Business research methodology

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Business research methodology

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Business research methodology

  1. 1. BUSINESS RESEARCH METHODOLOGY 1
  2. 2. Introduction 2
  3. 3. Welcome to Research Methods! • Teaches you the skills and practices of research – Reading – Experimenting – Analysing/Decision Making – Writing – Presenting – Critical thinking! • Directly relevant to your Research Activity (thesis/project). • Likely to be relevant to your future activities (research or otherwise…) 3
  4. 4. What is research? • In general: • • Term ‘Research’ • • Some work of scientist in laboratory in the shape of experiments Re + Search whereas Re = Again and Search = to find something Therefore, • Research is simply the process of findings solutions to a problem after thorough study and analysis of the situational factors 4
  5. 5. What is research?  We can say that:  Research is oriented towards the discovery of relationship that exists among phenomena of the world in which we live.  Definitions: “The systematic and scholarly application of the scientific method interpreted in its broader sense, to the solution of social studiesal problems; conversely, any systematic study designed to promote the development of social studies as a science can be considered research” (George J. Mouly).  “Research is, literally speaking, a kind of human behavior, an activity in which people engage. By this definition all intelligent human behavior involves some research” (Francis G. Cornell). 5
  6. 6. What is research?  “Research is a carefully inquiry or examination in seeking facts or principles; a diligent investigation to ascertain something, according to Webster‟s New International Dictionary” (Clifford Woody).  “Research is simply a systematic and refined technique of thinking, employing specialized tools, instruments, and procedures in order to obtain a more adequate solution of a problem than would be possible under ordinary means. It starts with a problem, collects data or facts, analysis these critically and reaches decisions based on the actual evidence. It evolves original work instead of mere exercise of personal. It evolves from a genuine desire to know rather than a desire to prove something. It is quantitative, seeking to know not only what but how much, and measurement is therefore, a central feature of it” (C. C. Crawford)  There are many more definitions of research available in literature. 6
  7. 7. What is research? P.M. Cook has given a very comprehensive and functional definition of the term research “Research is an honest exhaustive, intelligent searching for facts and their meanings or implications with reference to a given problem. The product or findings of a given piece of research should be an authentic, verifiable and contribution to knowledge in the field studied.” He has emphasized the following characteristics of research in his definition: • It is an honest and exhaustive process. • The facts are studied with understanding. • The facts are discovered in the light of problem. Research is problem-centred. • The findings are valid and verifiable. • Research work should contribute new knowledge in that field. 7
  8. 8. What is Research? • • In fact we all do research every day – research is a particular kind of everyday thinking. Research Task Everyday Thinking Example Identify a problem How can I deal with my punctured tyre? Gather data Obtain prices of new tyres. Analysis the data What is the cheapest? Interpret the data That‟s more than I want to pay. I need more information. Gather more data Is it reparable? Obtain prices for typre repair. Analysis the data Can it be repaired? What is the lowest cost? How does the cost compare with a new tyre? Interpret the data Repairing it is possible. Repair will cost 20% of a new tyre. Repair rather than replace means I can still afford to go out on Friday night. Draw conclusion I will get it repaired at Tyres-U-Like 8
  9. 9. Value of Research • Research is simply the process of finding solutions to a problem after through study and analysis of the situational factors. It is gathering information needed to answer a question, and thereby help in solving a problem. (nature of research problems could vary) • Some years ago man did not know what exactly the moon? (Now Man on Moon) • MA/M.Sc examination of the UOM 76 percent of the students failed. The researcher may come up with a variety of reasons that may relate with the students, the teachers, the curricula, the availability of books, the examination system, the family environment of the student, and many more. (This is an academic problem but certainly a research problem) 9
  10. 10. • Questions in the examinations are not research because its solutions are already available in the text books, class-notes. • Research answers only those questions of which the answers are not available in literature i.e. in human knowledge. • The researchers try to make use of their findings for generating theories and models that could be used for understanding human behavior and the functioning of different structures both at the micro (organizational) and macro (societal) level. • A person no longer looks up a word in dictionary or a historical fact in the encyclopedia he researches it. Many agencies claiming to do research are engaged in nothing more than fact-findings.
  11. 11. • Managers and administrators with knowledge of research have an advantage over those who are without. • Managers may not be doing the research themselves, in fact they could hire the services of professionals, and still they should be well conversant with research methodologies. The manager who is knowledgeable about research can interact effectively with outside researchers or consultants. • We are surrounded by Research 11
  12. 12. Significance of Research • To achieve credibility with the management: Executives want facts, not guesses. So, each employee should be able to do research and relate their findings to the organization’s objectives. • To define audiences and segment publics: Detailed information about the demographics, life styles, characteristics, and consumption patterns of audience help to ensure that messages of the companies reach the proper audiences.
  13. 13. Significance of Research • To monitor the competition: Intelligent organizations keep track of what the competition is doing. This is done through surveys that ask consumers to comment on competing products and thereforere-shape its marketing and communication strategies to counter a competitor’s strengths and capitalize on its weaknesses.
  14. 14. Significance of Research • To sway public opinion: Facts and figures, compiled from a variety of primary and secondary sources, can change public opinion • To measure success: By research, companies can find out by measuring whether the time and money spent accomplished the stated objective.
  15. 15. The nature of research • On tv, newspaper the term “research” is always mentioned – Findings of a recent poll of people’s opinions referring to the way which the data were collected – Newspapers report the findings of market research companies’ findings – Advertisers highlight the ‘results of research’ • However, many of these everyday uses of the term ‘research’ are not the true meaning of the word...
  16. 16. The nature of research • The ways in which the term is used wrongly: – Just collecting facts or information with no clear purpose – Reassembling and reordering facts or information without interpretation – As a term to get your product or idea noticed and respected
  17. 17. The nature of research • So, research should have a number of characteristics: – Data are collected systematically – Data are interpreted systematically – There is a clear purpose: to find things out
  18. 18. The nature of research • We can define research as something that people undertake in order to find out things in a systematic way, thereby increasing their knowledge. • Systematic way: Research is based on logical relationships and not just beliefs • To find out things: Research should aim at; describing, explaining, criticising and analysing. Also, there are set of things to be found out; such as the answer to research question
  19. 19. Traditional Views of Research  Finding the truth  Knowledge based on objective evidence  Knowledge gained through strict methods  Knowledge gain by experts  Open to the public  Open to scrutiny and inspection  Expert way of finding things out  Privileged way of knowing 19
  20. 20. General Characteristics of Research  The following characteristics may be gathered from the definitions of „Research‟:  It gathers new knowledge or data from primary or first-hand sources.  It places emphasis upon the discovery of general principles.  It is an exact systematic and accurate investigation.  It uses certain valid data gathering devices.  It is logical and objective.  The researcher resists the temptation to seek only the data that support his hypotheses.  The researcher eliminates personal feelings and preferences.  Research is patient and unhurried activity.  Research is carefully recorded and reported.  Conclusions and generalizations are arrived at carefully and cautiously. 20
  21. 21. Specific Characteristics of Research  A sound philosophy as the basis of research  Requires an inter-disciplinary approach (It must be related to the study of complex relationships of various facts).  Employs deductive reasoning process (mathematical or measurement procedures)  Should come out of a desire to do things better  Is not as exact as research in physical science (No two human beings have ever been found to be alike)  Is not the field of the specialist only  Generally requires inexpensive material  Perhaps incapable of being dealt through empirical method  Based on inter dependence of causes and effect  Cannot be a mechanical process (not something that can be ground out as by a machine) 21
  22. 22. Why study Business Research? Business research provides information to guide business decisions
  23. 23. Research Should Reduce Risk The primary purpose of research is to reduce the level of risk of a marketing decision
  24. 24. What is business research? • Research provides the needed information that guides managers to make informed decisions to successfully deal with problems. • The information provided could be the result of a careful analysis of data gathered firsthand or of data that are already available (in the company).
  25. 25. Why is it important for managers to know about research? • • • • • • Solve problems Decision making tool Competition Risk Investment Hire researchers and consultants more effectively
  26. 26. Information needs in business • Almost every organization has to engage in research at some level to stay competitive. • Companies gather data both from within and outside the organization. • The methods used to gather,analyze,and synthesize information from the external and internal environments are becoming increasingly sophisticated to the immense scope of computer technology.
  27. 27. The nature of business and management research • Three things combine to make business and management a distinctive focus for research: 1. The way in which managers and researchers draw on knowledge developed by other disciplines 2. The fact that managers tend to be powerful and busy people. Therefore they are unlikely to allow research unless they can see personal or commercial advantages 3. The requirement for the research to have some practical consequence.
  28. 28. The nature of business and management research • Business and management reseach not only needs to provide findings that advance knowledge and understanding, it also needs to address business issues and practical managerial problem. • The findings of business and management research might also contain practical implications
  29. 29. The nature of business and management research • Management research is “transdisciplinary”. • Using knowledge from a range of disciplines enables management research to gain new insights that can not be obtained through all of these disciplines seperately.
  30. 30. Types of Business research. • 1.Applied research • Is to solve a current problem faced by the manager in the work setting, demanding a timely solution. • 2.Basic research (fundamental, pure) • Is to generate a body of knowledge by trying to comprehend how certain problems that occur in organizations can be solved. • The findings of such research contribute to the building of knowledge in the various functional areas of business.
  31. 31. Problem Formulation • Well begun is half done --Aristotle, quoting an old proverb • Where do research topics come from? • The idea for a research project? • one of the most common sources of research ideas is the experience of practical problems in the field? • The Literature Review
  32. 32. • The Research Cycle • QUESTIONING • PLANNING • GATHERING • SORTING & SIFTING • SYNTHESIZING • EVALUATING • REPORTING
  33. 33. The research process • • • • • • • • • • • 1 Observation 2 Data gathering 3 Problem definition 4 Theoretical framework (variables identified) 5 Hypotheses 6 Research design 7 Data collection,analysis,interpretation 8 Deduction 9 Report writing 10 Report presentation 11 Managerial decision making
  34. 34. Research design • Purpose of the study: – Exploratory study • Is undertaken when no information is available on how similar problems or research issues have been solved in the past – Descriptive study • Is to able to describe the characteristics of the variables of interest in a situation. – Hypotheses testing • Is undertaken to explain the variance in the dependent variable or to predict organizational outcomes. – Case studies – Research design can be thought of as the structure of research -- it is the glue that holds all of the elements in a research project together

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