Business Research Methods & Tools

admin May 27, 2016 67 No Comments

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The research is conducted on SWOT analysis of a new product launch which is an important part of a business plan. The research also conducted in the area of pre and post-launch product liability. The purpose of the research is to establish an opinion that is backed by research based on facts and figures.
The company is going to launch a new product which requires research work for the business plan. This research has been conducted to provide an insight on the marketing plan, SWOT questions, Pricing, Product safety, Investments, Ethical and Legal Issues. Another purpose of the research is to develop a critical thinking questionnaire to seek the answers through literature, educated guess and develop a hypothesis to find a solution to those problems which the business could potentially have. The research evaluates the background information available to test the hypothesis. The company developed a questionnaire to research on the answers in relation to strength, weakness, opportunity and threat analysis such as;

  • Bullets List :
  • Is market is well understood
  • But I must explain to you how
  • Option of capital financing
  • Can international customers are reachable
  • What are distribution channels

The company created a hypothesis that the product failed to meet the minimum US Consumer regulation and recalled under US Consumer Protection Act regulation. The company want to evaluate that what could possible go wrong in term of tort liability.
The one reason of research is to create a hypothetical situation to assess what aspects to consider becoming a successful product. The consequences the company may face in case of failure. The risk of product failure can ruin the reputation and business of the company. The company is seeking to make appropriate arrangement in advance just in case. The company is also conducting the research on SWOT analysis of the product to assess risk and opportunity available to the product and also evaluating the strength and weaknesses of the company. The company believes that the research will result in more improved control over pre and post launch scenarios.
The search will be conducting online which includes obtaining information from the studies already conducted by some other company. The company also hired a research agency that conducting a live event where people were invited to experience and provide feedback. The company is accepting comments and feedback through an online form. The major part of search based on online research.
The company is trying to find out what information already existed on internet through existing customers of similar products. The company understands the ethical code for conducting an online search and issuing a memorandum covering the ethical concerns to consider while performing an online research. The company is expecting potential ethical concern which an online research might encounter such as confidentiality and privacy of information collected from people, honesty and integrity, intellectual property, legality risk and hazard to participants.

Since the research is online research, the research is designed to split in three parts. First collection of data from online research studies, second parts belongs to online surveys and third is collection of information from the event.

The company developed a questionnaire, the answer to those question in Yes or No. The company will include those characteristics company want to represent of population in the sample data and apply simple random sampling technique to see how much Y/N in each individual category.
The data will be collected on the question of the following characteristics as representation of data in Y or N answer and use simple random sampling to assess the customer comments. If the random sampling result are greater than 90% the company would continue with the current strategy else the company review its product to make necessary changes according to survey.
1. Does the product is comfortable when used?
2. Does customer recommend the products to friends and family?
3. The customer is willing to pay the asking price for the products?
4. Customer online experience was great?
5. Product needs more changes?
The company in the research trying to establish that that how the dependent and independent variables related to each other so they can determine the proportion and relation between the variables. Company is using ordinal scale of statistical measurements for proving and disproving the research.

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