CHAPTER-1

INTRODUCTION
TO
BUSINESS RESEARCH

RESEARCH CONCEPTS AND

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What is research?
 The word research is composed of two syllables, re and search.
Re = again, anew or over again
Search = to examine closely and carefully, to test and try, or to probe.
Re+Search = A careful, systematic, patient study and investigation in
some field of knowledge, undertaken to establish facts or principles.

 A systematic and organised study of material and resources to:

 Discover new things
 Establish facts
 Reach conclusion
 Research can be defined as a systematic inquiry in form of investigation or
experimentation to gain new knowledge in an objective manner.

RESEARCH CONCEPTS AND

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What is Business Research?

Management research is an unbiased, structured, and sequential method of
enquiry, directed towards a clear implicit or explicit business objective. This
enquiry might lead to validating existing postulates or arriving at new
theories and models.

Business research is defined as the systematic and objective process of

gathering, recording and analyzing data for aiding in making business
decisions

The application of the scientific method in searching for the truth about
business phenomena. These activities include defining:
Business opportunities and problems,
generating and evaluating ideas,
 monitoring performance, and
understanding the business process.

RESEARCH CONCEPTS AND

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Types of research

RESEARCH CONCEPTS AND

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Types of research
Basic research : the basic premise is the need
to KNOW and the concern is primarily academic
in nature.

Applied research: Solution or action oriented

research, that is contextual and practical in
approach.

RESEARCH CONCEPTS AND

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Types of research
Exploratory research is loosely structured and the
basic premise is to provide direction to subsequent,
more structured method of enquiry.

Conclusive research is structured and definite in

orientation. These studies are usually conducted to
validate formulated hypotheses and specified
relationships.

RESEARCH CONCEPTS AND

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Exploratory vs Conclusive Research

RESEARCH CONCEPTS AND

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Conclusive research

Descriptive research: The main goal of this type

of research is to describe the data and
characteristics about what is being studied.

Causal research: Explores the effect of one or

more variables on other variable(s), with
reasonable level of certainty by controlling the
impact of other influencing variables.

RESEARCH CONCEPTS AND

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Need for Business Research

Time Constraints: Immediate decision reduce

scope of research
Availability of Data : Adequate data required for
research
Nature of Decision :Routine Decision Vs Big
Strategic & tactically important decisions.
Benefit Vs Cost: Will payoff or rate of return
worth investment

RESEARCH CONCEPTS AND

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The research process

RESEARCH CONCEPTS AND

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The research process

The management decision problem

Defining the research problem

Formulation of the working hypotheses

Construction of the research proposal

RESEARCH CONCEPTS AND

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The research process

Formulating the research design

Sampling considerations

Collecting the data for the study

Data analysis and interpretation of findings

RESEARCH CONCEPTS AND

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Research applications in marketing

Market & consumer analysis

Product research

Pricing research

 Promotional research

Place research

RESEARCH CONCEPTS AND

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Research applications in
human resources
Training & development studies

Selection and staffing studies

Performance appraisal–design and evaluation

Organization planning and development

Incentive and benefits studies

Emerging areas–critical factor analysis, employer branding

studies
RESEARCH CONCEPTS AND
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Research applications in finance

Asset pricing, capital markets and corporate finance

 Financial derivatives and credit risk modeling research

Market-based accounting research

Auditing and accountability

Other areas: financial forecasting, behavioural finance,

volatility analysis

RESEARCH CONCEPTS AND

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Research applications in
production & operations management
Operation planning and design

Demand forecasting and demand estimation

Process planning

Project management and maintenance effectiveness

studies
Logistics and supply chain-design and evaluation

Quality estimations and assurance studies

RESEARCH CONCEPTS AND

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Criteria for research

MUST have: a clearly stated research purpose/ objective

MUST have: a sequential plan of execution

MUST have: a logical and explicitly stated justification for the

selected methods
MUST have: an unbiased and neutral method of conduct and

reporting
MUST have: complete transparency and ethical conduction of

the research process

MUST have: provision for being reliable & replicable

RESEARCH CONCEPTS AND

 END OF CHAPTER

RESEARCH CONCEPTS AND