Research, if you ask me, is the unseen hero in
business decision making. There might be a conflict or a clash that business
management faces in this statement of mine but I stick to my point.
Here is what Research does:
Discover the management dilemma:
Here, researcher/research team, helps find out
what the problem is that the management is facing and if it is important/
necessary to be researched upon.
Convert the dilemma into the management
question:
Now, once the researcher/ research team feels
that the problem is to be researched but not sure if it requires an extensive
research, the dilemma is converted into a question where a small sampling
research is done.
Translate into the research question:
If the small sampling gives a go as in if the
research is to be conducted, the management question is converted into a
research question, as in what is to be obtained from the research.
Refine Research question:
Now, the research question is also broken into
various parts according to the need and the target of what is to be found from
the market as an answer/suggestion to the management question.
Create a proposal:
Before the research takes place, a research
proposal is made for the management for a go which includes the cost of the
research.
Define research type, purpose, time, scope and
environment:
After the acceptance of the research proposal,
the type of research, the purpose, time frame, scope and the market environment
is defined. Here, two parts of the research come to play. Data Collection
Design, which is how the data is to be collected, whether secondary or primary
or both to be used; next is the sampling design, where the samples in the
market are to be chosen be it demographic, geographical or mixed. Now the
instrument of the research is prepared, like questionnaires, observation,
covert/overt participation and so on. After the instruments are prepared, the
pilot testing on a small sample is done to see if the research strategy is
going to work. If it does not, the strategies are redefined else the research
moves on.
Collect data:
After being sure of the strategy, the
team/researcher goes to the set environment to collect data. After the
collection of data, it is prepared for analysis and interpretation.
Analyze and Interpret collected data:
Now, the viability of the research and the
outcomes are analyzed to see if the research outcomes answer the management
question. After the analysis is done with, the data is now interpreted for the
concerned management to understand and presented to.
Report the research:
After the analysis and interpretation, the
research analysis is reported to the concerned management and is seen if the
research solves the management dilemma or not and whether the management is
ready to use the suggestions or there are some limitations to the research that
questions the viability.
Research helps the business management on
various decision making processes, be it marketing strategy, product
development, packaging, new market entry, business growth, merger and
acquisition and so on.
Use of Business Research:
·
Identify and Define
Opportunities and Problems:
There could be various
opportunities in the field of business and market, but they do come along with
many problems that are to be defined, which is precisely solved by business
research after actually obtaining secondary or primary reports or the given
market at the given time frame which could be more credible and will be able to
provide an informative based competitive advantage.
·
T Define, Monitor and refine
strategies:
Not all business or marketing
strategies work or work for a long run due to the change in time which could
lead to the change in taste of customers or also lead to new competition in the
market or the old competitors changing their strategies. This needs a good and
intensive research that would give the management the answer on what is going
on in the market and what needs to be done to retain or improve market share of
the organization.
·
T Define, Monitor and refine
tactics:
The same way as the
strategies are concerned, a research also helps to define, monitor and refine
tactics of the organization. Let us talk about the marketing tactics. If the
organization is domestic and a lager MNC has stepped foot in their territory,
here, research is required to acquire knowledge on the here about of the new
entry. May be the marketing team may need to follow gorilla marketing or may
need to trigger market’s nationality based emotions. If you do not want to fail after the entry of
a large conglomerate, research is very important.
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