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How would you define research? What is the purpose of business research? How has the Internet changed the quality and quantity of research?

Kapil C. Mathur, MBA

Research can be defined as the search for knowledge, or as any systematic investigation, with an open mind, to establish novel facts, solve new or existing problems, prove new ideas, or develop new theories. Research can be divided into different steps in order to understand the whole process more in depth. The first step towards conducting research is to observe. Consistst of the subject area of ones interest and following that subject area to conduct subject related research. The subject area should not be randomly chosen since it requires reading a vast amount of literature on the topic to determine the gap in the literature the researcher intends to narrow. A keen interest in the chosen subject area is advisable. The research will have to be justified by linking its importance to already existing knowledge about the topic. The next step is to create a hypothesis. This is where you create a testable prediction of outcome between 2 or more variables. The third step is to gather data which supports yor hypothesis. The fourth step is to analyze the data you have gathered. This involves breaking down the individual pieces of data in order to draw conclusions about it. the last two steps go somewhat hand-in-hand. These two steps are testing your hypothesis and drawing a conclusion from your findings.

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. These steps include: Product analysis, Market analysis, financial analysis, competitor…...

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