Business research is a strategic activity undertaken within an organization that is carried out to tackle critical business question across various areas of business, including but not limited to the following business applications.
Expanding the business into new geographical markets, new industry sectors, or new product segments.
Accelerating existing business growth, expanding, or diversifying the business into related product segments.
Sourcing new opportunities for value generation, service, and experience improvements from customers.
Enhancing features of existing products or product lines to edge out the competition and better meet needs of the market.
Identifying and establishing innovation opportunities with supply chain or cross industry partners.
Understanding market competition factors and competitive advantages of key players operating in the market.
Identifying the optimum price positioning against competing product offerings in the targeted market segment.
Mapping out key performance indicators, growth potential, and future states and scenarios of an industry.