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Research Design for Analysts

The document discusses different types of research design, including exploratory research and conclusive research. Exploratory research seeks to discover new relationships and generate hypotheses through methods like literature reviews, surveys, focus groups and case studies. Conclusive research aims to test hypotheses and include descriptive research to provide accurate descriptions, causal research to determine cause-effect relationships, and experimental research to objectively measure the impact of variables through controlled laboratory or field experiments. The key difference is that exploratory research generates insights while conclusive research tests specific hypotheses.

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Mukul Sharma
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0% found this document useful (0 votes)
54 views6 pages

Research Design for Analysts

The document discusses different types of research design, including exploratory research and conclusive research. Exploratory research seeks to discover new relationships and generate hypotheses through methods like literature reviews, surveys, focus groups and case studies. Conclusive research aims to test hypotheses and include descriptive research to provide accurate descriptions, causal research to determine cause-effect relationships, and experimental research to objectively measure the impact of variables through controlled laboratory or field experiments. The key difference is that exploratory research generates insights while conclusive research tests specific hypotheses.

Uploaded by

Mukul Sharma
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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TYPES OF RESEARCH DESIGN

The MR designs are classified on the basis of the fundamental objectives of the research. It may
be of two main types, namely-
1. Exploratory research
2. Conclusive research
1. EXPLORATORY RESEARCH- Exploratory research design seeks to discover new relationship
between several facts. It ideas & insights. The main purpose of the exploratory research design
is the clear identification of problems segregating from irrelevant variable & alternatives. It may
be used to clarify concepts and the course of problems. It generates information about the
practical possibilities of research. It is used to increase the analyst familiarity with the problem.

It is useful to test the applicability of a new policy, for formulating problems, developing
hypothesis, establishing priority of the further research, gathering practical problems of carrying
out research & clarifying concepts. It is dynamic & changes with new ideas & concepts. It is of
mainly 4 types-
1. LITERATURE RESEARCH- The quickest & most economical way is to find possible hypothesis
from the available literature. The past researches may be suitable sources of information to
develop new hypothesis. The finding of past researches are generally published in trade &
professional journals which can be truthful sources of information. Such researches finding are
available in company or public libraries. Various forms of research literature are-
 Conceptual literature
 Trade literature
 Public statistics
 Socio-psychological literature etc

2.EXPERIENCE SURVEY- Experience survey indicated the use of reservoir of knowledge &
experience possessed by those familiar with the specific subject to be investigated. It obtain insight
into the relationship between variables. Those persons who have competence or experience in
the area are approached & not those persons who have no knowledge of the problems.
The main use of experience survey is that to provide a quick summary of the main issues. It
tends to bring about relaxed & natural discussion.
2. FOCUS GROUPS- Focus groups are useful for gathering ideas & insight. In a focus group, a small
no. of individuals are brought together in a room to sit & talk about some topic of interest to
the focus group sponsor. The discussion is directed by a moderator.
Focus group have proved to be productive for a variety of purposes, including generation of
hypotheses that can be further tested quantitatively, generating information helpful in structuring
consumer questionnaires, providing overall background information on a product category &
securing impression on new product concepts.
4. CASE STUDY- A detailed case analysis of selected organization of individuals may be helpful in
gaining information. It involves the intensive study of selected cases of the phenomenon. This
method includes the examination of existing records, by observing the occurrence of the
phenomenon. A particular case is examined in entities with intensity. All aspects of the cases are
investigated. The finding of a case study are always suggestive rather than conclusive since the
examination is being conducted after the fact basis & it is not possible to manipulate the variables
2. CONCLUSIVE RESEARCH- Conclusive Research provides information which helps the executive
to make a rational decisions. The various alternative conclusions & selecting the most suitable
conclusion may be done be descriptive research or experimental research design.
The conclusion research is divided into various categories, namely-
A. DESCRIPTIVE RESEARCH DESIGN- Descriptive design can be sound basis for making prediction
pertaining to specific problems, although it does not explain the nature of relationship involved.
Theses designs are used for some definite purpose. It is focused on the accurate description of the
variable present in the problem. These designs are able to reduce the bias in the data collection
process, minimize the expenditure & the accuracy in prediction. A descriptive investigation is
characterized by its formal & rigid structure.
A type of conclusive research that has as its major objective for the
description of something-usually market characteristics or functions. A descriptive design requires
a clear specification of 6 Ws (what, who, when, where, why, way) of the research. It defines what
it is that the research want to measure & to set up appropriate & specific means for measuring it
since the purpose of the descriptive study is to provide answer to specific questions more care
should be exercised against the possibility of systematic errors than is the case with the
exploratory research. There are 2 types of descriptive research design:
I) Longitudinal method
II) Cross-sectional method
I) LONGITUDINAL METHOD- In longitudinal designs a fixed sample of population is measured
repeatedly on the same variable. It provides a series of pictures that givens a in depth view of the
situation & the changes that take place over time. The sample remains the same over time, thus
providing a series of pictures which, when viewed together, portray a vivid illustration of the
situation & the changes that are taking over time. It is also known as ‘panel studies’. This type of
research is helpful to the problems in which interrelationship of a no. of factor are involved, & in
which it is difficult to understand the individual factors without considering their relationship with
each other.
A panel is a sample of respondents have agreed to provide information at specified intervals over
an extended period. This analysis may reveal common features, uncommon features & specific
features of the panels selected for study. It is of two types:-
True panel- Relies on repeated measurement of the same variables. Similar characteristics of all
the members of the channel are looked into arrive suitable conclusions.
Eg:- family members, Panel members are constantly contacted for getting periodical information
of size of the market, brand share, brand loyalty, frequency of purchase, influence of price, impact
of new brand & impact of advertising & distribution strategy, etc.
Omnibus panel- A sample of members is selected & maintained, but the information collected
from the members varies. It concentrates on disseminates on dissimilarities of the variables.

II) CROSS-SECTIONAL STUDY- A type of research design involving the collection of information
from any given sample of population elements only once. It is the most frequently used descriptive
design in MR. It select the sample of members from the population at a particular point of time, &
provide a snapshots of the variable of interest during that time. It does not study the panel at
different intervals but it studies only at a particular point of time. It is 3 types:-
Single cross-sectional design- In which one sample of respondents is drawn from the target
population & information is obtained from this sample once.
Cohert analysis- A series of survey conducted at appropriate time intervals. The cohert refers to
the groups of respondents who experience the same event within the same time interval.

3. CASUAL RESEARCH-

A type of conclusive research where the major objectives is to obtain the evidence regarding
cause-2-effect relationship managers continually make decisions based on assumed casual
relationship. Casual research is appropriate for the following purposes:-
To understand which variables are the causes (independent variables) & which are
variables are the effect (dependent variable) of a phenomenon.
To determine the nature of the relationship between the casual variables & the effect to
be predicted.
Casual research requires a planned & structured design. It seeks to discover the effect
that a variables/variables has on another other or why certain outcomes are obtained. The
relationship that occur between 2 variables may be symmetrical or reciprocal casual research
seeks to do 3 things:-
Measures the co-variation among variables.
Determine the time order relationship among variables.
Ensure that other factors do not confound the explanatory relationship.

4. EXPERIMENTAL DESIGN
It is effective in measuring the cause effect relationship unlike the descriptive design where
cross classification is made to identify the effect of the casual factors. Experimental design are
organized to make the research design relatively ambiguous interpretation. It is even more
exhaustive treatment in marketing research. It reveals the conclusion which remain almost
observed.
In experimental design, the actual trial of a proposed course of action or hypothesis are so
conducted that their effects can be measured objectively & may be distinguished from the effect
of extraneous variables.
The experimental design can be obtain more conclusive evidence of the cause-effect
relationship between 2 or more than 2 variables. The experimental design are of two types:-
 Laboratory Experiment
 Field Experiment

1. Laboratory Experiment- It may be defined as one in which the investigation creates a situation
with the exact conditions he wants to have in which he controls some & manipulates other
variables. Helps to measures of the independent variables in a situation in which the operation of
other relevant factors is held to a minimum.

BASIS EXPLORATORY RESEARCH CONCLUSIVE RESEARCH

1.Objective  To provide insight & understanding.


 To test specific hypothesis &
examine relationship
2.characteristics  Information needed is defined  Information needed is clearly
loosely. defined.
 Research process is formal &
 Research process is flexible & structured.
unstructured.  Sample is large &
representative.
 Sample is small & non-representative  Data analysis is quantitative.
 Data analysis is qualitative.
3.Finding/Result  Tentative results  Conclusive results
4.Outcome  Generally followed by further  Finding used as input into
exploratory/conclusive Research. decision-making.

2. Field Experiments- The test factors are taken to the different places. A fixed experiment is a
research study in a realistic situation in which one or more independent variables are manipulated
by the experimenter under a carefully controlled. The field experiment are more of the
representative type than the confined one. It is conducted in a natural setting. They are more
significant & consistent. They depict real life & are representative of the population.

DIFFERENCE BETWEEN EXPLORATORY & CONCLUSIVE RESEARCH

A COMPARISION OF BASIC RESEARCH DESIGN

BASIC EXPLORATORY DESCRIPTIVE CASUAL

1.Objective -Discover ideas & -Describe market -Determine cause &


insights. characteristics or effect relationship.
functions.
2.Characteristics -Flexible & versatile -Market by the prior -Manipulation of one
formulation of specific
or more independent
hypothesis. variables.
-Controlling of other
-Often the front end of -Prepared preplanned mediating variables.
total research design. & structured design.
3.Methods -Experts surveys -Secondary data -Experiments
-Secondary data -Surveys
-Qualitative Research -Panels
-Observation
RESEARCH DESIGN

EXPLORATORY RESERACH CONCLUSIVE RESAERCH

SEARCH OF SECONDARY DATA OR DESCRIPTIVE RESERACH


LITERATURE SURVEY

LONGITUDINAL STUDY
SURVEY OF KNOWLEDGABLE PERSONS
OR EXPERIENCE SURVEY
CROSS-SECTIONAL STUDY

FOCUS GROUP
EXPERIMENTATION RESEARCH

CASE STUDY
LABORATORY EXPERIMENTS

FIELD EXPERIMENTS

CASUAL RESEARCH

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