Research Methods

Chapter 1 - Tutorial
Introduction to Business Research
1.0 Introduction

• Any individual may face a problem that could be financial problem or a problem
related to the organization that he work for. What to do when encountered with such
problems? The obvious answer is—to try and find solutions to the problem.
• Personal problem can be solved by gathering information related to the existing
problem, through family members, friends or colleagues (depending on who can help
to discuss the problem).
• Like the personal problems, business problems with different levels of complexity are
occur frequently and on a daily basis which need to be resolved by making the rational
decision.
• simple problems can be solved with less time consuming, but as a problem being
complex as more time consuming to have.
 Importance of Business Research

• Research is important to any business organization:

➢ Maintain the competitive level in the market.

➢ Accurately identify and understand its customers.
➢ Well understand and know more about the competitors in the market industry.
➢ Research is the base of sitting and developing the business strategies.
 1.2 Scope of Business Research

• Support managers with the needed knowledge of the organization, market, economy, etc.
• A common aspect of all organizations is that each day managers encounter many problems, which they have
to solve by making rational decision.
• Problems may occur in different areas like, accounting, finance, management and marketing and so
on.
• Some investigated problems could be related to any external environment such as, economic,
political, technological, competitors, etc.
 1.3 What is Research?

• Intellectual application of the investigation of a matter.

• Used for discovering, interpreting and developing methods and systems for the

advancement of human knowledge.

 1.4 Defining Business Research

An organized, systematic, data-based, critical and objective, scientific enquiry or

investigation into a specific problem, undertaken with the purpose of finding answers and
solutions to it.
Comprises four stages

• First stage: Problem identification

• Second stage: Gather the relevant information
• Third stage: Critically analyze the information
• Fourth stage: Provide solution to the existing problem
1.5 Types of Business Research: Applied and Basic Research

1. Basic research (also called fundamental or pure research)

• Primary objective of the advancement of knowledge and theoretical understanding

• Not undertaken to solve any specific problem

• Is often the foundation for further applied research

1.5 Types of Business Research: Applied and Basic Research

2. Applied research

• Use knowledge (research findings) for practical

concerns

• Solve a current problem faced by the organization in

the work setting

• Application of known theories to the actual operational

field
1.6 Managerial Value of Business Research

• To make right decisions in timely manner

• Well informed and up-to-date in their own area of specialization

• Recent developments in particular industries

• Understand, predict and control the environment of the organization

1.7 When is Business ResearchNeeded?

The manager’s decision as to whether or not research should be conducted for a problem
encountered in the organization depends on various factors:

1. Time constraints
2. Availability of data
3. Nature of decision
4. Benefit versus costs
1.8 Ethical Consideration in Research

The goal of ethics in research is to ensure that no one is harmed or suffers adverse
consequences while following any stage of research.
1.8.1 Ethical Consideration and the Sponsor

• Honestly assess their capabilities

• Research must be conducted in a professional manner with a systematic,

organized, and scientific approach

• Research project/results will remain confidential

• Submit the research report to the sponsoring company at the agreed time
1.8.2 Ethics and Target Respondents

• Target respondents who provide information

• Information collected should not be misused for any other purpose

• Participation is voluntary

• Confidentiality of the replies

• Not to embarrass respondents/informants

1.8.3 Researcher and Team Members

• Design a project that is safe for everyone involved

• Impartial and unbiased to accurately record all necessary data

Questions ?

End of Chapter 1