Answer to Question #105669 in Management for handie

Question

evaluate the role of business research in the re-industrialisation in an unstable economy

Answer 1

Business research can be described as a well-designed way of objectively finding out the most critical information that is essential in making decisions. Industries in unstable economies find business research handy to enable them to restructure their business activities accordingly. 

Business research is a useful tool to help the recovery of industries by identifying possible threats that could be characterized by unstable economies. Such threats may be as a result of unfavorable market competition. 

 Industries also benefit from business research that helps them gather adequate information of the customer in terms of their financial strength, buying patterns, preferences, and gender-based products. Knowledge of the customers helps industries to reproduce quality products that best suit their customers. 

Through business research, industries are finding it professional to reestablish or redefine realistic goals and productive objectives. In light of this industries can plan their investments productively and possible financial outcomes in the most economical way possible. 

           Risks are well identified through business research and remedies can be outlined by industries to minimize associated risks that can take place. 

Re-industrialization would mean getting better strategies. Business research enables industries to get a better picture of the market trends, price indices, emerging issues in regards to technology and the general requirements of the business environment like corporate social responsibilities.

To conclude Business research covers a wide area that revolves around the factors of production such as capital equipment, human resources, land. An industry that carries out inclusive business research around these factors of production usually archive the set goals for prosperity despite the deterring economic environment.