1.

Business research is an important management activity

that helps companies determine which products will be most
profitable for companies to produce. Several steps are
necessary when conducting business research; each step
must be thoroughly reviewed to ensure that the best decision
is made for the company
2. The process of undertaking detailed study of all the areas of
a business including its customers and the market and
effectively using such information gathered in maximizing
the sales and profit of the business can be defined as
Business Research.
3. Moreover companies undertaking business research are
always aware about their competitor’s move thus remaining
abreast about the latest happenings in the industry.
Information reduces uncertainty.
 Every piece of information we produce reduces uncertainty,
at least a little bit.
 But you have to expend resources like time, effort, and
money to gather information and process it into a usable
form. Some types of information are cheap to produce, and
other types are expensive.
 How is information produced?
 One of the main ways to create information is by measuring
things. People measure anything and everything. In other
words, people seem to naturally want to gather data. And we
keep records of the things we measure.
 gas line price example,
It ain’t the things we don’t know that gets us
in trouble. It’s the things we know that ain’t so
 The full meaning of the saying is that it is not what we simply
don't know that is the problem. It is what we THINK we
know—what we BELIEVE to be true, but actually is NOT
true—that creates problems or gets us into trouble.
 is a nice reminder that false belief can be more dangerous
than simply not knowing.
 For example, if I don't know how to drive a car, I won't drive.
No harm done. But if I think I know how to drive, I will drive
and likely kill myself and/or someone else.

BASIC RESEARCH
 Basic Research or pure or fundamental research, is
conducted for the complete understanding of a topic. In a
nutshell, when knowledge is acquired for the sake of
knowledge it is called basic research.
 Basic Research is completely theoretical, that focuses on
basic principles and testing theories. It tends to understand
the basic law.
o Therefore, basic research helps in adding new
knowledge to the already existing knowledge.

The secret of success is to know something nobody

else knows. "
 Most markets are increasingly global, increasingly
crowded and, therefore, increasingly competitive. In
order to achieve commercial success companies need to
do something different.
 They need to “know something that nobody else knows”
in order to stand out from the competition. Need to
 build strategies for their companies to differentiate from
rest. This involves offering customers something that
the competition cannot or does not offer

Applied research ;
 It is directed towards providing a solution to the specific
practical problems .
 it is the research that can be applied to real-life situations.
 It studies a particular set of circumstances, so as to relate
the results to its corresponding circumstances.
 Applied research includes research that focuses on certain
conclusions experiencing a business problem.
 The purpose of applied research is to know more about a
certain real-world problem and take steps to solve it. Such
studies are often associated with the fields of business,
economics, health, and politics. For instance, a company may
hire an applied researcher to look into the best way of hiring
applicants and placing employees in connection with the
organization’s various positions.
TQM;
 Total Quality Management (TQM) describes a
management approach to long-term success through
customer satisfaction. In a TQM effort, all members of an
organization participate in improving processes, products,
services, and the culture in which they work.
1. Customer-focused
2. Total employee involvement
3. Process-centered
4. Integrated system
5. Strategic and systematic approach
6. Continual improvement.
7. Fact-based decision making
8. Communications