Hello,
Basic research denotes a type of research that spans wide and includes a vast variety of variables. It does not, however, branch off or condense into smaller allocated research areas. It is a broad method of research.
This is generally the foundation upon which applied research is developed. The advantages are that it allows for a broad understanding of any field, but the disadvantage is that it does not allow for specific understanding or a more developed concept of any given field.
Applied research is a concept that is generally centred around problem solving. It uses a variety of empirical methods and formulas, theories and philosophies in order to account for and address specific inquiries.
The advantages and disadvantages of this theory with the former tend to mirror and contrast each other. While basic research develops man's knowledge, applied research develops man's condition. So the disadvantage of applied research is that it targets only the condition instead of the overall betterment of knowledge and vice versa.
I hope this helps.