Research= Re + Search
Search= Find out
All researchers gather facts and information data. Use of data based on their aim and experiences.
Research is a creative and systematic work, that is undertaken to collect data and information it involves the organization, and analysis of information to explain a subject or issues.
Business research is a process of acquiring detailed information of all the areas of business and using service information in maximizing the sales and profit of the business.
Business research defined as the systematic and objective process generating information for aid in making business decisions. Including finance research, operational research, marketing research.
In simple words, it can be started as the acquisition of information of knowledge for professional all commercial purposes to determine opportunities and goggles for a business.
Scope of business research
- Business research helps decision-makers shift from intuitive information gathering to systematic and objective investigation.
- While researchers in different functional areas investigate define phenomena, they are comparable to one another because they use similar research methods.
- The scope of business research is limited by one’s definition of “business”.
- A broader definition of business includes not-for-profit organizations.
- The Tom business research is utilized because all its techniques are applicable to business settings.
Managerial value of business research
The decision-making process associated with the development and implementation of a strategy.
- Identifying problems and opportunities
- Diagnosis and assessment
- Selecting and implementing courses of action
- Evaluating the course of action