Business Research Definition

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Introduction of research:

This is an age of information. In this competitive business world, knowledge & information is considered the key source of competitive advantage. Research is a systematic investigative process employed to increase knowledge by discovering new facts.

The role of business research is very much important nowadays. There is no alternative to research. Research is useful to policymakers, government, teachers, students, scientists, psychologists, administrators, professionals, etc.

Definition of Research:

In general, research means “search for knowledge”. Basically, research is the art of scientific investigation. Through research, new knowledge or information is generated. Actually, research is a “voyage of discovery”. The research is a movement from known to unknown.

  • According to Business Dictionary: “A research is a systemic investigative process employed to increase or revise current knowledge by discovering new facts”.
  • As reported by Advanced Learner’s Dictionary: “Research is a careful investigation or inquiry specially through search for new facts in any branch of knowledge”.
  • In line with Redman & Mory: “Research is a systematized effort to gain new knowledge.”
  • According to B.N. Ghosh: “Research is a careful critical enquiry or examination seeking facts or principles, diligent investigation in order to ascertain of something.

In fact, research is the scientific search for new knowledge and information.

business research definition:

Generally, research conducted in the areas of business is called business research. The major areas for business research are general business, finance, accounting, marketing, management, organizational behavior, information system (IS) & corporate social responsibility (CRS), etc.

  1. According to Zikmund W.G : Business research is the application of scientific method in searching for the truth about business phenomena.”
  2. According to John W. Best (2002):, “Business research as systematic & objective analysis of controlled observations that may use to the development of organizational, principles and possibility of ultimate control of events.”
  3. According to Cooperet : “Business Research is a systematic inquiry that provides information to guide management decisions. It is the process of planning, acquiring, analyzing & disseminating relevant data information & insights to decision makers in way that mobilize the organization take appropriate action that in turn maximize performance.

In fact, business research is a systematic objective process of gathering, recording, and analyzing data to aid in making business decisions.

The Nature of Business Research:

Business research covers a wide range of matters. For managers, the purpose of research is to provide knowledge regarding the organization, the market, and the economy.

Within an organization, the business researcher may be referred to as a marketing researcher, an organizational researcher, a director of the financial and economic researcher, or one of many other titles. Though business researchers are often specialized the term business research encloses all of this functional specialty.

Business research helps decision-makers to shift from intuitive information gathering to systematic and objective investigation.

Research consist of:

  • Asking a question that nobody has asked before;
  • Doing the pivotal work to find the answer;
  • Communicating the knowledge with other.

Significance of Research:

The research includes scientific and inductive thinking and promotes the development of logical habits of thinking and wakening. The significance of research in different sectors is given:

  1. Business & Economics: Research is very important in business and economics. At present the economic policy of business executed by research.
  2. Govt. Policies: Govt. policies are devised by flowing specific research management.
  3. Decision making: Research plays a vital role in decision making.
  4. Solving problem: Research helps to solve operational and planning problems of business and industry.
  5. Social scientist: It helps to study social relationship

Thus, Research is the source of knowledge. It is a scientific guideline for solving business, govt. and social problems.

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