IDOL Mumbai University important questions bank  

M.com Part 1 (sem. 2)

RESEARCH METHODOLOGY FOR BUSINESS

Q.3. Discuss the objectives of research.

ANS:

1) To find out solution to problems:

Research can be undertaken to find solutions to solve
a specific problem. Data is collected on the problem faced by an organization.
Such data is analysed and interpretation is made to find out solution to solve
the problem. Eg. An organization may initiate research to find solution to
problem of declining sales of their product in the market. So the data is
collected to find out reasons for declining sales and analysis of such data may
provide solution to the problem.

2) To obtain Information:

Research is undertaken to obtain information, which
may not be easily available. Variety of information can be collected such as
consumer preference, competitor’s strategy, demand, economic conditions and so
on. Such information is vital for a marketer to take crucial marketing
decisions.

3) To make future predictions:

Research enables a businessman to collect past and
present data. Based on such data, the researcher can make future predictions
about business situation and business stand in near future. Eg. A marketer
wishes to launch a new product in the market. With the help of research he can
predict the future of that product and then decide whether to come up with that
product or not.

4) To develop new tools and concepts:

Research helps to develop new tools and concepts for
better study of an unknown phenomenon. For this purpose, exploratory research
is undertaken to achieve new insights into such phenomenon. Eg. Research
enables a business firm to know what factors affect consumer satisfaction in
modern times. Accordingly, marketer can develop new tools and concepts to
provide maximum consumer satisfaction.

5) To verify and test existing laws or theories:

Research may be undertaken to verify and test existing
laws or theories. Such verification and testing of existing laws and theories
is required to know the relevance of it in present time.

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