BASICS UNDERSTANDING ABOUT BUSINESS RESEARCH

  • imperial
  • Oct 18, 2023

BASICS UNDERSTANDING ABOUT BUSINESS RESEARCH

-Mr. Bijay Chalise

Sooner or later, management students are going to be manager of the organization. The main task of any manager is to make decision regarding any managerial problem. One small mistake in decision can lead organization to huge loss. Therefore, it is very important to be aware during decision making to any management issues.

For any decision, right information is must for the manager. Right information can be obtained through deep study, rigorous investigation and careful observation of any particular management issue. Manager should go to the problem area, identify the main causes of the problem, collect facts and data, analyze the data and come up with the authentic results. Information is the interpretation of authentic result of the problem.

For any correct decision, right information is the basic factor for the manager. Only right information can help to make correct decision which ultimately helps to solve managerial problems and create new opportunities for the organization. It ultimately creates values to the manager. All the process which is linked to problem identification, problem formulation, data collection, data analysis and result interpretation is Research. If we use this process to solve business problem is the Business Research in simple term.

Business Research is the systematic, organized, data-based, critical and scientific inquiry and investigation of any business related problem that the researcher tends to observe deep down and come up with the logical and valid conclusion that finally solve the overall problem with new dimension of perspective.

Business Research guides manager to correctly identify the problem and helps to solve it. Basically, Business research plays vital role in generating genuine information regarding market trends, customer preferences, competitor strategies, and industry developments. Manager analyze such information and identify opportunities, assess risks, and make strategic decisions that are based on evidence and market intelligence.

Additionally, Business Research helps managers stay updated with the latest advancements in technology, market dynamics, and consumer behavior. This knowledge empowers them to anticipate future trends, adapt to emerging challenges, and proactively address customer needs. In a fast-paced and competitive business environment, research-based decision-making is crucial for manages to stay ahead of the curve and achieve sustainable success.

Business Research helps manager identify and evaluate potential business opportunities, assess the feasibility of new projects or initiatives, and make informed investment decisions. By gathering and analyzing relevant data and information, manager can minimize risks, optimize resources, and maximize returns on investment. It enables managers to understand the target audience better. It helps to collect data on consumer preferences, buying behavior, and demographic characteristics, managers can tailor their marketing strategies, product offering, and customer experiences to meet the specific needs and preferences of their target market. This personalized approach can lead to increased customer satisfaction, loyalty, and ultimately, business growth.

Overall Business Research is a powerful tool that equips managers with the insights and knowledge they need to make informed decisions, drive performance, and achieve long term success in today’s dynamic business environment.

Business Research is carried out through scientific research process. First, Manager need to sense or realize the business problems inside and outside of the organization. The manager then needs to do situational analysis and informal investigation from where he/she correctly identifies the problems. After this process, the manager designs theoretical framework in which possible variables and their relationship are presented. Then the manager formulates the hypotheses in which he/she declares the relationship between or among variables. After identifying all the prerequisites for the study, the manager can do planning on how effectively and efficiently the study can be carried out which we call Research Design. In this process, how we can collect data and how it can be analyzed is planned. After this process, the manager collects, organizes and analyses the data. After analysis, the right information is obtained from which the decision can be made for the benefit of the organization. This is the scientific research process from where the right information is achieved and is used for decision making.

Share and Enjoy !