Business Research

What is Business research?

• BusinessResearch is the
process of finding solutions to
a problem after a thorough
study and analysis of the
situational factors.
 Research originates with a question
or problem.
• Research requires a clear articulation
of a goal.
• Research follows a specific plan of
procedure.
• Research usually divides the principal
problem into more manageable subpr
oblems.
• Research is guided by the specific
research problem, question, or
hypothesis.
• Research accepts certain critical assum
ptions.
• Research requires the collection and
interpretation of data in attempting to
resolve the problem that initiated the
research.
• Research is, by its nature, cyclical; or
more exactly, helical.
 Definition of business research

• An organized,systematic,databased,
critical,objective, scientific inquiry or
investigation into a specific problem,
undertaken with the propose of
finding answers or solutions to it.
 Definition of business research
• Research provides the needed information
that guides managers to make informed
decisions to successfully deal with problems.
• The information provided could be the result
of a careful analysis of data gathered firsthand
or of data that are already available (in the
company).
 Types of Business research.
• 1. Applied research
• Is to solve a current problem faced by
the manager in the work
setting,demanding a timely solution.
• 2. Basic research (fundamental, pure)
• Is to generate a body of knowledge by
trying to comprehend how certain
problems that occur in
 organizations can be solved.
• The findings of such research contribute
to the building of knowledge in the
various functional areas of business.
 Basic Research
• Basic (fundamental or pure ) research
is driven by a scientist's curiosity or
interest in a scientific question. The
main motivation is to expand man's kno
wledge , not to create or invent
something. There is no obvious
commercial value to the discoveries
that result from basic research.
• For example, basic science
investigations probe for answers to
questions such as:
• How did the universe begin?
• What are protons, neutrons, and electr
ons composed of?
• How do slime molds reproduce?
• What is the specific genetic code of the
fruit fly?
 Applied research
• Applied research is designed to solve pract
ical problems of the modern world, rather
than to aqcquire knowledge for
knowledge's sake. One might say that the
goal of the applied scientist is to improve t
he human condition .
• For example, applied researchers may
investigate ways to:
• improve agricultural crop production
• treat or cure a specific disease
• improve the energy efficiency of
homes, offices, or modes of
transportation
• Why is it important for
managers to know about
research?
 Manager and researcher.
• Solve problems
• Decision making tool
• Competition
• Risk
• Investment
• Hire researchers and consultants more
effectively