Re + Search = Research, which means ‘to search again’. ‘Re’ refers to again and ‘search’ means searching for finding new or for investigating. Research refers to searching again and again to develop theories, improvement of existing theories, and/or solve the problem.
Research refers to a systematic investigation into a specific problem or issue to obtain new or improved knowledge and solve the pre-defined problem. It is the process of searching, again and again, to come closer and closer to the truth by minimizing errors.
Finally, the research includes:
- The logical approach to investigation is to know more about something.
- Related to solving the problem or generating new knowledge.
- The systematic process consists of collecting data, analyzing data, and interpreting the results in an organized and systematic manner.
- Consists of a series of activities of gathering, recording, analyzing, and interpreting the data to find the answers to the problem.
- Business research is the application of the scientific method in searching for the truth about business phenomena.
Business research includes:
- Defining business opportunities and problems.
- Generating and evaluating the alternative course of action.
- And monitoring employees and organizational performance.
This process consists of idea and theory development, problem definition, searching for and collecting information, analyzing data, and communicating the findings and their implications. Business research is an aid to managerial decision-making.
The research provides necessary information for business decisions, and it decreases the risk of making the wrong decision. The managerial decision-making process includes all aspects of the business’s decision-making, such as Finance, Marketing, Human Resources, and so on.
This PDF Note Covers
- Meaning of Research
- Business Research
- When Does Business Research Need?
- Types of Research (Fundamental/Action)
- Difference Between Basic and Applied Research
- Scientific Research
- Features of Scientific Research
- Scientific Research Process
- Paradigms of Research (Positivism/Interpretivism)
- Management Research
- Why Do Managers Need Research Skills?
- Types of Management Research (Policy/Managerial/Action/Evaluation)
- What is Research Ethics?