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Chapter 1: Introduction to Business Research, Basic Research - Coggle…
Chapter 1: Introduction to Business Research
Introduction
To a responsible individual, they must be concerned to understand the environment and the nature of the phenomena its presents
1.1 Importance of Business Research
To stay competitive in the market
Accurately identify or understand its customers
Scrutinize its rivals in the industry
Analayze and emulate key strategies
Keep abreast on all aspects of the business
1.4 Defining Business Research
An organized, systematic, data-based, critical, objective, scientific enquiry or investigation into a specific problem
1.2 Scope of Business Research
Problem 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
1.3 What is Research?
Intellectual application of the investigation of a matter
1.5 Types of Business Research Applied and Basic Reseach
Applied Research
Solve a current problem faced by the organization in the work setting
Comprises a series of steps:
Second stage: Gather the relevant information
Third stage: Critically analzye the information
First stage: Problem identification
Fourth stage: solution to the existing problem
1.6 Managerial Value of Business Research
To make right decisions in timely manner
Recent developments in particular industries
understand, predict and control the environment of the organization
1.7 When is Business Research Needed?
Time constraints
Availability of Data
Nature of Decision
Benefit vs Costs
1.8 Ethical Consideration in Research
The goal of ethics in research is to ensure that no one is harmed or suffer adverse consequences while following any stage of research
Basic Research
Called fundamental or pure research
Not undertaken to solve any specific problem
Foundation for further often applied research