Business research is very critical in understanding the issues involved in running a business. The key steps are:
- Scoping of the study
- Framework design
- Collection of information - Primary and Secondary sources
- Analysis of collected information
- Synthesis and inference
A time-consuming aspect of business research can be data collection (though a properly managed study will likely spend more time in scoping and framing). Technology has played an important role in accelerating the data collection efforts as well as trimming cost involved in doing data collection. With explosive growth in information available through the Internet, secondary research has taken on new dimensions. Geographic and language boundaries are also being minimized over time.