Research Methodology in Functional Areas

1498 words 6 pages
RESEARCH METHODOLOGY

RELEVANCE OF RESEARCH IN DECISION MAKING IN VARIOUS FUNCTIONAL AREAS OF BUSINESS

SUBMITTED BY:

DEEPTI(0918111)

KRITHIKA (0918119)

NAMRATA (0918124)

NITA (0918129)

NIDHI(091812)

SHYAMALA (0918154)

RELEVANCE OF RESEACH IN BUSINESS

While many business ideas blossom into successful businesses, there are many others

that did not move beyond the business plan or offering memorandum. And among those

that get funded and started, many fail eventually. While there can be many reasons

for business failures, often these were due to flaws in the business concept or the business

model that rendered them vulnerable to the difficulties encountered. Recognizing the

relevance of research in business planning has become
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This unwanted

task was done so that the last piece of bacon would be as fresh as the first.

Recently, Oscar Mayer Center Cut Bacon was introduced in a new “Stay-Fresh Reclosable

Tray.” The flip top lid allows easy access to the bacon inside. The top snaps closed,

making it readily resealable. The flat tray makes for simplified storage in the refrigerator.5

The second role of research is the diagnostic function, wherein data and/or actions

are explained. For example, what was the impact on sales when the Oscar Mayer package

design was changed? How can product/service offerings be altered to better serve customers

and potential customers? Since kids eat over 5 billion ounces of ketchup each

year, Heinz decided that the heavy users (kids) should have a lot to say (via marketing

research) about how to make ketchup fun. Heinz listened and watched children using

ketchup, which resulted in a new bottle design, name selection, and color. The true

ketchup connoisseurs helped create Heinz EZ Squirt green ketchup! More than 10 million

bottle were sold in the first seven months! This was followed up a year later with

“Funky purple” ketchup.

The final role of research is the predictive function. How can the firm best take

advantage of opportunities as they arise in the ever-changing

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