Research is creative and systematic work undertaken to increase knowledge

. It involves collecting data, critical information, and the analysis and interpretation of that information in accordance with methodologies set by specific professional fields and academic disciplines

. Research can:

• Identify potential and new customers

• Help understand existing customers

• Set pragmatic goals

• Develop productive market strategies

• Address business challenges

• Help put together a business expansion plan

• Identify new business opportunities

The general steps of formal research include

:

1. Observations and formation of the topic
2. Hypothesis
3. Conceptual definition
4. Operational definition
5. Gathering of data
6. Analysis of data
7. Data Interpretation
8. Test, revising of hypothesis
9. Conclusion, reiteration if necessary