The different sorts of business research should be categorized due to the diversity of research activities. Business research can be categorized based on its method or purpose. Observational studies, surveys, and experiments are only a few examples of typical research methods. In the next section, you will know the type of business research. We can comprehend how the nature of the problem affects the choice of research method by categorizing them based on their purpose or function. The type of business research will depend on the problem’s nature. In the next section, you will know the type of business research.
Top 5 Type of Business Research
- Exploratory Research
- Descriptive Research
- Causal Research
- Applied Research
- Basic Research
1. Exploratory Research
Exploratory research is done to make sense of the murky issues. Ambiguity refers to an uncertain nature of the issue that needs to be resolved. Although management may have identified some general issues, more research is required to comprehend the problems’ dimensions fully. To examine a situation, management needs information. Generally, exploratory research assumes that future research will be required to give conclusive findings. Rushing into in-depth surveys without first considering the existing, less expensive sources of information is a significant mistake.
In essence, an exploratory research is conducted when there is little information accessible about the current situation or no knowledge of how similar difficulties or research concerns have been resolved in the past. When some facts are known, but more data is required, exploratory research is required.
2. Descriptive Research
A descriptive study is carried out to determine and be able to characterize the features of variables of interest in a situation. Descriptive studies are routinely conducted in businesses to learn more about and describe a group of employees’ characteristics, such as their age, level of education, employment position, and duration of service.
Let’s look at a descriptive research case. A university placement unit wants to know if its services are enough. Descriptive research may be started to determine how many interviews each student wants, whether they are interested in any particular organization and whether there are any facility issues. Providing further context for a scenario could yield valuable knowledge, and in many cases, descriptive information alone is sufficient to address business-related issues.
3. Causal Research
Finding the cause-and-effect connections between variables is the primary goal of causal research. It is common in causal studies to expect sales, as indicated by advertising and the like. As a result, the researchers must be knowledgeable on the subject of their research.
The causal study aims to prove that when we do one thing, another will inevitably happen. For instance, what will happen to another variable when management modifies one variable? (i.e. productivity). Given that the cause, in this instance, precedes the effect, causality can be established.
- Determine the proper chain of events or causal order.
- Calculate the difference between the presumed cause and effect.
- Determine whether alternative causative factors are present or not.
However, analyzing the factors above cannot guarantee an adequate explanation.
4. Applied Research
Applied research is conducted when a choice must be made regarding a particular issue that resembles reality. A corporate organization’s current challenge is what applied research seeks to solve. In other words, applied research addresses a problem that a manager is now facing at work, requiring a quick fix. For instance, if a specific product isn’t selling well, the management may want to investigate why to take appropriate action. Such a study is referred to as applied research.
5. Basic Research
The goal of fundamental research is to push the boundaries of knowledge. Basic research does not focus on finding a specific solution, but a reasonable hypothesis is helpful. In the long run, this assertion is accurate, most basic scientific findings must be implemented after some time. Primary research is carried out to ascertain a particular idea’s viability or learn more about a particular topic.
Many instances of fundamental research can be given. For instance, university academics conduct fundamental research to learn how to enhance the efficiency of information systems, raise service sector worker productivity, monitor sexual harassment at the workplace, assess alternative inventory valuation techniques, etc.