GROUP-G

Presented By-

P. DIKSHITADIYA CHATTERJEE

SAMRIDDHO GHOSHRANIT SEN

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We would like to express our sincere gratitude to our subject teacher Mr. Partha Roy, our HOD Mr. Subhabrata Chatterjee and our mentor Mr. Anis Chattopadhay for their unending support towards the project. We would also like to thank the other subject teachers for their guidance in our endeavour. And finally, we would like to thank the invigilators present here for their valuable time.

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CONTENTS-

1.Introduction2.What is research?3.What is social business?4.Objectives of research in business.5.Significance of research in social business science.6.Requirements of research.7.Limitations of research8.Conclusion.

In today’s world, business of all sizes engage in extensive research for improvement and expansion. Research is critical in many facets of developing and operating a business. For small businesses and start-ups, effective, cost-efficient research can be an important step toward long-term success. Developing an understanding of the relationship between research and business decisions helps to ensure that business is getting the most out of its research efforts.

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The word research is composed of two syllables, re and search .Re is a prefixmeaning again or over again andsearch is a verb meaning to examineclosely and carefully, to test and try, or to probe.Together they form a noun describing a careful, systematic, patient study and investigation in some field of knowledge, undertaken to establish facts or principles. Research is done with the help of study, experiment, observation, analysis, comparison and reasoning. Research is in fact ubiquitous.

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According to Nobel Peace Prize laureate Professor Muhammad Yunus, social business is a cause-driven business. Purpose of the investment is purely to achieve one or more social objectives through the operation of the company, no personal gain is desired by the investors.

The company must cover all costs and make profit, at the same time achieve the social objective, such as, healthcare for the poor, housing for the poor,financial services for the poor, nutrition for malnourished children, providing safe drinking water, etc. in a business way. The impact of the business on people or environment, rather the

amount of profit made in a given period measures the success of social business. The objective of the company is to achieve social goal/s.

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Competitive advantage-By analysing the marketing techniques of successful competitors and by adopting the best practices through business research, organizations can achieve a competitive advantage.

Evaluate market trends- The business research methods such as questionnaires, surveys and focus groups are widely used by businesses to gain insights on evaluating the market trends. Through business research models, we can check if the market is huge enough to earn revenue by selling the company’s product or by offering its services.

Helps in decision making- Business research methods help in analysing key business parameters and in turn, managers become successful in decision making and achieving organizational goals.

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Manage costs- One of the key purpose of business research is to evaluate the costs involved in conducting a business. We can forecast and strategize our investments, expenses and the return on these investments before developing an action plan.

New discoveries- The new discoveries made during the research should not be ignored, they should be compared to original objectives and see how they impact the original goals.

Thus, the objectives are outlined and used to keep the research and project in right track and direction.

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According to a famous US inventor Hudson Maxim, "All progress is born of inquiry. Doubt is often better than overconfidence, for it leads to inquiry, and inquiry leads to invention".Testing of new products- Business research tests the possible success of fresh products. It will reduce risk and can help design a new product or service figuring out what is needed and ensures the development of the product which seeks demand.Guaranteeing adequate distribution- Businesses can also use research to guarantee sufficient distribution of their products. The outcomes can help managers decide where they need to increase their product distribution.

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In-house research- I t is required for professional and self-development of workers through training and mentoring. Also needed for the departmental assessment and well-being of staff members.

Avoid future failure- Carrying out research can help a business determine whether now is the right time to expand into another town or whether it needs to apply for a new loan.

Studying the competition- Businesses frequently make use of research to study key rivals in their market. It is important for any organization to remain competitive in the market.

Recruitment of employees- Through proper research HR mangers are able to recruit qualified manpower which aids the company to improve it’s productivity levels.

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To research on a business idea we need to keep our business goals on track. Hence the research plan should be done in a way so that maximum outcomes are achieved.

The research plan should spell out the objectives of the research and give us the information we need to either go ahead with the idea, or take it back to the drawing board.

Experts can recommend what type of research is most appropriate, help us develop statistically valid samples and write questionnaires, and provide with an objective and neutral source of information.

Finally, the approach must meet the research objectives that have been outlined for our product or service. With those goals in top of mind our analysis will help us discover whether the idea has any holes that need patching or not.

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A research problem is a question that researcher wants to answer or a problem that he wants to solve. A research problem is an area of concern where there is a gap in the knowledge base needed for professional practices.Limitations of research are mentioned below-

Research is a costly affair.It is lengthy and time consuming.It has limited scope.Limited practical value.It can’t give 100% accurate results.Research provides suggestions and not solutions.It uses a fragmented approach.Data in research can be misused.

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The application of research in searching for the truth about business phenomena is to define-

Business opportunities. Problems generatingEvaluating ideasMonitoring performanceAnd understanding the business process.

Therefore., a successful business research must take definite prediction about the result of future observation.

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1. Book - Statistical method by N.G DAS publisher - Tata Mc Hill.

2. Article in encyclopedia.

3. Article in business research.

4. Internet- Google

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