Significance of the research in the Business

Significance of the research in the Business


Research is the systematic process of collecting and analyzing information to increase our understanding of the phenomenon under study. It is the function of the researcher to contribute to the understanding of the phenomenon and to communicate that understanding to others. Eight characteristics of research are presented.

 Research can be defined as the search for knowledge or any systematic investigation to establish facts. The primary purpose for applied research (as opposed to basic research) is discovering, interpreting, and the development of methods and systems for the advancement of human knowledge on a wide variety of scientific matters of our world and the universe. Research can use the scientific method, but need not do so.

Scientific 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. Scientific research is funded by public authorities, by charitable organizations and by private groups, including many companies. Scientific research can be subdivided into different classifications according to their academic and application disciplines.

Significance of the research

Research has its special significance in solving various operational and planning problems in the business. The Industrial Network Theory aims to describe and explain the business relationships and networks in which the focal firm is deeply embedded. One of its major propositions is that business relationships somehow influence, to different extents and over time, the focal firm’s survival. This pertains to the diverse and time-varying significance of business relationships for the focal firm. It has often been implicitly sustained that such significance is strongly related to the role played by business relationships and consequently the relationship outcomes accruing to the focal firm. The logic underlying the relationship significance proposition is outwardly oriented, somewhat overlooking the focal firm’s inside and in particular the conspicuous influence of business relationships on what the focal firm does competently both within and across its vertical boundaries.

Research is very important in the marketing. In marketing the companies use to market their products in order to sell them and to make familiar with the consumers with the

products. However there is strong need for research in the marketing. Many companies use the research in marketing to discover the changing trends in the market, to measure the changing consumer behavior of the specific location. So research has become the need for the business due to the tough competition in the market. So many companies are doing different research for their product development, for increasing their sales volume.

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 our product.

So there are different types of research which is carried by the marketing companies. The most common example is that the companies are doing research for finding out that how many visitors pay attention to the bill boards during the travel. So in this way the companies measure the number of the times the visitor pay attention during the traveling and how they get influence from that advertisement on the bill boards. Similarly many companies are doing their research on the consumer eating habits to check that how the consumer likes to eat in a specific environment. So the research is very important in the marketing.

That means it is understand, research is significant in any business to aid decision making. Before anything happens, the marketer needs to do environmental scanning. To do that, research is conducted. Then the marketer needs to do market segmentation, again research is required. Selecting the target market is a decision that is made based on the results of the research. The product is here, the marketer needs to know if the target market likes it or not= research, deciding on whether to cease production of that product or not= results of the research… a marketer thinks, he\she has made his\her point already completed.


Above explanation we can say that, the term of research is much stricter in science than in everyday life. It revolves around using the scientific method to generate hypotheses and provide analyzable results. All scientific research has a goal and ultimate aim, repeated and refined experimentation gradually reaching an answer.

These results are a way of gradually uncovering truths and finding out about the processes that drive the universe around us. Only by having a rigid structure to experimentation, can results be verified as acceptable contributions to science.

Some other areas, such as history and economics, also perform true research, but tend to have their own structures in place for generating solid results. They also contribute to human knowledge but with different processes and systems.

Significance of the research in the Business