Importance of Research in management

1. Jagran
Lakecity
University
To: Rahul Pandey sir
By: Aakash Tiwari
Kartik Rajput

2. Importance of Research in
Management

3. INTRODUCTION :
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. Business research
can relate to economics, business strategy and ethics, in fact,
anything associated with modern business and trade.
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
valuable in its field.

5. What is the Importance of Research
in Business Management ?

6. • Testing of new products.
• Guaranteeing adequate distribution.
• In-house research is required for professional and
self development of the workers through training
and mentoring.
• Undertaking research can help a company avoid
future failure.
• Studying the competition.
• It can also help in the recruitment of employees.

7. Testing of new products:
• Business research tests the possible success of fresh
products. Businesses need to know what kinds of services
and products consumers want before they produce them.
Research will reduce risk – 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.

8. Guaranteeing adequate distribution:
• Businesses can also use research to guarantee sufficient
distribution of their products. For instance, a consumer
products’ company might want to speak with merchants
about the various brands they offer. The outcomes of the
business research can help managers decide where they
need to increase their product distribution.

9. In-house research is required for
professional and self development of the
workers through training and mentoring:
• Organisational research and analysis would also be needed
for assessment of performance management, process
reengineering, departmental assessment and well-being of
staff members.

10. Undertaking research can help a company
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 a
small business decide if a process should be altered or if
more needs to be done to meet the requirements of the
customer base.

11. Studying the competition.
• Businesses frequently make use of research to study key
rivals in their markets. Businesses will often begin with
secondary research information or information which is
currently accessible. 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. With the help of surveys,
an organization can analyze the preferences of its target
consumers. 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.

12. 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.

13. CONCLUTION
• A proper knowledge of the employees and healthy
conversation would be important factors for a manager to
boost performance of the individuals in the team. A good
approach, winning attitude and behaviour of the manager
with proper systems set up would certainly call for sound
research to understand and improve the system.
Thus we can say that research is an important element
in management.

14. Questions and Answers
(plzz don't ask if not necessary :p )