Hunger of knowledge paved a way for searching information in a systematic way to get answers to questions

Purpose of information search may be for satisfying the thirst for knowledge or for solving problems or to test validity of existing knowledge

Research is an endeavor to discover answers to intellectual and practical problems through the application of scientific method.

“Research is a systematized effort to gain new knowledge”.

-Redman and Mory.

Research is the systematic process of collecting and analyzing information (data) in order to increase our understanding of the phenomenon about which we are concerned or interested.

When search for information is to solve business problems

Business Research is a Systematic and objective process of gathering, recording and analyzing data for supporting business decisions

It extends to all the activities of a business organization

It covers areas like sales, consumer behaviour, customer retention, customer satisfaction, marketing channel decisions, product research, customer relation, productivity, machine efficiency, return on investment, profitability, expansion etc

Business Intelligence:

It is designed to provide the manager with ongoing information about events and trends in the technological, economic, political & legal, demographic, cultural, social and competitive arenas

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Business Intelligence

Government/Regulatory

Economic

Competitive

Demographic

Technological Cultural/Social

Strategy:

The general approach an organization will follow to achieve its goals

A firm may implement more than one strategy at a time

Tactics:

Specific and timed activities that execute a strategy

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Visionaries

Standardized Decision Makers

Intuitive Decision MakersIntuitive Decision Makers

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Visionaries

Intuitive Decision Makers

Standardized Decision Makers

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Visionaries

Intuitive Decision Makers

Standardized Decision Makers

Visionaries

Classification on the basis of Application◦ Pure/Basic Research◦ Applied Research

Classification on the basis of Objectives◦ Descriptive Research◦ Explanatory Research◦ Exploratory Research◦ Correlational Research

Classification on the basis of Inquiry Mode◦ Quantitative Research◦ Qualitative Research

The purpose of research is to discover answers through the application of scientific procedures.

The objectives are:

To gain familiarity with a phenomenon or to achieve new insights into it

To portray accurately the characteristics of a particular individual, situation or a group

To determine the frequency with which something occurs or with which it is associated with something else

To test a hypothesis of a causal relationship between variables

Research is directed towards the solution of a problem

Research is based upon observable experience or empirical evidence

Research demands accurate observation and description

Research involves gathering new data from primary sources or using existing data for a new purpose

Research activities are characterized by carefully designed procedures

Research requires expertise i.e., skill necessary to carryout investigation, search the related literature and to understand and analyze the data gathered

Research is objective and logical – applying every possible test to validate the data collected and conclusions reached

Research is carefully recorded and reported.

Clearly defined purpose

Detailed research process

Thoroughly planned design

High ethical standards

Limitations addressed

Adequate analysis

Unambiguous presentation

Conclusions justified

Credentials

Help in decision-making and is not a substitute of Decision-Making

Provide a number of facts rather than actionable results

All problems cannot be researched Provide a set-of guidelines Many a times rely more on intuition and

judgment Time and budgetary constraints

Manager requires information to make day to day business decisions

Features of Information gathered:◦Relevant◦Up-to-date◦Accurate◦Meet needs of the user◦Easy to use and understand◦Economic◦Reliable

Variables

Models

Theory

Terms usedin research

Constructs

Operationaldefinitions

Propositions/Hypotheses

Induction and deductionConcepts

Concepts:

Collection of meanings or characteristics which are associated with events, objects, behaviours, situations, condition etc.

Ex: Running, Walking, Talking, Identifying a male or female or a horse

Construct:

An abstract concept

It can be built up by combining the simpler and concrete concepts

Ex: motivation, personality, satisfaction

Deduction: Premises are given and from that we draw conclusion

It works from the more general to more specific

Also called top-down approach Ex: 1) all men are mortal (premise 1) 2) Shyam is a man (premise 2)So we can conclude that, Shyam is mortal

False premises will lead to false conclusions

Induction: Specific to general Conclusion is drawn from facts or pieces of evidences

Ex: this ice cube is cold.Through experiences, we know that all icecubes are cold

The conclusion explains the facts and the facts support the conclusion

The nature of Induction is that, the conclusion is only a hypothesis

A variable is a symbol of an event, act, characteristic, trait or attribute that can be measured and to which we assign categorical values

Variables can be of three types :◦Dichotomous variable◦Continuous variable◦Discrete variable

Dependent Variable What we measure in the experiment and what is affected during the experiment

Independent Variable A factor that can be varied or manipulated in an experiment and it will affect the dependent variable

Ex: Sales(DV) and Advertising Expenses(IV)

Moderating Variable

It affects the relationship between IV and DV

Ex: commission from sales (IV) may lead to increased sales productivity(DV), especially into younger workers(MV)

Ex: loss of minning jobs (IV) leads to acceptance of higher risk jobs like car racing (DV) to earn a family supporting income, especially due to the limited education of the residents (MV)

Exraneous Variable

Any variable other than independent variable that could cause a change in the dependent variable

Ex: Prior work experience (IV) and Grades in classroom performance (DV)

Here, grades can be affected by some other variables like family history of a student, education of parents, interest in the class topic, intelligence of a student etc.

Intervening Variable

The factor which theoretically affects the observed phenomenon but cannot be seen, measured or manipulated

Motivation, job satisfaction

Ex: A promotional campaign (IV) will increase savings activity (DV), this result comes from enhancing the motivation to save

Proposition is a statement about observable phenomena (concept) that may be judged as true of false

Hypothesis:

Proposition or question formulated for empirical testing◦ The effect of the independent

variable on the dependent variable

An unproven proposition

A possible solution to a problem

Types of Hypotheses:

◦Descriptive Hypothesis◦Relational HypothesisCorrelational HypothesisCausal or Explanatory Hypothesis

The Role of the Hypothesis

It guides the direction of the study

It defines facts that are relevant and those that are not

It suggests which form of research design is likely to be most appropriate

It provides framework for organizing the conclusion that result

A Strong Hypothesis Is

Adequate

Testable

Better than rivals

Theory: It is a set of systematically interrelated

concepts, definitions and propositions that are used to explain and predict phenomena(facts)

Hypothesis helps in development of theory

Models: A representation of a system that is

constructed to study some aspect of that system or the system as a whole

Models can be descriptive, predictive or normative