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Chapter 1
The Role of Business Research
To define business research.
To find out the scope of business research.
To understand between basic and applied
research.
To clarify the managerial value of business
research.
To understand when business research is
needed and when it should not be conducted.
Business research is defined as the systematic
and objective process of generating information
for aid in making business decisions.
Research information is neither intuitive nor
haphazardly gathered.
Literally, research (re-search) -“search again”
Business research must be objective
Detached and impersonal rather than biased
It facilitates the managerial decision process for
all aspects of a business.
Business Research is a process of acquiring
detailed information of all the areas of
business and using such information in
maximizing the sales and profit of the
business. Such a study helps companies
determine which product/ service is most
profitable or in demand.
I don’t know
•Information if we
should
•Reduces uncertainty offer on-site
child care?
It ain’t the things we don’t know
that gets us in trouble. It’s the
things we know that ain’t so.”
-Artemus Ward
Basic research
Applied research
Sometimes it referred as pure research.
Attempts to expand the limits of knowledge.
Not directly involved in the solution to a
pragmatic problem. Basic research can be used
to test the validity of a general business
problem.
Examples: How can managers best encourage
workers to dedicate themselves toward the
organization’s goals?
"The secret of success is to know
something nobody else knows. "
-Aristotle Onassis