Introduction
Business in a
competitive environment and taking appropriate decisions by the management is
not a simple task. Business research obtained the information by the scientific
way for maximizing the benefit of the organizations. The management would like
to know about the performance of the organization, the competitive edge of the
products as well as opportunities in the market. Research is only one tool for
improving the performance of the organization in all aspects.
What is the purpose of the research?
To understand the business by the scientific
investigation. It helps to acquire the required skills to undertake research
projects as part of the curriculum and business. The success of the business
depends on the in-depth of the research.
What is research?
Research is an activity of systematic enquiry to solve the problems and
contribute the information to management for taking the appropriate decisions
for solutions. Research
is a scientific and systematic search for pertinent information on a specific
topic. Research is an art of investigation of facts and figures through
scientific methods. In simple terms research is a movement from the unknown to known.
In webster International Dictionary, research is "a careful
critical inquiry or examination in seeking facts or principles, litigant
investigation to ascertain something"
Dictionary meaning of research is "the systematic investigation
into the study of materials and sources to establish facts and reach new
conclusions".
According to Clifford Woody, "research
comprises defining and redefining problems, formulating hypothesis or suggested
solutions, collecting, organising and evaluating data, making deductions and
reaching conclusions; and at last, carefully testing the conclusions to
determine whether they fit the formulating hypothesis"1
As a researcher wants to increase the knowledge to
know more about the problem and solution based on the scientific approach in
the competitive environment that is possible with the help of the research.
Characteristics of Research
Research begins with a question or problem that can
be formulated with the help of Figures, expert’s opinion, literature review and
observation. There should be clear objective as well as hypotheses (optional)
for the research. For e.g. If the sales have declined in a particular place
based on that you can conduct the research. Other areas are if the performance
of the employees are not satisfied, How can the performance of the employees be
improved? How can financial performance be improved?
The research is only one good method to solve the
issues and take appropriate decisions for the problems.
The research should be relevant, appropriate and
justified the output. So, the researcher must do all the activities connected
to research in a systematic as well as scientific way. It is a planned process
of investigation and follows the methodology for the research. There should be
some logic and the rational appeal it’s important. Analytics can be used in the
research for the interpretation of data with figures. The organization can take
an appropriate decision based on findings.
The Significance of Research
There is no growth of the business without research because research
guide the organization to understand the cause and solution of the problems
that are the responsibility in management level. The appropriate decision can
be taken based on the research for the success of the organization.
Research provides the knowledge of trends of the market in a detailed
way. Moreover, discovering the needs and wants of the customers, updating
technology, the competitive edge of the organization and products. The value proposition
of the products, as well as services, can be designed with the help of
research.
Gathering of new data from primary sources or secondary sources or
existing data for a new purpose. The study is based on observable experience or
empirical evidence. The theories can develop or predict future occurrence with
the help of the study.
References:
1.
Kothari C R & Garg G. (2015). Research
Methodology Methods and Techniques (3rd ed.). New Delhi, New age
international (p) Ltd.
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