- Researching a company organization provides details of that firm from the ground up. From how employees conduct themselves to how management come to the decisions they make. Researching company organizations also reveals how much money a business can make as well as which departments make money and which ones are not as profitable.
- Market research provides a company with a good overview of what the consumer wants from a business. Happy customers will always generate good income so it is imperative that a business does thorough research on their client base.
- Researching the product is a hugely important factor when a business is investigating its position in the market place. If a product is failing or falling short it will cost the company money in the long run, so having a good knowledge of what sells is a huge advantage and another area where research is hugely important.
- Investigating the financial clout of a business will offer a company a window into how that firm copes with fluctuations in the market. Some larger companies will be able to ride an economic storm easier than others and it is important to research the financial stability of businesses.
The basic research is fundamental research driven by a scientist's curiosity. The main motivation behind it is to expand his knowledge, not to invent something.
Applied research on the other hand is designed to solve practical problems, rather than to gain knowledge
1 basic research:- is that research in which we give the business information not to give solutions
2.applied research:-is that research in which we give solution of problem not to give knowledge
Bussiness Research is a systematic method of discovering new facts and verifying old ones with their sequence interrelationship and caused explanation.
Types of Business Research
There are two types of business research
- Applied Business Research:
Applied business research comes out from work related problems that need timely solutions. For example a product may not be selling well and the manager might want to find the reasons for this in order to take action or Business is facing problems in retaining employees, or there is higher degree of absenteeism in the business. All these are problems that require the business to find immediate solutions; otherwise the business would fail to run smoothly. Thus research carried out with the intention of applying the results of the findings to solve specific problems is applied business research.
2) Basic Business Research
Basic business research is where the motive is to generate a body of knowledge by developing an understanding on how certain problems that occur in the organizations could be solved. There is a definite possibility that organizations might transfer the learning from the research to the workplace for problem solving. For instance a research carried out at a university facility on “Motivating Employees in times Recession with Low Pay” could be a useful piece of work, and could be applied to practical settings when businesses are facing downturn. Thus research done primarily to enhance understanding on certain problems that commonly occur in organizations is called Basic, fundamental or pure research.
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