Introduction

BUSINESS RESEARCH

The world ’Research’ is derived from the French word, ‘Researcher’ meaning ‘to search back’.  Research is an Endeavour to discover answers to intellectual and practical problems through the application of scientific method.

Definition of Research

Research is the systematic process of collecting and analyzing information (data) in order to increase our understanding of the phenomenon about which we are concerned or interested.

According to Professor Clifford Woody, research is a method of discovering truth, through critical thinking. He says “Research comprises defining and redefining problems; formulating hypothesis or suggested solutions; collecting organizing and evaluating data; making deductions and making conclusions; and at last, carefully testing the conclusions to determine whether they fit the formulated hypothesis.”

Objectives of Research

The purpose of research is to discover answers through the application of scientific procedures.

The objectives are:

v  To gain familiarity with a phenomenon or to achieve new insights into it – Exploratory or Formulative Research.

v  To portray accurately the characteristics of a particular individual, situation or a group – Descriptive Research.

v  To determine the frequency with which something occurs or with which it is associated with something else – Diagnostic Research.

    v  To test a hypothesis of a causal relationship between variables –           Hypothesis-Testing Research.

Characteristics of Research

•  Research is directed towards the solution of a problem.
• Research is based upon observable experience or empirical evidence.
•  Research demands accurate observation and description.
•   Research involves gathering new data from primary sources or using existing data for a new purpose.
•   Research activities are characterized by carefully designed procedures.
•   Research requires expertise i.e., skill necessary to carryout investigation, search the related literature and to understand and analyze the data gathered.
•   Research is objective and logical – applying every possible test to validate the data collected and conclusions reached.
•   Research involves the quest for answers to unsolved problems.
•   Research requires courage.
•   Research is characterized by patient and unhurried activity.
•   Research is carefully recorded and reported.

Business Research

            Business research is both basic and applied. Basic research is carried on for the purpose of extending the frontiers of knowledge. Applied research is problem oriented in that the research is carried on to solve a specific problem about which a decision must be reached.

Business research is defined as the systematic and objective process of gathering, recording, and analyzing data for aid in making business decisions.

Nature of business research

The nature of business research can be better understood

v  As an economic resource

v  As a System of authority

v  As a function of marketing management

v  As a  teamwork or group effort

v  As an art or a science

v  As a Profession

v  As an inter-disciplinary process