After studying this chapter, you should be able to:
❑ Know the importance and scope of business research ❑ Describe what research is and how it is defined ❑ Differentiate between applied and basic research ❑ Know the importance of research to a manager ❑ Know when business research is needed ❑ Describe the ethical issues involved in business research
understand the environment and the nature of the phenomena it presents. ❑ This can be understood as finding a solution to it. ❑ In this case, there must be something missing or there is a gap between what we understand/know and what it should be.
Research is important to any business organization:
❑ To stay competitive in the market ❑ To accurately identify or understand its customers ❑ To scrutinize its rivals in the industry ❑ To analyze and emulate key strategies ❑ To keep abreast on all aspects of the business
Business research covers a wide range of phenomena.
❑ Problems may occur in any areas of business ❑ No clear demarcation on the classification of problems on the basis of areas ❑ Integration of problems related to two and more areas ❑ External environment facing the business
critical and objective, scientific enquiry or investigation into a specific problem, undertaken with the purpose of finding answers and solutions to it.
❑ Well informed and up-to-date in their own area of specialization ❑ Recent developments in particular industries ❑ Understand, predict and control the environment of the organization
The manager’s decision as to whether or not research
should be conducted for a problem encountered in the organization depends on various factors: 1. Time constraints 2. Availability of data 3. Nature of decision 4. Benefit versus costs
❑ Research must be conducted in a professional manner with a systematic, organized, and scientific approach ❑ Research project/results will remain confidential ❑ Submit the research report to the sponsoring company at the agreed time
❑ Information collected should not be misused for any other purpose ❑ Participation is voluntary ❑ Confidentiality of the replies ❑ Not to embarrass respondents/informants