Types of business researchResearch can be undertaken for two different purposes:To solve a current problem faced by the manager in the work setting. Such research is called applied research.To generate a body of knowledge about how to solve problems that could be occurred in organizations. This is called basic research or fundamental research. It is also known as pure research.Explain this

Business research can be categorized into two main types: applied research and basic (or fundamental) research.

1. Applied Research: This type of research is conducted to address a specific problem that a manager or organization is currently facing. The goal of applied research is to find immediate and practical solutions to existing problems. For example, a company might conduct applied research to understand why a particular product isn't selling well, or to identify the best marketing strategies for a new product launch. The findings from applied research are typically used to make immediate decisions or changes within the organization.

2. Basic or Fundamental Research: This type of research, also known as pure research, is conducted to generate a body of knowledge that can be used to solve potential problems that might occur in organizations. The goal of basic research is to understand the fundamental principles and theories that underpin a particular field or topic. For example, a company might conduct basic research to understand consumer behavior or market trends. The findings from basic research can be used to inform long-term strategies and decisions.

In summary, while applied research is focused on solving immediate problems, basic research is focused on generating knowledge that can be used to solve future problems. Both types of research are important for the success and growth of an organization.