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CHAPTER 1 - Coggle Diagram
CHAPTER 1
Importance of Business Research
To stay competitive in the market
Accurately identify or understand its customers
Scrutinize its rivals in the industry
Analyze and emulate key strategies
Keep abreast on all aspects of the business
Scope of Business Research
problems may occur in any areas of business
no clear demarcation on the classification of problems on the basis of areas
integration of problems related to two and more areas
external environment facing the business
Managerial Value of Business Research
to make right decisions in timely manner
well informed and up-to-date in their own area of specialization
recent developments in particular industries
understand, predict and control the
environment of the organization
What is Research?
intellectual application of the investigation of a matter
used for discovering, interpreting and development of methods and systems for the advancement in human knowledge
Defining Business Research
an organized, systematic, data-based critical, objective, scientific enquiry or investigation into a specific problem,
undertaken with the purpose of finding answers and solutions to it.
Comprises a series of steps:
First stage: Problem identification
Second stage: Gather the relevant information
Third stage: Critically analyze the information
Fourth stage: solution to the existing problem
Types of Business Research
Basic research
Primary objective of the advancement of knowledge and the theoretical formulation understanding
not undertaken to solve any specific problem
foundation for further often applied research
Applied research
use knowledge for practical concern
solve a current problem faced by the organization in the work setting
application of known theories to the actual operational field
Ethical Consideration in Research
to ensure that no one is harmed or suffer adverse consequences while following any stage of research
Ethics and Target Respondents
target respondents who provide information
information collected should not be misused for any other purpose
Participation is voluntarily
Confidentiality of the replies
Not to embarrass respondents/ informants