• Research is composed of two syllables, a prefix re and a verb search. • Re means again, anew, over again.
• Search means to examine closely and carefully, to test and try, to probe. • The two words form a noun to describe a careful and systematic study in some field of knowledge, undertaken to establish facts or principles.
• Research is an organized and systematic way of finding answers to questions.
Research is an ORGANIZED and SYSTEMATIC way of FINDING ANSWERS to QUESTIONS.| | SYSTEMATIC because there is a definite set of procedures and steps which you will follow. There are certain things in the research process which are always done in order to get the most accurate results. ORGANIZED in that there is a structure or method in going about doing research. It is a planned procedure, not a spontaneous one. It is focused and limited to a specific scope. FINDING ANSWERS is the end of all research. Whether it is the answer to a hypothesis or even a simple question, research is successful when we find answers. Sometimes the answer is no, but it is still an answer. QUESTIONS are central to research. If there is no question, then the answer is of no use. Research is focused on relevant, useful, and important questions. Without a question, research has no focus, drive, or purpose. “RESEARCH IS THE CONTROLLED, OBJECTIVE, AND SYSTEMATIC GATHERING OF INFORMATION FOR THE PURPOSE OF DESCRIBING AND UNDERSTANDING FACTS, THEORIES AND PRINCIPLES.”
Objectives of Research:
(i) To gain familiarity with a phenomenon (new insights). (ii) To portray accurately characteristics of a particular individual, group or situation. (iii) To determine the frequency with which something happens. (iv) To test the hypothesis.
(v) Service to society.
(vi) To achieve credibility with the management: Executives wants facts, not guesses. So, each employee should be able to de research and relate their findings to the organization’s objectives. (vii) To define audiences and segment publics: Detailed information about the demographics, life styles, characteristics, and consumption patterns of audience help to ensure that messages of the companies reach the proper audiences. (viii) To monitor the competition: Intelligent organizations keep track of what the competition is doing and this is done through research. (ix) To sway public opinion: facts and figures complied from a variety of primary and secondary sources, can change public opinion. (x) To measure success: by research, companies can find out by measuring whether the time and money spent accomplished the stated objectives.
Need of Business Research:
(i) Business research provides information to guide business decisions. (ii) The primary purpose of research is to reduce the level of risk of a marketing decisions. (iii) Solve Problems.
(iv) Helps in understanding the competition in the market. (v) Helps in understanding the future need of investment.
2- Identification of problem areas
3- Theoretical framework
5- Research design
6- Data collection
7- Data analysis
8- Data interpretation
SEVEN STEPS FOR THE APPLICATION OF SCIENTIFIC METHOD:
Assess relevant existing knowledge
Formulate concepts & prepositions
Statement of hypothesis
Acquire empirical data
Analyze & evaluate data
Provide explanation state new problem
Criteria of a Good Research:
(i) Clear purpose.
(ii) Effective research procedure
(iii) Logical approach
Research Applications in Business Decisions:
A good research program can be invaluable to the success of any venture. There are five major types of research activities that can be undertaken. These are: 1. Market...