Term project application of research in businesses-methods in business research (94192)-fall 2016-paf-kiet(city campus)-co ms

Term Project

Application of Research in BusinessSubmitted To:Course Instructor: Mr. Salman QaziCourse Title: Methods in Business ResearchCourse ID:94192

Submitted By:Name of Student: Muhammad Asif KhanStudent ID: MB-2-05-51271Semester: Fall 2016Campus: PAF-Karachi Institute of Economics & Technology (KIET)-City Campus, College of Management Sciences (CoMS)Submission Date: November 29, 2016

Application of Research In Business

What is Research?


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.

Or

•Research is the systematic search for new knowledge.


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, etc.

In fact anything related to modern business trade.


The importance of research in an organization


The importance of research in an organization•It is tempting to believe that if an organization is running smoothly with good profits and an excellent team of professionals, it will continue to function in the same capacity.

But sadly that is not the case.•Constant enhancement and development of the business and the team are essential to surpass others in the market and have a competitive edge. This is largely possible through research.


The importance of research in an organization•Management Decision Making

•New Product Development

•Employee DevelopmentoProfessional DevelopmentoPersonal Development

•Business Process Reengineering

•Business Diversification


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.


Research in Business Management•A business research program is surely a preferred way for businesses to train and educate their managers and other staff members in a vast array of different fields.•Undertaking research in business management is important since it aids a business plan for the future, based on what may have occurred in earlier times.•If performed effectively it can help an organization to make plans on how to become more viable in its field.


Research in Business ManagementTesting of new products:

Research can help design a new product or service, figuring out what is needed and ensure that the development of a product is highly targeted towards demand.Measuring advertising effectiveness:Companies use business research to determine the success of their advertising. Guaranteeing adequate distribution:

Businesses can also use research to guarantee sufficient distribution of their products.


Research in Business ManagementIn-house research is required for professional and self development of the workers through training and mentoring:Organizational research and analysis also be needed for assessment of:

oPerformance Management,oProcess Reengineering,oDepartmental Assessment and oWell-Being of Staff Members.


Research in Business ManagementStudying 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.


Research in Business ManagementUndertaking 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.


Research in Business ManagementUndertaking 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.


Research in Business ManagementIt 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 creates benchmarks:

•It helps you measure your progress – Unless you measure you may not be able gauge how well your business is performing.


Research in Business ManagementResearch 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.


Research and Business Decision Making•Businesses conduct research for many reasons, such as gathering crucial information about consumers and business customers.•The key function of management is to take decisions and without help of the research and analysis of present situation and future forecasting, decisions may not be effective.•So research helps to take right decisions. Based on research, management can make intelligent and well informed decisions.


Research and Business Decision Making•A business can make well-informed decisions due to research.oReports, presented to the top management, often contain details on consumer and employee preferences and all the available channels for sales, marketing, finance and production.oManagement makes their decisions and use these details to determine the best strategy.oResearch is a necessity at all stages and phases of business operations.


Research and Business Decision Making Research is important for managerial decision making.

•All strategic business areas are analyzed and evaluated; then techniques for more efficient procedures are created.•All businesses usually have many ways of doing an activity. Through proper research, the organization will be able to pick the most effective, productive and profitable one.•Research could possibly be applied to develop strategies for marketing, production, finance, IT and Human resources.


Research and Business Decision Making Relationship between Research and Business Decisions

•Businesses of all sizes engage in extensive research to help improve and expand themselves.•For small businesses and start-ups, effective, cost-efficient research can be an important step toward long-term success.•Developing an understanding of the relationship between research and business decisions helps ensure your business is getting the most out of its research efforts.


How Business Research Helps Businesses in Decision MakingBased on the information obtained through the different business research methods, companies whether new or established can undertake some essential business decisions such as:

•The following-Possibility of the business to survive and succeed in a new geographical region.•Assessment about competitors.•Adopting a suitable market approach for a product


Businesses may choose to adopt either one or all of the below discussed research methods to achieve their business goals:

1. Case Studies•The business research method of case study is generally undertaken by those business houses who want a detailed and comprehensive understanding of the consumer response about a particular product or service.

•Case studies primarily help a business in the following ways:• Thorough assessment of consumer satisfaction.• Consumer attitudes and opinion about a

product.


2. Conducting Surveys•Conducting surveys is a very common method adopted by businesses to gather larger amount of information or data immediately at a very low cost.

3. Interviews•Companies rely on this method of business research to track actual consumer experiences with respect to a particular product or service.•Consumers are asked specific questions which they have to answer at length based on which companies get a clear picture about the level of consumer satisfaction, experience of the consumer in lieu to a product or service.


4. Focus Groups•The idea behind undertaking this method of business research is to obtain an honest suggestion and feedback from the consumers about a specific product or service.•The focus groups aim to provide a larger sample as compared to interviews and case studies.

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