Current Events in Business Research
Current Events on Business Research
A business research process refers to the initiative of coming up with business decisions after careful analysis of the business environment such as the company, competitors, the industry, the market and strategies developed with an aim of achieving business goals. These current events on business research are key factors in effective decision making for long-term success in any business. The process involves an overview of a company’s strengths and weaknesses to determine the required efforts for further development.
Current events in business research target market opportunities and revolve around the mitigation of business risk. I experienced the business research process as an employee in a company known as Pacific Computers, which sells computer hardware and offers software services.
The company had extensive analytical research studies of the business progress as I witnessed when I was in the sales department. Monthly and annual meetings were held to determine the failures and successes of Pacific Computers.
The scale of business performance was measured according to short-term achievements in a bid to affirm strategies of long-term achievements. The scale of business performance was deduced from the results from the business research within and without the organization. A research study in business involves data collection and analysis in a company for managers to make the best decisions that coincide with the company’s goals (Cooper & Schindler, 2010). In Pacific Computers, the senior and departmental managers compiled the data results and stipulated major changes to evaluate and improve business performance.
Pacific Computers needed a larger market share than it had already secured in the IT industry. Strategies could only be effective if opportunities in the business environment were explored adequately. Therefore, suggestions given by clients and employees, data on the company and IT industry’s history among others served as the data collected. Subsequently, the managers made logical decisions on improvements such as upgraded software services, re-branding the company, newly developed marketing strategies, differentiation in computer products, advertisements and promotions. The research reports of Pacific Computers included detailed historical financial statements. This enabled the managers to evaluate and assess the profit earnings by comparing the present and the past financial performance of the company in the IT market and industry. The research process was necessary in my fourth year as an employee of Pacific Computers because was opting to lay-off a part of the workforce to cut on its costs. Fortunately, the data results prompted alternative ideas of increasing the profit margin.
Alternative ideas included the introduction of new computer models with high processor speed that could be compatible with the workload of customers, as they suggested according to the data presented. The research gave the management team a new insight on the weaknesses of the major competitors in the IT market and the members deduced a competitive advantage that scooped a large share of the market and increased the company’s profit margin notably. Decisions made by the management such as outsourcing, restructuring the organization, forming a change agent committee to communicate change, differentiation of computer products, human resource strategies, promotion, community initiatives and advertisement lead to high productivity and a continued culture of high performance in IT business. The implementation of these strategies and the positive outcome in business is evidence that business research fosters strong managerial decisions in an organization or a company (Cooper & Schindler, 2010). By monitoring the current events on business research and examining the data results, Pacific Computers was able to re-establish itself and maintain its business image.
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