BUSINESS RESEARCH PROCESS & APPLICATIONS

Q1)Outline and describe the steps in the business research process. How is it used in business applications?  Answer: Business Research is a systematic and objective gathering, recording and analyzing of data about problems relating to any phenomenon affecting the business. Basic Approaches of Research Deductive Approach Theory Hypothesis Observation Confirmation   Inductive Approach Observation Pattern Hypothesis Theory Steps Involved in a research process are: Problem Formulation: This is the stage where business problem is formed. The problem is stated in two ways: Managerial Problem: The problem confronting the decision maker. It asks what the decision maker needs to do. Research …