DEFINITION AND APPLICATIONS OF

BUSINESS RESEARCH (1.2)

PREPARED BY DR. POONAM KHURANA

Defining Business Research

Business research is a systematic inquiry that provides information to guide decisions. More specifically, it is a process of determining, acquiring, analyzing and synthesizing and disseminating relevant data, information and insights to decision makers in ways that mobilize the organization to take appropriate actions that, in turn, maximize business performance.

Management research is an unbiased, structured, and sequential method of enquiry, directed towards a clear implicit or explicit business objective. This enquiry might lead to validating existing postulates or arriving at new theories and models.

APPLICATIONS OF BUSINESS

RESEARCH

RESEARCH APPLICATIONS IN MARKETING:

Market & consumer analysis

Product research

Pricing research

Promotional research

Place research

APPLICATIONS OF BUSINESS

RESEARCH CONTD… IN FINANCE:

Asset pricing, capital markets and corporate finance

Financial derivatives and credit risk modeling research

Market-based accounting research

Auditing and accountability

Other areas: financial forecasting, behavioural finance, volatility analysis

APPLICATIONS OF BUSINESS

RESEARCH CONTD… IN HUMAN RESOURCES:

Training & development studies

Selection and staffing studies

Performance appraisal–design and evaluation

Organization planning and development

Incentive and benefits studies

Emerging areas–critical factor analysis, employer branding studies

APPLICATIONS OF BUSINESS

RESEARCH CONTD…

IN PRODUCTION AND OPERATION MANAGEMENT:

Operation planning and design

Demand forecasting and demand estimation

Process planning

Project management and maintenance effectiveness studies

Logistics and supply chain-design and evaluation

Quality estimations and assurance studies