Research Methodology for Business

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What is the definition of business research?

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Business research is an organized, systematic, data-based, critical, objective, scientific inquiry or investigation into a specific problem, undertaken with the purpose of finding answers or solutions to it.

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What are the main components of the business research process?

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The business research process includes idea and theory development, problem definition, searching for and collecting information, analyzing data, and communicating the findings and their implications.

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What is the difference between applied and basic research?

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Basic research (pure research) is conducted without a specific decision in mind and aims to expand knowledge in general. Applied research is conducted to address a specific business decision for a specific firm or organization.

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Give an example of applied research.

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An example of applied research is Apple's iPod, which helped increase sales significantly.

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What is the purpose of exploratory research?

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Exploratory research is conducted when not much is known about the situation at hand or when more information is needed to develop a proper theoretical framework.

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What is the scientific method in research?

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The scientific method is the way researchers use knowledge and evidence to reach objective conclusions about the real world.

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What is a research problem?

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A research problem is any situation where a gap exists between an actual and a desired ideal state.

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What are the basic types of research questions?

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The basic types of research questions are exploratory, descriptive, and causal.

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What is the role of a hypothesis in research?

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A hypothesis is a statement that can be tested and is used to guide the research process.

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What is the difference between qualitative and quantitative research?

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Qualitative research seeks to understand underlying reasons and motivations, while quantitative research aims to quantify data and generalize results from a sample to a population.