I.THE SCOPE OF BUSINESS RESEARCH EXPLAIN BY MOHIT AGGARWAL
Business research fulfills the manager’s need for knowledge of the organization, the market, the economy, or other area of uncertainty. It helps the manager predict how individuals, markets, organizational units, or other entities will respond to his business decisions.The emphasis of business research is to shift decision-makers from risky intuitive decisions to decisions based on systematic and objective investigations.A business researcher conducting research may be referred to as a “marketing researcher,” an “organizationalresearcher,” a “director of financial research,” or one of many other titles.
II.BUSINESS RESEARCH DEFINED BY MOHIT AGGARWAL
is defined as the systematic and objective process of generating information for aid in business decisions. This research information should be (1) scientific; not intuitive or haphazardly gathered(2) objective (3) impersonal.Business research can be used for any aspect of the enterprise. By providing appropriate information,research should be an aid to managerial judgment although it should not be a substitute for it. Applying theresearch is a managerial art in itself. All types of organizations that engage in some kind of business activitycan use business research.
III.BASIC RESEARCH AND APPLIED RESEARCH BY MOHIT AGGARWAL
There are two types of business research:
A.Basic or pure research attempts to expand the limits of knowledge.
B.Applied research is conducted when a decision must be made about a specific real-life problem.Both types of research employ the scientific method, the analysis and interpretation of empirical evidence(facts from observation or experimentation), to confirm or disprove prior conceptions.
IV.MANAGERIAL VALUE OF BUSINESS RESEARCH BY MOHIT AGGARWAL
The prime managerial value of business research is that it reduces uncertainty by providing information that facilitates decision making about strategies and the tactics used to achieve an organization’s strategic goals.The decision-making process involves three interrelated stages.A.Identifying the existence of problems and opportunities. Before any strategy can be developed, an organization must determine where it wants to go and how it will get there. Business research can help managers plan strategies by determining the nature of situations by identifying the existence of problems or opportunities present in the organization.B.Diagnosis and Assessment . After an organization recognizes a problem or identifiesa potential opportunity, an important aspect of business research is often the provision of diagnostic information that clarifies the situation. Managers need togains insight about the underlying factors causing the situation.