August 21, 2019

Difference between Research and Business Research

Research

  • Systematic, rigorous investigation of a situation or problem in order to generate new knowledge or validate existing knowledge.
  • It is organised, systematic data based scientific inquiry, or investigation into a specific problem undertaken with the purpose of finding answers or solutions to it.

Business Research

  • Systematic, objective planning, collection and analysis of data relevant to business decision making and the communication of the results of this analysis to the management.
  • The application of the scientific method in searching for the truth about business phenomena.
  • Provides the needed information that guides managers to make informed decisions to successfully deal with the problems.
  • Example: Best strategy to promote a particular product, main reasons for employee turnover etc.

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