Business research is a field of practical study in which a company obtains data and analyzes it in order to better manage the company (Miranda, 2001). Business research can include financial data, consumer feedback, product research and competitive analysis. Executives and managers who use business research methods are able to better understand their company, the position it holds in the market and how to improve that position (Miranda, 2001). There are always questions about the definition of research due to how many differing viewpoints there are in research models and applications. In any industry, when people have different ideas of which methods are superior, it will always raise questions. Each individual has an idea of what constitutes research. When working with research in a group setting, it is imperative that the group members as a whole are able to agree upon a clear definition of research. This will then guide the group members to define their purpose statement. After this is successfully accomplished, the group involved in the research can clearly define their research problem statement. Questions should not continue to arise about the definition of research past this point, because the definition of research should be mutually agreed upon, prior to defining the purpose and problem statements for the intended research.
Basic research deals with raw data and observations, and is primarily theoretical in its nature and scope. Examples of such research include research in pure sciences like various branches of Mathematics, Physics, Geology, Statistics etc. The scope of this research is limited to building up the knowledge and information, only to be used by other streams in practical applications. Applied research is one that can have fruitful practical applications in the field or industry, and can be commercialized successfully in order to benefit a process or industry. Examples of applied research... [continues]
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