Importance of Business Research
v Research inculcates scientific and inductive
thinking and it promotes the development of logical habits of thinking and
organization.
v The role of research in several fields of applied
economics, whether related to business or to the economy as a whole, has
greatly increased in modern times.
v Research provides the basis for nearly all
government policies in our economic system.
v Research has its special significance in solving
various operational and planning problems of business and industry.
v Research is equally important for social scientists
in studying social relationships and in seeking answers to various social
problems.
In addition to what has been stated above,
the significance of research can also be understood keeping in view the
following points:
o
To those students who are to write a
master’s or Ph.D. thesis, research may mean a careerism or a way to attain a
high position in the social structure;
o
To professionals in research methodology,
research may mean a source of livelihood;
o
To philosophers and thinkers, research may
mean the outlet for new ideas and insights;
o
To literary men and women, research may
mean the development of new styles and creative work;
o
To analysts and intellectuals, research may
mean the generalizations of new theories.
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