Business Research Methods
The Business is the any legal activity undertaken for the sake of earning profits. Starting a new business or introducing new product in business needs Feasibility study before implementing any idea.
Feasibility Study
Feasibility study is an analysis for a project that how successfully a project can be completed, with different factors affecting that project and how will it provide business a flow work to ROI (Return on Investments). Feasibility study needs information to be process. Information gathered that will provide an aid to feasibility study is a result of Business Research.
Business Research
Business research is a scientific method of collecting and finding the correct data, processing information and implementing it for business decisions. Gathering information required is for a business to do feasibility study. Feasibility study can only be done if there is Information that is gathered through Business Research Methods.
Purpose of Business Research
- Soul for a business started to gain profits and advantages over time
- Facilitate managerial decision- making process
- Problem solving technique
- Reduces the risk in incorrect decision
Role as Objective process of generating information
Objective means that information gathers by methods of business research should have some objectives, aims or projection. Objective process also indicates Neutral or do-native without any bias that only projects the correct information.
BRM Role as an objective process of generating information for any business or product. BRM provides information according to the needs of production. Results of BRM don’t indicate feelings for negative or positive bias. Business research methods provide the right information for any business having one or many objectives.
Literally, Research (re- search) search again
In today’s world most of the searches has been done by professionals in each matter. Re-search indicates that in BRM we don’t have to produce or find something from its basics as many different professionals has done it before many times, so for time and cost saving we should search and find their results. Searching on the thing which is already has been search and has results in known as RE-search. In BRM we research over a product or service to find whether it is suitable for our staring or growing business. Research on a matter provides enhanced knowledge and information and hence creates a way to Strong decision making.
Information reduces Uncertainty
Uncertainty means doubtful, Uncertainty occurs when one has to decide one from two options which one has not proper knowledge for these options. Uncertainty is defined as "the dispersion of individuals' subjective probability or belief distributions over possible states of the world.” Uncertainty is very harmful in business decisions. It increases risks, lead to wrong decisions.
In BRM information reduces uncertainty but on the other hand use of information by wrong person or by wrong medium can create uncertainty in market. For example, when information transfers between a producer and user, usually only a copy of the information is sold. The producer keeps the actual information. Likewise, the seller retains the information even once it is sold. Thus that same piece of information can be enjoyed by more than one consumer simultaneously. The buyer can also copy and distribute the information without the seller's knowledge. Thus, the seller risks loss of compensation for the information's future uses. The non-exclusive nature of information also induces a disclosure problem for people selling it, because its use by one agent may reveal the information to others.
Getting proper knowledge, data and then processing it to Information provides one the clear way to go for right decisions. Main role of BRM is to get information, when there is proper information there are less risks, and hence less Uncertainty.
"Research is to see what everybody else has seen, and to think what nobody else has thought." Albert Szent-Gyorgyi