Broadly conceived, research is any process by which information is systematically and carefully gathered for the purpose of answering questions, examining ideas, or testing theories. Research is a disciplined inquiry that can take numerous forms.
Why Study Business Research
It is important for decision making to enhance business efficiency. Today’s corporate world is demanding and having challenges in making managerial decisions
Factors stimulating business research
Following factor stimulates the study of research methods.
- Explosive growth and influence of internet
- Stakeholder demanding greater influence on decision making
- More vigorous competition
- More government interventions regarding social demands
- More complex decisions
- Maturing a management as a group of discipline
- Greater computing power and speed (access, handling, gathering, storing and evaluation of information and data mining)
- New perspectives on established research methodologies
Structure and Level of Deicision Making
Market share, return on investment, profitability, customer acquisition, costumer’s satisfaction, customer retention, employee productivity, machine efficiency, maximization of stock prices, etc.
Decision support (decision support system)
Information sharing, periodic reports, etc
Business intelligence (business intelligence system)
Management knowledge, competencies, cultural and environmental acquaintance
A general approach an organization will follow to achieve its goals. It might describe how an organization can best position its particular good and services to fulfill costumer needs.
Timed activities that execute a strategy
EMERGING HIERARCHY OF INFORMATION BASED DECISION MAKERS
Top tier visionaries:
- Every decision guided by business research
- Firms develop proprietary methodologies and are innovate in their combination of methodologies
- Enterprise wide access to research data and findings
Middle tier standardized decision makers
- Some decision based on business research
- Firms use tried-and-true methodologies excluding other that might be appropriate
- Limited enterprise wide data and finding
Base tier intuitive decision makers
- Most decision based on past experience or instinct
- Decision supported with secondary data searches
INTERNAL RESEARCH SUPPLIERS VS. EXTERNAL RESEARCH SUPPLIERS
Internal Research Suppliers:
Some organizations have internal research department may be called Management Services Department or R & D (Research and Development) etc.
External Research Suppliers:
Full Service Firms, Custom Researchers, Proprietary Methodology Researchers, Specialty Research Firms, Syndicated Data Providers, Omnibus Researchers, Communication Agencies, Consultants and Trade Associations
Business Research Methods by Schindler and Cooper, 8th Editionn. Tata McGraw Hill.
Prepared byMuhammad Zeeshan Khan Assistant Professor, City University of Science and IT