Introduction to Research

1. BUSINESS RESEARCH
METHODS
1Dr. Amitabh Mishra

2. Definition of Research
• “Research is search of knowledge”.
• “Research is systematic and scientific search for
pertinent information on specific topic”.
• “Research is an art of scientific investigation”.
2Dr. Amitabh Mishra

3. • According to Clifford Woddy-
• “Research comprises defining and redefining
problems, formulating hypothesis or suggested
solutions, collecting, organizing and evaluating data,
making deductions and reaching conclusions at last
carefully testing the conclusion to determine weather
they fit the formulating hypothesis”
3Dr. Amitabh Mishra

4. • According to Cooper and Schindler-
“Business research is a systematic enquiry that provides
information to guide managerial decisions. It is a process of
planning, acquiring, analyzing and disseminating relevant
data, information and insights to decision maker in a way
that mobilize to organization to take appropriate action
that, in turn, maximize business performance”
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5. Other Definitions of Research
• “Research is a systematic attempt to provide answers to
questions”.
• “Research may be defined as the systematic and objective
analysis and recording of controlled observations that may
lead to the development of generalizations, principles, or
theories, resulting in prediction and possible control of
events” (Best and Kahn, 1998).
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6. • Research is a systematic way of asking questions, a
systematic method of inquiry.
(Drew, Hardman, and Hart)
• “A careful, systematic, patient study and
investigation in some field of knowledge,
undertaken to establish facts or principles”
(Grinnell)
6Dr. Amitabh Mishra

7. Research Methods
Vs
Research Methodology
• “Research methods or techniques are those
methods which the researcher use in performing
research operation.” Ex-
– Mean, median
– Sampling
– Questionnaire etc.
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8. • “Research methodology is a way to
systematically solve the research problem”
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9. 9
What is Research in Business?
• Sometimes managers make good decisions and the
problem gets solved.
• Sometimes managers make poor decisions and the
problem persists.
• The difference between making good decisions and
poor decisions, lies in how managers go about the
decision-making process.
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10. 10
Business Research
• Business research can be described as a systematic
and organized effort to investigate a specific problem
encountered in the work setting, that needs a solution.
• Business research comprises a series of steps
designed and executed, with the goal of finding
answers to the issues that are of concern to the
manager in the work environment.
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11. Objectives
of
Business
Research
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12. • The main goal of research is the gathering and
interpreting information to answer questions .
1. To describe an apparent problem.
2. To identify the potential opportunity.
3. Developing plan or strategy.
4. Selecting between specific alternatives under
consideration.
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13. 5. To gain familiarity with phenomenon.
6. To test the hypothesis of a causal relationship between
variables.
7. To describe the frequency with which some thing occurs.
8. To describe accurately the characteristics of a particular
individual, situation or group.
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14. Need
of
Business
Research
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15. Need of Business Research
• Increasing need for more and better
information.
• To provide improved technique and tool to
solve the problem.
• To assist the managers to take decisions.
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16. • Act as a tool for business executives to remain
in touch with its customer.
• For developing strategy.
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17. Characteristics of
Business Research
• Research always begins with a question or problem.
• Research information is neither intuitive nor
haphazardly gathered.
• It is controlled.
• (In real life for an outcome there could be many affecting factors. In a study of cause and effect relationships
one has to link effects with causes and causes with effects. Establishment of this linkage is impossible unless
it is a laboratory test. Therefore instead of controlling external factors we have to quantify the impact of
such factors.)
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18. • It is rigorous
• (Procedures followed to find answers to a problem must be relevant, appropriate
and justifiable. Researcher needs to be very careful about this)
• It is systematic
• (Procedures adopted for a research should follow a logical sequence. Some
procedures must follow others)
• It should be valid and verifiable
• (Your research conclusion based on findings should be correct and can be verified
by you as well as others)
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19. • It is empirical.
– (The conclusions of the research should be based on evidence gathered from information collected
from real life experiences/observations).
• It is critical.
– (Research procedures and methods applied should withstand critical scrutiny. They must be full-
proof and free from drawbacks).
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20. Applications of Research
in various
functions of management
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21. Management
Marketing
Production
Finance
Personnel
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22. Application of Research in Marketing
– Product development.
– Market segmentation.
– Sales promotion program.
– Design of distribution channel
– Pricing
– Packaging
– Study of buying behavior
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23. Application of Research in Production
– Forecasting
– Capacity planning
– Plant location
– Plant lay out
– Inventory control
– Maintenance management
– Quality control
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24. Application of Research in Finance
– Capital budgeting
– Ratio analysis
– Primary market study
– Secondary market study
– Inflation
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25. Application of Research in Personnel
– Manpower planning
– Performance appraisal
– Design of incentive plan
– Training method
– Change management
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26. Problems to the
Researchers
in India
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27. • Lack of scientific training in methodology of
research
– There is scarcity of competent researchers.
– Most of the research works are not
methodologically sound.
Hence the research results quite often do not reflect
the reality.
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28. • Lackness of trust between researchers and
Industry.
– There is the need for generating confidence that
the information/data obtained from the business
units will not be misused.
• Does not exist any clear code of conduct for
researchers.
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29. • Difficulty of adequate and timely assistance.
• Library management and functioning is not
satisfactory at many places.
– Much of time and energy is spend in tracing out
the books/journals/ reports etc. rather than
tracing the relevant materials from them.
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30. • Difficulty of timely availability of published
data.
• Research studies overlapping one other are
undertaken quite.
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31. Features
of
Good Business Research
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32. • Good research generates dependable data.
• Good research are conducted professionally.
• A good research follow the standards of
scientific methods.
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33. • Standards of scientific methods are-
– Clearly defined purpose.
– Research procedure detailed.
– Thoroughly planned research design.
– Ethical standards should be applied.
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34. – Limitations frankly revealed.
– Adequate analysis for decision makers needs.
– Findings should be presented unambiguously.
– Justified conclusions.
– Researcher should be experienced.
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