ACT 419 Research Methodology
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,