ROLE OF RESEARCH IN DECISION MAKING RESEARCH METHODOLOGY

• ROLE OF RESEARCH IN DECISION MAKING
  RESEARCH METHODOLOGY
  BUSINESS RESEARCH

1. BUSINESS RESEARCH IS DEFINED AS THE SYSTEMATIC AND OBJECTIVE PROCESS OF GENERATING INFORMATION FOR THE AID IN MAKING BUSINESS DECISIONS.
2. RESEARCH IS NEITHER INTUITIVE NOR HAPHAZARDLY GATHERED AND BY RESEARCH THE INFORMATION IS GATHERED AND IT REDUCES THE UNCERTAINTY AND IT FACILITATES THE MANAGERIAL DECISION PROCESS IN ALL ASPECTS OF BUSINESS

• TYPES OF RESEARCH

1. BASIC RESEARCH: THAT IS CONCERNED WITH ATTEMPTS OT EXPAND THE LIMITS OF KNOWLEDGE AND NOT DIRECTLY INVOLVED IN THE SOLUTION TO A PRAGMATIC PROBLEM FOR EXAMPLE:-IS EXECUTIVE SUCCESS RELATED WITH HIGH NEED FOR ACHIEVEMENT
2. APPLIED RESEARCH:- CONDUCTED WHEN A DECISION MUST BE MADE ABOUT SPECIFIC REAL LIFE PROBLEMS LIKE MCDONALD SHOULD ADD ITALIAN PAST DINNERS TO ITS MENU

• NEED  AND ROLE OF RESEARCH

• BUSINESS ORGANIZATION ARE KNOWN TO CONDUCT THE RESEARCH FOR VARIETY REASONS:-

1. GATHERING INFORMATION ABOUT CONSUMERS OR EVEN ABOUT BUSINESS CONSUMERS
2. PROPER RESEARCH IS VERY MUCH NEEDED FOR TAKING CORRECT AND PROPER DECISIONS.
3. A GOOD AND STABLE RESEARCH MECHANISM IS VERY IMPORTANT FOR ANY BUSINESS IRRESPECTIVE OF ITS SIZE AS WELL AS CLIENT STRENGTH
4. IT IS VERY MUCH NEEDED TO STAY HEAD IN THE COMPETITIVE ENVIRONMENT
5. THE PRIMARY ROLE OF MANAGEMENT COMPRISES OF UNDERTAKING PROPER AND EFFECTIVE DECISIONS

• ROLE OF RESEARCH
• TO REMAIN WELL INFORMED:-:RESEARCH WOULD PROVIDE KEY INFORMATION RELATED TO DIFFERENT AREA OF THE BUSINESS. THIS INFORMATION WILL BE ANALYZED AND USED FOR IMPROVING THE EFFICIENCY OF THE BUSINESS. BECAUSE RESEARCH INDICATE THE EMPLOYEE PREFERENCE,CONSUMER LIKE AND PREFERENCE AND DIFFERENT CHANNEL AND DEGREE OF COMPETITION ETC
• TO DEVELOP THE BEST STRATEGY:-THE INFORMATION SO GATHERED BY A BUSINESS ABOUT DIFFERENT AREA AIDS IN DETERMINING THE IDEAL AND BEST STRATEGY SUITED TO THE ORGANIZATION. BEFORE STARTING THE BUSINESS OR INTRODUCING NEW PRODUCT THE RESEARCH WILL INDICATE THE VIABILITY OF THE PROJECT
• IN ASCERTAINING STAFF SATISFACTION:THROUGH WELL CONDUCTED RESEARCH HELPS THE MANAGEMENT TO KNOW THE EXPECTATION AND DIFFICULTY FACED BY STAFF. IT WILL FACILITATE THE MUCH NEEDED TO INTRODUCE THE CHANGES IN THE ORGANIZATION FOR IMPROVING SATISFACTION,COMMITMENT AND EFFICIENCY
• EFFECTIVE MANAGERIAL DECISION MAKING:-EFFECTIVE RESEARCH  UNDERTAKEN PROVIDE AN ANSWER TO ALL THE PROBLEMS OF A BUSINESS. RESEARCH HELP IN TAKING THE DECISIONS WILL HELP THE INCREASING PRODUCTIVITY AND PROFITABILITY.