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Business Research Application

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Business Research Application
RES/320 Foundations of Research
September 9, 2013
Dr. Elizabeth Frayne

Business Research Applications Research is an essential activity for businesses of all sizes. It is necessary to collect as much data as possible to make sound business decisions. The primary goal of the business research process is to generate valuable insights about a company that can produce growth in shareholder wealth. The main steps covered include research question development, research design, survey, and the final data analysis. Throughout this paper, the focus will be on the research methods of Exxon Mobile Corporation.
Create a Research Question The first step in the business research process is to identify goals and outcomes that will lead to prosperity for the organization. An effective business research question should have the ability set the foundation for future data gathering activities. Research questions can be related virtually to any business area, such as customer service, competition, employee relations, etc. The question should seek an answer to a potential weakness within the company. Once the question is answered, it will allow the company to make better business decisions (Baruch, 2008). As one of the largest oil and gas producers in the world, Exxon Mobile must focus on goals that will help the company maintain dominance within its industry. Research questions will be related to competitor analysis and global market conditions. Competitors within the oil and gas industry usually do not compete on price, but rather they compete on brand exposure and total market share. A potential research focus for the company would be how consumers react to the implementation of a customer loyalty program. An example research question for Exxon Mobile would be “How will a customer rewards program affect the buying patterns of

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