What Are The Importance Of Research In Business Management?

Doing research in business management is vital as it helps a business plan for the future, based on what may have happened in the past. If carried out successfully it can help a company make informed plans on how to become more viable in its sector.
If something has been unsuccessful, for instance, having carried out effective research may help a business avoid future failure. Carrying out research may also help a company decide whether now is the right time to expand into another city or whether it should apply for a new loan. It also helps a business determine whether a procedure should be changed or if more needs to be done to meet the needs of the customer base.
Research in business management may come in different forms, depending on what a company is hoping to achieve. For example, if you are hoping to launch a new product on the market, do some market research to see if it would be a good idea. Certainly, seeing what works and what doesn’t will help a business owner have the knowledge to make informed decisions in specific areas of business.
Some business experts agree that looking to the future of business is very much about looking at the past. The two are interlinked and by carrying out research you are more likely to see a positive outcome in your chosen objective. In business, making ill informed decisions may be very precarious as there may be too much money at risk or a company’s reputation may be put at stake.
Research into business management can either be carried out by an individual by looking at historical research reports or it could even be outsourced. Regardless of how it is carried out, the benefits for the future of your business will be very clear to see.

The importance of research in management is for decision making . The major function of management is take decision and with out help of the reserach and analysis of current situation and future forcasting , decision might not effective. So research helps to take right decision. Hence, research helps to managers by following :
Analysis, Planning , Execution and Control.

Importance of research in businesses.

Discuss the importance of research in business and management

The business world is becoming increasingly competitive due to rapid advancement of Internet technologies whereby many business organizations have incorporated the web as the new marketing channel to reach out for their stake holders in the global market, particularly the suppliers and the customers. Many companies are finding it difficult to sustain competitive advantage in today's markets as more and more new entries are competing in the same market segment, also known as the red ocean market which has become overcrowded and profits are thinning. With the looming of the possible recession facing the largest economy in the world and possibly the whole world, the future of business organizations look groom and many of them will finally collapse if nothing is done about it. So the big question how do the business organizations survive in such troubling time?
I think the best strategy is to venture into something totally new, a market that nobody or very few competitors exist, a strategy which is now popularly known as the blue ocean strategy as advocate by W.Chan Kim and Renee Mauborgne. However, it might not be so easy to put the blue ocean strategy into practice, so the next best thing to do could be to think of new strategies which could give the particular business organization competitive advantage over the competitors, even in the traditional red ocean market. Irrespective of which two strategies above to be adopted by a business organization, a new strategic planning is the key for survival and success. Human capital is becoming very important now as the world economy is transforming into knowledge economy, where human intelligence can be used to generate useful knowledge which can tapped to bring profits to the business organization. For R&D facilities, one of the most important components is the Management Information system (MIS) which researchers can use some of the automation tools to conduct research. These automation tools are software that was cleverly designed to do data mining and to generate information and knowledge as well as to help the managers make decisions. Some of these tools are the Decision Support System (DSS) and Executive Information System (EIS). Combining human intelligence and ICT automation tools, the business organization will be able to carry out effective research and would be able to produce innovative and creative ideas that will certainly help the organization to implement new strategies that will enable it to ride on the wave of change and push it to a greater height.
FOR MORE  DETAIL CLICK THE LINK :
www.NOTES123.COM

Research is an important point in any busineses management, it will help for future plan of your business to know market strategies and popularity or so on.

Bussiness Research is a systematic method of discovering new facts and verifying old ones with their sequence interrelationship and caused explanation.

Types of Business Research

There are two types of business research

1. Applied Business Research:

Applied business research comes out from work related problems that need timely solutions. For example a product may not be selling well and the manager might want to find the reasons for this in order to take action or Business is facing problems in retaining employees, or there is higher degree of absenteeism in the business. All these are problems that require the business to find immediate solutions; otherwise the business would fail to run smoothly. Thus research carried out with the intention of applying the results of the findings to solve specific problems is applied business research.

Basic business research is where the motive is to generate a body of knowledge by developing an understanding on how certain problems that occur in the organizations could be solved. There is a definite possibility that organizations might transfer the learning from the research to the workplace for problem solving. For instance a research carried out at a university facility on “Motivating Employees in times Recession with Low Pay” could be a useful piece of work, and could be applied to practical settings when businesses are facing downturn. Thus research done primarily to enhance understanding on certain problems that commonly occur in organizations is called Basic, fundamental or pure research.