IMPORTANCE OF RESEARCH IN BUSINESS

THE FACTORS WHICH MOTIVE TO STUDY IMPORTANCE OF RESEARCH IN BUSINESS

1. Business competitions: Customers needs, perception & future requirements Products consumer need/new product, pricing,
branding, sales promotions, promotional techniques ...

Industry competition other company products, their

market shares, factors responsible for market value, trends

2. Business environment: The factors which affect the business, but not under the control of managers.

 Economic system capitalism, share market, goodwill Non-Economic system - socialism, behaviour, services Economic anatomy manufacturing, trading,
agriculture (factors, brokers, agents)

Policies government policies &legislations, movement

of policies, velocity of policies, fiscal & monetary policies, ideology of ruling party, social ideology/values/systems/structures

Trend & factors the things responsible for changes in

business environment such as marketing strategies/adds

3. Maturing of management as a group of disciplines:

Quality of theories models to get results in human
resources, marketing, operations & tasks, finance which provide more knowledge to managers to apply facts in specific fields

4. Explosive growth and influence of the Internet:

Websites, e-commerce, social networks a sort of
information super highway.. Data -> information -> knowledge -> wisdom leads competitive advantages

5. Stakeholders demanding greater influence:

For company decision making customers, workers,
shareholders, & public

6. More global competition:

Unexpected sources domestic & global competitions
helps to seek reducing costs will attract consumers

7. More government intervention:

Various polices to protect society in all respects Keep alert- the factors are not under managers control

8. More complex decisions:

More variables create complex context/needs

9. Lower-cost data collection: Data collection networks reduced cost factor in all
levels of the business

10. Better visualization tools:

High speed internet - downloads of images allow
visualize complex concepts simulation

Better business tools new techniques to create new

images or tactics

11. Powerful computations:

Computer based computations & analysis (RDBMS) Management Information system (MIS)

12. Advanced analytical tools for enhanced insights: Statistical models (LPP) Data cloud Data mining 13. New perspectives on established research methodologies: Computer based treatments in all aspects as said
above