BUSINESS RESEARCH

METHODS

Session I
 Business Research
Application of scientific (statistical /
mathematical) method in searching for truth
about business phenomenon.
 Define opportunities & problems

 Alternative courses of actions

 Monitor Performance

 Beyond surveys
2
 Scientific Method
o Prior Knowledge and

o Observation – leads to –

o Hypothesis & then

o Hypothesis Testing leads to –

o Conclusion (New Knowledge)

3
 Process includes….

 Idea & Theory development

 Problem definition

 Collecting information

 Analyze – Solution (Findings) & Implications

 Basic vs. Applied Research

4
 Classification

• Problem Identification

• Problem solving

5
Problem Identification Research
 Market Potential Research
 Market Share Research
 Market Characteristics Research
 Sales Analysis Research
 Forecasting Research
 Business Trends Research
6
 Problem Solving Research
 Segmentation Research – Determine the
basis of segmentation; Establish market
potential and responsiveness for various
segments; Select target markets; Create
lifestyle profiles
 Product Research – Test concept;
Determine optimal product design; Package
tests; Product modification; Brand
positioning and repositioning; Test marketing
7
 Problem Solving Research….
 Promotional Research – Promotional budget;
Optimal promotional mix; Media decisions; Creative
advertising testing; Evaluation of advertising
effectiveness
 Pricing Research – Pricing policies; Importance of
price in brand selection; Price elasticity of demand;
Initiating and responding to price changes
 Distribution Research – Determine Types of
distribution; Attitudes of channel members;
Intensity of wholesale & resale coverage; Location of
retail and wholesale outlets 8