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Business Research Benefits

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1. What are the overall possible benefits to a company from focused business research? Please explain in detail with several specific examples.
A focused business research provides companies with valuable data which is vital to fully live up to its potential and be successful in its industry. Common types of business research that companies focus on include: market research, industry analysis, product research and also targeting key customer groups amongst others. This short report looks to touch on the benefits a company may attain from conducting focused business research.
To start off with, a possible benefit to come from business research is that it helps a company communicate with its customers or suppliers. It can give a company insight into the likes and dislikes of its current customers as well as potential customers. In terms of marketing this can be a massive advantage knowing how to communicate to your target customers and making sure you tailor your strategy to their taste. Further benefits are that a company can identify opportunities and threats while also reducing risks and uncertainties. For instance, it can show the company that a certain product they had planned to launch does not fully match the wants and needs of its target market and in return can make modifications or changes as needed. In regards to threats, such as an airline finding out that a low cost competitor is looking to make an entry on certain routes that they operate. The airline can take appropriate measures to combat this and persuade passengers to stay with them or simply cut the route. Business research also provides a company with the significant benefit of evaluating the company’s progress according to its strategy. It also enables the company to see how they stand in comparison to their competitors. Also potential problems and losses can be avoided which otherwise would

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