Significance of research in social business sciences

1. GROUP-G
Presented By-
P. DIKSHITA
DIYA CHATTERJEE
SAMRIDDHO GHOSH
RANIT SEN

2. 01/17/17
We would like to express our sincere gratitude to our
subject teacher Mr. Partha Roy, our HOD Mr.
Subhabrata Chatterjee and our mentor Mr. Anis
Chattopadhay for their unending support towards the
project.
We would also like to thank the other subject
teachers for their guidance in our endeavour.
And finally, we would like to thank the invigilators
present here for their valuable time.

3. 01/17/17

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CONTENTS-
1.Introduction
2.What is research?
3.What is social business?
4.Objectives of research in business.
5.Significance of research in social business
science.
6.Requirements of research.
7.Limitations of research
8.Conclusion.

5. In today’s world, business of all sizes engage in
extensive research for improvement and expansion.
Research is critical in many facets of developing and
operating a business. 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 to ensure that business is
getting the most out of its
research efforts.

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The word research is composed of two
syllables, re and search .Re is a prefix
meaning again or over again and
search is a verb meaning to examine
closely and carefully, to test and try,
or to probe.
Together they form a noun describing a careful, systematic,
patient study and investigation in some field of knowledge,
undertaken to establish facts or principles. Research is done
with the help of study, experiment, observation, analysis,
comparison and reasoning. Research is in fact ubiquitous.

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 According to Nobel Peace Prize laureate Professor Muhammad Yunus,
social business is a cause-driven business. Purpose of the investment is
purely to achieve one or more social objectives through the operation of
the company, no personal gain is desired by the investors.
 The company must cover all costs and make profit,
at the same time achieve the social objective,
such as, healthcare for the poor, housing for the
poor,financial services for the poor, nutrition for
malnourished children, providing safe drinking
water, etc. in a business way.
 The impact of the business on people or environment, rather the amount
of profit made in a given period measures the success of social business.
The objective of the company is to achieve social goal/s.

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 Competitive advantage-By analysing the marketing
techniques of successful competitors and by adopting the
best practices through business research, organizations can
achieve a competitive advantage.
 Evaluate market trends- The business research methods
such as questionnaires, surveys and focus groups are widely
used by businesses to gain insights on evaluating the market
trends. Through business research models, we can check if
the market is huge enough to earn revenue by selling the
company’s product or by offering its services.
 Helps in decision making- Business research methods help
in analysing key business parameters and in turn, managers
become successful in decision making and achieving
organizational goals.

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 Manage costs- One of the key purpose of business
research is to evaluate the costs involved in conducting a
business. We can forecast and strategize our investments,
expenses and the return on these investments before
developing an action plan.
 New discoveries- The new discoveries
made during the research should not
be ignored, they should be compared
to original objectives and see how they
impact the original goals.
Thus, the objectives are outlined and used to keep the
research and project in right track and direction.

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According to a famous US inventor Hudson Maxim, "All
progress is born of inquiry. Doubt is often better than
overconfidence, for it leads to inquiry, and inquiry leads to
invention".
Testing of new products- Business research tests the
possible success of fresh products. It will reduce risk and can
help design a new product or service figuring out what is
needed and ensures the development of the product which
seeks demand.
Guaranteeing adequate distribution- Businesses can also
use research to guarantee sufficient distribution of their
products. The outcomes can help managers decide where they
need to increase their product distribution.

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 In-house research- I t is required for professional and
self-development of workers through training and
mentoring. Also needed for the departmental assessment
and well-being of staff members.
 Avoid future failure- Carrying out research can 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.
 Studying the competition- Businesses frequently make use
of research to study key rivals in their market. It is
important for any organization to remain competitive in the
market.
 Recruitment of employees- Through proper research HR
mangers are able to recruit qualified manpower which aids
the company to improve it’s productivity levels.

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To research on a business idea we need to keep our business goals on
track.
Hence the research plan should be done in a way so that maximum
outcomes are achieved.
The research plan should spell out the objectives of the research and
give us the information we need to either go ahead with the idea, or take
it back to the drawing board.
 Experts can recommend what type of research is most appropriate, help
us develop statistically valid samples and
write questionnaires, and provide with an
objective and neutral source of information.
Finally, the approach must meet the research
objectives that have been outlined for our
product or service. With those goals in top
of mind our analysis will help us discover
whether the idea has any holes that need patching or not.

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A research problem is a question that researcher wants to
answer or a problem that he wants to solve. A research
problem is an area of concern where there is a gap in the
knowledge base needed for professional practices.
Limitations of research are mentioned below-
Research is a costly affair.
It is lengthy and time consuming.
It has limited scope.
Limited practical value.
It can’t give 100% accurate results.
Research provides suggestions and not solutions.
It uses a fragmented approach.
Data in research can be misused.

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The application of research in searching for the
truth about business phenomena is to define-
Business opportunities.
Problems generating
Evaluating ideas
Monitoring performance
And understanding the business
process.
Therefore., a successful business research must
take definite prediction about the result of future
observation.

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1. Book - Statistical method by N.G DAS
publisher - Tata Mc Hill.
2. Article in encyclopedia.
3. Article in business research.
4. Internet- Google

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