Business Research

Business Research

Assignment Content

  1. Resource: Preparing to Conduct Business Research, Part 2 Grading Guide

    Purpose of Assignment
    The Week 4 Learning Team Assignment is a continuation of the assignment started in Week 3. Students will take the next steps in the research of their selected problem or situation and tackle the hypothesis and variables. This also includes an examination of the ethical considerations. Ethical implications of a research project are something that impacts all areas of research and business and students should consider this in any research project.

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    Assignment Steps
    Build on the “Preparing to Conduct Business Research Part 1” team assignment from Week 3.

    Incorporate feedback from your instructor.

    Create a 700-word assessment of the business research problem.

    Include the following:

    • Determine the key business objectives.
    • Identify the questions that must be researched.
    • Determine the hypotheses and variables that must be considered.
    • Identify the ethical considerations that must be considered.
    • Discuss the implications of the ethical considerations.
    • Define the purpose of the research.
    • Determine the research design approach that will be used.
    • Determine if the key variables are qualitative, quantitative or both.
    • Define the variables from an operational standpoint.
    • Format your assignment consistent with APA guidelines.

      Submit your assignment.

      Resources

    • Center for Writing Excellence
    • Reference and Citation Generator
    • Grammar and Writing Guides
    • Learning Team Toolkit

Preparing to Conduct Business Research

Parise Stroughter, Barbara Broich, Emanoel Safarian, Jeremy Harlow

Business Research – Week 3 Team

Professor Ross Jackson

May 18, 2020

 

 

 

 

 

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An established local restaurant has a high enough demand that they are considering opening a second location overlapping the edges of their current delivery range. They are looking at areas with current high delivery orders in order to capitalize on the existing customer base while also expanding beyond that into a new market. They would like to research which area would be most beneficial by analyzing current delivery trends, combined with forecasting what potential new customers would be reachable and the impact this new location would have on business at the existing location.

Opening a new location can bring about increased revenue and customers, and in turn returning customers, to the second location. I believe that the second location must be placed within a reasonable distance to not impact customers from the first location. This would require a form of business research and analysis to determine the best location for the additional restaurant. This is significant because not only do we want to increase revenue and customer base, but it is also important to properly analyze the area in which we want to open the second location. If a poor location is chosen, we run the risk of creating a bad reputation or negative image, which will cause customer reduction. It is important to have all business decisions backed by supporting evidence to validate the success of making a large financial decision. Research should always be taken into consideration when dealing with all business aspects because it is beneficial to understand and learn the consumer’s choices and preferences before committing to such an impactful organizational decision.

Business research reduces uncertainty and improves marketing outcomes, such as defining current competitive challenges, improving business practices, and economic challenges. It is especially helpful to have a clear business plan because restaurant studies have shown that it is often less difficult to replicate past successes than it is to develop an entirely untested approach. One important business decisions that should be extensively researched in order to replicate past successes is keeping the same look, theme, menu, and familiarity with the second location so that it is easily recognizable. It is also important to consider the second location’s visibility, the demographics, as well as other restaurant competitors in the immediate area.

While location is an essential business decision that requires proper research and analysis, it also imperative to consider the differentiating factors it will take to become profitable and successful in opening a second location. In order to ensure the business succeeds, you must consider the amount of research it will require to be financially responsible. For example, while the second location may be acceptable, if the lot or the building is not cost effective, this could cause the organization to inherit financial hardship in the long run as they will struggle with the finances of two restaurants.

In the business world, change may be inevitable, but growth is not. Business growth always depends on the strategies and the actions that you take to make it happen. The degree to which you implement a market growth strategy depends on your own business goals and objectives. You may plan to grow your business slowly so that you can maintain a small but manageable market share. Or, you may develop an aggressive growth strategy that causes you to establish a more flexible organizational structure that can adapt to new markets and rapid growth. If you plan to sell to the same target group, then you should already have a detailed profile of the customers in that group. If you are targeting a new group, you will need to develop a basic profile of the new customers. The more you know about your target customers, the easier it is to develop a marketing strategy that will reach them.

 

Today I come to share with you that many factors confirm that business research will give you the best chances of becoming profitable and substantially successful. Taking the extra time to identify key aspects such as financials, location, competition, growth, and demographics will help expand a single, local restaurant into a successful, expansive chain.