Research Methods in Business and Managerial Decision

Role of Research Methods in Business and Managerial Decision

Goa Multi Faculty College, Dharbandora invited Mr. Vishal Chari, Assistant Professor in Economics, VVM’s, Shree Damodar College of Commerce and Economics, Margao-Goa. as a course content in the subject of Business Research Methods to deliver guest lecture.

Respected Guest Lecturer spoke on Role of Research Methods in Business and Managerial Decision. He highlighted on how a business can make well-informed decisions due to research. In the research process, the business will be able to acquire details about key business areas, analyse it, create a strategy and distribute business information. Reports, presented to the top management, often contain details on consumer and employee preferences and all the available channels for sales, marketing, finance and production. Management makes use of these details to determine the best strategy. Research is a necessity at all stages and phases of business operations. Initial research is needed to evaluate whether getting into the given kind of business would be profitable and whether there exists demand for the proposed product.

In the similar manner we find tough competition in the industrial sector also. Young Managers can grow better in such a situation to face every kind of problems and contribute to the Economic Development if one is familiar with Business Research Methods.