Week one the objectives were to understand what the essential tenets of the scientific method, and why the scientific method is important to business research. Also we discussed why a business manager should understand the importance of business research and how they can use it in there business.
The class learned about research ethics, the different ethical dilemmas and responsibilities of researchers. The purposes of business research; identifying the problems, defining, monitoring and ...view middle of the document...
Doing research in business management is vital as it helps a business plan for the future. It is based on what happened in the past. If the research is carried out properly it can help a company make an informed plan on how to become practicable in its area. If something has been unsuccessful, for instance, having carried out effective research may help to avoid future failures. Research may also help a business choose whether or not the time is right to expand or not.
Business research is important to managers because it can give them information on decisions or problems that they need answers to, like adding an additional location for a store or how to improve employee/customer satisfaction. Business Research helps the managers to understand that by collecting data the business can come up with better products, find out new trends and the strengths and weaknesses of other competitors. “Business research is a process of planning, acquiring, analyzing, and disseminating relevant data, information, and insights to decision makers in ways that mobilize the organization to take appropriate actions that, in turn, maximize performance.” (Cooper, D.R. & Schindler, P.S., 2011 pg. 4) A simple definition would be to collect unbiased facts to add to what is already known in order to make a better, more informed decision.