Answer to Question #105206 in Management for Mebo

Question

Evaluate the role of business research in the re industrialization of the current Zimbabwe

Answer 1

Zimbabwe has a history of declining industrialization that greatly affected the economy of the country negatively. Business research was therefore incorporated by economic policy regulators to re-industrialize Zimbabwe’s economic sectors. Business research is a field of discipline through which all relevant information about any trading activity is acquired, analyzed and used to maximize profit. Business research is essential in determining the viability of any business idea.

Industrialization in Zimbabwe is currently facing challenges either internally or from the global economic policies like trade embargoes. Business research is an important tool and economists managed to use it to identify threats to the local industries and additionally discover opportunities for the development of existing industries. Such opportunities can be also identified by understanding the customer's preferences that will viably consume the products of the industries. Moreover, business research outline the strategies of determining new markets for in Zimbabwe that faced challenges related to low sales volume.

           Zimbabwe recognized the necessity of business research by developing a holistic approach towards an industrial policy to diversify its economy. Through business research, market trends and needs are defined to help improve the product from Zimbabwean industries basically to be competitive in the world's market. Competitive products usually sell the industry and brand value realized earns the industries revenue for expansion and related benefits like the acquisition of new technologies.