Business research involves systematically gathering objective information to aid business decision making. There are two main types of research: basic research which expands knowledge without addressing a specific problem, and applied research which investigates real-life business problems. Determining when to conduct business research involves considering time constraints, available data, the importance of the decision, and whether benefits outweigh costs.

1. Business Research Methods The Role of Business Research

2. Business Research Defined Business research is defined as the systematic and objective process of generating information for aid in making business decisions.

4. Information Reduces Uncertainty I don’t know if we should offer on-site child care?

5. “ It ain’t the things we don’t know that gets us in trouble. It’s the things we know that ain’t so.” Artemus Ward

6. Business Research Types Basic research Applied research

19. Determining When to Conduct Business Research Is sufficient time available before a managerial decision must be made? Is the infor- mation already on hand inadequate for making the decision? Is the decision of considerable strategic or tactical importance? Does the value of the research information exceed the cost of conducting research? Conducting Business Research Do Not Conduct Business Research Time Constraints Availability of Data Nature of the Decision Benefits vs. Costs Yes Yes Yes Yes No No No No