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Business Research for Managers

Business research is important for companies to sustain themselves in the long run and make effective decisions. It allows businesses to study competitors, avoid future failures by determining the right time for expansion or loans, and recruit qualified employees. Research helps companies understand customers, examine competitors' strategies, and improve productivity. It is a valuable tool that businesses can use to adapt to market trends, innovate, and meet stakeholder needs.

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Navfa Nazar
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56 views2 pages

Business Research for Managers

Business research is important for companies to sustain themselves in the long run and make effective decisions. It allows businesses to study competitors, avoid future failures by determining the right time for expansion or loans, and recruit qualified employees. Research helps companies understand customers, examine competitors' strategies, and improve productivity. It is a valuable tool that businesses can use to adapt to market trends, innovate, and meet stakeholder needs.

Uploaded by

Navfa Nazar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

BUSINESS RESEARCH METHOD_ASSIGNMENT 002

Question:
APPLICATION OF BUSINESS RESEARCH IN BUSINESS.

What is Research?
Research is a strategy that seeks to make basic discoveries and uncover new
principles or factors so far not unknown or unrecognized.
Business Research
A business research program is an increasingly popular way for companies to train
and educate their managers and other employees in a vast array of different fields.
Business research can pertain to:
Economics
Finance
Marketing
Business strategy, and
Ethics
The importance of research in an organization

 Ultimately, it is research that helps a company to sustain in long run.

 It enables the management to take effective decisions through carefully


analyzing the research output for the long-term benefit of the organizations.

 Many organizations have been unable to sustain themselves and have fallen
simply because of neglecting research and not keeping abreast of market
trends and innovations. Research is important to survive in business.
BUSINESS RESEARCH METHOD_ASSIGNMENT 002
Application of Research in Business

 Studying the competition

 Businesses frequently make use of research to study key rivals in their markets.
 Research is important for any organization to remain competitive in the market.
 The top function of research is to supply a business with an outlet to correctly determine its
customers. Furthermore, these studies could also provide a business the chance to examine its
competitors in the industry and analyze and emulate key strategies which could help in its
operations.

 Undertaking research can help the management to avoid future failure

 Carrying out research can also help a business determine whether now is the right time to expand
into another town or whether it needs to apply for a new loan.
 It may also help the business to decide if a process should be altered or if more needs to be done
to meet the requirements of the customer base.
 Carrying out research can also help a business determine whether now is the right time to expand
into another town or whether it needs to apply for a new loan.
 It may also help the business to decide if a process should be altered or if more needs to be done
to meet the requirements of the customer base.

 It can also help in the recruitment of employees

 It’s through proper research that human resource managers are able to determine and recruit
qualified manpower.
 Recruitment of workers with the right skills and attitudes aids the company to improve its
productivity levels.
 Research for the right staff members can be done via the internet, consultancy firms and
institutions of higher learning.
 Research will help you better communicate
 Your current stake holder’s experiences are valuable information source, not only will they allow
you to gauge how well you currently meet their expectations they can also tell where you are
getting things and more importantly where you are getting things wrong

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