Before undertaking a business research project, it is important to consider different types of research and their respective approaches. Critical steps such as selecting a suitable topic along with finding and reviewing meaningful sources can determine the level of success of the research. For example, let’s consider empirical research since it relates to applied research. According to its definition, empirical research is the type of research that is performed for the purpose of gaining knowledge by opting for direct or indirect means of observations or experiences (“What is Empirical”, 2017). Based on this criteria, the end-result should point out to a valid answer or solution based on empirical evidence coupled with meaningful unbiased interpretation. Empirical research is related to applied research in several ways since the latter integrates empirical methods.
Since applied research attempts to find answers or solutions, particularly in business, the use of empirical research methods can be suitable for business, therefore enhancing the applied research’s outcome. Furthermore, using empirical research methods might minimize the margin of error, therefore contributing to its validity and reliability. As any research, selecting an appropriate and relevant topic (s) is a most. Therefore, market expansion and global competition are two topics that could be suitable for research. Even though these two topics relate to each other, they are broad enough to conduct multiple research projects. First, United States (US) companies and corporations continue to explore ways to expand their markets with the hope of profit growth. Some of them might decide to expand their market locally while others might decide to explore expansion opportunities internationally.
Either way, market expansion and global competition present many challenges that could test any company strategies or ingenuity. At the same time, either on the local or international markets, US companies are destined to face global competition like never before. Since these topics are broad, it is important to narrow them down to some specifics. When talking about competition, it is necessary to concentrate in the People’s Republic of China (PRC), which is a major global competitor. However, when talking about market expansion, it necessary to concentrate on US companies’ market expansion into China and Latin American (LATAM). In this case, expanding into China refers to US companies entering the Chinese market as Chinas’ main competitors. On the other hand, the mentioning of entering or expanding into LATAM markets is because China is aggressively pursuing this market.
Furthermore, the concerns or questions are as follow; how are the US companies willing to adapt to global competitors’ aggressive strategies? Will US companies play offense or defense? Will they take the fight to them in their own countries or will they rather face them in US territory or a combination of both? It is important to consider that international companies are becoming stronger and more aggressive when exploring other markets. They do not only have the capital, the technology or other resources but the ambition to establish themselves in the global market. Let’s take China, for example. According to an empirical study, Li (2016) finds evidence that Chinese business/investors are largely commercially driven and adaptive to the host country environment. It shows that Chinese are rapidly adapting not only to the US business environment but to US systems as well. As Li (2016) puts it, they are “playing our game’. The question is how US companies will adapt to this competition in their own country.
