Significance of Research

Suppose a researcher is contracted by company 'A' to conduct research on whether product 'X' would be a good fit in market 'Y'. Their research findings indicate that market 'Y' is not an optimal market for product 'X'. Based on these findings, the company does not launch its product 'X' in market 'Y'. 

A few months later, the company realises that the researcher's research may be flawed, as competitors with similar products like product 'X' seem to be thriving and making huge profits in market 'Y'. Company 'A' realises that it missed a great opportunity. 

Research should be carried out meticulously, as it has a huge impact on stakeholders, who refer to the outcomes or the results of a research study/project to make important decisions related to their business. 

In the upcoming video, you will learn how improper research can cause suboptimum decision-making. 

In this video, you learnt how improper methodologies used for conducting research can yield suboptimal results and insights that can eventually lead to improper decisions. 

To conduct proper and relevant research (as per your research area), you need to consider the following elements: 

1. Focus group: Target the correct group of research subjects who will be relevant for your research. 

2. Methodology: Apply the appropriate research methodology so that the results of the research can be explained and defended.

3. Bias: Try to collect unbiased data or information for your research.

Now that you have been introduced to the impact of research conducted improperly, in the next video, we will discuss this further in the context of business.

As you learnt in the video, typically, businesses conduct research when they have a growth mindset and plan to improve.

Such a growth mindset can lead to experimentation, which increases the curiosity and interest for further research. To ensure that they are in the correct direction, businesses should conduct experiments that are well-thought-out, feasible and relevant to the particular business context.