Business Research

INTRODUCTION

  • Research

A debate about the recent finding of a recent poll of people’s opinions, inevitability includes a discussion of ‘research’, normally referring to the way data are collected.

Politicians often justify their policy decisions on the basis of research. Newspapers report the findings of research. Companies’ survey, documentary programmes tells us about research finding and advertisers may highlight the results of research to encourage you to buy a particular brand or product.

  • Characteristics of research
  1. Data collected systematically.
  2. Data interpreted systematically.
  3. Clear purpose to find things about.
  • Definitions
  • According to Redman and Mory, research can be defined as “a systemized effort to gain new knowledge.”
  • According to Clifford Woody: research comprises defining and redefining problems, formulating suggested solutions, collecting, organising and evaluating data; making deductions; reaching conclusions; and at last carefully testing the conclusions.
  • Research can also be defined as “a scientific and systematic search for, pertinent information on a specific topic.”
  • Research approaches
  1. Qualitative approach: – focus group interviews, projective techniques, depth interviews.
  2. Quantitative approach: – inferential, experimental, simulation.
  • Significance of research
  • MARKET RESEARCH:

It is the investigation of the structure and development of a market for the purpose of formulating efficient policies for purchasing, production and sales.

  • MOTIVATIONAL RESEARCH:

It is determining why people behave as they do is mainly concerned with market characteristics.

  • OPERATIONS RESEARCH:

Operations research refers to the application of maths, logical and analytical techniques to the solution of business problem of cost minimization or of profit maximization or what can be termed as optimization problems.

  • Research has its special significance in solving various operational and planning problems of business and industry.
  • The above three approaches are considered crucial and their result assist in more than one way taking business decisions.
  • Market analysis has become an integral tool of business policy these days. Business budgeting which ultimately results in a projected profit or loss amount is based mainly on sales estimate which in turn depends on business research.
Research methods Research methodology
                    i.            It refers to the methods used in performing research operations. It is a scientific and a systematic process of solving a complex research problem.
                  ii.            There are various research methods like mass observation, questionnaire formulation and administration, focused interview, telephonic survey, etc. It incorporates various steps like defining the problem, review related literature, formulating research design, collecting data, tabulating and drawing conclusions
                iii.            It is a subset of research methodology. There are various dimensions to research methodology and research methods constitute a part of research methodology.
  • The scientific method is based on certain basic postulates:
  1. It relies on empirical evidence.
  2. It utilizes relevant concepts.
  3. It is committed to only objective considerations.
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