Answered: The research is an important practice…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

3- The research is an important practice to do the practical work. The starting point of any research project is defining research problem and formulating research hypothesis. a. True b. False

Expert Solution

MEANING OF RESEARCH:

Research is being extensively being used in many fields, but it is being used the most in the field of marketing. Various conclusions can be made from research in the marketing organizations about understanding consumer behavior, understanding of demography, understanding of the social factors, etc can be made through research.
Research in an organization means a detailed study of the various elements on a particular topic, making the hypotheses, reaching the generalizations, and gaining an insight into it. Certain problems can be identified in the organizations, and with the help of scientific tools, observations can be made about the problems in the organization.
The research process is conducted in every organization in which the time of the research is set, the business environment, and the conditions in which the research should be done are decided.