Business Research

Business Research

Business research can be defined as an organized, systematic, data based, critical, objective, scientific inquiry or investigation into a specific problem, undertaken with the purpose of finding answers or solutions to the problems.

It can be described as a systematic and organized effort to investigate a specific problem encountered in the work setting that needs a solution.

It comprises a series of steps designed and executed, with the goal of finding answers to the issues that are of concern to the managers in the work environment.

Research provides the needed information to guide the managers to make informed decisions to deal with problems successfully. The information provided could be the result of a care full analysis of data gathered firsthand or of data that are already available (in company, industry, archives, etc). Data can be collected through structured questionnaire or from interviews, public journals, Internet etc.

Types of Business Research

Research can be undertaken for two different purposes. Accordingly it has two main types:

v     Applied Research

v     Basic or Pure Research

First one is to solve a current problem faced by the manager in the work setting, demanding a timely solution. Such research is called applied research.

The other is to comprehend how certain problems that occur in organizations can be solved. This is called basic or pure research.