By lowering the uncertainty of decisions in any department, it cuts down on the risk of making incorrect decisions. Research should be an aid to strategic and managerial judgment but not a replacement for it. You can ORDER our BOOK to know which technique to be applied.
To perform well in a complex environment, you will have to be equipped with an understanding of various research methods and a way of integrating them in your organisation decision making. But before that you will have to understand what good research means followed by how to conduct it. Since the complexity of the business environment has amplified, there is a commensurate rise in the number and power of the instruments to carry out research. There is certainly more knowledge in all areas of management. The various tools like Excel, Python, R, Minitab, SPSS has provided us a quantum leap in the capability to take care of difficulties. New techniques of both quantitative & qualitative analysis utilize this power. Communication and measurement techniques have also been improved. These developments reinforce each other and are having a substantial impact on business management. Research can be done in
Production Department: to know product development, diversification, introducing a new product, product improvement, process technologies, choosing a site, new investment etc.
Human resource research works well for job redesign, succession planning, training development, organization restructuring, development of motivational strategies and organizational development.
Marketing Research performs an important part in choice of STP and size of target market, the consumer behavior with regards to attitudes, life style, and influences of the target market. It is the primary tool in determining price policy, selection of channel of distribution and development of sales strategies, product mix, promotional strategies, etc.
Financial Research can be useful for portfolio management, equity & debt portfolio, distribution of dividend, capital raising, hedging and looking after fluctuations in foreign currency and product cycles.
Materials Management, It is utilized in choosing the supplier, making the decisions relevant to make or buy as well as in selecting negotiation strategies.