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Definition of Business Research and its process

Definition of Business Research and its process

Definition of Business Research and its process

Meaning of Research

Literally, research (research) means “to search again.” The term means patient study and scientific investigation wherein the researcher takes another, more careful look at the data to discover all that is known about the subject. Ultimately, all findings are tied back to the underlying theory.  

“Research is an organized, systematic, data-based, critical, scientific inquiry or investigation into a specific problem, undertaken with the objective of finding answers or solutions to it” Sekaran (2000)

The process of “search and search again” to come closer to the truth is known as research.  - Prem Raj Pant (2011)

Business Research

 Understanding Business Research 

Business research is the application of the scientific method in searching for the truth about business phenomena.  These activities include defining business opportunities and problems, generating and evaluating alternative courses of action, monitoring employee and organizational performance, and understanding the business process. 

“ Business research is a systematic and organized investigation conducted to resolve problematic issues in the different areas of management” --- Uma Sekaran (2007) 

“Business research is a systematic inquiry to provide information to solve managerial problems” – Cooper & Schindler (2008) 

Business research is the systematic and objective process of gathering, recording, and analyzing data for aid in making business decisions”. --- William Zikmund (2009) 

Significance of (Why) Business Research

u  Business research is designed to facilitate the managerial decision-making process.

u  Research is useful for all aspects of the business: finance, marketing, human resources, and so on.

u  Business research is an essential tool for management in all problem-solving and decision-making activities.

u  Research can decrease the risk of making a wrong decision in all aspects/areas of business.

u  However, it is an aid to managerial decision-making, never a substitute for it.

Research as a Process

 Business Research Process (Bottom to Top)

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