The Role of Business Research

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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, and understanding the business process.

Applied Business Research: Applied business research is conducted to address a specific business decision for a specific firm or organization.

Read: Introduction to Finance

Basic Business Research: Basic business research (sometimes referred to as pure research) is conducted without a specific decision in mind, and it usually does not address the needs of a specific organization. It attempts to expand the limits of knowledge in general, and as such it is not aimed at solving a particular pragmatic problem.

The Scientific Method: The scientific method is the way researchers go about using knowledge and evidence to reach objective conclusions about the real world. The scientific method is the same in social sciences, such as business, as in physical sciences, such as physics. In this case, it is the way we come to understand business phenomena.

Product-oriented: Describes a firm that prioritizes decision making in a way that emphasizes technical superiority in the product.

Production-oriented: Describes a firm that prioritizes efficiency and effectiveness of the production processes in making decisions.

Marketing-oriented: Describes a firm in which all decisions are made with a conscious awareness of their effect on the customer.

Evaluation Research: Evaluation research is the formal, objective measurement and appraisal of the extent to which a given activity, project, or program has achieved its objectives or whether continuing programs are presently performing as projected. Evaluation research may also provide information about the major factors influencing the observed performance levels.

Performance-monitoring Research: Performance-monitoring research is a specific type of evaluation research that regularly, perhaps routinely, provides feedback for the evaluation and control of recurring business activity.

The secret of success is to know something nobody else knows. —ARISTOTLE ONASSIS

Cross-validate: To verify that the empirical findings from one culture also exist and behave similarly in another culture.

Reference Textbook:Business Research Methods
William G. Zikmund
Barry J. Babin
Jon C. Carr
Mitch Griffin