Quantative Analysis

Quantative Analysis






Preparing to Conduct Business Research
RES 351
October 18, 2012

Preparing to Conduct Business Research Part One
When preparing to conduct a business research projects there several steps the team must adhere too so as to achieve the desired results. The steps the team must understand starts with the use of a focus point/question, theory/hypotheses, variables to be considered by the organization, ethics, the feasibility of the research, and if the research will create an opportunity or a problem. These are the aspects of a business research plan that Home Depot takes into consideration when preparing to conduct a business research project.
The primary rationale for this research is to answer the question Home Depot as well as other home improvement retailers want answered is the following: “How best to increase the volume of sales at The Home Depot?” The hypothesis is Home Depot can increase sales by building on the relationship with their existing customer. The variables in this research are the existing customer.
Before Home Depot can increase sales and attract new customers there are several factor to consider. Home Depot would have to understand the wants and needs of their existing customer and what value does Home Depot offer to its existing customers. What other competitors within the industry are providing and where the potential to exploit new untapped opportunities within the market may exist.
Retail market research can go from humble qualitative research to in-depth quantitative analysis {inc.com}. Qualitative and qualitative type of business research can be expedited swiftly and be feasible by way of survey and employee advertising to Home Depot existing customers.
Although Home Depot is doing the research via survey, depending on the questions Home Depot wants answers can affect the budget. The survey style method can give insight into Home Depot targeted customers feelings on the Home Depot services provided.
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