RESEARCH METHODOLOGY

Module 1
Introduction to Business Research

• Research: Meaning
• Need and Purpose of Research
• Scope of business research
• Types of research
• Research methods versus methodology
• Research process
• Research is a derivative of the French word;
• “Researche” means quest, search, pursuit and search for truth.
• Research refers to a search for knowledge.

• It is a careful investigation or inquiry especially

through search for new facts in any branch of
knowledge.

• It is systematized effort to gain new knowledge

• Research is the systematic approach concerning

generalization and the formulation of a theory.
• “Research is a systematic and objective analysis and recording of controlled
observations that may lead to the development of generalizations, principles,
theories and concepts, resulting in prediction for seeing and possibly ultimate
control of events” - John .W. Best

• “Research is a systematized effort to gain new knowledge” - Redman and Mory

 Expands the
knowledge
base

Encourages Gives latest

curiosity information

Helps with
Understand
problem-
competition
solving

Introduces Builds
new ideas credibility

Narrow the
scope
Business Research
• Business research is the systematic collection and analysis of data with the
purpose of finding answers to problems facing management.

• It can be carried out with the objective to explore, to describe or to diagnose a

phenomenon

• Business research can be used to solve a business-related problem, such as

determining how to decrease the amount of excess inventory on hand.
Scope of Business Research
Advantages of Business research
Understand
Identify Identify problems customers and Risks and
opportunities and and tackle issues communicate with uncertainties can be
threats. appropriately. the customers or minimized.
stakeholders.

Plan financial Stay up-to-date with

Track competition in
outcomes and Decision making. the market and its
the business sector.
investments. trends.

Measure reputation.
Disadvantages of Business research
High-cost

The results become

obsolete of the Based on
fast-changing assumptions
markets

Inaccurate
information
(biased population Time-consuming
or a small focus
group).
Types of Research

Descriptive vs Applied Vs. Quantitative Vs Conceptual Vs

Analytical Fundamental(Basic) Qualitative Empirical
Descriptive vs Analytical Research

Descriptive research includes surveys In analytical research the researcher

and fact-finding enquiries of different has to use facts or information
kinds. The purpose of descriptive already available, and analyze these
research is description of the state of to make a critical evaluation of the
affairs as it exists at present. material.
 Applied Vs. Fundamental(Basic) Research

Fundamental research is concerned with

generalizations and with the formulation of a
Applied research aims at finding a solution for an
theory. “Gathering knowledge for knowledge’s
immediate problem facing a society or an
sake is termed ‘pure’ or ‘basic’ research.” It is
industrial/business organisation. The key aim of
directed towards finding information that has a
applied research is to discover a solution for
broad base of applications and adds to the
some pressing practical problems.
already existing organized body of scientific
knowledge.
Quantitative vs. Qualitative research

Quantitative research is based on the measurement of quantity or amount. It is

applicable to phenomena that can be expressed in terms of quantity.

Qualitative research is based on qualitative phenomenon, i.e., phenomena relating

to or involving quality or kind. Qualitative research is important in the behavioral
sciences where the aim is to discover the underlying motives of human behavior.
Conceptual vs. Empirical research

Conceptual research is related to some abstract idea(s) or

theory. It is generally used by philosophers and thinkers to
develop new concepts or to reinterpret existing ones.

Empirical research relies an experience or observation alone,

often without due regard for system and theory. It is data based
research, coming up with conclusions which are capable of
being verified by observation or experiment.
 Basis of
Research Methods Research Methodology
Distinction

The ways that define the primary goal and helps

A proper theoretical and systematic analysis of
to identify the topic or issue with deeper
Definition the ways employed to the fixed topic discussed
understanding through qualitative and
within the program.
quantitative research processes.

Something and someway that a researcher uses

The final way of solving a problem and
Requirement to carry on their research irrespective of the
efficiently completing all steps required.
results.

Acts as a instrument to monitor the behavior

The science of managing and the
Benefit and selection of processes along with their
understanding of the problem.
construction for conducting research.

Conducting experiments, testing different The analysis of various techniques used for
Types
factors, carrying out surveys, etc. performance, testing and study management.
Contributes to finding solutions and then Helps with the correct application of the
Feature
implementing them. procedure to get the solution.