Importance of Research to businesses and it's contribution to success

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What is business?
Business is any legitimate economic activity .Legitimate in the sense that is approved by the public society and Economic in the sense that is done to generate revenue.
Processes of making research;
1 problem identification: problem is extensive to any form of dissatisfaction.It is any hindrance or inability to know. Problem can be identified from the literature we read.

2 preliminary literature review:here you try to find out the theoritical domain of the problem or the intellectual background if the problem. 3 Research hypothesis: is a tentative answer to a research problem the hypothesis must be subject to a test. 4 Data collection: data collection is all about gathering of relevant informations gotten from literature review and research hypothesis. 5 Data analysis: it involves going through the data collected to be able to know how it could be able to solve problems.

Importance of business research
1 It helps a businesses to know it competitors and how to survive in business despite competition.

2 It helps businesses to identify it's strength in business and how to use them to it's advantage 3 It helps businesses to know the consumers taste and preference and know how to keep up to consumers demand. 4 It also helps the businesses to identify readily available opportunities that can boost there business.

Research is a very relevant aspect of every business,as an entrepreneur and a business man you should make research frequently to be updated in the market or line of business in order not to be behind time 💯.
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