Topic#4_Module 1_Managerial Research Methods.pptx

Managerial Research Methods

1. Research PROCESS MODULE 1: Introduction to Management Research 4 NSB Academy, Bengaluru

2. Phases/ Stages in Research Or Research Process

3. The Research Process PROBLEM FORMULATION RESEARCH DESIGN DATA COLLECTION DATA ANALYSIS RESEARCH REPORT DEVELOP AN APPROACH Realizing Problem identification Theoretical framework Hypothesis formulation Interpretation of data Generalization of data Survey, Interview, Focus Group Discussion, etc. Exploratory, Descriptive, Causal Primary/Secondary data Sample plan/measurement issues

4. The Research Process A research journey there are two important decisions to make- 1) What you want to find out about or what research questions you want to find answers to; 2) How to go about finding their answers. There are practical steps through which you must pass in your research journey in order to find answers to your research questions. The path to finding answers to your research questions constitutes research methodology. 5

5. Step One: Define the Problem • The research process begins with the recognition of a problem or opportunity. • At the very outset the researcher must single out the problem he wants to study, i.e to decide area of interest. • There are two steps involved in research process : Understanding the problem thoroughly And rephrasing the same into meaningful terms from an analytical point of view The best way of understanding the problem is to discuss it with one’s own colleagues or with those having the same expertise in the matter. 6

6. Step Two: Extensive Literature Survey It is necessary for the researcher to conduct an extensive survey connected with the problem. For this purpose – Manuals Company Records journals, published data can be used. -Literature review is integral part of entire research process and makes valuable contribution to every operational step. -Reviewing literature can be time-consuming, daunting and frustrating, but is also rewarding. Its functions are: a. Bring clarity and focus to your research problem; b. Improve your methodology; c. Broaden your knowledge; d. Contextualise your findings. 7

7. Step Three: Formulation the objective Objectives are the goals you set out to attain in your study. They inform a reader what you want to attain through the study. It is extremely important to word them clearly and specifically. Objectives should be listed under two headings: a) main objectives (aims); b) sub-objectives. The main objective is an overall statement of the thrust of your study. It is also a statement of the main associations and relationships that you seek to discover or establish. 8

8. Step Four: Determine Research Design Research Design step involves the development of a research plan for carrying out the study. – There are a number of alternative research designs. The choice will largely depend on the research purpose. 9 Types of Research Design Exploratory Descriptive Causal

9. Descriptive Studies are undertaken in organizations to learn and describe the characteristics of a group of employees, as for example, the age, education level, job status, and length of service. Exploratory studies are study of collection of data in informal manner and unstructured Casual Study A causal study Is an inquiry to know the cause of one or more problems. 10

10. A Broad Classification of Marketing Research Designs Research Design Exploratory Research Design Secondary Research Qualitative Research Conclusive Research Design Descriptive Research Causal Research

11. Exploratory Research: Overview Characteristics flexible, versatile, but not conclusive Useful for discovery of ideas and insights Formulating problems more precisely Identifying alternative courses of action Establishing priorities for further research Methods Used case studies secondary data focus groups qualitative research

12. Exploratory Research (Cont’d) When done ? Generally initial research conducted to clarify and define the nature of a problem Does not provide conclusive evidence Subsequent research expected

13. Exploratory Research Exploratory research is unstructured, informal research undertaken to gain background information about the general nature of the research problem. Uses of exploratory research include : 1. Gain background information. 2. Define terms. 3. Clarify problems and hypotheses. 4. Establish research priorities.

14. Methods of Conducting Exploratory Research Secondary data analysis . Secondary data refers to the process of searching for and interpreting existing info relevant to the research problem (e.g., census data, articles in journals, newspapers, etc.). Experience (Expert) surveys . Refers to gathering info from those thought to be knowledgeable on the issues relevant to the problem (i.e., ask experts). Case Analysis . Uses past situations that are similar to the present research problem. Focus groups . Involves small (8-12) groups of people brought together and guided by a moderator through unstructured, spontaneous discussion.

15. Conclusive Research Characteristics inflexible, versatile Results conclusive Research formal and structured Used to provide decision maker with the information needed to make sound decision Testing hypotheses and examining relationships When information needs clearly defined

16. Conclusive Research Design Descriptive Research Causal Research

17. Descriptive Research: Overview Characteristics Describes characteristics of a population or phenomenon Some understanding of the nature of the problem preplanned, structured, conclusive Useful for describing market characteristics or functions Methods Used Surveys (primary data) panels scanner data (secondary data)

18. Descriptive Research (Contd..) When Used: Often a follow-up to exploratory research Examples include: Market segmentation studies, i.e., describe characteristics of various groups Determining perceptions of product characteristics Price and promotion elasticity studies Sale potential studies for particular geographic region or population segment

19. Descriptive Research Descriptive research provides answers to the questions of who, what, when, where, and how. Note that we cannot conclusively ascertain answers to WHY using descriptive studies. Descriptive studies can be of two varieties (i.e., classifications): Cross-sectional Longitudinal

20. Example of Descriptive Research Study Measuring Various Attributes of Salespeople, a Training Program, or a Retailing Situation Measuring how salespeople or customers behaved, as well as what happened to sales volume Learn about characteristics of people shopping at a particular store Satisfaction Study taken at multiple times throughout the year

21. Descriptive Research Designs Two types of designs Cross-sectional designs Involves collection of information from sample of respondents only once Could have a single cross-sectional design (only one sample) or multiple cross-sectional design (many samples of respondents) Most popular design in marketing research Example: Sample surveys

22. Descriptive Research Designs (contd.) Longitudinal Designs A fixed sample of the population is measured repeatedly , i.e., same respondents studied over time Useful for tracking changes in consumer attitudes and behavior over time Example: Dairy panel data Mixed Designs: Example: US Bureau of Labor Statistics follows a consumer panel for five quarters, then switches to a new panel of consumers

23. Examples of Descriptive Studies Market studies that describe the size of the market, buying power of the consumers, availability of distributors, and consumer profiles Market share studies that determine the proportion of total sales perceived by a company and its competitors Sales analysis studies that describe sales by geographic region, product line, type of account size of account Image studies that determine consumer perceptions of the firm and its products Product usage studies that describe consumption patterns Distribution studies that determine traffic flow patterns and the number and location of distributors Pricing studies that describe the range and frequency of price changes and probable response to proposed price changes Advertising studies that describe media consumption habits and audience profiles for specific television programs and magazines

24. Causal Research: Overview Characteristics causal (independent) variables be manipulated in a controlled fashion Useful for determining cause and effect relationships Methods Used Experiments Primary data

25. Causal Research Causality may be thought of as understanding a phenomenon in terms of conditional statements of the form, “If X, then Y.” Conditions for Causality are: Concomitant Variation : For variable X to cause a change in variable Y, the two must be highly related in that changes in Y are always associated with changes in X. Temporal Precedence : Refers to the time sequence of occurrence. For variable X to cause Y, it must always occur before or precede Y. Absence of Competing Explanations : For X to cause Y, other possible causes must be ruled out. Types of Competing Explanation Chance Extraneous Variables

26. Terminology Associated With Causal Research Variable : Any event which can take on more than one condition. Traditionally symbolized by a Roman or Greek Letter Independent Variable : A variable whose behavior explains or influences the behavior of another variable. The letter X is conventionally used to symbolize an independent variable (subscripted if more than one independent variable is used). Dependent Variable : A variable whose behavior is being influenced (i.e. its behavior is "dependent" upon the "independent" variable(s)). Conventionally symbolized by the letter Y (also subscripted if more than one independent variable is used).

27. Methods for Controlling Extraneous (or Confounding) Variables Randomization : The random assignment of subjects to treatment conditions to ensure equal representation of subject characteristics. Physical Control : Holding constant the value or level of extraneous variables throughout the course of an experiment. (e.g., matching participants on personal demographic characteristics). Design Control : Using the experimental design itself to control extraneous causal factors. Statistical Control : Adjusting for the effects of confounded variables by statistically adjusting the value of the DV for each treatment condition.

28. Types of Descriptive Research Frameworks One Shot Framework (After Only) After Only With Random Assignment Pretest-Posttest Framework

29. Causal Experimental Designs Pretest-posttest with Control Posttest only with Control Solomon Four Group Factorial Design

30. Exploratory Research Descriptive Research Causal Research (Unaware of Problem) (Aware of Problem) (Problem Clearly Defined) “Our sales are declining and “What kind of people are buying “Will buyers purchase more of we don’t know why.” our product? Who buys our our products in a new package? competitor’s product?” “Would people be interested “Which of two advertising in our new product idea?” “What features do buyers prefer campaigns is more effective?” in our product?” possible situation Degree of Problem Definition

31. Step 5: Collecting The Data Published data are available in:  Publications of central, state and local newspapers  Publication of foreign government or of international bodies  Technical or trade journals  Books, magazines and newspaper and Internet  Public record and statistics, historical documents and sources of public information. Methods of Data Collection  Personal Interview  Questionnaire  Telephonic Interview

32. Step 6: Analysis of Data The Analyses of data can be of two types:  Quantitative analysis  Qualitative analysis Thus analysis of data require a number of closely related operations such as establishment of categories, the application of these categories into raw data through tabulation, chart and then draw inferences. Analysis work is based on the computation of various percentage, coefficient etc.

33. Step 7: Analyze and Evaluate the Information 1. Relate the information you have found and compiled, and your ideas from reading and thinking about the information, to your topic. 2. Analyze your notes. 3.Break down your notes into topic themes or categories decide how these themes or categories relate to your topic and discard notes that do not relate to your thesis 4. Look for holes in your thesis statement support and go back to find information you are missing 5. Do you have enough information to complete your research? If not, you may have to repeat several of the previous steps and/or extend the research process

34. Step 8: Analysis and Interpretations Analysis and Interpretation are the central steps in the research process. The goal of analysis is to summaries the collected data in such a way that they provide answer to questions that triggered while research. Interpretation is the research for border, meaning of research finding

35. Step 9: Execution of project • Execution of the project is a very important step in the research process. • If the execution of the project proceeds on correct lines, the data to be collected would be adequate and dependable. • The researcher should see that the project is executed in a systematic manner and in time. • If the data should be made for proper coded. • A careful watch and in order to keep the survey as much realistic as possible. • Accuracy is very necessary.

36. Step 10: Prepare & Present the Final Research Report Findings are presented often by research, objective should be in clear and concise way It is a report that communicates properly and result to clients