Introduction to business research.

1. Business Research Methodology
Introduction to Research

2. Decision Making
Decisions you might be required to make as a
manager/entrepreneur
• What to produce?
• How much to produce?
• At what price do we sell?
• Should we spend on advertising? How much?
• Should we invest in product development?
• Should we invest in new technology?

3. A decision represents a course of behaviour
chosen from a number of possible
alternatives.
Analyzing
Objectives
Defining
the
Problem
Identifying
possible
solutions
Evaluating
alternate
courses of
action
Validation
of Results
Decision

4. What is Research?
• Research is a systematic and objective investigation of a subject or
problem in order to discover relevant information or principles.
 Young defines Research as “a scientific undertaking which, by means of
logical and systematic techniques, aims to:
• Discover new facts or verify and test old facts
• Analyze their sequences, interrelationships and causal explanations
• Develop new scientific tools, concepts and theories

5. Features of Research
• Systematic and critical investigation into a phenomenon
• Purposive investigation aiming at describing, interpreting and explaining
a phenomenon
• Adoption of scientific method
• Objective and logical
• Based on observable experience or empirical evidence
• Directed towards finding answers to pertinent questions and solutions
to problems
• Emphasis on development of generalization, principles or theories
• Purpose is not only to arrive at an answer but also to stand up the test
of criticism

6. Purpose of Research
• Extension of knowledge of human beings, social life and environment
(What-Where-When-How-Why)
• Bringing to light information that might never be discovered fully during
the ordinary course of life
• Establishment of generalizations and general laws and contribution to
theory building in various fields of knowledge
• Verification and testing of existing facts and theory
• Making reliable predictions of events yet to happen
• Analysis of inter-relationships between variables and to derive casual
explanations – Better understanding of world in which we live

7. Purpose of Research
• Finding solution to problems (social, economic, health, human relations
in organizations)
• Development of new tools, concepts and theories for better study of
unknown phenomenon
• Aid in planning and contribution to national development

8. Requirements for a good Research
• Clearly Defined Purpose
• Ethical process and purpose
• Clear and well planned methodology
• Researcher should be a skilled expert
• Unbiased procedure and analysis
• Justifiable conclusions

9. Approaches to research
• Quantitative Approach-Collection and
analysis of primary data
• Qualitative Approach- Analysis of literature,
interviews, discussions etc.

10. Research
Design
Applied
Research
Exploratory
Research
Pure
Research
Conclusive
Research
Descriptive
Research
Cross-
Sectional
Design
Single Cross-
Sectional
Design
Multiple
Cross-
Sectional
Design
Longitudinal
Design
Causal
Research

11. DESCRIPTIVE RESEARCH
Identifying various features of a problem
and gathering quantifiable information
to be used for further inference and
analysis
CAUSAL RESEARCH
Identifying cause and effect variables and
determining the relationship between
the two
Scope is broad Scope is narrow and very specific
Identifies features of a problem or
situation
Establishes cause and effect relationships
between variables causing the problem
Closer to exploratory research Closer to experimental research
Not directed by hypothesis Formal hypothesis required

12. EXPLORATORY RESEARCH
Provides insights and comprehension of
the problem situation
CONCLUSIVE RESEARCH
Provides clear statement of problem,
specific hypotheses, helps select best
course of action
Provides insights and understanding Tests specific hypotheses and examines
relationships
Information needed is loosely defined Information needed is clearly defined
Research Process is flexible and
unstructured
Research process is formal and structured
Sample is small and non-representative Sample is large and representative
Analysis of primary data is qualitative Analysis of data is quantitative
Typically followed by further research Findings used as input into decision
making
Use: secondary analysis, FGDs, personal
interviews that help in defining the
problem and developing the approach
Use: market studies describing size of
market, buying power of consumers,
consumer preference, sales analysis
studies.

13. Bifurcation of Conclusive Research
CROSS-SECTIONAL DESIGN
Collection of information from any given
sample of population only once
LONGITUDNAL DESIGN
Fixed sample of population elements
that is measured repeatedly on the same
variables. Sample remains the same over
time, thus providing a time-series
analysis.
Single Cross-Sectional Designs- one
sample is drawn from target population.
Information is obtained only once.
Multiple Cross-Sectional Designs- two or
more sample of respondents. Information
is obtained only once.

14. Types of Research-According to Intent
• Pure Research/Basic Research- undertaken to expand
knowledge, no immediate application
• Applied Research- to answer specific questions and sole
problems that have direct applications to the world
• Exploratory Research- gathering information to study a
specific issue minutely
• Descriptive Study- more specific than exploratory, helps in
identifying various features of a problem.

15. Types of Research- According to
Methods of Study
• Experimental Research
• Analytical Study
• Historical Research
• Survey

16. Significance of Research in Social
Sciences and Business
• Formulation of economic policy for government and business
• Budget formulation
• Collection of statistical information on the social and economic
structure of an economy to understand the process of change
occurring in country
• Assumption of significant role in solving various operational and
planning problems associated with business and industry
• Market research
• Operational research

17. Business Research
• Business research refers to a set of research
techniques that companies employ to determine
whether a specific business endeavor is worth their
time and effort.
• Research methods help companies establish the
viability of business success and choose an appropriate
marketing approach for their products and services.
• For managers, the purpose of research is to fulfill the
need for
– knowledge of the organization,
– the market
– the economy

18. Scope/Applications of Business
Research
• Marketing Research
• Research in Financial Management
• Research in Personnel/human resource
management
• Research in Production management
• Research in Rural Management

19. Business Research Process
Step 1: Problem Definition
Step 2: Development of
Approach to the Problem
Step 3: Research Design
Formulation

20. Step 4: Field work or data
collection
Step 5: Data Preparation and
Analysis
Step 6: Report Preparation and
Presentation
Marketing Research Process