How to Use Research in Making Business Decisions

In an ever-changing employment environment, managers fall in to snitch decisions with far-reaching consequences, preemptive measures have to be taken in arrange to avoid threats and advert opportunities. With the help of business investigate, managers domiciliate solve informeddecisions based on the result of an organized, systematic, data-based, critical, objective, scientific inquiry or investigation into a specific problem (Sekaran, 2003, p.5). This submit leave examine Caterpillar, Inc., the worlds direct manufacturer of heavy equipment. The company prides itself in always be on the cutting edge of engine live and its diversification in outputs and services such as construction, mining, transportation, forestry, energy, logistics, electronics, pay and electric berth generation. Ranking 50 of Fortune500 this year, Caterpillar of late reported revenues colossal 44.9 billion dollars (CNN Money, 2008). Despite this success, there is room for improvement. The l ow-cost competitors endlessly present a threat of dilapidate its market share. Therefore, the usance of sound business research methods would aid organizations in growth marketing strategies to address new targetaudiences, research new product lines, and how to maximize revenue in a competitive marketplace. For this investigation, descriptive study is recommended as it helps to ascertain and be able to sop up the characteristics of the variables of interest in a situation (Sekaran, 2003, P.121).

Through descriptive research, distinctions in data sets canister be identified. The purpose of the study is to an swer the objectives, and set the framework ! upon with a sound business decision can be made. Descriptive studies are help by existing data, and as a significant quantity of data is available for customers, suppliers, and competitors, that necessary is easily met. Thesecondary data can be examined in grand detail through data mining to determine areas of opportunity. uncreated data can and then be collected to keep initial findings, eliminate practically of the guesswork involved, and establish more reliable... If you want to get a full essay, order it on our website: BestEssayCheap.com

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