Professional Documents
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Objectives
Scope of business research Basic research and applied research Role of business research in decisionmaking Factors affecting business research Globalization and business research Business research and the internet
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Introduction
Business research can be defined as a systematic and objective process of gathering, recording, and analyzing data that provides information to guide business decisions. It is used either to understand the market trends, or find the optimal marketing mix, devise effective HR policies or find the best investment policies.
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Basic Research
Basic research refers to a focused, systematic study or investigation undertaken to discover new knowledge or interpretations and establish facts or principles in a particular field. Examples Understanding the consumer buying process. Examining the consumer learning processes.
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Applied research
This refers to investigation undertaken to discover the applications and uses of theories, knowledge, and principles in actual work or in solving problems. Examples Evaluating the impact of a training program on employee performance Examining consumer response to direct marketing programs.
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Time constraint Availability of resources Nature of information sought Benefits versus cost
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Contd.
Global business research efforts need to be more closely associated with market growth opportunities outside the industrialized nations. International business researchers need to devise new creative approaches to understand the international markets.
Researchers should make use of technological advances in order to undertake international business activities effectively. 12
Primary Research
Primary data is collected directly from respondents using data collection methods like survey interviews, questionnaires, measurements, direct observation, or tabulation. There are various advantages in conducting online surveys compared to traditional survey methods.
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Secondary research
Secondary data already exists which has been collected by some other person or organization for their use, and is generally made available to the other researchers free or at a confessional rate. Major use of the internet in business research is in the area of secondary research. The research reports and the data bases maintained by research companies are also available on the net.
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