Question: What is research? Significance of the research in the business.
Answer: Research is a voyage of discovery. Anyone can define research as a scientific and systemic search for pertinent information on a specific topic. Research is a diligent and systematic inquiry or investigation into a subject in order to discover or revise facts, theories, applications etc. Research is the system of methods followed by particular discipline. Thus, research is the way how we conduct our research.
Significance of the research in the business
Research relies on the application of the scientific method, a harnessing of curiosity. This research provides scientific information and theories for the explanation of the nature and the properties of the world around us. It makes practical applications possible. Generally, research is understood to follow a certain structural process. Though step order may vary depending on the subject matter and researcher, the following steps are usually part of most formal research, both basic and applied:
Formation of the topic
Gathering of data
Analysis of data
Test, revising of hypothesis
Conclusion, iteration if necessary.
A common misunderstanding is that by this method a hypothesis can be proven or tested. Generally a hypothesis is used to make predictions that can be tested by observing the outcome of an experiment. If the outcome is inconsistent with the hypothesis, then the hypothesis is rejected. However, if the outcome is consistent with the hypothesis, the experiment is said to support the hypothesis. This careful language is used because researchers recognize that alternative hypotheses may also be consistent with the observations. In this sense, a hypothesis can never be proven, but rather only supported by surviving rounds of scientific testing and, eventually, becoming widely thought of as true (or better, predictive), but this is not the same as it having been proven. A useful hypothesis allows prediction and within the accuracy of observation of the time, the prediction will be verified. As the accuracy of observation improves with time, the hypothesis may no longer provide an accurate prediction. Market research is for discovering what people want, need, or believe. It can also involve discovering how they act. Once that research is completed, it can be used to determine how to market your product. Questionnaires and focus group discussion surveys are some of the instruments for market research. Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual (customer) and organizational objectives”. The concept of marketing as a business philosophy defines marketing as a process that is intended to find, satisfy and retain customers while business makes a profit. But central to all these definitions is the role of the customer and his relationship to the product (i.e. whether he considers the product or service to meet a need or want).
Therefore, market research is imperative for a company to know what type of products or services would be profitable to introduce in the market. Also with respect to its existing products in the market, good market research enables a company to know if it has been able to satisfy customer needs and whether any changes need to be made in the packaging, delivery or the product itself. This enables a company to formulate a viable marketing plan or measure the success of its existing plan.
Market information one can know the prices of the different commodities in the market, as well as the supply and demand situation. Information about the markets can be obtained from different sources, varieties and formats, as well as the sources and varieties that have to be obtained to make the business work.
At last, to analysis of above description we can say that without research not only in the business but also a life of a person is not carry on proper way. Besides history and economics, also perform true research, but tend to have our own structures in place for generating solid results. That also contributes to human knowledge but with different processes and systems.