BusinessResearchBusiness research is a systematic andorganized effort to investigate a specific problemoccurs in the work setting that needs a solution.The purpose of business research is toovercome the problem related to any filed in abusiness organization with providing guidance tomanagers to help them in taking some businessdecisions.For example, starting any type of businessrequires research into the target customer andthe competition to create a business plan.
Who does ResearchA business manager faces problemon daily basis which should be solvedby taking a right decision.Business research is systematicapproach. It can help the manager toidentify and solve problems.Some researchers focus on usingresearch to advance generalknowledge, whereas others use it tosolve specific problems.
Research EnhanceBusiness PerformanceA research is done to overcome the managementdilemma and to get new business opportunities. All the new and existing business done research toenhance their performance. Without the research it isnot possible to survive in the market.The research is mostly done to find out the problemof the business and the solutions for it. Through thepossible solutions the management can overcomefrom their problems and enhance their business.Mostly research are done to find out the reasons fordecreasing product sales, or launch of new productin the market and to know the demand of theconsumers.
Stages in the ResearchProcess1. Problem Discovery2. Research Design3. Sampling4. Data Gathering5. Data Processing andAnalysis6. Conclusions And Report
Types Of Business Research1. Basic Researchit is undertaken for increase inknowledge. There is no direct benefitas it is a research for the sake ofinformation. It is conducted to satisfyany curiosity such as:(a)what makes things happen,(b) why society changes and(c)why social relations are in a certainway
2. Applied ResearchIt is use of basic research or past theories,knowledge for solving an existing problem.Applied research is designed to solvepractical problems of the modern world, ratherthan to acquire knowledge for knowledgessake.The main distinction between applied andbasic business research is: Applied researchis specifically aimed at solving a currentlyexperienced problem and Basic research has abroader objective of generating knowledge
Research and DecisionMakingThe value of research for policy makers, planners,business managers, and other stakeholders is that itreduces uncertainty by providing information thatimproves the decision-making process.The decision making process associated with thedevelopment and implementation of a strategyinvolves four interrelated stages:1)Identifying problems or opportunities;2)Diagnosing and assessing problems oropportunities;3)Selecting and implementing a course of action; and4)Evaluating the course of action.
What is the purpose ofBusiness Research?To minimize risksTo save time and money during start-upTo learn where and how to sell theproduct and/or serviceTo learn where and how to produceand distribute the product and/or serviceTo determine what it will cost to runthe business and how you will coveryour costs
Introduction of PfizerFounded in 1849, Pfizer is the world’slargest research-based pharmacy companytaking new approaches to better health..Pfizer pharmacy company has beenworking for the health and well-being ofpeople in Pakistan since 1961.They are committed to delivering novelmedicines to fulfill medical needs ofpatients.On 8th of September 1961 Pfizer,established itself as a manufacturing facilityin Pakistan
Vision:“Working together fora healthier World”Mission statement:Our mission is to applyscience and our globalresources to improvehealth and well-beingat every stage of life.
Research process inPFIZERPhase 1.......clinical testIn the first phase multiple salts of newmedicine are researched. Salts are madeof different chemical compounds.Thousands of chemical compounds arein the salt. Through the clinical test themost beneficial compounds are selectedfrom it and the new medicine isdeveloped. It takes 3 to 4 years toresearch on salts.
Phase 2.....vitro lab testingIn the second phase the new medicine aretested on animals. The Rodents and guinea pigare the mostly used animals. The reason behindselecting these animals is that they bodyresponse is like the human beings.The experiment is taken on 100 to 200 animalsand it takes about one year time.The artificial problems are induced in theanimals and the new medicine dozed are givento them. The animals are under observation inthe lab for 3 to 4 years and the performances oftested animals are measured. If the result is100% favorable the vitro lab test is cleared.
Phase 3........Human TestingThe next research is on the humanbeings. The research is conducted on theprisoners just to check the side effects ofthe new medicine.The prisoners of death sentences arevoluntarily agreed for welfare purpose. 30to 40 prisoners are tested and it takesabout 2 to 3 years. After several months,if no danger is identified, the drug canpass into the next phase. All thisresearch is taken under the control ofFDA.
Phase 4.......Screening TrialsIn 4thphase The research is conducted onthe real patients who is suffering from thedisease. The research is conducted on theAsians, European and black patients. Thecomplete research is under the control ofFDA.The body characteristics and temperature ofeach region is different so the research isdone to know the best result on each regionto develop the product randomized for theworldwide. It takes about 10 to 12 year longresearch to finalize the new medicine.
Phase 5Once a drug has been approved, it stillundergoes monitoring during Phase V.It is used to watch for long-term sideeffects, impact on a patients lifestyleand comparative effectiveness to otherdrugs on the market.Even at this phase, which can last forseveral years, the drug can still bepulled from production.
PFIZER ENHANCING BUSINESSPERFORMANCEOnce a Pfizer developed a new product it isapproved by FDA and under the law of FDA newother company can developed that medicine till oneyear so there is a complete control on market andwhich increase their customer about that product.PFIZER developed the product Viagra to controlthe blood pressure and it was launched in marketbut after the continuous research it was foundedthat it can be use for some other diseases. With thelatest development in Viagra it increases its saleabout 40% all over the Pakistan which increase theirprofit.
The PONSTAN was launched as a painkiller many years ago. But due to thecontinuous research on it. Some newchemical compounds are added in existingcompounds and now ponstan can not onlyused as a pain killer but also cure swelling,Redness, soreness and allergy. Thisincreases it sales 100% more than in thepast and now ponstan is the major sellingproduct of PFIZER.Now only due to the research these twoproducts are the major selling products ofPfizer not only in Pakistan but all over theworld and enhance their business 20%then in the past.
CONCLUSIONFrom the report concluded that research isvery important for the development ofbusiness. Without the research no businesscan enhance their performance.Pfizer is the leading pharmacy companywho spends $7 billion per year on research.There main research products are ponstanand Viagra which enhance their business20% then in the past.Just because of the highly research theyare the leading pharmacy company of theworld.
RecommendationsThey should research more todevelop more effective medicineson cancer and TB.They should establish theirresearch plant in Pakistan.They should also researchmedicines for animals.