The importance and application of research in real business environment.

1. Term Project
Application of Research in Business
Submitted To:
Course Instructor: Mr. Salman Qazi
Course Title: Methods in Business Research
Course ID: 94192
Submitted By:
Name of Student: Muhammad Asif Khan
Student ID: MB-2-05-51271
Semester: Fall 2016
Campus: PAF-Karachi Institute of
Economics & Technology
(KIET)-City Campus, College
of Management Sciences
(CoMS)
Submission Date: November 29, 2016

2. Application of Research In Business
What is Research?

3. Application of Research In Business
What is Research?
•Research is a strategy that seeks to make basic discoveries
and uncover new principles or factors so far not unknown
or unrecognized.
Or
•Research is the systematic search for new knowledge.

4. Application of Research In Business
Business Research
•A business research program is an increasingly popular
way for companies to train and educate their managers and
other employees in a vast array of different fields.
Business research can pertain to:
•Economics
•Finance
•Marketing
•Business strategy, and
•Ethics, etc.
In fact anything related to modern business trade.

5. Application of Research In Business
The importance of research in an
organization

6. Application of Research In Business
The importance of research in an organization
•It is tempting to believe that if an organization is running
smoothly with good profits and an excellent team of
professionals, it will continue to function in the same
capacity.
But sadly that is not the case.
•Constant enhancement and development of the business
and the team are essential to surpass others in the market
and have a competitive edge. This is largely possible
through research.

7. Application of Research In Business
The importance of research in an organization
•Management Decision Making
•New Product Development
•Employee Development
oProfessional Development
oPersonal Development
•Business Process Reengineering
•Business Diversification

8. Application of Research In Business
The importance of research in an organization
•Ultimately, it is research that helps a company to sustain in
long run.
•It enables the management to take effective decisions
through carefully analyzing the research output for the long
term benefit of the organizations.
•Many organizations have been unable to sustain
themselves and have fallen simply because of neglecting
research and not keeping abreast of market trends and
innovations. Research is important to survive in business.

9. Application of Research In Business
Research in Business Management
•A business research program is surely a preferred way
for businesses to train and educate their managers and
other staff members in a vast array of different fields.
•Undertaking research in business management is
important since it aids a business plan for the future, based
on what may have occurred in earlier times.
•If performed effectively it can help an organization to make
plans on how to become more viable in its field.

10. Application of Research In Business
Research in Business Management
Testing of new products:
Research can help design a new product or service, figuring
out what is needed and ensure that the development of a
product is highly targeted towards demand.
Measuring advertising effectiveness:
Companies use business research to determine the success
of their advertising.
Guaranteeing adequate distribution:
Businesses can also use research to guarantee sufficient
distribution of their products.

11. Application of Research In Business
Research in Business Management
In-house research is required for professional and self
development of the workers through training and
mentoring:
Organizational research and analysis also be needed for
assessment of:
oPerformance Management,
oProcess Reengineering,
oDepartmental Assessment and
oWell-Being of Staff Members.

12. Application of Research In Business
Research in Business Management
Studying the competition:
•Businesses frequently make use of research to study key
rivals in their markets.
•Research is important for any organization to remain
competitive in the market.
•The top function of research is to supply a business with
an outlet to correctly determine its customers.
Furthermore, these studies could also provide a business
the chance to examine its competitors in the industry and
analyze and emulate key strategies which could help in its
operations.

13. Application of Research In Business
Research in Business Management
Undertaking research can help the management to
avoid future failure:
•Carrying out research can also help a business determine
whether now is the right time to expand into another town
or whether it needs to apply for a new loan.
•It may also help the business to decide if a process should
be altered or if more needs to be done to meet the
requirements of the customer base.

14. Application of Research In Business
Research in Business Management
Undertaking research can help the management to
avoid future failure:
•Carrying out research can also help a business determine
whether now is the right time to expand into another town
or whether it needs to apply for a new loan.
•It may also help the business to decide if a process should
be altered or if more needs to be done to meet the
requirements of the customer base.

15. Application of Research In Business
Research in Business Management
It can also help in the recruitment of employees:
•It’s through proper research that human resource
managers are able to determine and recruit qualified
manpower.
•Recruitment of workers with the right skills and attitudes
aids the company to improve its productivity levels.
•Research for the right staff members can be done via the
internet, consultancy firms and institutions of higher
learning.
Research creates benchmarks:
•It helps you measure your progress – Unless you measure you
may not be able gauge how well your business is performing.

16. Application of Research In Business
Research in Business Management
Research will help you better communicate:
•Your current stake holder’s experiences are valuable
information source, not only will they allow you to gauge
how well you currently meet their expectations they can
also tell where you are getting things and more importantly
where you are getting things wrong.

17. Application of Research In Business
Research and Business Decision Making
•Businesses conduct research for many reasons, such as
gathering crucial information about consumers and
business customers.
•The key function of management is to take decisions
and without help of the research and analysis of present
situation and future forecasting, decisions may not be
effective.
•So research helps to take right decisions. Based on
research, management can make intelligent and well
informed decisions.

18. Application of Research In Business
Research and Business Decision Making
•A business can make well-informed decisions due to
research.
oReports, presented to the top management, often contain
details on consumer and employee preferences and all the
available channels for sales, marketing, finance and
production.
oManagement makes their decisions and use these details
to determine the best strategy.
oResearch is a necessity at all stages and phases of
business operations.

19. Application of Research In Business
Research and Business Decision Making
Research is important for managerial decision making.
•All strategic business areas are analyzed and evaluated;
then techniques for more efficient procedures are created.
•All businesses usually have many ways of doing an activity.
Through proper research, the organization will be able to
pick the most effective, productive and profitable one.
•Research could possibly be applied to develop strategies
for marketing, production, finance, IT and Human
resources.

20. Application of Research In Business
Research and Business Decision Making
Relationship between Research and Business Decisions
•Businesses of all sizes engage in extensive research to help
improve and expand themselves.
•For small businesses and start-ups, effective, cost-efficient
research can be an important step toward long-term
success.
•Developing an understanding of the relationship between
research and business decisions helps ensure your business
is getting the most out of its research efforts.

21. Application of Research In Business
How Business Research Helps Businesses
in Decision Making
Based on the information obtained through the different
business research methods, companies whether new or
established can undertake some essential business
decisions such as:
•The following-Possibility of the business to
survive and succeed in a new geographical
region.
•Assessment about competitors.
•Adopting a suitable market approach for a
product

22. Application of Research In Business
Businesses may choose to adopt either one or all
of the below discussed research methods to
achieve their business goals:
1. Case Studies
•The business research method of case study is generally
undertaken by those business houses who want a detailed
and comprehensive understanding of the consumer
response about a particular product or service.
•Case studies primarily help a business in the following
ways:
•Thorough assessment of consumer satisfaction.
•Consumer attitudes and opinion about a
product.

23. Application of Research In Business
2. Conducting Surveys
•Conducting surveys is a very common method
adopted by businesses to gather larger amount of
information or data immediately at a very low cost.
3. Interviews
•Companies rely on this method of business research
to track actual consumer experiences with respect to a
particular product or service.
•Consumers are asked specific questions which they have to
answer at length based on which companies get a clear
picture about the level of consumer satisfaction, experience
of the consumer in lieu to a product or service.

24. Application of Research In Business
4. Focus Groups
•The idea behind undertaking this method of business
research is to obtain an honest suggestion and feedback
from the consumers about a specific product or service.
•The focus groups aim to provide a larger sample as
compared to interviews and case studies.

25. Questions
&
Answers