Describe a situation in which business research is NOT needed and one in which business research IS needed. Discuss the factors which differentiate the two situations. For the situation in which business research IS needed, will the research be basic/pure research or applied research, explain why?
In your own words describe the scientific method in relation to part one of the discussion posting. How does the scientific method relate to the type of research you would perform related to the situation in which business research is needed. Discuss how the scientific method will support the research needed.
Business research is not needed in regards to the variety of insurance products GEICO sells. While the cornerstone of their product is car insurance, the company also offers specialized products for motorcycles, recreational vehicles, all-terrain vehicles, boars and classic cars. In addition, GEICO also offers life insurance, homeowners insurance, mobile home and condo insurance, renters insurance, flood insurance and temporary overseas policies. Geico's newest offering is an identity theft insurance product.
Business research is needed in the area of product-type quality. Consumers make purchase decisions based on the relationship between cost and quality. When a hungry consumer purchases a pair of $10 shoes from Wal-Mart, his expectations regarding comfort and durability will be different than they would be if he were to purchase a pair of $150 Nike shoes. Consumers compare quality and features when deciding between brands. The "quality" of an insurance product is also intangible.
When we conduct a business research, we will be gathering relevant information that we can use to make our business better and we will be identifying your target market and the needs. In our case since Geico is focused on Auto insurance, we are not offering something other than our core product and we probably don't have a lack of information since ...
A situation in which business research is needed is determined.