Benefits of research to a business

What is research?
A research need not lead to ideal solution but it may give rise to new problems which may
require further research. In other words research is not an end to a problem since every research gives
birth to a new question. It is carried on both for discovering new facts and verification of old ones.
Features of Research
 It means the discovery of new knowledge
 Is essentially an investigation
 Is related with the solution of a problem
 It is based on observation or experimental evidences.
 It demands accurate observation or experimentation.
 In research, the researchers try to find out answers for unsolved questions
 It should be carefully recorded and reported
Business Research
Business research refers to systematic collection and analysis of data with the purpose of
finding answers to problems facing management. It can be carried out with the objective to explore,
to describe or to diagnose a phenomenon. It involves establishing objectives and gathering relevant
information to obtain the answer to a business issue and it can be conducted to answer a business
related question, such as: What is the target market of my product? Business research can also be used.
Business research is very essential for the success of any business. As business men try to always make research to be updated frequently.