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.

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, business strategy and ethics, in fact,

anything related to modern business and trade.

Research is an important element in business administration in many different

ways as follows;

Testing of new products. Business research tests the potential success of new

products. Companies must know what types of products and services customers

want before they market them. Market research will minimize risk - Market

research can help shape a new product or service, identifying what is needed and

ensure that the development of a product is highly focused towards demand.

Ensuring adequate distribution. Companies may also use business research to

ensure the adequate distribution of their products. For example, a consumer

products’ company may want to talk to retailers about all the different brands they

sell. The results of the business research will help marketing managers determine

where they need to increase their product distribution.

Measuring advertising effectiveness. Companies use business research to

determine the success of their advertising. For example, a milk manufacturer may

want to know what percentage of the population saw its most recent television

commercial. The milk company may find that more people become aware of its

advertising the longer the television ad runs. The milk company may need to run

its television advertisements at different times if few people have seen the

commercials.

Studying the competition. Companies often use business research to study key

competitors in their markets. Companies will often start with secondary research

information or information that is already available. For example, a software

company may want to know the percentage of customers in the market who

purchase its products versus competitors' products. The researchers can then study

the purchasing trends in the industry, striving to increase their company's share of

the market. Companies will often need to increase their market share in an industry

to increase sales and profits.

Research is an essential part of any business that wants to offer products or

services that are focused and well targeted. Business decisions that are based on

good intelligence and good market research can minimize risk and pay dividends

and by making market research part and parcel of the business process.

Research creates benchmarks and helps you measure your progress - Unless you

measure you may not be able to gauge how well your business is performing. Early

research may highlight glaring holes in your service or short falls in your product,

regular market research will show if improvements are being made and, if positive,

will help motivate a team.

Research will help you better communicate - Your current customers experiences

are a valuable information source, not only will they allow you to gauge how well

you currently meet their expectations they can also tell you where you are getting

things right and more importantly where you are getting things wrong.

Doing research in business management is vital as it helps a business plan for the

future, based on what may have happened in the past. If carried out successfully it

can help a company make informed plans on how to become more viable in its

sector. Some business experts agree that looking to the future of business is very

much about looking at the past. The two are interlinked and by carrying out

research you are more likely to see a positive outcome in your chosen objective. In

business, making ill informed decisions may be very precarious as there may be

too much money at risk or a company’s reputation may be put at stake.

Research is important in any business for it to stay competitive in the market. The

foremost function of research is to provide a business with an outlet to accurately

identify its customers. Through the surveys, a company can analyze the likes and

dislikes of its target consumers. In addition to this, these studies can also give a

business the opportunity to scrutinize its rivals in the industry and analyze and

emulate key strategies that might likewise help in its operations.

Research provides a business with a chance to update itself on the latest market

trends; such knowledge will prove helpful in the formulating of useful concepts

and tactics for success in the market. All things considered, it is through research

that a business is able to make educated and informed decisions.

Research helps the business to improve the productivity, lower the cost and save

time and retain expertise of their core competencies and this through research

discovery of new technology and development which leads to development of

innovation management system for future growth

Research helps to the business to continually revise their design and range the

product due to continuous technological changes and changing preference of

customers.

It also helps in the recruitment of employees. It’s through research that human

resource managers are able to identify and recruit skilled manpower. Proper

recruitment of employees with the right skills and attitudes helps the firm to

increase its productivity levels. Research for the right employees can be got via the

internet, consultancy firms and institutions of higher learning.

Research helps the firm to get the right supplier at the right price and at the right

time. A proper supplier selection enables the firm to get or acquire high quality raw

materials which result into production of high quality products that are consumed

by the end user. Also reliable and efficient suppliers help a firm to perform

effectively as supplies will be got in time. For example a diary industry such as

GBK dairy products company.

In conclusion, every organization needs to conduct research, and small budgets are

no excuse for lack of a research plan. By starting out with some easily accessible

resources, you can begin to develop better marketing strategies that can position

you for market growth

References

1. C.R KATHARI ‘Research methodology methods and techniques’, New age

international (p) limited publishers, 2nd edition.

2. Cohen, Wesley M. & Levin, Richard C., 1989 Handbook of Industrial

Organization, 1st edition.

3. PAUL HAGUE PETER JACKSON, (1999) Market research, British library

4. Internet.