Business Research Paper

The conclude of business sector research is to wholeow a business to set itself apart from its competitors by gathering as a lot information on the exertion that it tin and utilizing that data to create unique methodologies and business practices. Researching a business will provide information on things such as what products consumers like or do non like to buy, what the start-up costs will be, and whether either new business opportunity is viable to undertake. Researching excessively reveals the profitability potential of products and services and how they size up competitively with similar products available in the market.The roughly successful business in each(prenominal) industry are perfect examples of how to successfully market, advertise, and sell your products so they should always be considered. According to chapter 1 of the textbook, it does not matter whether you are a small ma & pop bakery or a self-aggrandising corporation like Nabisco, business research i s evenly important to your company. In my personal experience I have found that the company policies and procedures set fore by the upper management will in a flash reflect how the employees will react to their clients and impact the business. own(prenominal) Experience I have worked for fortune ergocalciferol companies such as Verizon, AT&T, and Time Warner in the telecommunications industry and I have learned how each of these companies markets their products to both businesses and consumers. The breakthrough in technology of role optic mesh and television that became available to consumers in the last ten years was a large push for all of these companies. There are to a greater extent different ways the companies got the word out to their clients.The nip methods included pick out mail, television commercials, email and internet marketing, billboards, radio advertisement, and direct sales at retail locations or residential campaigns. I was part of the residential campaig n selling products to consumers at their homes. The money that companies would authorize on advertising (usually in the millions) is relatively firm to track and is becoming less effective today. For example, direct mail campaigns have a less than 1% recover of reaching the customer.Whereas visiting a customer at their home has a better chance of influencing the customer to buy the product by discipline exactly how it will benefit them and tailoring a package to fit their needs and save them money. I learned that many customers had switched to a competitor referable to poor customer service, high prices in the area, or a lack of services offered. In round cases, just telling someone that new technology was now available in their area at one time piqued their interest. Every consumer is different, but everyone wants to feel like they are getting the most value for their money.That is why I would always try to offer the highest train of customer service, the best products, an d the best value for the money. Many times people are willing to spend more money for the same products with a higher level of customer service. That is why fancy restaurants are popular, because the line and the customer service make it a much better experience than cooking a steak at home. So understanding your customer, your competition, and the market are all important factors in researching any business.