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Definition of Business Stephenson defines business as, "The regular production or purchase and sale of goods undertaken with an objective of earning profit and acquiring wealth through the satisfaction of human wants." According to Dicksee, "Business refers to a form of activity conducted with an objective of earning profits for the benefit of those on whose behalf the activity is conducted." Lewis Henry defines business as, "Human activity directed towards producing or acquiring wealth through buying and selling of goods." 2. Importance of Business Research Business research programs are an increasingly popular way for companies to train and educate their managers and other employees in a vast array of different fields. Business research education can pertain to economics, business strategy and ethics, in fact, anything related to modern business and trade. In a corporate world that is seemingly more cutthroat than ever, company executives must consider whether their staff members can really fulfill their jobs effectively without specialist education.

Another field in business research is sales and sales techniques. This is especially important for many companies as sales are the way of securing new income. As an adjunct to sales is marketing education, this is especially important in many industries as having a well presented product or service can reap many benefits. Thankfully education will result in employees having the knowledge to produce a brand image that is desirable, dynamic and

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In a modern world where business research is a key part of any development plan there are a large number of educational institutions arising to meet these demands. For any company director, making the realization that a well-trained and educated workforce is an asset in its own right is an important step. Once this realization has been made it will be possible to train staff members and acquire an employee base that is up to date with developments in the business world. Having the knowledge of how to take advantage of these developments and remain at the cutting edge of any industry sector is naturally an essential part of any strategy. Source: cffoja.html 3. Major Steps in Research http://www.streetdirectory.com/etoday/importance-of-business-research-

Identification of research problem Literature review Specifying the purpose of research Determine specific research questions or hypotheses Data collection Analyzing and interpreting the data Reporting and evaluating research

Source: http://en.wikipedia.org/wiki/Research

4. Common Types of Business Research a. Exploratory: This type of research arises when you are entering into un-chartered area. A pretty good example is when you are asked to explore the possibility of opening a branch of your company abroad b. Descriptive: Most business research harp on describing the facts as it is. A good example is to see how your present business location helps in developing your business. You identify variables and rank these in order of their importance in impacting your business growth. You cannot leave a single stone un-turned. c. Evaluative: This type of research is also known as analytical, due to the fact that you are expected to do lot more analysis. In evaluative research you have full freedom to bring in variables that was not known previously. A doable example is to analyse the present office layout in overall efficiency. d. Diagnostic: Though sounds more of clinical nature, diagnostic research is often undertaken in business areas to solve chronic issues that remain unsolved for quite some time. One example is employee absenteeism. In this type of research, you are both an insider and outsider. You have to be passionate in solving the issue and at the same time display a sense of neutrality. e. Investigative: A minuscule version of a diagnostic research, this type narrows down the field of inquiry to a specific factor or phenomenon. An apt example is carelessness of an employee

that caused a fire in the factory. You are expected to survey the factory, understand the cause, identify the party involved, and file evidence against such an employee f. Normative: This is completely different research from the previous ones. Here you study and analyse issues to set norms, standards or parameters. Often these are expressed in quantitative forms. Where qualitative form is selected norms would tend to be general requirements or maxims. Norms can range from broader aspects such as values and characteristics to narrow aspects of eligibility. g. Predictive: This research type is also known as causal research as it sets out to trace the cause and effect of a phenomenon. In business, predictive research can take the form of IfWhen scenarios. Basically a predictive research indicates the set of results when a particular cause takes place h. Prescriptive: A prescriptive research is based on designing a specific solution to a known issue. Generally such a known issue emanates from the gap between what is desired and what is currently available. Hence, a prescriptive research is the most original in terms of outcome. Designing an organizational system is a fitting example of a prescriptive research. Source: http://cosmicgemslanka.com/blog/2012/05/14/eight-types-of-business-research/