What Is The Difference Between Basic Business Research And Applied Business Research?

Question

What Is The Difference Between Basic Business Research And Applied Business Research?

2 Answers

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Answer 1

Basic research whether in business or any other field has as its basic goal, to expand one's knowledge. Basic questions such as, How can we increase production and save money at the same time, might be a question for business. If, we increase production, we also increase the cost of payroll by hiring additional production employees. How can this save money? Curiosity lies at the heart of all business and it is this curiosity, which causes business to constantly ask questions that require research. Business uses research techniques and the latest technology to achieve their goals.

Applied research is solutions designed from basic research information, aimed at the solution of business problems within the company. The goal of applied research is change for the better, improvements in business management and practice aimed at improving the human condition. Regardless of the type of business, applied research has as its goal in business to improve production, increase sales, control losses, restore efficiency and establish solid financial investment in the future.

Business theory is based upon an idea or mental plan for creating a successful business. Investigation into what others are doing and using what is known to discover new and better ways to solve the unknown answers in business is an ongoing process. Using innovative technology and modern developmental processes led to the Industrial Revolution and paved the way for industry development in today's world. Historically basic research has led to the application of basic research to improve and develop our modern world of business industries world wide.

Answer 2

Basic research would basically refer to systematic study which is aimed at fuller knowledge or a deeper understanding of the essential aspects of phenomena as well as of observable facts. This would be done with no precise applications towards any processes or products in mind. At the same time basic research could possibly comprise activities with maybe broad applications in mind.

On the other hand, applied research id systematic study undertaken to obtain knowledge or understanding which is necessary in order to establish the possible means by which a known and exact need may be met.

The terms fundamental or pure research have also been applied to basic research. It refers to research motivated by a scientist's or person's curiosity or keen interest in a scientific question. Applied research may be thought of as intended to solve practical problems.