Applied research is an important practice in business, as it helps to make sure that the solutions you come up with are effective and solve problems for your customers.
Applied research can also help you to better understand the industry you work in, and how your products or services can fit into it.
There are several different types of applied research, and the following are just five examples of them, along with their advantages and disadvantages.
The best way to choose which kind of applied research you should use will depend on what problem you’re trying to solve and your industry as a whole.
Examples of applied research in business
Understanding customers through surveys
Surveys are a great tool for getting information about your customers.
They provide valuable insight into who they are, what they want from you, and how satisfied they are with the service they receive.
As part of applied research, the use of surveys to collect data has the advantage of being easy to do, but it has the disadvantage of being expensive if done frequently.
Also, surveys take time and resources to complete, so it may not be worth doing if you have only one or two questions.
On the other hand, this method is perfect for when you need more detailed information than a focus group could offer.
Using case studies to learn more about your industry
Case studies can be used by companies to learn more about their competitors and try to predict future trends.
Applied research in the form of case studies offers many benefits: They give you insight into your competitors, allow you to predict trends, and are cheaper than many other forms of applied research.
However, since these methods require considerable time and effort on behalf of the researcher, they may not be practical for every company or situation.
If something specific is needed from your research then surveys might be a better option; however, if you want general knowledge about an entire industry then case studies are ideal.
Employing experimentation to test hypotheses
Experimentation is often used by businesses to test hypotheses. It involves setting up control groups and testing variables against them, such as price points, promotions, or product combinations.
Experimentation has many benefits over other kinds of applied research because it can be quicker and easier to perform, while still giving accurate results (since all variables are controlled).
Another benefit of experimentation is that it allows researchers to figure out exactly what works and why which would be difficult to find out using any other type of applied research.
A major drawback of this method is that experiments are very expensive to set up and run, meaning that it may not be feasible for small companies with limited budgets.
Applied research through experimentation is a powerful and useful tool for companies, though it can be costly.
The important role of data analytics
Applied research through data analytics is the process of gathering large amounts of data and analyzing it to see what patterns emerge.
Data analytics combines two powerful tools – research and technology – to answer complex questions.
This type of applied research is especially beneficial for companies looking to analyze customer behavior, market share, conversion rates, and more.
The downside of data analytics is that it can be expensive and time-consuming to get enough results.
Focus groups for qualitative research
The final example of applied research in business is the focus group.
This approach to applied research is based on observing people in a meeting and asking them about their thoughts, feelings, beliefs, and behaviors. It is a helpful way to observe consumer reactions, attitudes, and beliefs.
It’s also cheap to carry out, making it an excellent option for businesses on a budget.
This approach also suffers from some drawbacks, including the danger of groupthink where participants conform their opinions with those expressed by others in order to avoid conflict.
Applied research in business Final Remarks
Applied research is a vital component of a successful business, and there are many different ways to carry it out.
There are both advantages and disadvantages to each kind of research, and the best choice for your particular business will depend on the problem you’re trying to solve.
Surveys can be a good option for certain types of applied research, while experimentation is best suited for testing hypotheses.
Finally, data analytics is becoming increasingly popular due to its usefulness in answering complex questions about your company.
For business students interested in pursuing a career in research, applied research is a great starting point.
I hope these examples have given you some insight into the many diverse and interesting fields of applied research and given you plenty of ideas for your own!