Business Research for Decision Making
Business Research for Decision Making
Research is essentially an investigation and study of sources and/or materials that are necessary to establish the required facts and develop conclusions that will meet the requirements laid out by our customer. The goal of Formal Research focuses on specific information or areas that can help the business make better decisions in areas such as budget, market or customers through the use of theoretical or hypothetical approach. This approach has not been tested and must require adequate testing by observation or experiment. A Business Proposal goal on the other hand tries to come up with new and improved ways for the company to make money by using a practical approach. It can also be used as a response to a request for a proposal from another company or the government. In that the Formal research will be a necessary part of the Proposal process.
Both will have an introduction and conclusion for their proposal, and both are done upon request. Both types of proposals are limited to containing specific information that the customer requested. How successful either proposal will be determined on how well they address and meet their clients’ needs; whether it is an internal or external customer. (Strategic Finance)
Formal Research Proposals will discuss the methods used to find information and data. Due to the fact that this is more informational, it only has a brief budget section, as this will be expanded upon in further detail if the decision is made to actually follow through with the idea. Business Proposals however will not have a detailed methods section because they are discussing a product in that the methods for finding the information and data have already been conducted. They will have a detailed and extensive budget section in order to lay out the proposal in order to get things started immediately.
There are four things that you should ask yourself when creating a Business Proposal:
Why Us?
Why not them?
What? (am I trying to convey)
How? (am I going to convince them)
You should always be extremely conscientious of the price, if all other criteria are met this could be the deciding factor, so it should always be first and foremost important. Keep your proposal simple, clear, and precise. Finally, do not forget that you are trying to sell your idea. It is your desire when creating a proposal to find exactly what the customer wants, that will benefit your company, and offer something that