Research methodology for business mcom sem 2 questions bank

IDOL Mumbai University important questions bank  

M.com Part 1 (sem. 2)

RESEARCH METHODOLOGY FOR BUSINESS

Q.2. “Research is important in Business.” Explain.

ANS:

1) Helps to predict changes in business environment:

The business management is witnessing constant changes due to changes in external business environment such as:

·        Consumer preferences,

·        Competitor’s strategy,

·        Society expectations

·        Economic environment,

·        Technological environment,

·        Legal environment (macro factors) and so on.

This change in business environment can adversely affect a business organization. So the manager can timey predict such changes and save business from heavy losses.

2) Launching new product:

Business research helps in successful launching of a new product in the market. This is because, a research enables to know the likes, dislikes, preferences and choices of their consumers related to product. Accordingly a business firm can design and launch new product. Such product has lower rejection rate and higher acceptance from consumers. When customers are offered product as per their preferences, it results into customer satisfaction.

3) Helps to design effective marketing strategy: Business research helps to design effective marketing strategy. Research enables to a business organization to:

·        Design quality product

·        Decide right price

·        Effective promotion

·        Proper distribution

4) Achieve organizational goals:

Systematic business research helps to achieve organization goals such as:

·        Customer Satisfaction

·        Increase in sales and profits

·        Expansion of Business

·        Enhance Corporate image

·        Face competition and so on.

5) Studying the competition:

Companies often use business research to study key competitors in their markets. The company may want to know the percentage of customers in the market who purchase its products versus competitor’s products. Also it enables to know the marketing strategy of competitors. Accordingly a business firm can design its own marketing strategy to survive and growth in the highly competitive market.

6) Facilitates decision making:

With the help of research data available, businessman can take right decision at right time. Research provides a business with a chance to update itself the latest market trends. Such knowledge will prove helpful in the formulating of useful tactics for success in the market. It is through research that a business is able to make educated and informed decisions.

7) Helps to measure business progress:

Business research enables to gauge (measure) how well business is performing. Early research may highlight problems in services and short falls in the products. Regular market research will show if improvements are being made and if positive, will help to motivate a team.

8) Availability of competent manpower:

Research also helps in the recruitment and selection of competent manpower. Proper recruitment and selection of employees with the right skills and attitudes help the firm to increase its productivity levels. Further effective training and compensation package can improve morale of employees and motivate them to work with dedication and commitment.

9) Helps to get right suppliers:

Research helps the firm to get a right supplier who offers raw material at right price and 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 end users.

10) Improves productivity:

Productivity refers to the ratio of output to the input i.e. with one unit of input, how much output is produced. Productivity can be increased with the help of:

·        Training to employees

·        Research and Development

·        Use of Modern Technology

Business research make realize to the business firm to undertake these activities which result into improvement in productivity of the business.

 

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