This days in most of the business important and utmost priority is in, measuring and enhancing return on investment (ROI), at its most simplistic, when we measure ROI we calculate the financial return for all expenditures. Increasingly organizational managers want to know what strategies and tactics capture the highest return. In the last dozen years as technology has improved our measurement and tracking capabilities managers have realized they need a better understanding of employee, stockholders and customer behaviour in order to influence the desired results. This means that any organisation should try to obtain information on consumer needs and gather market intelligence to help satisfy these needs efficiently. This can be done only by research. Business research plays an important role in this new measurement environment. It is difficult to avoid the term “research “The results of research are all around us. In common context refers to a search for knowledge, it can also be defined as scientific and systematic search for gaining information and knowledge on a specific topic or phenomena. The results of research are all around us It can be
1.Just collecting facts or observations
2.Assembling and reordering facts or information without interpreted. 3.As a term to get your product or idea noticed and respected.
Although research often involves the collection of information while collecting data may be part of the research process, if it is not undertaken in a systematic way on its own & in particular with a purpose, it will not be seen as research. Research has a number of characteristics
1)Data are collected systematically
2)Data are interpreted systematically
3)There is a clear purpose find things and
Therefore research as something that people undertake in order to find out things in a systematic way there by increasing their knowledge; two phrases are important in this definition.
The student should be able to
a)Research and Scientific Method
b)Characteristics of Research
c)Purpose of Research
d)Different types of Research
f)Significance of research in Social and Business Sciences
Research and Scientific Method
Some of the definitions of Research are
1)Redman and Mory define research as a “systematized effort to gain new knowledge” 2)Some people consider research as a movement, a movement from known to unknown. It is usually a voyage to discovery 3)According to Clifford Woody
“Research comprises of defining and redefining problems, formulating hypothesis or suggested solutions, making deductions and reaching conclusions, and at last carefully testing the conclusions to determine whether they fit the formulating hypothesis”
Research generates dependable data that are derived by professional conducted practices and that can be used reliably for decision making. In contrast poor research is carelessly planned and conducted, resulting in data that cannot be used in decision-making. Good research follows the standards of the scientific method, systematic, empirically based procedures for generating replicable research. Following are the characteristics of the scientific method. 1)Purpose clearly defined: The purpose of the business research – the problem involved or the decision to be made- should be clearly defined and sharply delineated in terms as unambiguous as possible. Getting this in writing is valuable even in instances where the same person serves as researcher and decision maker. This characteristic is comparable to developing a strategic plan for achieving an objective before developing a tactical plan or an action map. 2)Research process detailed: The research procedures used should be described in sufficient detail to permit another researcher to repeat the research. Except when secrecy is imposed, research reports should reveal with candour the sources of data and the means by which...