BUSINESS RESEARCH

METHODS" ---- OVER VIEW

 The task of business research is to generate
accurate information for use in decision making.
The emphasis of business research is on shifting
decision makers from intuitive information
gathering to systematic and objective investigation.
It is defined as the systematic and objective

process of gathering, recording, and analyzing

data for aid in making business decisions.
 One reason for conducting research is to develop and
evaluate concepts and theories, and basic-or pure-
research attempts to expand the limits of knowledge.

For example,
Consider this basic research conducted at
a university. Academic researchers investigated
whether an individuals perception that he or she was
doing well on a task would have any influence on
future performance.
 It is conducted when decision must be made
about a specific real-life problem. Applied research
encompasses or to make decisions about a particular
course of action or policy.

For example,
Organization contemplation a paperless
office and a networking system of the companys
personal computer may conduct research to learn the
amount of time its employee spends at personal
computer in an average week.
 The prime managerial value of business
research is that it reduces uncertainty by
providing information that improves the decision
making process. The decision making process
associated with the development and
implementation of a strategy involves four
interrelated stages:
Identifying problems or opportunities
Diagnosing and assessing problems or
opportunities
Selecting and implementing a course of action
 Evaluating the course of action
Evaluation research
Performance monitoring research
Planning purpose.
In Decision Making.
In HR Department.
Marketing research.
Time Constraints.
Availability Of Data.
Nature Of Decision.
Benefits V/s cost.
 DETERMINANTS OF BUSINESS RESEARCH

IN IS THE
Y
SUFFICIENT INFORMATION
IS THE DECISION
OF
DEOS THE VALUE
OF THE RESEARCH E
TIME ALREADY ON CONDUCT
AVAILABLE HAND
CONSIDERABLE
STRATEGIC OR
INFORMATION
EXCEED THE COST
S BUSINESS
BEFORE A INADEQUATE RESEARCH
TACTICAL OF CONDUCTING
MANAGERIAL FOR MAKING
IMPORTANCE RESEARCH
DECISION
DECISION

NO
BUSINESS RESEARCH SHOULD NOT BE CONDUCTED
General Business condition & Corporate
Research.
Financial & Accounting Research.
Management & Organizational Behavior
Research.
Sales & Marketing Research.
Information System Research.
Corporate Responsibility research.
 Business Research in the 21st Century

How might a Non Profit Organisation use the

Business Research?

Role of Research in Business Decision

Making stage of the decision making Process
Business Research in 21st Century
Business Research has been strongly
influenced by two major trends in
business
1. Increased Globalisation and
2. Rapid growth of Internet and other
information technologies
 GLOBAL BUSINESS RESEARCH
Business research has become increasingly global
and will become more so in the 21st century.
Some companies have extensive international
business research operations.
Forexample
Upjohn conducts business research in 160
different countries.
A. C.Nielsen International, with its television
ratings, is the worlds largest business research
company. Two-third of its business comes from
out-sides the United States.
 Companies that conduct business in foreign
countries must understand the nature of those
particular markets and judge whether they require
customized strategies.
For examples: 15 nations of the European Union
share a single formal market.
Business research shows that European
do not share identical tastes for many consumer
products. Business researchers have found no such
thing as a typical European consumer; language,
religion, climate, and centuries of tradition divide
the nations of the European Union
 Scantel Research ,a British firm that advises on
colour preferences, found inexplicable differences
in Europeans preferences concerning medicines.

For ex:-The French prefer to pop purple pills,

but the English and Dutch favor white ones.
Consumers in all three countries dislikes bright red
capsules, which are big sellers in the United States.
 Growth of the Internet
The internet is transforming society.
Time is collapsing.
Distance is no longer an obstacle.
Crossing oceans requires only a mouse click.
People are connected 24 hours a day, 7 days a week.
Allows users access information and documents from
distant sources
It has certainly changed the way of millions of people
think about getting and distributing information as
obtaining and communicating information is the
essence of business research.
How might a Non Profit Organisation use Business
Research?

A Non Profit Organisation is any organisation

that does not aim at making profits and also is
not a public body.
For Ex:- Education institutes, temple
management, hospital management, etc.
NPOs use Business Research as they are
unfamiliar with marketing concepts.
It s important that these organisations
understand that marketing is more than just the
old sense of making sale or obtaining a
donation.
Non profit Organisation might use
Business Research to
Define the target
Determine the desired outcome of their
marketing efforts
Develop public relations strategy
Develop and maintain a professional
Internet presence by creating a Website
Research and maintain prospect and
customer databases
 Show and advertise the results and
objectives that the organisation achieves
Always actively search for alliance with
other organisations, commerce,
advertising media and business.
 Role of Business Research in decision
making stages of the decision making
process
An increasing amount of attention is being
devoted to the decision making process
of business managers, customers and
employees.
Research, being a fact, finding process,
profoundly influences business decisions.
Choosing that course of action which is
most effective in attaining the goals of the
organization.
 Research not only provides facts and figures in
support of such business decisions, but enables one to
choose a measuring rod to judge the effectiveness of
each decision.
It the simplest model that predicts outcomes
reasonably well and is consistent with effective action
on his part in management problem.
A quantitative treatment with some degree of success
with the help of operations research, irrespective of
functional distinctions.
Conclusions drawn are logical analysis. Logically
derived solution are useful to identical problems.
 This may be the reason why executives and business
professionals consider research and research findings a
boon in their problem solving process.
Research , is the very core of managing a business
economically.
Research in management is, broadly, a systematic
activity directed towards investigating managerial or
business problems.
Results in an invention or a discovery of management
tools for problem-solving and decision- making.
 It can be a detailed investigation of the existing
problem, practices or processes.
Research suggest that customers go through
a five stage decision making process in any
purchase.
Need recognition & problem awareness
Information search
Evaluation of alternatives
Purchase
Post- purchase evaluation
 Contents
Research/Marketing Research
Objectives Of Research
Role Of Research
 Meaning Of Research

Its the scientific method of

systematically gathering, recording and
analyzing data important to advertisers.
 Market Research
Vs.
Marketing Research

Market research and marketing

research are often confused. 'Market' research
is simply research into a specific market. It is a
very narrow concept. 'Marketing' research is
much broader. It not only includes 'market'
research, but also areas such as research into
new products, or modes of distribution such as
via the Internet.
 Definition Of Marketing Research
"Marketing research is the function that links the
consumer, customer, and public to the marketer
through information - information used to identify
and define marketing opportunities and problems;
generate, refine, and evaluate marketing actions;
monitor marketing performance; and improve
understanding of marketing as a process. Marketing
research specifies the information required to
address these issues, designs the methods for
collecting information, manages and implements the
data collection process, analyzes, and
communicates the findings and their implications.
American Marketing association
 Cont.d
"Marketing research is about researching
the whole of a company's marketing
process."
Palmer (2000).
 The Marketing Research
Process
Define the problem.
How will you collect the data that you will
analyze to solve your problem?
Select a sampling method.
How will we analyze any data collected?
Decide upon a budget and a timeframe.
Gain approval.
 Cont..d
Collect the data.
Conduct the analysis.
Check for errors.
Write your final report.
 Objectives
Identify and define all of the major
elements of marketing.
Explain the components of the marketing
mix and product mix.
Define products and services and identify
the marketing elements that differentiate
them.
Explain the product life cycle.
 Explain the need for marketing advantage and its
impact on business success.
Explain market segmentation, market positioning,
sales forecasting and market forecasting; their
impact on marketing efficiencies; and their
integration into the strategic market planning
process.
Describe the various approaches to
product/service pricing and discuss the
development of pricing strategy.
Explain the relationship between marketing and
marketing research in a typical business.
 Explain the difference between a consumer and
an organizational buyer in terms of behavior and
impact on marketing programs.
Discuss product accessibility, explain marketing
channels, name several typical channels for both
consumer products and business products, and
explain what is meant by channel conflict.
Discuss the various ways to create customer
awareness.
Discuss how customer service and customer
satisfaction affect the various elements of
marketing.
 Explain the differences and opportunities
associated with domestic and international
marketing.
Discuss the societal and ethical
dimensions of marketing.
Describe the role of the marketing
professional in the corporate environment.
Apply marketing concepts and practices in
marketing decision-making.
 Role of Research
Identifying problems or opportunities
Diagnosis and assessment
Selecting and implementing a course of
action
Evaluating a course of action
Evaluation
Performance monitoring
TYPES OF RESEARCH
NEED FOR MARKET RESEARCH
IMPORTANCE OF MARKET RESEARCH
TYPES OF RESEARCH:

Exploratory Research
Descriptive Research
Applied Research
Fundamental Research
Conceptual Research
Casual Research
 Historical Research
Ex-post Facto Research
Action Research
Library Research
NEED FOR MARKET RESEARCH:

Decision making tool

Facilities large scale production
To determine the pattern of
consumption
Complex market
Problem solving
Distribution
Sales promotion
IMPORTANCE OF MARKET RESEARCH:

Research is used in several fields of applied

economics, whether related to business or to
the economy.
Research provides the basis for nearly all
government policies in our economic system.
Research has its special significance in
solving various problems.
Research is equally important for social
scientists in studying social relationship and
in seeking answers to various social
problem.
CRITERIAOFAGOODRESEARCH
PROBLEMSENCOUNTEREDBY
RESEARCHERSININDIA
APPLICATIONSOFMARKET
RESEARCH
CRITERIAOFAGOOD
RESEARCH

Clearlydefinedandcommonconceptsbe
used
Describedinsufficientdetail

Carefullyplanned

Completefrankness

Sufficientlyadequate

Conclusionsshouldbeconfined

Greaterconfidenceinresearchshouldbe
warranted
PROBLEMSENCOUNTERED
BYRESEARCHERSININDIA.
Thelackofascientifictraining
Insufficientinteraction

Researchstudiesoverlapped

Interdepartmentalrivalries

Librarymanagementisunsatisfactory

Theproblemofconceptualization
APPLICATIONSOFMARKET
RESEARCH

PricingResearch

ProductResearch

PositioningResearch

CustomerSatisfactionResearch

BrandingResearch

AdvertisingResearch

SalesAnalysis