves helps you pivot swiftly in the ever-changing market landscape.

Effective market research isn't just a broad business boon; it supercharges areas like content marketing . By tuning into your audience's preferences and pain points, you can create content that not only attracts but also engages potential customers, driving conversions and building long-term relationships.

Key Components of Market Research

Market research is like assembling a jigsaw puzzle; each piece offers a unique glimpse into your target market, competitors, and industry trends. Let's break it down into primary research, secondary research, qualitative research, and quantitative research.

1. Primary Research

Primary research is your direct line to the consumer. Think of it as a backstage pass to their thoughts, preferences, and behaviors. Here are some ways to get that VIP access:

• Surveys: These are your go-to for gathering data from a large crowd, whether online or offline.
• Focus Groups: Imagine a roundtable chat with handpicked participants to dive deep into specific topics.
• Interviews: One-on-one conversations with customers or industry experts to uncover nuanced insights.
• Observations: Watch and learn from consumer behavior in real-world settings like retail stores or online platforms.
• Field Trials: Test your products or services with a select group to gather feedback and make tweaks.

2. Secondary Research

Secondary research is your treasure hunt through existing data. It's often quicker and cheaper than primary research but no less valuable. Here’s where to dig:

• Competitive Analysis: Study your competitors' strategies, offerings, and market positioning to spot opportunities and threats.
• Public Data: Tap into government stats, industry reports, and academic research to get the lay of the land.
• Purchased Data: Buy data from market research firms or data aggregators for specialized insights.
• Sales Data Analysis: Dive into your own sales data to identify patterns, customer segments, and areas for improvement.

Understanding influencer marketing can also be a goldmine in secondary research. Analyzing influencers' reach, engagement, and impact in your industry can reveal consumer preferences and trends.

3. Qualitative Research

Qualitative research is all about the stories behind the numbers. It's your chance to get up close and personal with consumer attitudes, motivations, and experiences. Here’s how to do it:

• In-depth Interviews: These semi-structured conversations let you explore individual thoughts and feelings in detail.
• Focus Groups: Group discussions that reveal how consumers interact and influence each other’s opinions.
• Observational Research: Study consumer behavior in natural settings, like homes or workplaces, to understand their daily routines and decision-making processes.

Combine these market research components to get a 360-degree view of your target market. Armed with this knowledge, you can make informed decisions that drive growth and success. Next up, we'll dive into how to implement these market research techniques effectively to supercharge your business strategy.

How to Implement Market Research

Implementing market research effectively is like nailing a stand-up routine—you need strategy, timing, and a keen sense of your audience. Ready to dive in? Here’s your step-by-step guide to making your market research not just effective, but also a bit of fun:

Step-by-Step Guide

• Define objectives: Think of this as your opening joke—it sets the tone. Clearly outline what you aim to achieve through your market research. Are you identifying target customers, assessing market potential, or evaluating competitor strategies? Well-defined objectives guide your research process and ensure you gather relevant data.
• Choose methods: Select market research methods that align with your objectives. Mix it up with primary research (surveys, focus groups, interviews) and secondary research (competitive analysis, public data). Decide whether qualitative or quantitative methods, or a mix of both, will provide the insights you need.
• Collect data: Time to hit the streets (or the spreadsheets). Execute your chosen research methods to gather data. For primary research, design surveys, conduct interviews, or moderate focus groups. For secondary research, analyze existing data sources such as industry reports, government statistics, or competitor websites. Ensure data accuracy and representativeness of your target market.
• Analyze data: Once you’ve got the goods, analyze the information to uncover patterns, trends, and insights. Use statistical techniques for quantitative data and thematic analysis for qualitative data. AI tools can streamline data analysis, identifying key findings more efficiently.
• Report findings: Compile your market research findings into a comprehensive report. Highlight key insights, trends, and recommendations. Use data visualization techniques to make the information easily digestible for stakeholders. Present the report to relevant teams and decision-makers to inform business strategies.

Best Practices and Tips

To ace your market research game, let's dive into some best practices and tips:

Ensure data accuracy: Accurate data is your golden ticket to smart decisions. Double-check your sources, survey questions, and data entry to keep errors at bay. And don't just take any secondary data at face value—verify its reliability and credibility before it makes the cut.

Maintain objectivity: Keep your personal biases in check. Your research design, data collection, and analysis should be as impartial as a referee at a championship game. Gather diverse opinions to get a well-rounded view of your target market.

Use appropriate tools: Equip yourself with the right tools to streamline your market research and boost data accuracy. Enter Copy.ai, your GTM AI Platform hero, ready to provide insights and automate the boring stuff so you can focus on the big decisions.

Now, let's talk about some common market research blunders to steer clear of:

• Leaning too hard on a single data source or method
• Crafting leading or biased survey questions
• Skipping the step of defining clear research objectives
• Overlooking the importance of segmenting your target market
• Ignoring the limitations of your research methods
• Overinterpreting or generalizing from a tiny sample size

Stick to these best practices and dodge these pitfalls, and your market research will churn out reliable, actionable insights that drive your business forward.

Common Mistakes to Avoid

Market research can feel like navigating a minefield, but knowing the common pitfalls can save you from stepping on a data disaster. Let's dive into these traps and how to dodge them.

Bias in data collection tops the list of frequent errors. Imagine a researcher with a hidden agenda—sounds like a bad movie plot, right? But it happens. Researchers sometimes let their own preconceptions sneak into the questions they ask or how they interpret responses. The antidote? Use neutral language in surveys and interviews, and have multiple researchers review the data. Think of it as a bias-busting team effort.

Next up, the inadequate sample size blunder. Picture trying to understand a forest by examining just one tree. A too-small sample won't represent the larger population, leading to skewed results and poor decisions. To sidestep this, calculate the right sample size based on your research goals and target market. It's like making sure you have enough ingredients before cooking a feast.

And then there's the trap of ignoring secondary data. While primary research like surveys and focus groups is your bread and butter, don't forget the side dishes—industry reports, government stats, and competitor analysis. These secondary data sources provide essential context and can either validate or challenge your primary findings. Mixing both primary and secondary data gives you a full-course meal of market understanding.

Luckily, you don't have to go it alone. Tools like Copy.ai, the premier GTM AI platform, can help you gather and analyze data with precision, reducing bias and ensuring a robust sample size. In the next section, we'll dive into these tools and resources, showing you how to conduct market research like a pro.

Tools and Resources

To turbocharge your market research, dive into these top-notch tools and resources:

Survey Tools

• SurveyMonkey: Create, distribute, and analyze surveys with ease on this user-friendly platform. With a plethora of customizable templates and question types, SurveyMonkey fits businesses of all sizes like a glove.
• Google Forms: As part of the Google Suite, this free, intuitive tool makes survey creation and sharing a breeze. Its seamless integration with other Google products ensures smooth data collection and analysis.

Data Analysis Tools

• SPSS: IBM's SPSS (Statistical Package for the Social Sciences) is your go-to for advanced statistical analysis. It offers a robust set of tools for data management, analysis, and visualization. Think of it as your data's best friend.
• Tableau: Create interactive, shareable dashboards and reports with this data visualization software. Tableau's user-friendly interface lets you explore and analyze data without needing a Ph.D. in computer science.

Social Media Listening Tools

• Hootsuite: Known for social media management, Hootsuite also excels in social listening. Monitor brand mentions, track sentiment, and extract valuable insights from social media chatter.
• Brandwatch: This AI-powered tool helps you decode consumer sentiment, identify influencers, and keep tabs on competitors. Brandwatch's advanced analytics and data visualization features make it a market research powerhouse.

For an extra edge, check out AI-powered solutions for sales prospecting . These tools not only identify potential customers but also streamline your research process by gathering relevant data efficiently.

Frequently Asked Questions (FAQs)

What is market research.

Market research is the art and science of gathering and analyzing data about target markets, customers, and competitors to inform business decisions. Think of it as your business's detective work. Using a mix of surveys, focus groups, and data analysis, you can uncover consumer behavior, market trends, and the competitive landscape. This intel helps you understand your customers' needs, preferences, and pain points, allowing you to craft products, services, and marketing strategies that hit the bullseye with your target audience.

How do I choose the right market research method?

Choosing the right market research method is like picking the right tool from a toolbox—it depends on your objectives, budget, timeline, and the type of data you need. Want to dive deep into customer attitudes and motivations? Go for qualitative methods like focus groups or interviews. Need to gather heaps of quantitative data? Surveys or data analysis are your best friends. Consider the complexity of your research question, the level of detail required, and the resources at hand. Often, a combination of methods gives you a well-rounded view of your market.

What are the benefits of market research?

Market research is like a Swiss Army knife for businesses, offering a plethora of benefits:

• Improved decision-making: Data-driven insights help you make informed choices about product development, pricing, marketing, and more.
• Better customer understanding: Learn what makes your customers tick—their needs, preferences, and behavior—so you can tailor your offerings and communication.
• Competitive advantage: By analyzing the competitive landscape, you can spot opportunities to stand out and gain a market edge.
• Reduced risk: Validate market demand and feasibility with data, minimizing the risk of launching flops or entering dead-end markets.
• Enhanced customer satisfaction: Create products and services that meet customer expectations, boosting satisfaction and loyalty.
• Increased efficiency: Optimize your resources by identifying the most effective marketing channels, product features, and target segments, leading to smarter allocation of time and budget.

And let's not forget the tech twist. Emerging technologies like AI-powered sales calls can offer invaluable insights into customer behavior and preferences. By analyzing customer interactions, you can gain a deeper understanding of your audience and fine-tune your offerings.

In a nutshell, market research is your go-to tool for making informed decisions, understanding your customers, and gaining a competitive edge. By picking the right methods and leveraging the benefits of market research, you can fine-tune your strategies and drive long-term success. Ready to dive in? Start by defining your research objectives, exploring various methods, and seeking guidance from market research pros or resources.

Final Thoughts

Market research isn't just a nice-to-have; it's your secret weapon for making smart decisions, understanding your customers, and staying ahead of the competition. Dive into primary and secondary research, mix in some qualitative and quantitative methods, and you've got a recipe for insights that drive growth and profitability.

We've journeyed through the essentials of market research: surveys, focus groups, interviews, competitive analysis, and data crunching. Setting clear objectives, picking the right methods, gathering accurate data, and reporting findings effectively are all part of the game.

Market research isn't a one-and-done deal; it's an ongoing commitment to understanding your customers and market trends. Make it a cornerstone of your business strategy to boost customer satisfaction, develop better products and services, and achieve long-term success.

Want to supercharge your market research? Explore how AI can streamline and optimize your efforts. AI-powered tools like Copy.ai's GTM AI Platform can help you analyze mountains of data, spot patterns, and generate actionable insights faster than ever.

Ready to elevate your business with market research? Download our comprehensive guide, packed with templates, checklists, and case studies to get you started. If you have questions or need guidance, our team of market research experts is just a call away.

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Business research: what it is & how to use it for business results.

10 min read What is business research and why does it matter? Here are some of the ways business research can be helpful to your company, whichever method you choose to carry it out.

What is business research?

Business research helps companies make better business decisions by gathering information. The scope of the term business research is quite broad – it acts as an umbrella that covers every aspect of business, from finances to advertising creative. It can include research methods which help a company better understand its target market. It could focus on customer experience and assess customer satisfaction levels. Or it could involve sizing up the competition through competitor research.

Often when carrying out business research, companies are looking at their own data, sourced from their employees, their customers and their business records. However, business researchers can go beyond their own company in order to collect relevant information and understand patterns that may help leaders make informed decisions. For example, a business may carry out ethnographic research where the participants are studied in the context of their everyday lives, rather than just in their role as consumer, or look at secondary data sources such as open access public records and empirical research carried out in academic studies.

There is also a body of knowledge about business in general that can be mined for business research purposes. For example organisational theory and general studies on consumer behaviour.

Free ebook: 2024 Global Consumer Trends Report

Why is business research important?

We live in a time of high speed technological progress and hyper-connectedness. Customers have an entire market at their fingertips and can easily switch brands if a competitor is offering something better than you are. At the same time, the world of business has evolved to the point of near-saturation. It’s hard to think of a need that hasn’t been addressed by someone’s innovative product or service.

The combination of ease of switching, high consumer awareness and a super-evolved marketplace crowded with companies and their offerings means that businesses must do whatever they can to find and maintain an edge. Business research is one of the most useful weapons in the fight against business obscurity, since it allows companies to gain a deep understanding of buyer behaviour and stay up to date at all times with detailed information on their market.

Thanks to the standard of modern business research tools and methods, it’s now possible for business analysts to track the intricate relationships between competitors, financial markets, social trends, geopolitical changes, world events, and more.

Find out how to conduct your own market research and make use of existing market research data with our Ultimate guide to market research

Types of business research

Business research methods vary widely, but they can be grouped into two broad categories – qualitative research and quantitative research .

Qualitative research methods

Qualitative business research deals with non-numerical data such as people’s thoughts, feelings and opinions. It relies heavily on the observations of researchers, who collect data from a relatively small number of participants – often through direct interactions.

Qualitative research interviews take place one-on-one between a researcher and participant. In a business context, the participant might be a customer, a supplier, an employee or other stakeholder. Using open-ended questions , the researcher conducts the interview in either a structured or unstructured format. Structured interviews stick closely to a question list and scripted phrases, while unstructured interviews are more conversational and exploratory. As well as listening to the participant’s responses, the interviewer will observe non-verbal information such as posture, tone of voice and facial expression.

Focus groups

Like the qualitative interview, a focus group is a form of business research that uses direct interaction between the researcher and participants to collect data. In focus groups, a small number of participants (usually around 10) take part in a group discussion led by a researcher who acts as moderator. The researcher asks questions and takes note of the responses, as in a qualitative research interview. Sampling for focus groups is usually purposive rather than random, so that the group members represent varied points of view.

Observational studies

In an observational study, the researcher may not directly interact with participants at all, but will pay attention to practical situations, such as a busy sales floor full of potential customers, or a conference for some relevant business activity. They will hear people speak and watch their interactions , then record relevant data such as behaviour patterns that relate to the subject they are interested in. Observational studies can be classified as a type of ethnographic research. They can be used to gain insight about a company’s target audience in their everyday lives, or study employee behaviours in actual business situations.

Ethnographic Research

Ethnographic research is an immersive design of research where one observes peoples’ behaviour in their natural environment. Ethnography was most commonly found in the anthropology field and is now practices across a wide range of social sciences.

Ethnography is used to support a designer’s deeper understanding of the design problem – including the relevant domain, audience(s), processes, goals and context(s) of use.

The ethnographic research process is a popular methodology used in the software development lifecycle. It helps create better UI/UX flow based on the real needs of the end-users.

If you truly want to understand your customers’ needs, wants, desires, pain-points “walking a mile” in their shoes enables this. Ethnographic research is this deeply rooted part of research where you truly learn your target audiences’ problem to craft the perfect solution.

Case study research

A case study is a detailed piece of research that provides in depth knowledge about a specific person, place or organisation. In the context of business research, case study research might focus on organisational dynamics or company culture in an actual business setting, and case studies have been used to develop new theories about how businesses operate. Proponents of case study research feel that it adds significant value in making theoretical and empirical advances. However its detractors point out that it can be time consuming and expensive, requiring highly skilled researchers to carry it out.

Quantitative research methods

Quantitative research focuses on countable data that is objective in nature. It relies on finding the patterns and relationships that emerge from mass data – for example by analysing the material posted on social media platforms, or via surveys of the target audience. Data collected through quantitative methods is empirical in nature and can be analysed using statistical techniques. Unlike qualitative approaches, a quantitative research method is usually reliant on finding the right sample size, as this will determine whether the results are representative. These are just a few methods – there are many more.

Surveys are one of the most effective ways to conduct business research. They use a highly structured questionnaire which is distributed to participants, typically online (although in the past, face to face and telephone surveys were widely used). The questions are predominantly closed-ended, limiting the range of responses so that they can be grouped and analysed at scale using statistical tools. However surveys can also be used to get a better understanding of the pain points customers face by providing open field responses where they can express themselves in their own words. Both types of data can be captured on the same questionnaire, which offers efficiency of time and cost to the researcher.

Correlational research

Correlational research looks at the relationship between two entities, neither of which are manipulated by the researcher. For example, this might be the in-store sales of a certain product line and the proportion of female customers subscribed to a mailing list. Using statistical analysis methods, researchers can determine the strength of the correlation and even discover intricate relationships between the two variables. Compared with simple observation and intuition, correlation may identify further information about business activity and its impact, pointing the way towards potential improvements and more revenue.

Experimental research

It may sound like something that is strictly for scientists, but experimental research is used by both businesses and scholars alike. When conducted as part of the business intelligence process, experimental research is used to test different tactics to see which ones are most successful – for example one marketing approach versus another. In the simplest form of experimental research, the researcher identifies a dependent variable and an independent variable. The hypothesis is that the independent variable has no effect on the dependent variable, and the researcher will change the independent one to test this assumption. In a business context, the hypothesis might be that price has no relationship to customer satisfaction. The researcher manipulates the price and observes the C-Sat scores to see if there’s an effect.

The best tools for business research

You can make the business research process much quicker and more efficient by selecting the right tools. Business research methods like surveys and interviews demand tools and technologies that can store vast quantities of data while making them easy to access and navigate. If your system can also carry out statistical analysis, and provide predictive recommendations to help you with your business decisions, so much the better.

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