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1. What is research?
It is the use of appropriate methods to discover new knowledge, develop new
applications, of existing knowledge, or explore relationships between ideas or events.
Scientific discoveries, technological achievements, and scholarly publications are the
fruit of research. Research always involve three basic steps: the formulation of a
problem, the collection and analysis of relevant information, and an attempt to discover
a solution or otherwise resolve the problem based on evidence.
“Re” which means again combined with search is to “search again”. In essence, it
is also a mean of exploring or diving deeper into different knowledge or topics. Change,
being the constant thing in this world vouches for different solutions and methods that
can adapt to our everyday living.
Business research primarily focuses on the aspects of business that can help
improve it. It involves all the areas of business such as marketing, product mixing, sales
and profit as well as its own management. The information gathered and acquired in
business research will determine the position of the business or the company. It is
conducted to help evaluate a particular business and realize its own strengths,
weaknesses, opportunities and threats.
Business research benefits the business itself through the understanding of its
consumers and behavioral buying patterns of an individual. A consumer’s perception,
market trends and demographics of buyers is one the main lifeline of a business in
which the business research can provide. Business research also determines the
reduction of cost while maintaining the benefits in a greater scale.
Research serves as the basis for setting up accounting standards and rules.
Accounting does not have an immediate guideline that can be acquired or readily
available so it all depends on the framework provided by research. In addition, the
conclusion drawn from accounting research helps develop new accounting practices.
These accounting practices helps to progress many industries in which accounting is
particularly involved. It also informs the academe of its rules and standards that meets
the demand of the ever-changing society. Finally, research can also be the foundation
of accounting assumptions that facilitates as a strong tool for information.