Importance of Business Research and Research Philosophies

Business Research
Methods

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Role of value in research along with ways of conducting appropriate research....................1
Appropriate research philosophies.........................................................................................4
Data collection........................................................................................................................6
Conclusion.......................................................................................................................................7
REFERENCES..............................................................................................................................10

INTRODUCTION
Business research can be defined as a process by which researcher collects information of
each department and area of their business and make better decision on which basis (Bell,
Bryman and Harley, 2018). This present study is going to show importance of conducting
business research along with ways of conducting them in an effective manner which includes:
identification of subject, data collection, clarifying subjects and all. Business research methods
consists of several ways of collecting information about business or industry but selection of the
best way mainly depend upon the nature of the research topic and target market as well. Further,
this study will discuss different types of research philosophies which are one of the main
elements of research and allows researcher in gathering, analysing and using data in an effective
manner. Some research philosophy which this study will discuss include: axiology, epistemology
and others. It will also show reasons of using particular research philosophy and suitable data
collection method on them.
MAIN BODY
Role of value in research along with ways of conducting appropriate research
Research methodology plays an important role in conducting research successfully. It consists if
several elements which needs to be followed by researcher in a systematic manner. The very first
element of research is research type on which basis further elements depend. There are some
important elements of research such as: research philosophy, research approaches. Before
discussing more it is important to understand the meaning of business research and why it is
important (Bougie and Sekaran, 2016). So, in this context, it can be said that business research is
a procedure of getting detailed information of all areas of business in order to take better decision
and increasing sales by making use of all those information. An organization consists of several
departments like purchasing, sales, marketing which performs their individual and allocated roles
like identifying needs of customers, current market trends, current market condition, business
environmental factors, economic condition etc. All these departments are linked to each other’s
and one of the main common aims of all departments in satisfying needs of customers.
Customers’ satisfaction is the main key of the success and companies can accomplish their all
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goals. But for that company require making decision and for that they require appropriate and
detailed information of all departments of areas of business. And these information’s can be
acquired by research. So, overall it can be said that having an ability of research and collecting
data is the main function and key of the success (Hair Jr, Page and Brunsveld, 2019).
Importance of value in business research: Values also plays an important role in research as it
improves image of the company and researcher. They help businesses in creating the future that
they want to experience and operate. Business environment is a changing environment and for
making it favourable it is important for researcher to maintain value and conducting all
functions, research, and data collection in an ethical manner as it helps businesses in deciding
and identifying the difference between the right and the wrong conduct. Hence, it allows them in
preventing themselves against errors and mistakes. In addition it can also be said that value
created in research study helps researcher in communicating with customers and target market in
an effective manner. By creating value in research and interacting with customers in a better way
companies can identify opportunities and threats as well and it can help them out in using their
own strengths in taking opportunities. By doing so, they can reduce or minimize risks which may
occur in business environment and create several problems (Chicksand and Rehme, 2018). By
doing so, researcher can make customers believe that they perform all functions in an effective
and ethical manner and customers who find businesses sustainable are more likely to stay loyal
with the company for the long run. So, overall it can be said that by adding value and
maintaining value in research, companies can take several advantages and increase profit as well.
There are some steps by which companies can create value and conduct business research
in an effective manner such as:
Identification of subject: There are different topics on which researcher is being
conducted. But in the context of business research in which main focus of researchers is getting
detailed information, there is a subject of getting detailed information of all detailed and areas of
business. So, before collecting information, it is important for researcher to select and identify
the main subject of conducting research. For example, company wants to know effectiveness of
motivation or ways of motivation to employees, roles of engaged employees, ways of increasing
innovation and others.
Finding literature: For related and chosen topic researcher have some knowledge but for
making sure and taking better decision related to the topic they need to conduct literature.
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