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    Applications of Business Research: Preethi S. Nair

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    Daya Unnikrishnan
    Business research provides important information for making effective business decisions. It involves systematically gathering and analyzing relevant data. There are several perspectives from which business research can be conducted, including that of the service provider, administrator/manager, consumer, and professional. Business research plays a key role in important areas like marketing, production, banking, materials procurement, human resources, and government policymaking. It provides insights needed for decisions regarding demand forecasting, quality control, inventory levels, economic conditions, purchasing policies, compensation, and more. Overall, business research is critical for managers to take appropriate actions and ensure the smooth functioning of an organization.

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    Applications of Business Research: Preethi S. Nair

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    Daya Unnikrishnan
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    Business research provides important information for making effective business decisions. It involves systematically gathering and analyzing relevant data. There are several perspectives from which business research can be conducted, including that of the service provider, administrator/manager, consumer, and professional. Business research plays a key role in important areas like marketing, production, banking, materials procurement, human resources, and government policymaking. It provides insights needed for decisions regarding demand forecasting, quality control, inventory levels, economic conditions, purchasing policies, compensation, and more. Overall, business research is critical for managers to take appropriate actions and ensure the smooth functioning of an organization.

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    Business research provides important information for making effective business decisions. It involves systematically gathering and analyzing relevant data. There are several perspectives from which business research can be conducted, including that of the service provider, administrator/manager, consumer, and professional. Business research plays a key role in important areas like marketing, production, banking, materials procurement, human resources, and government policymaking. It provides insights needed for decisions regarding demand forecasting, quality control, inventory levels, economic conditions, purchasing policies, compensation, and more. Overall, business research is critical for managers to take appropriate actions and ensure the smooth functioning of an organization.

    Copyright:

    Attribution Non-Commercial (BY-NC)
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    Download as pptx, pdf, or txt
    47 views17 pages

    Applications of Business Research: Preethi S. Nair

    Uploaded by

    Daya Unnikrishnan
    Business research provides important information for making effective business decisions. It involves systematically gathering and analyzing relevant data. There are several perspectives from which business research can be conducted, including that of the service provider, administrator/manager, consumer, and professional. Business research plays a key role in important areas like marketing, production, banking, materials procurement, human resources, and government policymaking. It provides insights needed for decisions regarding demand forecasting, quality control, inventory levels, economic conditions, purchasing policies, compensation, and more. Overall, business research is critical for managers to take appropriate actions and ensure the smooth functioning of an organization.

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    of 17

    APPLICATIONS OF BUSINESS RESEARCH

    PREETHI S. NAIR

    BUSINESS RESEARCH

    Business Research is defined as the systematic and objective process of gathering, recording and analyzing data for aid in making business decisions

    IMPORTANT APPLICATIONS OF BUSINESS RESEARCH


    Through research, an executive can quickly get a synopsis of the current scenario which improves his information base for making sound decisions affecting future operations of the enterprise

    APPLICATIONS OF RESEARCH (CONTD)


    Different Perspectives:
    1. 2. 3.

    4.

    The service provider; The service administrator, manager and/or planner; The service consumer; The professional.

    1. THE SERVICE PROVIDER


    How many people are using the product or service? Why do some people use the service or product while others do not? How effective is the service or product? How can it be improved? Which type of people use or do not use the service or product? How satisfied or dissatisfied are the consumers? What are the problems of the product or service?

    2.THE ADMINISTRATOR, MANAGER OR PLANNER


    What are the needs of community? What type of products or services are needed by the community? How many service providers are needed? What are the training need of the staff? How many cases can a worker handle a day? How can the effectiveness of each worker be evaluated? How can the product or service be made popular?

    3.CONSUMER
    Am I as a consumer getting money value? How good are the service providers? What are the long term effect of the product I am using? Where is the evidence?

    4.PROFESSIONAL
    Which is the most effective solution for a particular problem? What is the relationship between 2 variables X and Y? What is the best way of measuring attitudes of people to the product or service offered?

    The following are the major areas in which research plays a key role in making effective decisions.

    MARKETING

    Very crucial in taking sound marketing decisions.

    Involves the process of: systematic collection, compilation, analysis, and interpretation of relevant data
    Studies involving: demand forecasting, consumer buying behaviour, media selection, test marketing, product positioning, and new product potential.

    PRODUCTION
    Enables an organization to decide on:

    what to produce, how much to produce, when to produce, and for whom to produce.

    Research tools are also of immense help in: quality control, and setting up optimum inventory level.
    The optimum inventory level is that level of stock which have been produced, but have not yet reached the final consumer which can be held at minimum costs.

    BANKING
    Useful to setup research departments for gathering and analyzing information; making studies on economic conditions of business.

    Reserve Bank of India has setup an excellent research department for planning and management reporting.

    MATERIALS
    Uses research to frame suitable policies regarding where to buy, how much to buy, when to buy, and at what price to buy.

    HUMAN RESOURCE DEVELOPMENT


    Uses research to study wage rates, incentive schemes, cost of living, employee turnover rates, employment trends, and performance appraisal. It also uses research effectively for its most important activity namely manpower planning.

    GOVERNMENT
    Foundation for all government policies in our economic system like economic planning optimum utilisation of resources for the development of the nation systematic collection of information on the economic and social structure of the nation.

    CONCLUSION
    Research is applicable to many disciplines related to managerial decision making. Without research tools managers cannot take appropriate and effective decisions for smooth functioning of the business. Hence, research methods and tools be wisely used.

    Thank you

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