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- 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.
- 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.