business research 203 UT- 1 dr Kanchan.pptx

Study material for Management Students

1. BUSINESS RESEARCH METHODS UNIT 1 RESEARCH Prof. (Dr. Kanchan Kumari) Faculty of Management & Marketing

2. Meaning of Research It is a systematic empirical investigation using statistical, mathematical, or computational techniques . Such methods usually start with data collection and then proceed to statistical analysis using various methods. Research is search for Knowledge Research is careful investigation/Inquiry specially through for new facts in any branch of Knowledge. Business research is the process of collecting and analysing information related to customers and competitors. This information is necessary to make informed marketing decisions and position their product in the right manner. Additionally, this information assists organizations in recognizing the strengths and weaknesses of their existing marketing strategy and taking appropriate marketing actions accordingly.  It is a Journey of Discovery

3. Definition of Business Research Methods Business research methods are categorized into quantitative and qualitative approaches. Quantitative research, often numerical, focuses on gathering statistical data to identify patterns and trends. On the other hand, Qualitative research seeks to understand deeper insights and perspectives through methods such as focus groups and in-depth interviews. Research data is any information that has been collected, observed, generated or created to validate original research findings . Research data may be arranged or formatted in such a way as to make it suitable for communication, interpretation and processing. Data comes in many formats, both digital and physical.

4. Definition: Research According to Clifford Woody: Research comprises Definition and redefining problems , formulating Hypothesis of suggested solutions, collecting, Organizing and Evaluating Data , Making Deduction and Research Conclusions, and last carefully testing and conclusion to determine weather they fit the formulating hypothesis.

5. Objective / Purpose of Research Each Research Has its own Purpose: Exploratory Formulative Research – To gain Familiarity with a phenomenon or to achieve new insights into it ( Ex- Role of social media in marketing Descriptive Research- To Portray accurately the characteristics of a particular individual , situation or group.(Ex- observe the habit/ Preferance ) Diagnostic Research- To Determine the frequency with which something occurs or with which is associated with something else-( Ex- Study the characteristics of some infection) Hypothesis Testing Research Studies- To test a hypothesis of a causal relationship between variables.( Ex-Fall In Car Sale) wfh )

6. Importance of Business Research Methods Business research is important as it helps in understanding practical and conceptual issues, searching literature, determining research design, collecting and analysing data, and writing up the project. Business research is important as it provides analysis and inquiry into issues relevant to the business community. To better understand your customer Identifies Problem areas Beneficial in comparative studies Helps design new business policy Minimizes loss

7. Types of business research There are two main approaches to research design that we'll explore in more detail — Quantitative Qualitative .

8. Quantitative Qualitative research collects non-numerical data. It collects data based on customers’ attitudes, opinions, beliefs, and intentions regarding the company’s product. The question involved in this type of research includes why, what and how questions. It is primarily exploratory research conducted by business organizations to understand why customers behave in a certain manner or how they may respond to a new product. 

9. Example of Quantitative Research 1. Surveying to measure employee engagement with numerical rating scales. 2.Analyzing sales data to identify trends in product demand and market share. 3.Examining test scores to assess

10. Qualitative Quantitative research is the systematic empirical investigation of observable phenomena via statistical, mathematical or computational techniques. This type of marketing research is based on larger samples and is, therefore, more statistically valid than qualitative marketing research. Quantitative marketing research is concerned with numeric data and addresses questions, such as ‘how many’, ‘how often’, ‘who?’, ‘when?’ and ‘where’?

11. Example of Qualitative observations interviews focus groups surveys secondary research

12. Research applications in functional areas of Business Business research helps to identify opportunities and threats . It helps identify research problems, and using this information, wise decisions can be made to tackle the issue appropriately. It helps to understand customers better and hence can be useful to communicate better with the customers or stakeholders. This type of research can be used to inform decision-making, assess market opportunities, and identify areas for growth and improvement . Business research is often conducted by businesses themselves, as well as by consultants and academic researchers. The purpose of business research is to gather information in order to aid business- related decision-making . Business research is defined as 'the systematic and objective process of collecting, recording, analyzing and interpreting data for aid in solving managerial problems'.

13. Emerging trends in Business research These business trends have changed the way of conducting businesses completely. some business trends are network marketing, franchising, e-commerce, business process outsourcing, knowledge process outsourcing , etc.

14. Characteristics of scientific method The first step in the scientific method is asking a question you want to answer. ... Perform research. ... Establish your hypothesis. ... Test your hypothesis by conducting an experiment. ... Make an observation. ... Analyze the results and draw a conclusion. ... Present the findings.

15. Steps in Research Process Step 1: Identify the Problem. ... Step 2: Review the Literature. ... Step 3: Clarify the Problem. ... Step 4: Clearly Define Terms and Concepts. ... Step 5: Define the Population. ... Step 6: Develop the Instrumentation Plan. ... Step 7: Collect Data. ... Step 8: Analyze the Data.

16. Steps in Research Process

17. Formulation of Research Problem Formulation of the problem includes: i ) stating the problem in the form of statements or questions which make the problem clear and understandable, ii) identification and operationalisation of the variables concisely iii) evaluating the problem in terms of its significance, novelty and feasibility.

18. five steps to the problem formulation process 5 Ways to Formulate the Research Problem. Qualtrics. ... SPECIFY THE RESEARCH OBJECTIVES. ... REVIEW THE ENVIRONMENT OR CONTEXT OF THE RESEARCH PROBLEM. ... EXPLORE THE NATURE OF THE PROBLEM. ... DEFINE THE VARIABLE RELATIONSHIPS. ... THE CONSEQUENCES OF ALTERNATIVE COURSES OF ACTION.

19. Management Question – research Question Management question— the management dilemma restated in question format. Research question(s)— the hypothesis that best states the objective of the research; the question(s) that focuses the researcher's attention .

20. Management Question – research Question

21. Investigation Question Research Proposal A research question is the hypothesis that best states the objective of the research; The question that focuses the researcher's attention. An investigative question is the question the researcher must answer to satisfactorily answer the research question . Clear and focused. the question should clearly state what the writer needs to do. Not too broad and not too narrow. The question should have an appropriate scope. ... Not too easy to answer. ... Not too difficult to answer. ... Researchable. ... Analytical rather than descriptive.

22. Elements of a Research Proposal Lntroduction , Literature review Methodology of your future study .

23. Drafting a Research Proposal Title. Abstract. Introduction. Review of Literature. Aims. Objectives. Questions and/ or hypotheses. Plan for analysis of results.

24. E valuating a research proposal Make sure the proposal responds to your objectives. The proposal process begins well before you ask any research firm for quote. ... Sampling plan. ... Questionnaire. ... Data collection approach. ... Data processing. ... Analysis. ... Deliverables. ... No surprises!

25. Thank You! Dr. Kanchan Kumari