TOPIC 1 DISCUSSION
Why research is considered essential in the decision making function of management.
Research may be defined as a systematic inquiry whose objective is to provide the information that will allow managerial problems to be solved. It is also seen as an activity that is often carried out by most people, knowingly or unknowingly in the course of their daily lives. It is a systematic inquiry whose objective is to provide the information that will allow managerial problems to be solved. It is another word for gathering information. The more information we have the closer we get of making our own decision. Research is the result of advancing knowledge created in the past. There are people from all walks of life that
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The research mechanism enables the organization to better understand and comprehend the market, its customers and competitors. The organization knows exactly what their customers need and desire, and takes the appropriate steps to deliver that to them. Also, the company can classify customers on the basis of demographics, such as gender, age, income of the household and educational levels. Once the company determines its customers ' primary demographic group, it takes steps to service them better. Through research, competitors ' moves and strategies are highlighted, and the company can then be proactive to preempt them.
Research helps the organization fix problems and cash in on the strengths. Research mitigates business risks and can help increase demand and sales. Research can primarily be conducted to gauge the customers ' perceptions on a specific product. Research is useful in understanding the broad market and industry situation. Research arms you from wrong information and save time and money, organization is able to decide on what is required and through this, management is able to save on cost.
The company can understand what its customers actually want and can deliver that product to them. When the company is planning to diversify its product range, it will know at the very outset, through the research mechanism, whether or not there is a demand for such a product. When the company knows
Research allows us to better understand what is unknown, how a human thinks, why a dog barks when they hear a stranger approaching or that the earth is round and not flat. Research allows us to find answers to the questions we have. Research attempts to both understand and define. There are three kinds of research; Explanatory; Exploratory and Descriptive research. Explanatory, Exploratory and Descriptive research define what research is; Research is the attempt to explain, explore and describe (Neuman, 2006, 24).
Marketing research is very important component of a business used to identify and define the opportunities and problems that they will encounter on the market. The aim
WHAT IS RESEARCH? It is a planned process whereby information is collected for a specific purpose, analysed and reported.
When you think about research, it could be thought of as a process. A process can be defined as a series of actions or steps taken in order to achieve a particular end. The process in research is important because research takes time and consideration. As you conduct research, you may gain a deeper insight that could be gained gradually and modifications can be made or changed over time (Ghauri and Gronhaug, 2010). When you are doing research it is a good idea to look at it from the perspective that it is a
Market research is utilized by companies to make the right decisions when it comes to
Marketing research is what informs business’s make decisions by helping it to understand the changing dynamics of its market. This involves finding out more about customers, competitors and the overall marketing environment.
Research can be used in many methods, for example: questionnaires, television, leaflets, books etc. it allows us to keep up to date on the new findings or discoveries e.g. a new type of cancer or a new vaccination. Research is the investigation into
Business research is a methodical process in which a company or manager recognizes a need for data in order to make effective business making decisions. “More specifically, it is a process of planning, acquiring, analyzing, and Disseminating relevant data, information, and insights to decisions makers in ways that mobilize the organization to take appropriate actions that, in turn, maximize performance” (Cooper and Schindler, 2011, p. 10).
Research can be defined as the search for knowledge, or as any systematic investigation, with an open mind, to establish novel facts, solve new or existing problems, prove new ideas, or develop new theories. Research can be divided into different steps in order to understand the whole process more in depth. The first step towards conducting research is to observe. Consistst of the subject area of ones interest and following that subject area to conduct subject related research. The subject area should not be randomly chosen since it requires reading a vast amount of
Before launching or expanding a business venture, there needs to be an understanding of the industry, its competitors, and its customers. Market research is vital in assisting companies in the decision-making process and their marketing direction. Data from marketing research is important because it provides companies with ways to identify opportunities, identify market potential, minimize chances of loss, devise effective marketing strategies, gauge customer satisfaction, and serve as an evaluation tool.
According to Depoy and Gittin, research is a way individuals think about problems in systematic way. Research is generally described as description, exploration, analysis, prediction and problem solving. There are different types of research and these researches are called the experiments, quasi-experiments and non-experiments. The purpose of research is to provide the insight to practice, it also enhance individuals understanding as well as developing new approaches with different topics, get to test your research for effectiveness. Understanding research is important because it helps to build individuals knowledge bases and informs decision making in practice. Research also enable us to make sure that our practice are up to date with relevant information.
* Sample: The sample is limited to a small proportion of working professionals in Western Sydney and may not accurately reflect the population of working professionals.
Research is a form of systematic inquiry. It sets out to answer questions through assessing, summarizing and drawing conclusions from what are often very large amounts of information.
For many centuries, philosophers have been debating about the relationship between data and theory. It is important to understand the main philosophical choices underlying the management research. This is because; firstly, it can help to clarify research design, that is, what kind of evidence is gathered from where and how such evidence is interpreted in order to provide good answers to the research question. Secondly, research philosophy helps the research to recognize which designs will work and which will not. Finally, it can help the researcher to adapt research design according to the constraints of different subject or knowledge structures (Easterby et al. 1991). A research project is considered to the power when it clearly outlines the epistemology – study of knowledge and what we accept as being valid knowledge, or philosophical basis, known as a research paradigm (O 'Gorman and MacIntosh 2014). A paradigm is a set of assumptions, concepts,
What I have learned about research is that it is a process, a scientific process that psychologist and scientist develop that includes many different approaches and that is carefully peer reviewed and evaluated. There is what is called the Scientific Approach where scientist have an idea or theory and based on their observation will either support the theory or the theory can be falsified by their peers. Data also goes through a review period before it is published in a scientific journal by scientist who have the knowledge and expertise to evaluate it.