Knowledge is power. A research in business and management focuses on problem-solving for in a business. The research must contribute to the knowledge of management. The applied research is an inquiry mode for problem-solving in a systematic way (Cooper, Schindler, & Sun, 2006). The success of a business relies on the goals and strategies towards goal achievement. Objectives and goals are achieved when there is proper implementation of the strategies. The research in business management contributes to the strategies, future trends prediction, problem-solving approach, and current processes and procedures evaluation and reevaluation thus vital for business success. Decision making in businesses determines business success. Research aid in making of such decisions.
Paradigms are systems of belief that guide on how to act and do things (Ponterotto, 2005). In research, the paradigms include research philosophies and methods. Research paradigms are critical theory, positivism, constructivism, and post-positivism. Positivism deals with facts; that is the reality of a thought or idea of a person whose concept can be scientifically verified. The suggestion of positivism is disapproved by post-positivism in which it suggests that not everything that can be scientifically explained. Due to the infinite complexity of the world, it is not possible to verify all the concepts scientifically. The knowledge is also a subject to questionability. The critical theory suggests that knowledge is biased and historical (Horkheimer, 1982). It tries to find the norms in the society that approaches the challenge. Interpretivism or the constructivism has a base of the idea that knowledge and understanding are constructed by people through their experiences in life, therefore, every person has their own idea and a different interpretation from the other individuals. The other paradigms include methodology, ontology, and epistemology. Epistemology is concerned with the method of finding the truth while ontology is concerned with that which is true.
Approaches to Business and Management Research
Quantitative research. Involves collection and analysis of statistical data. The conclusions are drawn from calculations arising from the collected data. During the research, the investigators employ materials such as questionnaire to collect information. The collected data is analyzed. The analysis is nowadays done by sophisticated computer software. The analysis determines the relationships between several quantities. Quantitative research does not include his/her opinion in the result. There is also a critical examination in conclusion to avoid biasedness.
Qualitative research. The approach tends to seek an uncovering of significance and meaning of human behaviour (Carson, 1990). It is greatly associated with socially constructed paradigms. The social constructivist paradigms include beliefs, human experience, and behaviour, emotions, and behaviours. The approach focuses on a part of a population (sample) which is used to draw a conclusion for the entire population. The approach is sometimes referred to as bottom-up approach as it moves from specific to general. For instance, 20 youths can be selected to rate the benefits of a product. The result obtained is assumed to be for the whole population of the youths represented.
Pragmatic approach. The approach uses the most favourable method in the solution of the research problem (Van Eemeren, et al., 2014). There are different techniques not necessarily the qualitative and quantitative approaches. For instance, the investigators might interview a population sample then later provide a questionnaire for the entire population.
Participatory approach (emancipatory). The approach focuses on presenting a solution to the needs of the vulnerable and marginalized groups. The result is a positive chance impacted on the life of the subject. The approach has a weakness of failure to uncover or understand the subject response. It may also be difficult to access the feeling, thoughts and behaviour of individuals.to avoid further marginalization of the research group the researchers are forced to involve the research subject.
Factors Leading to Business and Management Research
Business expansion. In cases where the business aims for expansion, a research may be significant. The research can focus on the areas of expansion. The market is analyzed to assess the suitable business location for the new stores, determine whether a new product in the market is worth considering. The management may wish to post a research in order to solve the challenges within the business. In cases where the business is faced by a new challenge, a research may be conducted to evaluate the source, extent, and solution of the challenge. For instance, if the business experiences reduced income then a business and management research may serve as an answer for the occurrence. If the business has a new competitor in the market a market research project would yield the reasons and suggest methodologies of overcoming the challenge.
Aims of Business and Management Research
Exposing business gaps. A research can aid in exposing the market gaps that are not addressed by the business. For markets success, the business products and service es must meet the customer needs fully. The profound research aims at exposing the existing points of business success which are untouched of underutilized. With modern business architecture, frequent research is crucial for organizations to maintain their significant profitability in the competitive market.
Improvement of production methods. Researches aiming at maximization of profit while minimizing the production cost are conducted to aid in decision making on the production method efficiency. Currently, organizations researching on computer-aided production for efficiency at a lower cost. In Japan and China industries such as motor vehicle industries are using robots in the vehicle assembly. Such sophisticated production methods are as a result of intensive research and innovation.
Performance Gaps. Business and management researches are conducted aiming at addressing the performance of the organization management and the employees. the researches check whether the workforce performance is in accordance with the performance contract and the rules and regulation of the company and the government policies. The research assesses the business position and the steps towards achieving the goals of the business.
The competitive research. The aim of the competitive research is gaining the market advantage over the existing competitors in the market. The researcher collects and analyses what the competitors are doing and the financial threats they post in the market (Bell, Bryman, & Harley, 2018). The research is legal and the information collected is obtained from the public domain. After obtaining the information, investigators analyze the points at which the rival takes down the business. The competition intelligence recognizes that to beat the competitor it is necessary to know their operation methods and have a clear information about them.
Market knowledge. Investigator performs research aiming at acquiring the knowledge of the market. The market research gathers the knowledge about what the customers require (Goulding, 2005). The opinions of the consumers determine the modifications in products and services as the result of the research is the strategic product for the maximum consumer satisfaction. Market research assists business to maintain its competitiveness in the market.
Opportunities identification. Through a research, the business can be able to identify opportunities for the market of the produced goods and services. The change in the market can also be evidenced by a research. For instance, if there is a trend in goods consumption due to political forces, an investigation can measure the extent of the political effect and suggest possible solutions. The business opportunity may be identified during customer response and feedback. Analysis of the business by-products could also serve as a source of new opportunity in the market.
Importance of Business and Management Research
The strategies a business employs in production, product promotion and in customer needs the solution to determine its success. The research in business and management assistance in the process of decision making within the business. The decisions are important factors within the business as they dictate the direction of the business hence add value to the business growth agenda. An exploratory business research seeks for new business opportunities. It may result in the new product. Descriptive research gets the answers for where, when, how, what and who questions. A casual research identifies the changes and their effects on the business.
Entrepreneurs use researches to evaluate and base the business idea viability. There is a tendency of excitement as people begin new businesses. The research assistant in the evaluation of the ideas to determine whether the ideas are worth investment. The potential market force is evaluated to determine the profitability levels of the business. The entrepreneurs are able to know the trends in the market while determining the buyers of the services and products.
A research can serve the purpose of cost estimation. New business ventures often demand more above the expectations of the investors. A research can be used to estimate the business worth in terms of expenses and assist in budgeting (Niazi, Dai, Balabani, & Seneviratne, 2006). Estimating the cost assist in the setting of the product and services prices thus can also assist in measuring of possible profit. In cost estimation research the possible expenditures are analyzed including the cost of packaging, insurance, power, machinery maintenance rent, transport and warehousing expenses.
A research can be used to size down the competitor's power. Examining the competitor's information from the social media, website, and blogs can assist the business to gain the advantage in the market. The business management should pay a close attention at the satisfactory and dissatisfactory customer responses about the products and services. It is after the business considers the methods to use with an aim of outshining the competitors. The responses from the customers should serve as the basis on the issues to implement ton gain an advantage in the market.
Researches can help the business in a setting of prices. The business management should ensure that the prices are not too high. Price setting might include the analysis of the competitor prices and feedback from the customers. There should also be consideration of the features of the product compared to the market products from the competitors. the set prices should match the product description. Thus, the business does not need to set the price lower if the customers can do more with the product than with the other market products.
Limitations of Business and Management Research
Cost. Business and management researches require the business to hire research personnel. The cost depends on the method of conducting the research (Eriksson & Kovalainen, 2015). Whether the business decides to partially utilize the available labour for research the process requires resources. The resources are in the form of time, cost of hiring research personnel, transport cost during market analysis, and the employees time especially when the research is conducted after work or during the breaks and holidays. P...
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