Explain how the role of research in business, describe why entrepreneurs need to understand research method, identify the managerial values of business research and how business research helps managers to plan strategies. Specify various types of research, describe and give an example of each type. There are at least 6 stages of research process, identify and explain all of the stage. Define research topic, formulate attributes of a good research topic, and give examples of research topic. Define research problems, research objectives, research questions and explain the relationship among all the terminologies. Give examples of each term. Define theory, concept, variable, and hypothesis. Explain the relationship each other. Explain theoretical framework and the need for theoretical framework. Answer:
The role of business research referred as a conduit to new ideas and concept which does not limit to a particular department or project for example marketing researcher, organizational researcher, financial director, economic research, and etc. Entrepreneurs have to understand the purpose of research method is the process of gathering, recording and analyse data for aid in making business decision to improve the quality in decision-making within the benefits to the organization and also helps to ensure its continuity and efficiency. The business research can help manager to provide knowledge regarding the organization, the market, the economy, or another area of uncertainty. Managerial value of business research involved The Decision Making Process Associated with the Development and Implementation of a strategy to identify problems and opportunities, diagnosis and assessment, select and implement a course of action and evaluate the course of action which is evaluation research and performance-monitoring research. Business research helps to manage time constraints, availability and accessibility of data, nature of the decision (strategic...
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