The Nature of Business Research and its Impact on Businesses4
How Business Research Impacts Businesses4
Business Research in Jamaica6
Why Jamaican Businesses Needs Research7
Risks Jamaican Businesses face by not Investing in Business Research9
Reasons Businesses in Jamaica fail to Invest in Business Research11
Recommendations and Conclusions12
The world has changed; we have progressed from the “Industrial Age” and now to the “Information Age”. In this age the need for well researched information has become paramount. The growth rate of businesses internationally has been phenomenal and this is has resulted from the use of technology coupled with the timely use of information. The success of most businesses is rooted on the five pillars of effective management which includes: planning, organizing, staffing, directing and controlling. To effectively carry out these functions in today’s business environment in the face of globalization, information is critical to managers and business owners and may be the determining factor between success and failure. Information today is critical to all the tenets of managing or creating a successful business as profit is a moving to target in a perfectly competitive market environment. In our current market environment consumers/customers/clients are faced with innumerable choices however, armed with information to make these choices they can to a greater extent ensure greater value for money spent. Therefore, if the consumers are armed with information making informed choices it means that astute business managers must also be informed and carry out their duties efficiently. Achieving the required level of efficiency to survive in the current business environment can no longer be done purely on the basis of tradition, experience and authority but, on the basis of reliable, accurate and timely information; that will give them an extensive insight into not only the needs of consumers but the internal needs of the organization. This allows for calculated decision making that will impact the business profit maximization efforts and survive the dynamics of today’s business environment. Consequently, information is a highly valued commodity to businesses worldwide. The value and the increased demand placed on any commodity will undoubtedly increase its price ‘cetris paribus’ (John Solomon, 2010). Thus one of the important decisions managers will now be faced with is, “Does the cost of the information worth the risk of investing without the information?” It also means that the expected monetary value to be derived from the information provided by the research must also be calculated by mangers to determine its value to the decision at hand. How is this highly valued information garnered? Business Research is the principal provider of critical information that allows managers and business owners to make calculated decisions that will propel businesses into the right direction for success. Therefore what is business research? According to Zikmund et al 2010, Business Research is the application of the scientific method in searching for the truth about business phenomena. These activities include defining business opportunities and problems, generating and evaluating ideas, monitoring performance, and understanding the business process. Davis (2000) postulates that business research is the systematic, controlled, empirical, critical investigations of phenomena of interest to managerial decision makers. According to Answerbag.com -Business research is a systematic inquiry that provides information to guide managerial decisions. More specifically, it is a process of planning, acquiring, analyzing, and disseminating relevant data, information, and insights to decision makers in ways that mobilize the organization to take appropriate actions that, in turn, maximize business...