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Methods of Business Research

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Methods of Business Research Importance of Business Research Date of Submission: 18-02-2005 Submitted to: Sir Hafiz Mushtaq Submitted by: Sarah Nasir 02ba18 BBA-VI According to the American Marketing Association, marketing research is the systematic gathering, recording, and analyzing of data about problems relating to the marketing of goods and services. Marketing research is not a perfect science. It deals with people and their constantly changing feelings and behaviors, which are influenced by countless subjective factors. To conduct marketing research you must gather facts and opinions in an orderly, objective way to find out what people want to buy, not just what you want to sell them. It is impossible to sell products or services that customers do not want. Learning what customers want, and how to present it attractively, drives the need for marketing research. Small business has an edge over larger concerns in this regard. Large businesses must hire experts to study the mass market, while small-scale entrepreneurs are close to their customers and can learn much more quickly about their buying habits. ...read more.


Interest in scientific decision-making has been fostered by the increased need of managers for more and better information and the availability of improved techniques to meet this need. Additionally, these trends have as a result led to complex business organizations in a highly dynamic market where competition is vigorous, expansions leads to more complexity due to dynamism, increased risk rates, and a better informed public sensitive to its power. Overall, business research contributes to more effective decisions in all functional areas and has emerged as a specialty in marketing and operations research. Lets take the example of the different functions of a particular company and the relevance of research to the company's success and growth. In the context of finance, with the help of research, a company can set effective and flexible budgets, manage its finances in an improved manner and have a secure financial future. In terms of production, how much to produce, how much is required, the new techniques and improved methods of production that reduce costs are the different types of information that are required. ...read more.


Since the business has to carry out strategic planning with reference to a company and its functions a separate specialized R&D department should be made. The reason is that research provides information on the external and internal environments of the company, on the development of a competitive edge, goals and performance measuring controls. The information collected may not be interpreted in the same way, which may lead to chaos and confusion and accurate and appropriate decisions may not be made. An un-integrated department for R&D would mean the employment of research specialists who have the expertise to collect accurate information, provide information about different opportunities and interpret it accurately. Researchers need to be well equipped with data collection, measurement and analysis tools to make the best possible use of the information gathered. There fore, in larger businesses, it is almost essential for company to have a separate well equipped research department to deal with large amounts of data in an effective manner in order to maintain the focus of strategic development on the different functions of the organizaiton ?? ?? ?? ?? Methods of Business Research 1 ...read more.

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