Describe the main characteristics, nature and scope of business research.
Describe the main characteristics, nature and scope of business research.
Ans.
Business Research
Business research can be described as a systematic and organized effort to investigate a specific problem encountered in the work setting, which needs a solution, it comprises a series of steps that are designed and executed with the goal of finding answers to the issues that are of concern to the manager in the work environment. This means that the first step in research is know where the problem areas exist in the organization, and to identify as clearly and specifically as possible the problems that need to be studied and resolved. Once a problem that needs attention is clearly defined, steps can be taken to gather information, analyze the data, and determine the factors that are associated with the problem and then solve it by taking the necessary corrective measures. This entire process by which we attempt to solve problems is called research. Thus, research involves a series of well-thought-out and carefully executed activities that enable the manager to know how organizational problems can be solved, at least considerably minimized. Research thus or encompasses the processes of inquiry, investigation, examination, and experimentation. These processes have to be carried out systematically, diligently, critically, objectively and logically. The expected end result would be a discovery that helps the manager to deal with the problem situation. Identifying the critical issues, gathering relevant information, analyzing the data in ways that help decision making, and implementing the right course of action, are all facilitated by understanding business research. After all, decision making is simply a process of choosing from among alternative solutions to resolve a problem and research helps to generate viable alternatives for effective decision making. Knowledge of research thus enables you to undertake research yourself in order to solve the smaller and bigger problems that you will encounter in your job as a treasurer, controller, brand manager, product manager, marketing and sales officer, project manager, business analyst, or consultant. What’s more, it will help you to discriminate between good and bad studies published in (professional) journals, to discriminate between good and bad studies conducted by research agencies, to discriminate between good and bad research proposals of research agencies and to interact more effectively with researchers and consultants. The difference between the manager who uses common sense alone to analyze and make a decision in a given situation, and the investigator who uses a scientific method is that the latter does a systematic inquiry into the matter and proceeds to describe, explain or predict phenomena based on data carefully collected for the purpose.
