Summary by Uma Sekaran

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

How would you define research? What is the purpose of business research? How has the Internet changed the quality and quantity of research?

In our day to day studies, almost everything is transformed into our understanding by the creation of arguments in our brains. An argument is basically described as a process of making what we think clear to ourselves and others .the final goal of an argument is usually to reach a conclusion which is sufficiently persuasive to convince someone of something. Any argument that relies on collection of data, on measurement, on information collected somehow (rather than on a general principle) is known as an inductive argument. On the other hand an argument which begins with a generally true phrase to a particular phrase is known as a deductive argument.

3) Deductive Reasoning- Reasoning in which ideas are at the beginning and proof follows. Essays, textual commentary, and loose sentences are deductive.

In business, managers need to respond to any issues that may arise in the business. While one may be prone to do this based on past experience, the wiser choice would be to use business research to gather the information to make decisions as business research will increase the likelihood that the solution would make a positive impact. According to Business Research Methods, the definition of business research is the structured questioning which provides information by which to guide wise decisions that maximize the impact of the

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).

What is Market Research? When you collect and identify data (qualitative data and quantiative) about customers, the market and competitors.

Investigating a problem which will provide insights to the researcher. The research is meant to provide details where a small amount of information exists. It may use many methods such as trial studies, interviews, group discussions or other methods for the purpose of gaining information. Someone may want to take on some exploratory research to try to come up with a new innovative product to market. And exploratory research would be great way to decide if it is a good thing or not, in this part of town. (Tajalli, 2006)

Deductive arguments claim that their conclusions necessarily follow from their premises. Some commonly used words and phrases in deductive arguments are certainly, absolutely, definitely, conclusively, must be, and it necessarily follows that.

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.

Marketing research is best defined as, “a way of investigating and answering questions about human behavior,” (Bont, Et. Al, 2007). Essentially, marketing research is a tool that helps businesses stay ahead of the trends and maintain a competitive edge in the constantly changing global market. Companies that make marketing research a central part of their business plan will see the business grow and develop to not just achieve their business goals, but exceed them. Robert Duboff puts it into perspective in a way that anyone can understand in terms of why marketing research is a valuable tool, “Marketing

Most of the businessmen consider market research the key to a successful business empire. It is quite essential to conduct a thorough research to analyze the prospects of an existing or new product. A well-conducted research proves fruitful in evaluating the business situations, the potential sales of a product, prospective customers and so forth.

Proposition- The content of a sentence that affirms or denies something and capable of being true or false.

Inductive is a method used to determine nature of scientific problems and make hypothesis through testing and theories of particular situations, generalize by observing to image a general explanation of a theory. Deductive reasoning, on the other hand, is the opposite or inductive it has a valid argument. This method starts general ideas and tests the possibilities to reach a

Induction process : A process where we observe a specific phenomenon and on this basis we arrive at a general conclusion .