Strategy formation ideas to address the needs of the present time and also help to meet the challenges of the changing socio-economic environment of the 21st century. Academic research, therefore, facilitates knowledge-based socio-economic and managerial decisions that are an essential part of the management of the business processes. The emerging new trends in the business has changed the socio-economic dynamics of the society, thereby making it more competitive and at the same time more complex with the challenges of the diverse demands that has emerged as a result of global values.
The managerial research helps the academic world and the business community to creatively evolve skills and strategies that would meet the wider implications of the business acumen needed to meet the challenges of the rapidly changing times and to optimize the intended output, within the parameters of organizational goals and objectives. The research is also important to evaluate the existing modules of the various areas of business administration and help to analyze the needs and requirements of the changing business compulsions so that more innovative approach is encompassed in the business processes to meet the challenges of global and domestic competition.
Universities and business schools across the world today, have digressed from the path of pure academic interests and have become commercial in their approach, goals, and objectives. While the universities and business schools have introduced a wide range of specialized areas in the field of management and administration, the research is one area that has seen the least improvement so far as innovative and creative research areas and research methodologies are concerned. According to Goldberg, the research still focuses on the theoretical stance, using quantitative methodologies to impress the academic peers, which clearly disregards the issues facing the business fraternity (Goldberg, 1996).
The business school and universities are run as business houses with the main focus on the financial gains.
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