Objectives Of Business Research

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Today’s economy is a fast paced one that is driven by sheer knowledge. Those who succeed depend on the power of knowledge rather than other methods to gain a competitive advantage. Be it knowledge of the customers, knowledge of markets or to know how to manufacture better products or provide services that are an answer to public need. With businesses fighting with each other to provide quicker and better services, this very knowledge is of help to all business houses to prepare for their next step and plan the future course of action. The aspect to be considered here is that each business needs to do this with the least cost, lowest manpower and the quickest time. The quest for knowledge is never ending and one can’t always depend on the expert’s…show more content…
1.1.2 Objectives of Business Research As in any business operation, business research also has a keen and complex branch of application that is as varied as it can be utilised. This study often not only lets us understand the truth but also allows us to discover what is yet unknown. Let us first understand that the success of business research is in it being an applied science. Business research is problem solving oriented with the base objective of obtaining information to help solve a specific business problem faced by the company. Business research is used to answer a new need that may or may not actually be in the minds of the common public but a gentle prodding with research questions, may lead to give way to the supposed need. Business Research has another purpose of giving all those facts needed to make an informed decision. A thorough research puts forward various details and analogies that help a business house to take a decision and choose…show more content…
Information from the market is always perishable, gets old and useless pretty quickly and must always be treated with urgency else, it only remains as a study with no utility. The business environment also changes rapidly and it is wise to keep track of those changes by means of a valid study. Answers to the same question asked a week ago and a week later may totally differ based on the prevalent conditions and therefore, each answer must be analysed keeping in mind the time frame and scenario of asking the questions. 1.1.3 Motivation in Business Research What does it take to excel in business research? Is it a fire in the belly to achieve and proceed faster or a bad failure and those after-effects that frighten you? This is a very big question every business needs to answer in order to realize the importance and need for business research. Only when one understands the different motives, can that reason be channelized in order to gain momentum. Predominantly, each business house often points to one or more of these as its main motives to embark on research. 1) Desire to understand the Whys, Hows, Whens, Whats, Wheres and Whos of business. This for no reason prompts the business entity to take up research, with a big emphasis on garnering the best business and increasing the
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