Scope of Business Research
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The document outlines the scope of business research methodologies, which encompass various methods for gathering information relevant to business activities, such as surveys and interviews. It identifies key areas of focus including production, personnel, marketing, financial, materials, general, and banking management. The conclusion emphasizes the importance of business research in guiding companies to make informed decisions regarding product profitability.
Scope of Business Research
- 2. Subject : Business research methodology Topic : scope of business research
- 3. Introduction Business research methods include many ways of gathering information about an industry. Its competition or the opportunities available that are relevant to conducting research. Some methods include scoring the internet, collecting data at the library, interviewing customers, running surveys and focus group.
- 4. Meaning of business research The application of the scientific method in searching for the truth about business phenomena. These activities include defining business opportunities and problems, generating and evaluating ideas, monitoring performance, and understanding the business process.
- 5. Scope of business research 1. Production management 2. Personnel management 3. Marketing management 4. Financial management 5. materials management 6. General management 7. Banking management
- 6. 1. Production management What to produce, how much to produce, when to produce, whom to produce, quality control and setting up optimum inventory level.
- 7. 2. Personnel management Research works well for job redesign organization restructuring , development of motivational strategies and organisational development
- 8. 3. Marketing management Studies involving demand forecasting, consumer buying behaviour, measuring, advertising, Effectiveness , media selection, test marketing, product positioning new development.
- 9. 4. Financial management Research can be useful for portfolio management, distribution of dividend, capital raising, hedging and looking after fluctuations in foreign currency and product
- 10. It is utilized in choosing the supplier, making the decisions relevant to make or buy as well as in selecting negotiation strategies. 5. Materials management
- 11. 6. General management It contributes greatly in development the standards, objectives, long-term goals, and growth strategies.
- 12. 7. Banking management Gathering and analysing information for their internal operation and for making in depth studies on economic conditions of business.
- 14. Conclusion Business research is an important management activity that helps companies determine which products will be most profitable for companies to produce. Several steps are necessary when conducting business research; each step must be thoroughly reviewed to ensure that the best decision is made for the company.