Business Research, Statistics, & Decision Models

Business research can be thought of as the acquiring of knowledge and information so as to be able to meet the opportunities and goals for a business (Bell, Bryman, & Harley, 2018). More simply, it is the process of acquiring detailed information on all areas related to the operation of the business and then using these to make a profit. Once that information is gathered, it is then processed – organized, analyzed, and interpreted – and then used as a basis for the decisions the business leaders make. Business research thus involves the collection of data, which is then processed into information through the use of statistical methods, and then applied to the decision making instruments with the goal of moving a firm closer to its objectives. For most business, business research, statistics, and decision models simply aid the leaders to reach decisions that would maximize sales and increase profits.

One of the principal ways that firms can take advantage of business research, statistics, and decision models is to determine what products or services are most profitable or in demand (Hair Jr, Wolfinbarger, Money, Samouel, & Page, 2015). In my first job, right after high school, I worked for a mobile telephony firm that offered data, voice, and SMS services as separate packages to its clients. The telco wanted to introduce a new subscription package that combined all three of their services. Their marketing efforts for the new product would focus on the additional value that the clients would receive for the bundled product. Before committing to the new packages, though, the company engaged its market research wing to undertake research among the firm’s clients to ensure that they would be willing to purchase the new offering. The research helped the company collect views and suggestions from the clients. As an example, while the firm wanted to bundle the three items together, they were unaware of the specific number of each of the items to add to the package. After statistical analysis of the data, it emerged that most clients preferred a larger number of items in the voice category than they did short messages. Also, a predominant majority preferred data over either voice or SMS. With the information, the firm was able to create a product that appealed to most of its existing client base.

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References

Bell, E., Bryman, A., & Harley, B. (2018). Business research methods. Oxford University Press.Hair Jr, J. F., Wolfinbarger, M., Money, A. H., Samouel, P., & Page, M. J. (2015). Essentials of business research methods. Routledge.

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