Data-informed decisions are critical to a successful business. Research is the first step in collecting data. This video breaks down two main types of research: applied and fundamental research.
Researchers often use different research methods to help them identify and understand problems. The two most commonly used research methods are basic research, which builds on existing scientific knowledge, and applied research, which seeks to solve practical problems. Understanding the differences and similarities in these two research methods can help you choose the appropriate research method for your next study. In this article, we define basic and applied research, provide examples of each, and explore their differences.
source: Basic vs. Applied Research: Definitions and Examples https://ca.indeed.com/career-advice/career-development/basic-vs-applied-research
Applied research focuses on solving practical problems, while commercialized research aims at market profit. They overlap but differ in intent:
1. Applied Research (Not Commercialized): Developing affordable water purifiers for rural areas without profit motives.
2. Commercialized Research (Not Applied): Creating luxury products, like premium cosmetics, for profit.
3. Overlap: Cancer research leading to patented drugs sold in markets.
The distinction lies in purpose: practical solutions vs. profitability.
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