Unit 1

Introduction : Meaning of research; Scope of

Business Research;
Purpose of Research – Exploration, Description
Explanation; Unit of
Analysis – Individual, Organization, Groups, and
Data Series; Conception
-Construct, Attributes, Variables, and Hypotheses
Meaning of the
research

Research is defined as the creation of new knowledge and/or the use of

existing knowledge in a new and creative way so as to generate new
concepts, methodologies and understandings. This could include
synthesis and analysis of previous research to the extent that it leads to
new and creative outcomes
Meaning of Business Research:

Business research is a process of

acquiring detailed information of all the
areas of business and using such
information in maximizing the sales and
profit of the business. Such a study helps
companies determine which
product/service is most profitable or in
demand.
 Scope of Business Research
Business research is described as  the systematic and objective
procedure for producing information for help in making
business decisions. Business research should be objective,
which means that the information found needs to be detached
and impersonal instead of biased. Research facilitates
the managerial decision process for all aspects of a business.
 Scope of Business Research Includes the Following Areas

Production Personnel Marketing Financial Materials General

Management Management Management Management Management Management

The research
performs an Research works
well for job
Research performs Research can be  It is utilized in It contributes
important function in an important part useful for portfolio choosing the
product redesign, management,
greatly in
in choice and size supplier, making the
development, organization distribution of decisions relevant to developing the
of target market,
diversification, restructuring,
the consumer
dividend, capital make or buy as well standards,
introducing a new development of raising, hedging and as in selecting objectives, long-
product, product behavior with looking after
motivational negotiation
term goals, and
improvement, regards to fluctuations in strategies.
strategies and
process technologies, organizational
attitudes, life style, foreign currency and growth
choosing a site, new and influences of product cycles strategies.
development.
investment etc. the target market.
Why Is a purpose of Research?

 It's a Tool for Building Knowledge and Facilitating Learning

 to Understand Issues and Increase Public Awareness

 Helps Us Succeed in Business

 A TOOL FOR BUILDING KNOWLEDGE AND FACILITATING
LEARNING

• Research is required not just for students and academics but for all professionals and nonprofessionals alike. It is
also important for budding and veteran writers, both offline and online.

• For nonprofessionals who value learning, doing research equips them with knowledge about the world and skills
to help them survive and improve their lives. Among professionals and scribes, on the other hand, finding an
interesting topic to discuss and/or to write about should go beyond personal experience. Determining either what
the general public may want to know or what researchers want others to realize or to think about can serve as a
reason to do research. Thus, research is an essential component in generating knowledge, and vice-versa.

• Knowledge is commonly described as a factual proposition in the mind of an individual. It essentially refers to
facts based on objective insights and/or study findings processed by the human brain. It can be acquired through
various means, such as reading books and articles, listening to experts, watching documentaries or investigative
shows, conducting scientific experiments, and interacting with other people, among others. Facts collected during
research can be checked against other sources to ensure their truthfulness and accuracy.
  TO UNDERSTAND ISSUES AND INCREASE PUBLIC AWARENESS
USING RESEARCH TO UNDERSTAND CURRENT ISSUES

Television shows and movies—both fictional and nonfictional—ooze with research. For instance, Oprah Winfrey
would have not achieved remarkable success as a news anchor and television show host had she eschewed doing her
own research about certain topics and public figures. According to entrepreneur and lifestyle coach Paul C. Brunson,
in his interview with emotional intelligence expert and author Justin Bariso (2017):

USING RESEARCH TO UNDERSTAND PEOPLE

Many film and TV actors also take time to interview individuals to better understand their roles. Actors have worked
with detectives, boxers, scientists, business owners, criminals, and teachers, among others to gain an inside
understanding of what it's like to have a certain identity. Others even go through immersion so they can begin to
understand their characters' issues better. This might look like living in jail or in a drug rehabilitation center for a
while, gaining or losing a significant amount of weight, or learning to captain a sailboat. Many read literature,
biographies, or journals to have a better view or context of the story they've been hired to tell
 TO HELPS US SUCCEED IN BUSINESS
THE IMPORTANCE OF RESEARCH AND DEVELOPMENT (R&D)
• Research benefits business. Many successful companies, such as those producing consumer goods or mass-market
items, invest in research and development, or R and D. Different industries that involve science and engineering
processes (like agriculture, food and beverage, manufacturing, healthcare and pharmaceuticals, computer
software, semiconductor, information and communication technology, construction, robotics, aerospace, aviation,
and energy) have high R and D expenses because it is critical to the creation and improvement of their products
and services.

• R and D can also help secure an advantage over competitors. Finding out how to make things happen more
efficiently and differentiate a business's offerings from those of its competitors can raise a company’s market
value.

• In addition, R and D is essential to supporting a country's economy. For instance, the United Kingdom's
Department of Business Innovation and Skills, or BIS (now known as the Department for Business, Energy and
Industrial Strategy), used to publish an annual R and D Scoreboard. The report served ".as a benchmarking tool
for companies, investors and policymakers" for 20 years. However, due to the UK government's austerity
measures, it has not been produced since 2010.
 What is explanatory research

Explanatory research is a research method that explores why something occurs when limited information is available.
Explanatory research can also be explained as a “cause and effect” model, investigating patterns and trends in
existing data that haven't been previously investigated.

Examples of the explanatory research

Exploratory studies usually create scope for future research and the future research may have a conclusive design.
For example, 'a study into the implications of COVID-19 pandemic into the global economy' is an exploratory
research.

WHY IS RESEARCH EXPLORATION IMPORTANT?

The goal of exploration is to understand consumers' motivations, expectations, perceptions, or actions around a
specific topic. This kind of knowledge sets a strong foundation for ideation, concept development, and creative
executions to come.
 WHAT IS DESCRIPTIVE RESEARCH EXPLANATION?

Descriptive research is a type of research that is used to describe the characteristics of a population. It collects data
that are used to answer a wide range of what, when, and how questions pertaining to a particular population or group .