Research is a significant ingredient for any successful business. The prevalence of research is significantly broad. The application of the research framework is crucial for resolving contemporary business and management issues. In order to decipher the strategy for long term success, it is imperative to innovate and keep pace with fast changing times. The research across business and management disciplines with varied organizational units are recognized as complex, open and dynamic systems. These areas are itself the phenomenon to understand the organizations or the systems working within the organizations (Dubin, 1978).
The research across the market work on two foundations: problem identification and problem solving. These two facets help organizations to discover the potential dilemma or opportunity that was not considered by the firm before. Uncertain future, human intervention, regulatory compliance, management of finances, technology, data, and customer service are few basic nuances which demand vigorous research and analysis to answer the technicalities of organizations. Ultimately, the ambition to embrace change requires the analytical orientation to forecast the problems and opportunity, making the firm an early adopter or late participant of the race.
The application of research related to business and management is engrained with the fact that the analysis shall guide organizations for better work, services and products. The action research often applied by the practitioners, demonstrates a well-attempted balance between theory to practice or practice to theory (Lynham, 2002). This orientation is not just limited to explore the external factors influencing the firm like customers’ orientation and satisfaction but as well the internal factors influencing the organizational success. The feedback mechanism is also a complementary product of research to compare and analyze the difference between actual and estimations. Thus, researching business and management issues comes in varied ways to measure and scale data for ultimately enhancing the top and bottom-line figures.
Customer surveys, budget variance analysis and competitors’ study are the basic problems analyzed with the purpose to bring conclusions for the business. Thus, the interaction between human beings and the organizations have always been a great interest of research. The exploratory, descriptive or predictive study expresses the applied endeavour of the subject.
Dubin, R. (1978). Theory building (rev. ed.). New York: Free Press.
Lynham, S. (2002). Theory building in applied disciplines. Advances in Developing Human Resources, 4 (3).