Business research involves systematically studying a problem to find solutions. It is important for managers to make informed decisions. There are two main types of business research: applied research solves current problems, while basic research builds general knowledge. The research process involves defining a problem, developing a theoretical framework, generating hypotheses, collecting and analyzing data, and reporting findings. Proper research design, sampling, measurement, and statistical analysis are crucial for obtaining meaningful results that can help managers address issues and remain competitive.