Six Steps of Business Research: Methods and Variables
This paper outlines the fundamental components of business research by walking through six core steps applicable to most organizations: appraisal, competitive analysis, customer analysis, SWOT analysis, target and strategic goal setting, and tactical application. It then examines theoretical frameworks and the distinction between dependent and independent variables, illustrated with a pizza pricing demand model. The paper also addresses the growing role of the internet in marketing research, including associated ethical concerns such as data privacy and misrepresentation. Finally, it presents a sample online banking survey instrument designed to gather customer feedback on service usage, security, and satisfaction.
- The Six Steps of Business Research: Six universal steps guiding any business research project
- Theoretical Frameworks and Variables: Dependent and independent variables explained through frameworks
- Demand Modeling: A Pizza Pricing Example: Functional demand model with pizza pricing schedule
- The Internet in Business Research: Internet as a modern marketing research tool
- Ethical Concerns in Online Marketing Research: Privacy, data misuse, and ethical lapses in research
- Sample Banking Survey Instrument: Five-question survey on online banking customer experience
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What makes this paper effective
- The paper organizes a broad topic clearly by dividing content into labeled parts, making it easy for readers to follow the progression from research design to application.
- The pizza pricing demand schedule is a concrete, quantitative illustration that grounds the abstract concept of dependent and independent variables in an accessible real-world scenario.
- The inclusion of an actual survey instrument as a final section demonstrates applied knowledge, connecting theoretical research methods to practical data-collection tools.
Key academic technique demonstrated
The paper demonstrates the use of a functional demand model to operationalize the relationship between variables. By defining the dependent variable (quantity demanded) and multiple independent variables (price, income, competitive pricing, consumer preferences) and then expressing them in both formula and table form, the author shows how abstract research frameworks translate into measurable, decision-relevant outputs.
Structure breakdown
The paper is divided into four labeled parts: (1) the six-step business research process, (2) dependent and independent variables illustrated with a demand model, (3) the role and ethics of internet-based research, and (4) a sample banking customer survey. Each part builds on the last, moving from research design theory toward practical tools and instruments.
The Six Steps of Business Research
The business research process is unique in that it may be tailored to individual types of organizations and their specific needs. For example, business research for a large, multinational pharmaceutical company would have slightly different requirements than that of a local fast-food franchise group. However, there are six basic steps that most business research projects should cover.
Appraisal. Before any research can be done, it is important to conduct an honest assessment of the organization. The business needs to know where it stands in terms of fiscal strength or weakness, what kinds of human and other resources are available, and what its goals are.
Competitive Analysis. Identifying the competitive landscape is important and can be accomplished through secondary research — including market share, market sales, number of employees, and key strengths. This can usually be done via the internet, using secondary sources or, in large organizations, their own annual reports.
Customer Analysis. It is vital to understand customer needs and wants prior to undertaking new product launches or improving the business. Typically, depending on the market niche, primary research methods such as questionnaires, phone surveys, mall intercepts, or focus groups are used to collect consumer information.
SWOT or Other Analysis. SWOT (Strengths, Weaknesses, Opportunities, and Threats) is a simple framework used to analyze the information gathered from the above steps. Combining the current organizational assessment, the competitive landscape, and all available primary and secondary research provides a broad yet powerful overview of the organization.
Target and Strategic Goals. After a thorough SWOT analysis has been completed, study the target audience through primary research. Use this information to develop strategic and/or medium- to long-term goals.
Application and Tactics. Once this is done, use the information to develop specific tactics — such as securing funding, upgrading manufacturing processes, and similar measures (Bryman & Bell, 2007).
References
Adil, J. (2006). Supply and demand. Mankato, MN: Capstone Press.
Bradburn, N., et al. (2004). Asking questions: The definitive guide to questionnaire design. San Francisco: John Wiley and Sons.
Bryman, A., & Bell, E. (2007). Business research methods. New York: Oxford University Press.
Hartman, C. (2003). Marketing strategies and the search for virtue. Retrieved from http://www.springerlink.com/content/cux0lt0t1172v425/
Jones, S. (1999). Doing internet research. Thousand Oaks, CA: Sage.
Supply and demand. (2005). Oswego.edu. Retrieved from
Understanding the differences between independent and dependent variables. (2010). APEX Dissertations.
Wayde, D. (2006). Marketing ethics. Retrieved from http://www.marketingprofs.com/ea/qst_question.asp?qstID=12247
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