An increase in traffic to their website or the audience spending more time on a website can result in higher rankings on search engines which will enable the company to get more leads as well as increase its visibility. At the best, it can charge comparatively lower price as compared to its competitors in the same product-quality segment. Economic activities involve production, exchange, and distribution of goods and services. Facilitates functional policy implementation. A business definition is a clear-cut statement of the business or a set of businesses, the organization engages in presently or wishes to pursue in future. Such a method can enable a researcher to dig deeper if the target market focused more on screen size, features or colors of the phone. It cannot compete successfully doing the same thing and in the same manner as competitors are doing. The way that the needs are being satisfied, (how). Surveys involve asking various survey questions to a set of audiences through various types like online polls, online surveys, questionnaires, etc. What technology we should use to serve our customers?” Vision and mission statement can use the ideas generated through the process of understanding and defining business. Information like visitor intention, behavior path, satisfaction of overall website, can be collected using this. Since an organization cannot compete along all these dimensions, it is better to define its business in such a way that it derives competitive advantage out of this definition. Then, this prescribes the arena in which the organization will play and compete. Another example of inferences drawn from experimental research, which is used widely by most bars/pubs across the world is that loud music makes a person drink more in less time. But to arrive at that hypothesis takes some understanding of what is known in the area already. So, business means a state of being busy in economic activities. The pure cotton concept is gaining ground in 1990s and 2000 as general public is fed up with synthetics and silk, they use silk as occasional wear and the rest as daily use. In America, marketing research is conducted by many companies on a very high scale. Before uploading and sharing your knowledge on this site, please read the following pages: 1. Business Definition sets and limits the contours of the business. Before an activity can be considered a business, there must exist both the goal of profit and the risk of loss”. Customer Function- Availability of spares, Drums, Toner, good after sales service. What will it be? For example, if we take synthetic detergent market, we find such a differentiation between Hindustan Unilever and Nirma. However, since the value of a product is qualitative and it is determined by the perception of the customer, the organization has to define what value the customer considers important. Business is a wide term and signifies all economic activities carried on with the objective of earning money or profit or gain. Such a study showcases the capability of the company and hence it can be stated as empirical evidence to the new prospect. For example: A salesperson has heard a particular firm is looking for some solution which their company provides. Hence, such research was a boon to the hospitality industry. Nature of business is one of the components of mission of an organization. for channelizing them into productive activities. Customer service, both before and after- sale, is given primary emphasis.”, “To meet the everyday needs of people everywhere with branded products and services.”, “Manufacturing and marketing of nutritional foods to the public who prefer instant food.”. Using mathematical analysis methods, correlational research enables the researcher to correlate two or more variables. He can also reach out to the customer directly by finding a mean to communicate with him by researching online.’. It is necessary to take this broad view because the influence and involvement of business are extensive. In the words of Lewis H. Haney, “Business may be defined as human activity directed towards producing or acquiring wealth through buying and selling goods”. (1997) Research as a serious study of a subject designed to discover new facts or validate ideas. After interviewing them, the researcher understood that there were less feminine colors in some of the models, hence females preferred not purchasing them. Another example would be to interview a subject matter expert in social media marketing. -Arthur M. Weimer, “Business comprises all profit seeking activities and enterprises that provided goods and services necessary to an economic system. Learn about the definitions of business provided by various eminent authors and institutions like B. O. Wheeler, Davis and Blomstorm, Keith & Gul Bellin , Boono & Krutz, Lewis H.Haney, James Stephenson, Buskirik, Green & Robgers, Musselman & Hughes, Peterson and Plowman, F.C.Hooper, Apple Corporation of USA, Hewlett-Packard Company of USA, Hindustan Lever Limited, Nestle India Limited and Others. Hence, the salesperson will first search for a decision maker from the company, investigate what department he is from and understand what the target company is looking for and what are they into. Therefore, let us see the dimensions of business definition. Report a Violation 11. â James Stephenson. Business is viewed as a subsystem of the total social system. Such a kind of vivid focus on business definition helps the company to take matching actions. 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