How to Use Research in Making Business Decisions

In an ever-changing employment environment, managers fall in to agnize decisions with far-reaching consequences, preemptive measures have to be taken in rear to avoid threats and advert opportunities. With the help of business question, managers domiciliate grade 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 get out examine Caterpillar, Inc., the worlds direct manufacturer of heavy equipment. The company prides itself in always be on the cutting edge of engineering science and its diversification in outputs and services such as construction, mining, transportation, forestry, energy, logistics, electronics, financial backing and electric berth generation. Ranking 50 of Fortune500 this year, Caterpillar recently reported revenues colossal 44.9 billion dollars (CNN Money, 2008). Despite this success, there is live for improvement. The low-cost competitors endlessly present a threat of erode its market share. Therefore, the usance of sound business research methods would process 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 lowlife be identified. The purpose of t he study is to answer the objectives, and se! t the manakin 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 urgency is easily met. Thesecondary data can be examined in outstanding detail through data mining to determine areas of opportunity. firsthand data can and then be collected to swan initial findings, eliminate practically of the guesswork involved, and establish more(prenominal) reliable... If you want to get a full essay, order it on our website: BestEssayCheap.com

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