In this article you will learn how Business Research is helpful for Managers? example of research, advantages of research, what is business research? and its Types of Business Research.
Business research is a process of discovering new ways to solve problems and improve business performance. The purpose of business research is to identify and assess the opportunities and risks associated with new products, services, or processes.
What is Research?
Research is the process of asking questions about a topic, collecting information to answer those questions, and making new discoveries. It is a systematic and methodical process that helps us to understand the world around us.
The entire process by which we attempt to solve problems is called Research. There are many different types of research, but all share the same goal:
✔ to find out something new.
Research is essential for finding new treatments for diseases, developing new technologies, and improving our understanding of the world we live in. Without research, we would be stuck using the same old methods and technologies forever.
Research is to Find a solution to a problem. It analyses the situational factors and people engage themselves in exploring & examining issues.
Example of Research
- Change mobile phone providers
- Buy a new car
- Go to the movies
- Invest in a business startup
- Increase advertising expenditures in their role as a manager
Business research is the process of collecting, analyzing and interpreting information about a company or industry. It can be used to identify trends, assess customer satisfaction or market potential, and track competitor activity.
There are many different methods of business research, including surveys, focus groups, interviews and observations. The most appropriate method will depend on the type of information required and the resources available.
To be effective, business research must be carefully planned and conducted using reliable sources of data. It is also important to ensure that the findings are accurately interpreted and reported.
An organized, systematic, data‐based, critical, objective, inquiry or investigation into a specific problem, undertaken with the purpose of finding answers or solutions to it.
- Provides the necessary information that guides managers to make informed decisions to successfully deal with problems
- Result of a careful analysis of primary data gathered first‐hand or of secondary data that are already available
The expected outcome is a discovery that assists the manager in dealing with the problem scenario. Understanding Business Research aids in:
- Identifying significant issues
- Gathering relevant information
- Analyzing data in ways that aid decision making
- Implementing the best course of action
Business Research Process
When it comes to business research, there are many different ways to go about conducting your research. Depending on your industry and what type of information you are looking for, the methods you use will vary. However, there are some general tips that can help you get started with your business research, no matter what type of business you are in.
1- Identify the problems
Before we can start the research, we must first identify the issue or opportunity that we will be focusing on. It could be a well-liked trend or a typical issue that a company is dealing with, and it could serve as the basis for the research process
The first step is to identify the problem or opportunity that needs to be researched. This requires understanding the business context and objectives. Once the problem is identified, the researcher can develop a research plan.
✔ To understand where the organization’s problematic areas are ?
✔ To identify the problems that need to be examined and resolved as clearly and easily as possible.
Once the problem is clearly defined, steps can be taken to determine the factors that are associated with the problem, gather information, analyze the data, develop an explanation for the problem at hand and then solve it by taking the necessary corrective measures.
✔ Determine the factors that are associated with the problem
✔ Gather information, analyze the data, and develop an explanation for the problem at hand
✔ Take the necessary corrective measures to solve the problem
2- Select and Plan your research design
The next phase in the business research process is to select the research design that best fits your goals and overall research strategy. Quantitative and qualitative research designs are the most widely used.
3- Data Collection
The next step in the business research process is to collect data and assimilate it using the research method and design.
This can be done through primary or secondary sources.
✔ Primary data is collected through surveys, interviews, and focus groups.
✔ Secondary data is collected from sources such as government statistics, industry reports, and company records.
4- Data Analysis
After obtaining the necessary data, data analysis will be conducted to compile all observations and conclusions. This involves identifying patterns and trends in the data.
This analysis can be done using a variety of methods, including statistical analysis and qualitative analysis.
This process concludes with the presentation of the business research report, following which senior management decides on the best ways to seize the opportunity or address the problem.
How Research can be helpful for Managers ?
✔ Manager know how organizational problems can be solved, or at least considerably minimized
✔ Series of well‐thought‐out and carefully executed activities
✔ Manger carry out the processes systematically, diligently, critically, objectively & logically
✔ The result generated will help the manager in dealing with the problem circumstance.
Advantages of Research
Overall, research provides numerous advantages and benefits that can be extremely helpful in both your personal and professional life. Research is critical in order to make informed decisions. By taking the time to do your research, you can make more informed and effective decisions, avoid potential pitfalls, and find new and interesting information.
- To solve the smaller and bigger problems
- Helps you to better understand your topic and find new information that you may have otherwise been unaware of.
- Help you to discriminate between good & bad studies published in journals
- To distinguish between good and bad research proposals submitted by research organizations.
- To interact more effectively with researchers & consultants
- help you to avoid making mistakes or bad decisions based on inaccurate information.
- help support your claims and arguments.
- allows you to explore all options and find the best solution for your problem.
Types of Research
1- Applied Research
2- Basic Research
Applied research takes those answers and applies them to real-world problems. It is used to:
- To solve a current problem faced by the manager in the work setting, demanding a timely solution
- To address specific issues that are currently being faced
Example of Applied research
A particular product may not be selling well and the manager might want to find the reasons for this in order to take corrective action.
What is Basic Research?
Basic research is designed to answer questions about how the world works. It is used to:
- To develop a body of knowledge by attempting to comprehend how specific organizational challenges can be resolved.
- To make a contribution to existing knowledge
- Basic, fundamental, or pure research
Example of Basic Research
- Study online behavior and interactions to gain insights into how social and technological forces interact
- To build new forms of online experiences around communities of interest
- To increase their understanding of how to bring people together
Research & Managers
✔ It helps managers to make decisions in the workplace
✔ It helps to know how to make the right decisions
✔ It helps to make solutions to problematic issues of interest to the organization or its stakeholders
✔ An organized & systematic effort to investigate a specific problem that needs a solution.
✔ Comprises a series of steps designed & executed with the goal of finding answers to the issues.
Role of Business Research
Business research has a growing role because it is crucial to all facets of business. Let’s examine the function of business research in an organization:
✔ Business research plays a crucial role in every business decision, from product innovation to marketing and promotional planning.
✔ Business research can help a company achieve cost effectiveness by assisting in cost reductions where necessary and increased investment in profit-generating areas.
✔ Forecasting for a firm, whether in terms of competition or any other types of issues it may be facing, is also aided by business research.
✔ A further important area where this is more important is in guaranteeing customer satisfaction since through research, we can identify areas where we can effectively serve our target audience.