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Chapter 1 rb soomro

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1st chapter of BRM in ppt formate

1st chapter of BRM in ppt formate

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  • 1. The Role of BusinessResearchThe Role of BusinessResearchRahim Bux SoomroAssistant ProfessorDepartment of Business Administration, Shah Abdul Latif University
  • 2. Rahim Bux SoomroAssistant ProfessorDepartment of Business Administration, Shah Abdul Latif UniversityDecision MakingDecision MakingIntuitionIntuitionExperienceExperienceResearchResearchAuthorityAuthorityFour Sources of InformationFour Sources of Information
  • 3. Rahim Bux SoomroAssistant ProfessorDepartment of Business Administration, Shah Abdul Latif UniversityWhat managers do?What managers do?• Make several decisions• Solve problemsØWhat would help you to make rightdecisions?ØWill it be your experience on thejob?ØOr hunch?ØOr you just hope for good luck?
  • 4. Rahim Bux SoomroAssistant ProfessorDepartment of Business Administration, Shah Abdul Latif UniversityBusiness Research DefinedBusiness Research Defined• A process of determining, acquiring, analyzing, synthesizing, anddisseminating relevant business data, information, andinsights to decision makers in ways that mobilize theorganization to take appropriate business actions that, inturn, maximize business performance• Business Research may be defined as the “systematic andobjective process of gathering, recording and analyzing datafor aid in making business decisions”(Zikmund, Business Research Methods, 2002, p. 6)• It is a process of finding solutions to a problem after a thoroughstudy and analysis to the situational factors
  • 5. Rahim Bux SoomroAssistant ProfessorDepartment of Business Administration, Shah Abdul Latif UniversityExamples of Business ProblemsExamples of Business Problems• Systematicness and Objectivity are its distinguishingfeatures of Business Research, which is important toolfor managers and decision-makers in corporate andnon-corporate organizations
  • 6. Rahim Bux SoomroAssistant ProfessorDepartment of Business Administration, Shah Abdul Latif UniversityExamples of Business ProblemsExamples of Business ProblemsSubjective information is one persons opinion. In a newspaper, theeditorial section is the place for subjectivity. It can be based onfact, but it is one persons interpretation of that fact. In this way,subjective information is also analytical.Objective information reviews many points of view. It is intendedto be unbiased. News reporters are supposed to be objective andreport the facts of an event. Encyclopedias and other referencematerials provide objective information.
  • 7. Rahim Bux SoomroAssistant ProfessorDepartment of Business Administration, Shah Abdul Latif UniversityExamples of Business ProblemsExamples of Business ProblemsSubjective or Objective• 99% of U.S households have at least one TV set……………….• It is clear that even though many people are poor, televisionis more important than anything else……………..
  • 8. Rahim Bux SoomroAssistant ProfessorWhen is Business Research Used?When is Business Research Used?• Typically, business research methods are used in situations ofuncertainty, that is, when decision-makers face two or morecourses of action and seek to select the best possiblealternative under the circumstances.• Business Research is hence aimed at improving the quality ofdecision-making which, in turn, benefits the organization andhelps ensure its continuity and efficiency
  • 9. Rahim Bux SoomroAssistant ProfessorDepartment of Business Administration, Shah Abdul Latif UniversityTypical Users of Business Research MethodsTypical Users of Business Research Methods• Businesses and Corporations• Public-Sector Agencies• Consulting Firms• Research Institutes• Non-Governmental Organizations• Non-Profit Organizations• Independent Researchers and Consultants
  • 10. Rahim Bux SoomroAssistant ProfessorDepartment of Business Administration, Shah Abdul Latif UniversityCommon Business Research Methods & TechniquesCommon Business Research Methods & Techniques• Surveys• Interviews• Observation• Experiments• Archival and Historical Data• Qualitative Analysis• Quantitative Analysis
  • 11. Rahim Bux SoomroFields Where Business Research is Often Used – (2)Fields Where Business Research is Often Used – (2)General Business Conditions andCorporate ResearchShort- & Long-Range Forecasting.Business and Industry TrendsGlobal EnvironmentsInflation and PricingPlant and Warehouse LocationAcquisitionsManagement and OrganizationalBehavior ResearchTotal Quality ManagementMorale and Job SatisfactionLeadership StyleEmployee ProductivityOrganizational EffectivenessStructural IssuesAbsenteeism and turnoverOrganizational ClimateFinancial and Accounting ResearchForecasts of financial interest rate trends,Stock, bond and commodity value predictionscapital formation alternativesmergers and acquisitionsrisk-return trade-offsportfolio analysisimpact of taxesresearch on financial institutionsexpected rate of returncapital asset pricing modelscredit riskcost analysis
  • 12. Rahim Bux SoomroFields Where Business Research is Often Used – (1)Fields Where Business Research is Often Used – (1)Sales and Marketing ResearchMarket PotentialsMarket ShareMarket segmentationMarket characteristicsSales AnalysisEstablishment of sales quotasDistribution channelsNew product conceptsTest marketsAdvertising researchBuyer behaviourCustomer satisfactionWebsite visitation ratesInformation Systems ResearchKnowledge and information needs assessmentComputer information system use and evaluationTechnical suppot satisfactionDatabase analysisData miningEnterprise resource planning systemsCustomer relationship management systemsCorporate Responsibility ResearchEcological ImpactLegal Constraints on advertising and promotionSex, age and racial discrimination / workerequitySocial values and ethics
  • 13. Rahim Bux SoomroSelected Examples of Real-Life Situations in WhichBusiness Research Methods are UsedSelected Examples of Real-Life Situations in WhichBusiness Research Methods are Used• A firm wants to produce and market a new product but firstwants to ascertain if there is a potential consumer demand forthis product in markets x,y and z• A multinational firm wants to establish a production facility inanother country after determining its technical and economicfeasibility• A government agency wants to ascertain the satisfaction level ofits employees, the causes for any possible discontent, andpropose a scheme for enhancing this level• A financial institution wants to invest in commodities andcommissions a study to determine the past trends and forecastfuture returns in a portfolio of commodities• The CEO of a firm wants to undertake a SWOT-Analysis as part ofhis plan to redefine his organization’s priorities
  • 14. Rahim Bux SoomroAssistant ProfessorDepartment of Business Administration, Shah Abdul Latif UniversityBusiness ResearchBusiness Research• Research information is neither intuitive nor haphazardlygathered.• Literally, research (re-search) -“search again”• Business research must be objective• Detached and impersonal rather than biased• It facilitates the managerial decision process forall aspects of a business.• Research should be an aid to managerial decision ratherthan substitute.
  • 15. Rahim Bux SoomroAssistant ProfessorDepartment of Business Administration, Shah Abdul Latif UniversityBusiness ResearchBusiness ResearchMain motivation is to expand man’s knowledge orunderstanding about a phenomenon, not to create or inventsomething or to solve a practical problem· There are usually no commercial applications in mind· Examples:· How was the earth created?· Why some roses are red and some are pink?•How did the universe begin?•What are protons, neutrons, and electrons composed of?Basic research
  • 16. Rahim Bux SoomroAssistant ProfessorDepartment of Business Administration, Shah Abdul Latif UniversityBusiness ResearchBusiness ResearchApplied Research• Main motivation is to solve a practical problem, develop a newproduct or process, or improve an existing product orprocess, and not just to acquire knowledge for knowledge’ssake.• There are usually a commercial applications in mind• Examples:• How can we develop more energy efficient dyeing processes?• How can we avoid catalytic damage of cotton fabric duringbleaching?• Treat or cure a specific disease• Improve the energy efficiency of homes, offices, or modes oftransportation•
  • 17. Rahim Bux SoomroAssistant ProfessorDepartment of Business Administration, Shah Abdul Latif UniversityScience and the Scientific MethodScience and the Scientific Method• Science has been defined as “the methodologicaland systematic approach to acquisition ofnew knowledge” (Geoffrey Marcyzk, David DeMatteo, David Festinger, Essentials ofResearch Design and Methodology, John Wiley & Sons, 2005, p. 4)• The analysis and interpretation of empirical evidence (factsfrom observation or experimentation) to confirm or disproveprior conceptions.
  • 18. Rahim Bux SoomroAssistant ProfessorDepartment of Business Administration, Shah Abdul Latif UniversityScience and the Scientific MethodScience and the Scientific MethodBasic ResearchBasic ResearchApplied ResearchApplied ResearchScientificMethodsScientificMethodsInformation or Ideas foralternatives courses ofactionInformation or Ideas foralternatives courses ofactionGeneral LawsGeneral Laws
  • 19. Rahim Bux SoomroAssistant ProfessorDepartment of Business Administration, Shah Abdul Latif UniversityThe Value of Business Research for Managers – (1)The Value of Business Research for Managers – (1)• Reduction of uncertainty and improvement in the quality ofdecision-making with several consequent advantages(e.g. strategic, operational) and benefits fororganizations• Business Research Methods can be employed in each of thefollowing four stages:v Identification of problems and/or opportunities useful forstrategy planning, analysis of internal and externalorganizational environment.
  • 20. Rahim Bux SoomroAssistant ProfessorDepartment of Business Administration, Shah Abdul Latif UniversityThe Value of Business Research for Managers – (2)The Value of Business Research for Managers – (2)v Diagnosing and Assessment of problems and/or opportunitiesIts purpose is to gain insight into the underlying reasons andcauses for the situation. If there is a problem, it asks whathappened and why? If there is an opportunity, it seeks toexplore, clarify and refine the nature of the opportunity and, inthe case of multiple opportunities, seeks to set prioritiesv Selection and Implementation of Courses of ActionAfter alternative courses of action have been determined,selection of the best possible course.An important consideration is the quality offorecasting which is an essential tool of research
  • 21. Rahim Bux SoomroAssistant ProfessorDepartment of Business Administration, Shah Abdul Latif UniversityThe Value of Business Research for Managers – (3)The Value of Business Research for Managers – (3)v Evaluating the Course of ActionBusiness Research Methods are used after a course of actionhas been implemented in order to determine whether activitieshave been properly implemented and have accomplished whatthey intended to do
  • 22. Rahim Bux SoomroAssistant ProfessorDepartment of Business Administration, Shah Abdul Latif UniversityThe Value of Business Research for Managers – (3)The Value of Business Research for Managers – (3)Evaluation Research• It is the formal objective measurement and evaluation of theextent which an activity, project or programme has achievedits goal, and the factors which influence performance (e.g.audits). It is also the formal objective measurement andevaluation of the extent to which on-going activities, projectsor programmes are meeting their goals (performance-monitoring research)Performance-Monitoring Research• Research that regularly provides feedback for evaluation andcontrol of business activity
  • 23. Rahim Bux SoomroAssistant ProfessorDepartment of Business Administration, Shah Abdul Latif UniversityThe Value of Business Research for Managers – (3)The Value of Business Research for Managers – (3)Examples of performance-monitoring research:1. Are railway passengers satisfied with the level of service therailway company is providing? If not, then research mayneed to be undertaken to ascertain the reasons for customerdissatisfaction and propose corrective measures.2. What are the trends in retail and wholesale sector?Can research suggest new ways to improve efficiency inpurchase transactions?3.
  • 24. Rahim Bux SoomroAssistant ProfessorDepartment of Business Administration, Shah Abdul Latif UniversityWhen Should Business Research be Undertaken?When Should Business Research be Undertaken?
  • 25. Rahim Bux SoomroAssistant ProfessorDepartment of Business Administration, Shah Abdul Latif UniversityValue and Costs of Undertaking Business ResearchValue and Costs of Undertaking Business ResearchVALUE• DecreasedUncertainty• Higher Likelihood ofCorrectDecisions• Better Businessperformance• Higher Profits• Better Reputationcost• Research Costs• Delay in Making BusinessDecisions• Disclosure of Informationto Rivals• Possibility of Errorcost• Research Costs• Delay in Making BusinessDecisions• Disclosure of Informationto Rivals• Possibility of Error
  • 26. Rahim Bux SoomroAssistant ProfessorDepartment of Business Administration, Shah Abdul Latif UniversityCross-functional TeamsCross-functional TeamsCross-functional teams are composed ofindividuals from various organizationaldepartments such as engineering,production, finance, and marketing who sharea common purpose.
  • 27. Rahim Bux SoomroAssistant ProfessorDepartment of Business Administration, Shah Abdul Latif UniversityThe Internet Is Transforming SocietyThe Internet Is Transforming Society• Time is collapsing.• Distance is no longer an obstacle.• Crossing oceans is only a mouse click away.• People are connected 24 hours a day, sevendays a week.• "Instantaneous" has a new meaning.• Seeking facts and figures about an issue• Surveys on Web sites•

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