Business Resarch Method

Q. What is Research? Mention the various steps of research.

Research: Research is the systematic design, collection, analysis, and reporting of data and findings relevant (related) to a specific situation of a particular field of study.

Marketing Research: Marketing Research is the systematic design, collection, analysis, and reporting of data and findings related to a specific marketing situation or aspects such as product image, advertising, sales promotion, distribution after sales service consumer preferences and so on that faced by the company.

Steps of Research:

STEP 1: Define the research problem or issue and research objectives.

STEP 2: Developing the research plan.

STEP 3: Collect the information.

STEP 4: Analyze the information.

STEP 5: Represent the findings.

Q. Explain the type of Business Research or basic form of Research?

The research can be undertaken for two different purposes:

* Applied Research: The research done with the intension of applying the result of the findings to solve the specific problems currently being experienced in the organization is called applied research. The finding of such research contributes to take the corrective action for the top management to pursue smoothly their organizational mission.

* Basic or Fundamental Research: Research done mainly to enhance the understanding of certain problem that commonly occur in organization settings, and seek methods of solving them, is called basic or fundamental research or called pure research. The finding of such research contribute to the building the knowledge in various functional areas of business.

Q. What is Research Methodology? Or Report Design?

A sound planning (Sample Plan) of gathering the data related to the study or report which you already been selected for the purpose writing the report i.e. its' size, type of collecting, way of collection, time of collection, targeted unit of sample for analysis and so on

Explain the sources of Data collection method for report writing?

Primary source of Data collection: When you cannot find the information in secondary sources, you must get it firsthand. Primary research employs (use) 4 basic methods:

* Search through company records: Data that collects company's internal records such as production data, sales records, marketing information, and accounting and so on depending of the nature of study.

* Experimentation: it is a form of research in which you systematically manipulate one variable factor of a problem while holding all the others constant.

* Observation: It consists of watching the events involved in a problem and systematically recording