Meaning of ResearchThe Advanced Learner’s Dictionary of CurrentEnglish lays down the meaning of researchas “a careful investigation or inquiryspecially through search for new factsin any branch of knowledge.”Redman and Mory define research as a “systematized effort to gain new knowledge.”
Nature & Scope of Business ResearchBusiness Research covers a wide range of phenomena –- For managers the purpose of research is to fulfill the need for knowledge of the organization , market ,economy or another area of uncertainty .
For Example :-FINANCIAL MANAGER :- “Will the environment for long term financing be better 2 years from now ?”HR MANAGER :- “What kind of training is necessary for production employees?”MARKETING MANAGER :- “How can I monitor my retail sales and retail trade activities “
Business Research helps decision makers shift from intuitiveinformation gathering to systematic and objective investigation
Scope & Its applications in different functions of management 1. Advertising Research a. Motivation research b. Copy research c. Media research d. Studies of advertisement effectiveness
2. Business economic and corporateresearcha. Short range forecastingb. Long range forecastingc. Studies of business trendsd. Pricing studiese. Plant and warehouse location studiesf. product mix studiesg. Acquisition Studiesh. Export and international studiesi. Others3. Corporate responsibility researcha. Consumers’ “ rights to know” studiesb. Ecological impact studiesc. Studies of legal constraintsd. Social values and policies studiese. Others4. Product research5. Packaging research
6. Sales and market researcha. Measurement of market potentialb. Market share analysisc. Sales analysisd. Establishment of sales quotas &territoriese. Distribution channel studiesf. Test marketsg. Consumer panel operationh. Sales compensation studiesI Promotional studiesj. Others