Definition of Business Research
Research is a systematic method of discovering new facts and verifying old ones with their sequence interrelationship and caused explanation
Origin of Research
Simply research would be initiated in the business when something is not going well, when a need for change is desired, when an organisation face any issue/problem, when a business soughs answers to specific questions, comes in the process of research. The first step in research to know where and what is the problem, once the problem is identified clearly, steps can be taken to gather information relevant to the problem and issues. This entire process where we try to solve a problem, search for answers to questions is called research.
Types of Business Research
There are two types of business research
- Applied Business Research
- Basic Business Research
Applied Business Research
Applied business research comes out from work related problems that need timely solutions. For example a product may not be selling well and the manager might want to find the reasons for this in order to take action or Business is facing problems in retaining employees, or there is higher degree of absenteeism in the business. All these are problems that require the business to find immediate solutions; otherwise the business would fail to run smoothly. Thus research carried out with the intention of applying the results of the findings to solve specific problems is applied business research.
Basic Business Research
Basic business research is where the motive is to generate a body of knowledge by developing an understanding on how certain problems that occur in the organizations could be solved. There is a definite possibility that organizations might transfer the learning from the research to the workplace for problem solving. For instance a research carried out at a university facility on “Motivating Employees in times Recession with Low Pay” could be a useful piece of work, and could be applied to practical settings when businesses are facing downturn. Thus research done primarily to enhance understanding on certain problems that commonly occur in organizations is called Basic, fundamental or pure research.