Introduction of Business Research

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BUSINESSBUSINESSRESEARCHRESEARCH


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1. INTRODUCTION1. INTRODUCTION

MEANINGMEANING

OBJECTIVESOBJECTIVES

TYPES OF RESEARCHTYPES OF RESEARCH

RESEARCH APPROCHESRESEARCH APPROCHES

RESEARCH PROCESSRESEARCH PROCESS

RELEVENCE AND SCOPE OFRELEVENCE AND SCOPE OFRESEARCH IN MANAGEMENTRESEARCH IN MANAGEMENT


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MEANINGMEANING

Business Research is the systematic way to collect informationBusiness Research is the systematic way to collect informationand get knowledge out of it with a methodology so that theand get knowledge out of it with a methodology so that thederived knowledge can be used to make decisions.derived knowledge can be used to make decisions.

Usually managers face major issues like ongoing complaintsUsually managers face major issues like ongoing complaintsfrom customers, need to convince financers/ bankers forfrom customers, need to convince financers/ bankers foradvances, unmet need among customers, the need to polishadvances, unmet need among customers, the need to polish

an internal process, issues while managing men, machines,an internal process, issues while managing men, machines,materials and money, issues of forecasting and future plans.materials and money, issues of forecasting and future plans.Research helps us to decide all such problems rationally.Research helps us to decide all such problems rationally.

It is the process and the tool needed to reduce risk inIt is the process and the tool needed to reduce risk inmanagerial decision making.managerial decision making.

It is a systematic inquiry that provides systematic knowledgeIt is a systematic inquiry that provides systematic knowledgeto guide managerial decisions.to guide managerial decisions.

DEFINITION:DEFINITION:

Business research is defined as the systematic andobjective process of generating information for aid in

making business decisions.


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OBJECTIVES OF RESEARCHOBJECTIVES OF RESEARCH

The objectives of research is to find out answersThe objectives of research is to find out answersto questions through the application ofto questions through the application ofsystematic and scientific way.systematic and scientific way.

Though there is a specific purpose behind eachThough there is a specific purpose behind each

research study, however, the objectives can beresearch study, however, the objectives can bebroadly classified as under:broadly classified as under:

1.1. To obtain familiarity of the phenomenon.To obtain familiarity of the phenomenon.

2.2. To determine the association or independence ofTo determine the association or independence of

an activity.an activity.3.3. To determine the characteristics of an individualTo determine the characteristics of an individual

or a group of activities and the frequency of itsor a group of activities and the frequency of its(or their) occurrence(or their) occurrence..


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TYPES OF RESEARCHTYPES OF RESEARCH

There are three types of researchThere are three types of researchin business:in business:

EXPLORATORY RESEARCHEXPLORATORY RESEARCH

DESCRIPTIVE RESEARCHDESCRIPTIVE RESEARCH

CASUAL RESEARCHCASUAL RESEARCH


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1. EXPLORATORY RESEARCH1. EXPLORATORY RESEARCH

Objective is to gather preliminary information thatObjective is to gather preliminary information that

will help defining problem and to clarify and definewill help defining problem and to clarify and definethe nature of a problem.the nature of a problem.

Can answers the questions why, how and whenCan answers the questions why, how and whenbut cannot tell how often, how many.but cannot tell how often, how many.

Does not provide conclusive evidence.Does not provide conclusive evidence. Relies on secondary researchRelies on secondary research

Subsequent research expectedSubsequent research expected


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2. DESCRIPTIVE RESEARCH2. DESCRIPTIVE RESEARCH

Objective is to describe things such as marketObjective is to describe things such as marketpotential for a product or the demographics andpotential for a product or the demographics andattitude of customers.attitude of customers.

Also known as statistical research.Also known as statistical research.

Describes characteristics of a population orDescribes characteristics of a population orphenomenon.phenomenon.

Used for frequencies, averages and other statisticalUsed for frequencies, averages and other statisticalcalculations.calculations.

Unable to describe what caused the situation.Unable to describe what caused the situation.

Some understanding of the nature of the problemSome understanding of the nature of the problem


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3. CAUSAL RESEARCH3. CAUSAL RESEARCH

Objective is to identify cause and effectObjective is to identify cause and effectrelationshipsrelationships

Design is highly structured and controlled.Design is highly structured and controlled.

A causal relationship is impossible to prove. Evidence of causality:

1. The appropriate causal order of events2. Concomitant variation--two phenomena vary

together3. An absence of alternative plausibleexplanations


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COMPLETELYCERTAIN

ABSOLUTEAMBIGUITY

CAUSAL ORDESCRIPTIVE

EXPLORATORY

Uncertainty InfluencesUncertainty Influences

The Type Of ResearchThe Type Of Research


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RESEARCH APPROACHRESEARCH APPROACH

The process of management follows a typicalThe process of management follows a typicalstructure, wherein, the approaches may bestructure, wherein, the approaches may bedifferent and vary from situation to situation.different and vary from situation to situation.

The process may be purely academic or theoreticalThe process may be purely academic or theoreticalor action orientedor action oriented

Which approach is appropriate for a given situationWhich approach is appropriate for a given situationis largely depends on specific need of a researcher.is largely depends on specific need of a researcher.


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Stages of the Research Process

Problem Discovery

and Definition

ResearchDesign

Sampling

Data

Gathering

Data Processing

and Analysis

Conclusions and

Report

Discovery and

Definition

and so on


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Research StagesResearch Stages

Cyclical processCyclical process-- conclusions generate new ideasconclusions generate new ideasand problems that need to be further investigated.and problems that need to be further investigated.

Stages can overlap chronologically and areStages can overlap chronologically and are

functionally interrelated.functionally interrelated. Stages are functionally interrelated:Stages are functionally interrelated:

Forward linkagesForward linkages-- earlier stages of research willearlier stages of research willinfluence the design of later stages.influence the design of later stages.

Backward linkagesBackward linkages-- later stages have anlater stages have aninfluence on the earlier stages.influence on the earlier stages.


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Problem

discovery

Problem definition

(statement of

research objectives)

Secondary

(historical )data

Experience

survey

Pilot

study

Case

study

Selection ofexploratory research

technique

Selection of

basic research

method

Experiment SurveyObservation

Secondary

Data StudyLaboratory Field

Intervie

w

Questionnair

e

Selection ofexploratory research

technique

Sampling

Probability Nonprobability

Collection ofData (fieldwork)

Editing and

Coding data

Data

processing

Interpretation

of

findings

Report

DataGathering

DataProcessing

And Analysis

Conclusionsand Report

Research Design

Problem Discoveryand Definition


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Stages In The Research ProcessStages In The Research Process

1.1. Problem Discovery and Problem DefinitionProblem Discovery and Problem Definition

2.2. Research DesignResearch Design

3.3. SamplingSampling4.4. Data GatheringData Gathering

5.5. Data Processing and AnalysisData Processing and Analysis

6.6. Conclusions And ReportConclusions And Report


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1. Problem Discovery And Definition1. Problem Discovery And Definition

First stepFirst step

The formulation of the problem is often moreThe formulation of the problem is often moreessential than its solution.essential than its solution.

Problem does not connote a business opportunity.Problem does not connote a business opportunity.

The initial stage is problem discovery, rather thenThe initial stage is problem discovery, rather thendefinition.definition.

Problem means management problem.Problem means management problem.

Problem well defined is a problem half solved.Problem well defined is a problem half solved.

Selecting the exploratory research techniqueSelecting the exploratory research technique


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Secondary

(historical)

Data

Pilot

Study

Experience

Survey

CaseStudy

ExploratoryExploratory

ResearchResearch


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Exploratory Research TechniquesExploratory Research TechniquesTwo ExamplesTwo Examples

Secondary data (historical data)Secondary data (historical data)

Previously collectedPreviously collected

Census of populationCensus of population

Literature surveyLiterature survey

Pilot studyPilot study

A number of diverse techniquesA number of diverse techniques


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2. Research Design2. Research Design

Master planMaster plan

Framework for actionFramework for action

Specifies methods and proceduresSpecifies methods and procedures

Basic Research Methods:Basic Research Methods:

1.1. SurveysSurveys

2.2. ExperimentsExperiments

3.3. Secondary dataSecondary data

4.4. ObservationObservation


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3. Sampling3. Sampling

For sampling the following decisions is to beFor sampling the following decisions is to betaken by management:taken by management:

Who is to be sampled?Who is to be sampled?

How large a sample?How large a sample?

How will sample units be selected?How will sample units be selected?


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4. DATA GATHERING4. DATA GATHERING

Data is collected from different sources byData is collected from different sources bydoing a fieldwork.doing a fieldwork.

Editing and coding is conducted onEditing and coding is conducted on

collected datacollected data


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5. DATA PROCESSING AND ANALYSIS5. DATA PROCESSING AND ANALYSIS

Analysis involves determining consistent patternsAnalysis involves determining consistent patternsand summarizing the appropriate details revealedand summarizing the appropriate details revealedin the investigation.in the investigation.

Determined by managements informationDetermined by managements informationrequirements, the characteristics of the researchrequirements, the characteristics of the researchdesigned the nature of the data collected.designed the nature of the data collected.


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6. CONCLUSIONS AND REPORT6. CONCLUSIONS AND REPORT

Final stageFinal stage

Information is interpreted and conclusions areInformation is interpreted and conclusions aredrawn relevant to managerial decisions.drawn relevant to managerial decisions.

The research report should communicate theThe research report should communicate theresearch findings effectively.research findings effectively.


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RELEVENCE AND SCOPE OF RESEARCHRELEVENCE AND SCOPE OF RESEARCHIN MANAGEMENTIN MANAGEMENT

Covers a wide range of phenomenon.Covers a wide range of phenomenon.

For managers the purpose of research is to fulfill the need ofFor managers the purpose of research is to fulfill the need ofknowledge of the organization, the market, the economy or theknowledge of the organization, the market, the economy or theanother area of uncertainty.another area of uncertainty.

Business research gives the information about how theBusiness research gives the information about how theenvironment, employees, customers, or the economy will respond toenvironment, employees, customers, or the economy will respond toexecutives decision.executives decision.

Research may be one of the principal tools of answering theResearch may be one of the principal tools of answering thepractical questions arising in the business.practical questions arising in the business.

Managers often relay on their own intuition and experience inManagers often relay on their own intuition and experience inmaking decisions because of time pressure or because a problem ismaking decisions because of time pressure or because a problem isminor.minor.

Documents

Introduction of Business Research