Topic: Enhancing Business Performance through research

Business Research

Business research is a systematic and organized effort to investigate a specific problem occurs in the work setting that needs a solution.The purpose of business research is to overcome the problem related to any filed in a business organization with providing guidance to managers to help them in taking some business decisions.For example, starting any type of business requires research into the target customer and the competition to create a business plan.

Who does ResearchA business manager faces problem on daily basis which should be solved by taking a right decision.Business research is systematic approach. It can help the manager to identify and solve problems. Some researchers focus on using research to advance general knowledge, whereas others use it to solve specific problems.

Research Enhance Business PerformanceA research is done to overcome the management dilemma and to get new business opportunities. All the new and existing business done research to enhance their performance. Without the research it is not possible to survive in the market. The research is mostly done to find out the problem of the business and the solutions for it. Through the possible solutions the management can overcome from their problems and enhance their business.Mostly research are done to find out the reasons for decreasing product sales, or launch of new product in the market and to know the demand of the consumers.

Stages in the Research Process

1. Problem Discovery

2. Research Design

3. Sampling

4. Data Gathering

5. Data Processing and Analysis

6. Conclusions And Report

Types Of Business Research1. Basic Researchit is undertaken for increase in knowledge. There is no direct benefit as it is a research for the sake of information. It is conducted to satisfy any curiosity such as:

(a)what makes things happen,

(b) why society changes and

(c)why social relations are in a certain way

2. Applied ResearchIt is use of basic research or past theories, knowledge for solving an existing problem.Applied research is designed to solve practical problems of the modern world, rather than to acquire knowledge for knowledge's sake.The main distinction between applied and basic business research is: Applied research is specifically aimed at solving a currently experienced problem and Basic research has a broader objective of generating knowledge

Research and Decision Making

The value of research for policy makers, planners, business managers, and other stakeholders is that it reduces uncertainty by providing information that improves the decision-making process. The decision making process associated with the development and implementation of a strategy involves four interrelated stages:

1)Identifying problems or opportunities;

2)Diagnosing and assessing problems or opportunities;

3)Selecting and implementing a course of action; and

4)Evaluating the course of action.

What is the purpose of Business Research?

To minimize risks To save time and money during start-up To learn where and how to sell the product and/or service To learn where and how to produce and distribute the product and/or service To determine what it will cost to run the business and how you will cover your costs

Practical study of Pfizer

Introduction of PfizerFounded in 1849, Pfizer is the world’s largest research-based pharmacy company taking new approaches to better health.. Pfizer pharmacy company has been working for the health and well-being of people in Pakistan since 1961. They are committed to delivering novel medicines to fulfill medical needs of patients. On 8th of September 1961 Pfizer, established itself as a manufacturing facility in Pakistan

Vision:“Working together for a healthier World”  Mission statement:Our mission is to apply science and our global resources to improve health and well-being at every stage of life.

Research process in PFIZER

Phase 1.......clinical testIn the first phase multiple salts of new medicine are researched. Salts are made of different chemical compounds.Thousands of chemical compounds are in the salt. Through the clinical test the most beneficial compounds are selected from it and the new medicine is developed. It takes 3 to 4 years to research on salts.

Phase 2.....vitro lab testingIn the second phase the new medicine are tested on animals. The Rodents and guinea pig are the mostly used animals. The reason behind selecting these animals is that they body response is like the human beings.The experiment is taken on 100 to 200 animals and it takes about one year time. The artificial problems are induced in the animals and the new medicine dozed are given to them. The animals are under observation in the lab for 3 to 4 years and the performances of tested animals are measured. If the result is 100% favorable the vitro lab test is cleared.

RODENT

Guinea Pig

Phase 3........Human TestingThe next research is on the human beings. The research is conducted on the prisoners just to check the side effects of the new medicine. The prisoners of death sentences are voluntarily agreed for welfare purpose. 30 to 40 prisoners are tested and it takes about 2 to 3 years. After several months, if no danger is identified, the drug can pass into the next phase. All this research is taken under the control of FDA.

Phase 4.......Screening TrialsIn 4th phase The research is conducted on the real patients who is suffering from the disease. The research is conducted on the Asians, European and black patients. The complete research is under the control of FDA. The body characteristics and temperature of each region is different so the research is done to know the best result on each region to develop the product randomized for the worldwide. It takes about 10 to 12 year long research to finalize the new medicine.

Phase 5Once a drug has been approved, it still undergoes monitoring during Phase V.It is used to watch for long-term side effects, impact on a patient's lifestyle and comparative effectiveness to other drugs on the market.Even at this phase, which can last for several years, the drug can still be pulled from production.

PFIZER ENHANCING BUSINESS PERFORMANCE

Once a Pfizer developed a new product it is approved by FDA and under the law of FDA new other company can developed that medicine till one year so there is a complete control on market and which increase their customer about that product. PFIZER developed the product 'Viagra' to control the blood pressure and it was launched in market but after the continuous research it was founded that it can be use for some other diseases. With the latest development in 'Viagra' it increases its sale about 40% all over the Pakistan which increase their profit.

The PONSTAN was launched as a pain killer many years ago. But due to the continuous research on it. Some new chemical compounds are added in existing compounds and now ponstan can not only used as a pain killer but also cure swelling, Redness, soreness and allergy. This increases it sales 100% more than in the past and now ponstan is the major selling product of PFIZER. Now only due to the research these two products are the major selling products of Pfizer not only in Pakistan but all over the world and enhance their business 20% then in the past.

SWOT ANALYSIS

CONCLUSIONFrom the report concluded that research is very important for the development of business. Without the research no business can enhance their performance.Pfizer is the leading pharmacy company who spends $7 billion per year on research. There main research products are ponstan and Viagra which enhance their business 20% then in the past. Just because of the highly research they are the leading pharmacy company of the world.

RecommendationsThey should research more to develop more effective medicines on cancer and TB.They should establish their research plant in Pakistan.They should also research medicines for animals.