Business Research Process
Business Research Process
In business, a manager must research as a means to assist in the decision making process when faced with a managerial dilemma. The business research process will allow management to base its decision on valuable information that minimizes risk. The process will aid in planning, acquiring, and disseminating relevant data and information to improve on practice and procedure within the organization as well as maximize performance (Cooper & Schindler, 2011). This purpose of this paper is to summarize the business research process as it pertains to my personal experience in the workplace.
Working for a Fortune 500 construction company when the economy is so volatile, the potential for new work is questionable and extremely competitive. Until recently, our ...view middle of the document...
Once the dilemma was clearly defined, management determined that it needed to explore what our competitors are doing to win new work. This included marketing, estimating, and business development. From this, management put together teams that would research proposal design and presentation, areas where we could reduce cost in our general conditions, and supplier, subcontractor, and client relationships.
These teams met with management weekly to go over plans data retrieval and collection. The teams conferred with management to determine the competitors the teams would examine. Management and the teams discussed the importance of conducting research in accordance with our company’s code of ethics and how it relates to our vision and core values.
As the teams were implementing these steps within the research process, the teams realized any and all areas of limitation. These limitations were thoroughly documented and reported to management.
Each team analyzed the information gathered to report back to management. Some of that information included project wins and total dollars of our competitors, technology used to present project teams to potential clients, and the satisfaction of subcontractors working with our project teams.
The reports that these teams created allowed management to implement changes that would increase business, support our company’s relevance in our working region, and maximize on performance within our organization.
The business research process in an essential tool for management to create growth and bring resolution to areas that needs correction within the organization with as little risk as possible. As a result of management’s conclusion to its lack of work dilemma, we have won three new projects valued at $150 million in total.
Cooper, D. & Schindler, P. (2011). Business research methods (11th ed.). New York, NY: McGraw-Hill/Irwin.