Business Research FAQs
What is business research?
Companies conduct business research to obtain data and analyse it in order to better manage the company. It includes the following:
  • market sector research;
  • industry sector research;
  • competitor analysis;
  • corporate research; and
  • business topic research.
Please describe the different types of research outlined above.
Market research is the gathering and analysis about target markets or customers.

Industry sector research is similar to market research, but rather than looking at a target market, reviews and analyses a particular industry sector. The objectives of this research include:
  • an understanding of the industry structure, competition and levels of industry profitability;
  • an assessment of an industry’s attractiveness;
  • the identification of key success factors;
  • the ability to forecast future profitability; and
  • to deduce strategies to improve profitability.

Competitor analysis is the analysis of either a specific competitor, or generally competitors in a particular sector, to gain useful insights and comparisons to your own business. It is with noting the difference between direct competition (businesses in the same business) and indirect competition (businesses similar to yours). It covers a wide range of issues, including:
  • financial performance;
  • organisation, structure and culture;
  • current and past strategies;
  • cost structure;
  • strengths and weaknesses;
  • size and growth; and
  • products marketed and sold.

Corporate research is a catch-all description for any research not included above and of a corporate nature. This often includes analysis of companies (who are not competitors) that you may be interested in (for example potential partners, investors, suppliers, advisors, suppliers or customers).

Business topic research covers the following examples:
  • what types of …. exist?
  • what are the advantages and disadvantages of …. ?
  • what does …. mean?
  • How does the …. framework/model work? How is this relevant to my business?
  • What are the alternative to …. ?
Why do you need to conduct business research?
Good decisions are made based on strong arguments and analysis. Research and analysis underpins such arguments.
Why do clients hire consultants?
There are various reasons for hiring consultants:
  • ‘Buying-in” specialist skills not available in house;
  • Help with the implementation of large scale projects;
  • Help with devising and planning large scale projects;
  • Additional capacity at peak times;
  • Independent input or validation;
  • Responding to regulatory change;
  • External consultants are less susceptible to internal politics and/or sensitive situations;
  • Hiring consultants may prove cheaper than retaining the expertise in-house;
  • Consultants can do the ‘dirty’ work.
Why should you use Innovation for Growth?
Innovation form Growth was founded in 2010, with the aim of helping local businesses grow and prosper. This aim has not changed over the intervening years and we are delighted to continue to achieve this aim.

Unlike a number of other consultancies, when you instruct us, as we are a sole director firm, Chris will do the work.
How do we contact Innovation for Growth?
You can write to us, or telephone us or contact us through this website. Telephone and correspondence address can be accessed here, or you can complete the contact us form here.
What other areas does Innovation for Growth specialise in?
Innovation for Growth specialises in providing business advice in the following areas:
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