Business Research Methods

‘Research is a diligent and systematic inquiry or investigation into a subject I order to discover or revise facts, theories and applications etc.: recent research in medicine’ (www.dictionary.com).

Executives and managers who use business research methods are able to better understand their company, the position it holds in the market and how to improve that position. Scientific methods can be applied in Business in many dimensions. And they can flourish business in number of ways. Few of them are as follows  Improving standards of competition:

Question1. Business research is a field of practical study in which a company obtains data and analyze it in order to better manage the company. It can include finical data, consumer feedback, product research and competitive analysis.

Business research is defined as the application of ethical standards to human actions in the exchange process.

In week seven of our Research Methods course we were asked to identify two research firms and essentially do a compare and contrast on them. After listening to the lecture and doing a little review, I identified two main research corporations that interested me enough to do further research. This week my scholarly activity will be written on B2B International Research firm and EFG Worldwide Research firm. The two firms are very unique in the way they collect data using a variety of different tools, however they also acknowledge that research cannot be specified down to one method and may require multiple methods. As we begin to look into the varying tools that each company uses, I will also discuss the effectiveness of those tools.

By doing research, the company is able to learn all relevant data, background information, and opposing viewpoints. Without research, the company might not be aware of crucial information that is necessary to the success of its ideas, services, and products. Research is capable of solving existing issues and plays a key role in the decision making process. By researching all the facts and figures, the company is better equipped to fully understand the issue it is trying to solve and thus is more capable of making the best decision to reach its goals.

The two main types of marketing or business research are qualitative and quantitative research, these research methods vary based on the information gathered and how it ends up being gathered by researchers. Qualitative research is gathered using focus groups, in-depth interviews, as well as reviews of documents searching for themes and commonalities. The method for developing theory and hypothesis is based on inductive reasoning or logic after analyzing the information collected. The problems described are done from a subjective standpoint which is talking about problems from a point of view from a specific aspect of the company, narrowed down to a problem from one department to another’s concerns. The information gathered is on less of an amount of situations but the data collected is much more in depth. Quantitative research utilized the likes of surveys, structured interviews and observations, reviews of records and documents for measurement analysis of the subject matter. Testing is done in controlled situations for previously deciphered concepts and hypotheses that help to build a specific theory. The research conducted for quantitative methods is much more objective, it’s a larger opinion and the information is concentrated on much more broad terms and information to let the reader form their own opinions based on facts presented.

“Research is a process of gathering data in a strictly organised manner. The end product of the data-gathering process may vary along a continuum from simple description to reflection and interpretation. The emphasis is on structured investigation, exploration or discovery.

Research is investigating into a topic and studying material and sources in order to inquire information/facts about that topic. Research can be conducted by creating a theory to support or to reject the theory/hypothesis. A theory is a hypothesis that has been tested. A hypothesis is an assumption that is based on limited information. A literature review provides a foundation of research from books, journals, or reports, and readings to help the author determine the nature of the research. The last method is conducting surveys/observations is the process of observing a person or something to gain more information.

Research is a common parlance refers to a search of knowledge. The advanced learner’s Dictionary of current English lays down the meaning of research as a careful investigation or inquiry especially through search for new facts in any branch of Knowledge

This type of learning can provide students with more understanding than can be taught in a classroom or read in a textbook. Research challenges students to engage in the process of identifying and evaluating major issues and trends impacting businesses and society. Students also explore potential business implications that can drive innovation (The Boyer Commission).

Doing research is an important activity of the for today’s business environment. Business and economics students need to understanding basic concepts of business research methodology and research process as well as acquiring basic research skill. Application of the basic business research concepts and ability to prepare a sound and

Definition 2 Research =The work undertaken in an systematic order to increase the stock of knowledge to devise new applications (Manual, 2012).

The results of research really are all around us in everyday life. Politicians often justify their policy decisions on the basis of research; Newspapers report the findings of research companies. Documentary programmes tell us about research findings and advertisers may highlight the

Definition 2 Research (Internet) = The strict definition of scientific research is performing a methodical study in order to prove a hypothesis or answer a specific question (Shuttleworth, 2008)