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Transcript of "Abdm4064 week 01 intro"
ABDM4064 BUSINESS RESEARCHThe Nature of Business &The Nature of Business & Management Research Management Research by Stephen Ong Principal Lecturer (Specialist) Visiting Professor, Shenzhen
Topics of Discussion Introduction to Research What is Research? Research and Business Business Managers and Research Approach to Business Research
What is Research? Robert has Developed ‘Protein-based Computer Memories”. “Many agree that any kind of Malaria Vaccine is not perfect”. “Government (Malaysian) will amend the Companies Act soon to enhance Corporate Governance”. “US FDI shifts to service-Based Business (in Malaysia)”. “Global Oil Production Up 185000 bpd in November 2002”
What Research Is Not Research isn’t information gathering: Gathering information from resources such books or magazines isn’t research. No contribution to new knowledge. Research isn’t the transportation of facts: Merely transporting facts from one resource to another doesn’t constitute research. No contribution to new knowledge although this might make existing knowledge more accessible.
What Research Is Research is: “…the systematic process of collecting and analyzing information (data) in order to increase our understanding of the phenomenon about which we are concerned or interested.”
Research Research is the way of thinking, examining critically the various aspects of your profession, understanding and formulating guiding principles that govern a particular procedure and developing and testing new theories for the enhancement of your profession. It is a habit of questioning about what you do and empirical examination to find answers, with a view to instituting appropriate changes for a more effective professional services.
Business Research Defined Business research is defined as the systematic and objective process of generating information for solving a problem or finding solution to a complex issue (aid in making business decisions).
Business Research Literally, research (re-search) -“search again” Business research must be objective Detached and impersonal rather than biased It facilitates the managerial decision process for all aspects of a business.
Objectives of Business Research To extends knowledge To discovered new information Theory building To verify and test existing facts and theory To analysis inter-relationships between variables Aims to find solution to current problem In total, to make more effective professional services
Types/Classifications of Research The research can be classified from three perspectives: Application Basic or pure and applied research Objectives Exploratory, Descriptive, or explanatory (causal, hypothesis testing) Type of information Qualitative and quantitative
Figure 1.1 Basic and applied researchSources: Authors’ experience; Easterby-Smith et al. (2008), Hedrick et al. (1993)
Types of Research (Basic) Basic Research Generating scientific knowledge for future use (Common use). It also known as pure or fundamental research. Basic research is undertaken for the sake of knowledge without any intention to apply it in practice. It is undertaken out of intellectual curiosity. It may lead to discovery of new theory or refinement of an existing theory. The findings or basic research enrich the storehouse of knowledge that can be drawn upon in future to formulate significant practical research.
Types of Research (Applied) Applied Research: Applied research is carried on to find solution to a real life problem oriented and action directed. It seeks an immediate and practical results. However, it may indirectly contribute to the development of theoretical knowledge by leading to a discovery of new facts or testing of a theory or to conceptual clarity.
Basic Research Attempts to expand the limits of knowledge. Not directly involved in the solution to a practical problem.
Basic Research Example Is executive success correlated with high need for achievement? Coupons versus rebates as demand stimulation tactics Compensation Systems and Labour Productivity Factors determining share prices
Applied Research Conducted when a decision must be made about a specific real-life problem
Applied Research Examples Should McDonalds add Italian pasta dinners to its menu? Business research told McDonald’s it should not? Should Procter & Gamble add a high-priced home teeth bleaching kit to its product line? Research showed Crest White strips would sell well at a retail price of RM44
Basic Differences Between Basic and Applied Research Applied Research Basic Research “what is the problem” is Problem based on the an important step in researcher interest to resolving that problem. explain and What problems to understanding of the analysis may be outside subject the individual researcher Selection of the problem domain is totally the choice of Researcher role is the researcher examine analytically and Some value judgment a course of action may be made, action is recommended not recommended
Exploratory Research It is undertaken to find out ‘what is happening, to seek insights, to ask question and to assess phenomena in a new light. It is useful if you wish to clarify your understanding of a problem. This is carried out to investigate the possibilities of undertaking a particular research study.
Descriptive Research Attempts to describe systematically a situation, problem, phenomenon, progamme or provide information about living conditions, or describes attitudes towards an issue.
Correlation Research Discover the relationship/ association / interdependence between two or more variables or situations.
Explanatory Research Study and explain the exact relationship between two or more variables.
Research and Business Primary objective is to provide information that improves the decision- making process of an organization. These information reduce managerial uncertainty in each stages of development and implementation of a strategy.
Business Managers and Research Nestlés Regional Revamp. Debt-restructuring exercise helps put water-meter Manufacturer back on its feet. Inproser Bhd claims its product can help poultry farmers slash cost. “Celcom – TM Touch Merges”.
The Decision-making Process Associated with the Development and Implementation of a Strategy Identifying problems and opportunities Diagnosis and assessment Selecting and implementing a course of action Evaluating the course of action
Determining When to Conduct Business Research Time constraints Availability of data Nature of the decision Benefits versus costs
Determining When to Conduct Business Research Availability of BenefitsTime Constraints Data Nature of the Decision vs. Costs Is the infor- Does the value Is sufficient time Is the decision Conducting Yes mation already Yes Yes of the research Yes available before of considerable a managerial on hand strategic information Business inadequate exceed the cost decision for making or tactical of conducting Research must be made? importance? the decision? research? No No No No Do Not Conduct Business Research
Value versus Costs Potential Value of a Business Research Effort Should Exceed Its Estimated Costs
Value Should Exceed Estimated Costs Costs Value •Research expenditures•Decreased •Delay of businessuncertainty decision and•Increased likelihood possible disclosureof a correct decision of information to•Improved business rivalsperformance and •Possible erroneousresulting higher research resultsprofits
Why should a Manager Know Research? Facilitate good decision making Become discriminating about research findings Issues of inside versus outside researcher To share relevant information with researcher Understand complex issues, variables, calculate risk, probabilities, etc.
Internal Researcher Advantages: Better acceptance from the staff Knowledge about the organization Would be integral part of implementation and evaluation of the research recommendations Limitations: Less fresh ideas Power Politics May not be valued as experts by staff
External Researcher Advantages: Divergent and convergent thinking Experience from several situations Better technical training Limitations: Time to understand the organizational system Cooperation from the staffs is not easy Leakage of business secretes Not available for evaluation after implementation cost
Approach to Business Research Scientific Research Characteristics of Scientific Research Process of Scientific Reasoning Hypothetico-deductive Method Case Study Action Research
Characteristics of Scientific Research Purposive Rigor Testability Replicability Precision and Confidence Objectivity Parsimony
Scientific Approach and Business Research It is not always possible to conduct investigation 100 percent scientific in business research. Unlike the physical sciences, the results obtained will not be exact and error free, since most of the business research deals with human behavior. It is very difficult to measure and collect of subjective information like, feelings, emotions, attitudes and etc. Hence, it may not possible for comparability, consistency and wide generalizability in most of the business research.
Logical Reasoning Process Induction The inductive method consists of studying several individual cases and drawing a generalization. It involves two process – observation and generalization. Conclusions from induction are tentative inferences and they are subject to further conformation based on more evidence. Deduction Deduction is reasoning process of applying a general accepted principle to a specific individual case falling under the general principle.
Induction Form of reasoning – bottom up Theory Tentative Hypothesis or proposition Identifying Patterns Observations Measures
Induction Method Example: “Advertising Expenditure and Sales” Observe the facts, collect relevant data, then look for the pattern or summarize the observation and finally tentative conclusions. When followed: When new facts are studied, new truth are uncovered.
Deduction Top down reasoning Theory Hypothesis To test Observations to address the hypothesis Test the hypothesis with specific data Confirm/or disconfirm the original hypothesis
Deductive MethodReasoning form the general to the particular Like: All Men are mortal “A” is a manConclusion: “A” is mortalExample: “Advertising Expenditure and Sales” Hypothesis: “There is a positive relationship between expenditure on advertising and sales revenue”Make ObservationAccept or reject hypothesis.
Hypothetico-deductive Method The method of starting with a theoretical framework, formulating hypotheses and logically deducing from the results of the study is known as the hypothetico-deductive method. This method is much popular in business research. This method involves seven important steps.
Process in Hypothetico- deductive Method Observation Preliminary information gathering Theory formulation Hypothesizing Data collection Data Analysis Deduction
Case Study It examine complex factors involved in a given situation so as to identify causal factors operating in it. A case study aims at studying everything about something rather than something about everything, as in the case of a statistical method or quantitative analysis. In quantitative analysis, ‘individual’ disappears and in the case of case study ‘individual’ representing the wholeness. Example: A Study of Labour Participation in Management in a particular Enterprise A Study of life-style of Working Women. Suitability: This flexible method provide much information about the unit of analysis. However, it has limited use in business research due to its limited generalization and it is a time consuming method of research.
Action Research It is a type of evaluation study. It is a concurrent evaluation study of an action programme launched to solve a problem or to improve an existing situation. It consists of a number of phases, like, base-line survey, systematic action and assessment. It is a concurrent evaluation study of an action programme launched for solving a problem/for improving an existing situation.
Figure 1.1 A simple concept map showing representation of competitive advantageSource: Institute for Manufacturing (www.ifm.eng.cam.ac.uk/csp/news/05april/4.html) 1 - 46
Figure 1.2 Grand, middle-range and substantive theoriesSource: Saunders et al. (2009), developed from Creswell (2008) 1 - 47
Video Study“Supersize Me” or“Why is America so FAT?” 1 - 48
How Creative Are You? Hundred OChun Hundred RChun Hundred H E Umph Umph Umph Grace.Chun Hundred S W Of the SpiritChun Hundred S Stand S Media Scholar I Intensity2 1111 STO CK THEBLUEFACE S H E E T Objection W E B Roll Roll Tomb of 210,N Ruled Roy Roy 2 - 49
Brainstorming Guidelines Keep the group small – “Two pizza rule.” Make the group as diverse as possible. Emphasize that company rank is irrelevant. Have a well-defined problem, but don’t reveal it ahead of time. Limit the session to 40 to 60 minutes. Take a field trip. Appoint a recorder. 2 - 50
Brainstorming Guidelines Use a seating pattern that encourages interaction. Throw logic out the window. Encourage all ideas from the team. Shoot for quantity of ideas over quality of ideas. Forbid criticism. Encourage idea “hitch-hiking.” Dare to imagine the unreasonable. 2 - 51
Further Reading ZIKMUND, W.G., BABIN, B.J., CARR, J.C. AND GRIFFIN, M. (2010) BUSINESS RESEARCH METHODS, 8TH EDN, SOUTH- WESTERN SAUNDERS, M., LEWIS, P. AND THORNHILL, A. (2012) RESEARCH METHODS FOR BUSINESS STUDENTS, 6TH EDN, PRENTICE HALL. SAUNDERS, M. AND LEWIS, P. (2012) DOING RESEARCH IN BUSINESS & MANAGEMENT, FT PRENTICE HALL. 1 - 52
How Creative Are You? ANSWERS Fortune 500 Scattered Triumph of the Grace Period Showers SpiritRhodes Scholar I Understand Spring Break Media Bias Two for One Blue in the Face High Intensity Spreadsheet Stock Split Objection Web Links Rolls Royce Tomb of Overruled Tutankhamen 2 - 53
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