BUS530 Assignment 1.docx - BUS530 Business technology and...

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BUS530 : Business technology and research. A SSIGNMENT 1 : T HINKING LIKE A RESEARCHER . What is business research : Business research can be defined as a practical approach in which data is gathered and filtered out to obtain information which assists a company in taking appropriate decisions so as to maximize the business performance and hence the profitability. Characteristics of good business research : 1.It should be well planned 2.Objective oriented 3.Cost effective. 4.Organized and systematic. 5.Reasonable time duration 6.Should provide quality information. 7.It should reduce the risk of marketing decision. Let’s discuss how business research helps a different people in different ways : 1.Helps in management of the company. 2.Plays a pivotal role in finding out new projects and the resources to accomplish those projects. 3.Helps in creation of strategies which in turn helps in implementing projects. 4.It also helps the top level management to chalk out business policies and implement them. 5. The production department of the company uses business research to know how much of a product to be produced.
TYPES OF BUSINESS RESEARCH Simple classification of research is Quantitative research and Qualitative research / non- quantitative. Quantitative research is variables based where as qualitative research is attributes based. Quantitative research is based on measurement / quantification of the phenomenon under study. In other words, it is data based and hence more objective and more popular. Qualitative research is based on subjective assessment of attributes, motives, opinions, desires, preferences ,behaviour etc. Research in such situation is function of researcher's insights and impressions. According to the purpose/aim/objective of the research, the research studies are known as. Descriptive Study: The major purpose of descriptive research is description of a person, situation, institution or an event as it exists. Generally fact finding studies are of this type. Exploratory Study: The information known on a particular subject matter is little. Hence, a study is conducted to know more about it so as to formulate the problem and procedures of the study. Such a study is called exploratory/ formulative study. SOURCE : - essay.php#ixzz3xpo7GpVw Research is often put into categories: Pure and applied Quantitative and qualitative. Pure and applied research Pure research (also known as “basic” or “fundamental” research) is exploratory in nature and is conducted without any practical end-use in mind. It is driven by gut instinct, interest, curiosity or intuition, and simply aims to advance knowledge and to identify/explain relationships between variables. However, as the term “fundamental” suggests, pure research may provide a foundation for further, sometimes applied research.

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