Business Research for Management

 


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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