Business research is an important aspect of any on boarding or developing companies. This allows companies to determine which product or service is most profitable or in demand. Basically, it can be stated as the acquisition of information or knowledge for professional or commercial purpose to determine opportunities and goals for a business. In order to conduct a business research you must identify the research questions. The next step is to create a business research problem statement. Read more about this in our article and for templates, check out our business research problem statement samples below:
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What Is a Business Research Problem Statement?
One valuable component of any business research is the business research problem statement. This is a clear, precise, and statement of question or issue that is to be investigated with the goal of finding an answer or solution. It is a usually a stand alone document. This statement is completely objective, focusing only on the facts of the problem and leaving out any subjective opinions. To make this easier, it’s recommended that you ask who, what, when, where and why to create the structure for your problem statement.
How To Write A Business Research Problem Statement?
Problem statement is important not only to businesses but to individuals and other entities to develop projects focused on improvement. Business research problem statements provides a guide for navigating your business research and is continually referenced throughout the duration of the research to help the researcher remain focused and on track of his or her work. The statement of the problem briefly addresses the question: What is the problem that the research will address? A problem statement can be written in three parts such as:
- Describes a desired business goal or ideal situation; explains how things should be.
- Describes a condition that prevents the goal, state, the reality from being achieved or realized at this time; explains how the current situation falls short of the goal or ideal.
- Identifies the way your proposal to improve the current situation and move it closer to the goal or ideal.
With this a business research problem statement must be accurately and clearly written. Here are some common elements that you need to keep in mind as you proceed in writing your business research problem statement.
I. Contextualize the Problem
The problem statement should frame your research problem in its particular context and give some background on what is already known about it. The problem statement should address not only what the problem is, but why it’s a problem and why it’s important to solve it. This could be related to any latest trends in the market, something to do with the products or services you are about to develop and any thing related to your business research topic.
II. Relevance of the Problem
The problem statement should also address the relevance of this to the business research, and what is it important that the problem be resolved. You may also consider including what attempts have already been made to solve the problem and why they didn’t work out. As concisely as possible, explain everything you know about the current problem.
III. Propose a Solution and Identify Objectives
Plainly seeking out a conclusive solution isn’t enough to address the problem as it is also imperative to understand the reasons behind these problems. With this you are then able to propose an effective approaches to tackling or understanding it. State your objectives by suggesting well-thought-out plans for tackling the problem.
IV. Benefits of Your Proposed Solution
Your proposed solution(s) must be backed by benefits. This should demonstrate why this solution will work, again focusing on efficiency and the financial impact of your solution. Address what expenses the solution will decrease, how this solution will free up revenue streams and what intangible benefits, such as increased client satisfaction, your solution will bring.
Develop your conclusion by summarizing the problem, what is required to have this fixed and proposed solution.
What Is the Purpose of Problem Statement?
The main purpose of a problem statement is to initially orient the reader about the the significance of the study and the research questions or hypotheses to follow.
Why Is Business Research Important?
Like most research, a business research can help companies identify problems and use information gathered, and wise decisions can be made to tackle the issue appropriately. It helps to understand customers better and hence can be useful to communicate better with the customers or stakeholders.
What Is a Research Proposal?
A research proposal is a document that the reason what you will investigate, why it’s important, and how you will do the research.
The companies often encounter all sorts of problems in regards with their products or services, customers, the market trend and etc. An effective business research problem statement can help address these problems, helping researchers navigate through their business research to come up with feasible solutions that can help their companies.
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