Market/Business Research

Types or Classification of research  1.1 Pure basic fundamental research pure research is also known as basic research or fundamental research. The objectives of this research is  I. To provide models and theories regarding some phenomenon. II. To obtain knowledge about a particular subject rather than its practical usage testing of hypothesis and theories. III. To discover and gain better insight about a specific phenomenon without considering the problem and its direct practical application. For example: designing a research model for reading behavior among teenagers has no practical application but simply contributes to the area of knowledge. Basic research can take one of the following forms • Discovery :it tries to discover or find new explanations or ideas about a particular issue based on empirical evidences. For example: the theory given by Charles Darwin on the survival of the fittest. • Invention: Designing new methods and techniques can be the prime purp...

Functions of Business or Market Research Businessman Research performs the following functions 1.Decision-making : Business Research facilitates decision making in the organization by providing analysed and processed information about the market consumer or the business environment. Managers use Business Research as a supportive tool in decision making while taking crucial marketing decisions . 2.management planning Business Research helps organizations in management planning by exploring different opportunities available in the market  and by selecting the promising ones based on organizational objectives and available resources for its planning. 3.Problem -solving Businesses research also assist managers in solving different management problems. Decision related problems with respect to the marketing mix elements of the organization, different short term and long term decisions as to the competition and effective management of the organization are evaluated and differ...

Introduction   Research is undertaken in almost all fields of activities take for example in agriculture, Trade and Commerce, Banking institutions. Educational institutions. Health industries. Etcetera. Why research is conducted? Research is conducted. Either to improve the existing body of knowledge or process, or to find a solution to a problem. The advancement of Technology in every field of study is the product of research through Different ways of thinking and critical examination. As a result, Researchers are developing and testing new theories based on existing Knowledge and contributing to the advancement of existing practice and profession.  For example. Type writers are replaced by Computers, computers are replaced by laptops mobiles. Trading and business activities are turning to ecommerce , e-shopping. Economies are turning to cashless economy. All these improvements in economic activities are due to extensive research in these fields.  Hence , understanding r...

  Market Research Theoretical models  Model is defined as representation of a system that is constructed to study some aspect of that system or the system as a whole. For example: Early model-mainframe computers were expensive and incomprehensible compared to the existing modelling software -Excel which is  inexpensive and accessible. Models allow researchers and managers to characterize present or future conditions. The purpose of each model is to increase understanding, prediction, and control of the complexities of the environment. Types of models There are 2 types of models used in research and classified as; 1. physical models 2.symbolic models 1.Physical models  : Physical models give the appearance of real system,as such, these include toys and photographs.Physical models depict the system and also not easily manipulated. This makes them of little value for purpose of analysis and prediction ,and these are the least abstract of all models.  Subtypes of ph...