BUSINESS RESEARCH

1. INTRODUCTION
     

MEANING OBJECTIVES TYPES OF RESEARCH RESEARCH APPROCHES RESEARCH PROCESS RELEVENCE AND SCOPE OF RESEARCH IN MANAGEMENT

MEANING


Business Research is the systematic way to collect information and get knowledge out of it with a methodology so that the derived knowledge can be used to make decisions. Usually managers face major issues like ongoing complaints from customers, need to convince financers/ bankers for advances, unmet need among customers, the need to polish an internal process, issues while managing men, machines, materials and money, issues of forecasting and future plans. Research helps us to decide all such problems rationally. It is the process and the tool needed to reduce risk in managerial decision making. It is a systematic inquiry that provides systematic knowledge to guide managerial decisions. DEFINITION: Business research is defined as the systematic and objective process of generating information for aid in making business decisions.

OBJECTIVES OF RESEARCH
The objectives of research is to find out answers to questions through the application of systematic and scientific way. Though there is a specific purpose behind each research study, however, the objectives can be broadly classified as under: To obtain familiarity of the phenomenon. To determine the association or independence of an activity. To determine the characteristics of an individual or a group of activities and the frequency of its (or their) occurrence.

1. 2.

3.

TYPES OF RESEARCH
There are three types of research in business:

EXPLORATORY RESEARCH DESCRIPTIVE RESEARCH CASUAL RESEARCH

1. EXPLORATORY RESEARCH


  

Objective is to gather preliminary information that will help defining problem and to clarify and define the nature of a problem. Can answers the questions why, how and when but cannot tell how often, how many. Does not provide conclusive evidence. Relies on secondary research Subsequent research expected

2. DESCRIPTIVE RESEARCH


 

 

Objective is to describe things such as market potential for a product or the demographics and attitude of customers. Also known as statistical research. Describes characteristics of a population or phenomenon. Used for frequencies, averages and other statistical calculations. Unable to describe what caused the situation. Some understanding of the nature of the problem

3. CAUSAL RESEARCH


Objective is to identify cause and effect relationships Design is highly structured and controlled.

A causal relationship is impossible to prove. Evidence of causality: 1. The appropriate causal order of events 2. Concomitant variation--two phenomena vary together 3. An absence of alternative plausible explanations

Uncertainty Influences The Type Of Research

CAUSAL OR DESCRIPTIVE
COMPLETELY CERTAIN ABSOLUTE AMBIGUITY

EXPLORATORY

RESEARCH APPROACH


The process of management follows a typical structure, wherein, the approaches may be different and vary from situation to situation. The process may be purely academic or theoretical or action oriented Which approach is appropriate for a given situation is largely depends on specific need of a researcher.

Stages of the Research Process

Problem Discovery and Definition Discovery and Definition

Research Design

and so on Conclusions and Report

Sampling Data Processing and Analysis Data Gathering

Research Stages


Cyclical process- conclusions generate new ideas processand problems that need to be further investigated. Stages can overlap chronologically and are functionally interrelated. Stages are functionally interrelated:  Forward linkages- earlier stages of research will linkagesinfluence the design of later stages.  Backward linkages- later stages have an linkagesinfluence on the earlier stages.

Problem Discovery and Definition

Problem discovery
Sampling

Selection of exploratory research technique Secondary (historical )data Experience survey Pilot study Case study

Selection of exploratory research technique

Probability
Data Gathering

Nonprobability

Problem definition (statement of research objectives)

Research Design

Collection of Data (fieldwork) Editing and Coding data

Selection of basic research method

Survey Secondary Data Study

Data Processing And Analysis Conclusions and Report

Data processing Interpretation of findings Report

Experiment Laboratory Fiel d Intervie w

Questionnair e

Observation

Stages In The Research Process

1. 2. 3. 4. 5. 6.

Problem Discovery and Problem Definition Research Design Sampling Data Gathering Data Processing and Analysis Conclusions And Report

1. Problem Discovery And Definition

 

 

  

First step The formulation of the problem is often more essential than its solution. Problem does not connote a business opportunity. The initial stage is problem discovery, rather then definition. Problem means management problem. Problem well defined is a problem half solved. Selecting the exploratory research technique

Secondary (historical) Data

Pilot Study

Experience Survey

Case Study

Exploratory Research

Exploratory Research Techniques Two Examples



Secondary data (historical data)  Previously collected  Census of population  Literature survey

Pilot study


A number of diverse techniques

2. Research Design
    1. 2. 3. 4.

Master plan Framework for action Specifies methods and procedures Basic Research Methods: Surveys Experiments Secondary data Observation

3. Sampling
For sampling the following decisions is to be taken by management:  Who is to be sampled?  How large a sample?  How will sample units be selected?

4. DATA GATHERING


Data is collected from different sources by doing a fieldwork. Editing and coding is conducted on collected data

5. DATA PROCESSING AND ANALYSIS



Analysis involves determining consistent patterns and summarizing the appropriate details revealed in the investigation. Determined by managements information requirements, the characteristics of the research designed the nature of the data collected.

6. CONCLUSIONS AND REPORT

 

Final stage Information is interpreted and conclusions are drawn relevant to managerial decisions. The research report should communicate the research findings effectively.

RELEVENCE AND SCOPE OF RESEARCH IN MANAGEMENT

 

Covers a wide range of phenomenon. For managers the purpose of research is to fulfill the need of knowledge of the organization, the market, the economy or the another area of uncertainty. Business research gives the information about how the environment, employees, customers, or the economy will respond to executives decision. Research may be one of the principal tools of answering the practical questions arising in the business. Managers often relay on their own intuition and experience in making decisions because of time pressure or because a problem is minor.