Role of Research in Business
Learning the role research plays in the decision-making process benefits both the manager and the researcher. Managers need to be able to evaluate research results and use the information to make appropriate decisions. The importance of knowledge management cannot be overstated in today's technologically changing world.
Be sure you include the following in your Role of Research in Business paper:
- Identify factors affecting business decision making
- Explain the purpose of conducting business research
- Recognize manager-researcher relationship issues
- Describe the levels and processes of decision making
- Integrate KM and its associated perspective in the role of business research
By the end of this Role of Research in Business paper, you should be able to:
- Describe the role of scientific theory construction
- Distinguish between the various types of theories
- Implement the fundamental terminology of research
- Demonstrate the relevance and application of science in business research
- Examine the impacts that evolving computer technology and the Internet have had and are currently having in business research
Business Research provides a person with a basic understanding of quantitative techniques used in analyzing business trends and statistics. The ability to understand the factors that are involved in making sound managerial and business decisions through analysis and interpretation of data was illuminated in the course. The course offered an in-depth look at the value of statistics in business and how one can utilize these statistics to make sound business decisions. One of the most valuable concepts in business statistics is the affect that market research has on business decisions. Market research is an invaluable tool for any organization, regardless of their specific business function. Many businesses retain their own marketing research team while others utilize the services of outside firms. Businesses utilize market research as a method of securing the information needed to survive and prosper in competitive markets.
The way firms utilize market research may differ according to the specific business the firm is in. For example, a small sporting goods store may conduct research aimed at securing information concerning the pricing strategies and product offerings of competitors. Because the firm is small, it would need to offer competitive pricing or goods and services that larger stores do not. The budget of the small business will determine the type of research used. Advertising for this type of firm would be local in nature.
Continental Airlines will utilize a different marketing strategy than the small sporting goods business. Because this organization competes on a global basis, it must be concerned about external factors and moves by competitors on a must larger scale. Additionally, the market research department could utilize general market reports conducted by third parties concerning the industry as a whole. The type of research conducted by Continental would probably include consumer satisfaction surveys, research on pricing strategies and promotions offered by competitors, and information leading to or preventing the amount of passengers traveling on a short term and long term basis.
The type of business, internal and external conditions, and the competitive environment will determine the actions of the market research department. To secure the information needed, the research department will rely on primary and secondary research methods, depending on the marketing budget. At times, the information needed will be national and global in nature, while at other times, local information will do. The course helped me understand the importance of proper research in marketing any type of business. While a good idea is the start of any business, whether or not the business succeeds is going to be found in market research. Without doing proper market research, a business does not stand a chance because of lack of understanding in what the public and the industry has to offer.