Definition of Research
Research in common parlance refers to a search for knowledge. Once can also define research as a scientific and systematic search for pertinent information on a specific topic. In fact, research is an art of scientific investigation. The Advanced Learner’s Dictionary of Current English lays down the meaning of research as “a careful investigation or inquiry especially through search for new facts in any branch of knowledge.”
Define Business Research
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 alternative courses of action, and monitoring employee and organizational performance. Business research is more than conducting surveys. This process includes idea and theory development, problem definition, searching for and collecting information, analyzing data, and communicating the findings and their implications.
Applied Research vs. Basic Business Research(Fundamental Business Research)
Applied and Basic Business Research
One useful way to describe research is based on the specificity of its purpose. Applied business research is conducted to address a specific business decision for a specific firm or organization. The opening vignette describes a situation in which AFLAC may use applied research to decide how to best create knowledge of its supplemental disability insurance products.
Basic business research
Research conducted without a specific decision in mind that usually does not address the needs of a specific organization. It attempts to expand the limits of knowledge in general and is not aimed at solving a particular pragmatic problem. (
Research can either be applied (or action) research or fundamental (to basic or pure) research.
1) Applied research aims at finding a solution for an immediate problem facing a society or an industrial/business organization, Whereas fundamental research is mainly concerned with generalizations and with the formulation of a theory.
2) “Gathering knowledge for knowledge’s sake is termed ‘pure’ or ‘basic’ research.” Research concerning some natural phenomenon or relating to pure mathematics are examples of fundamental research. Similarly, research studies, concerning human behaviors carried on with a view to make generalizations about human behaviors, are also examples of fundamental research, But research aimed at certain conclusions (say, a solution) facing a concrete social or business problem is an example of applied research. Research to identify social, economic or political trends that may affect a particular institution or the copy research (research to find out whether certain communications will be read and understood) or the marketing research or evaluation research are examples of applied research.
3) The central aim of applied research is to discover a solution for some pressing practical problem,
Whereas basic research is directed towards finding information that has a broad base of applications and thus, adds to the already existing organized body of scientific knowledge.
Research Method vs. Research Methodology
It seems appropriate at this juncture to explain the difference between research methods and research methodology.
Research methods may be understood as all those methods/techniques that are used for conduction of research. Research methods or techniques, thus, refer to the methods the researchers use in performing research operations. In other words, all those methods which are used by the researcher during the course of studying his research problem are termed as research methods. Since the object of research, particularly the applied research, it to arrive at a solution for a given problem, the available data and the unknown aspects of the problem have to be related to each other...
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