Chapter 1 business research methods

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Chapter 1 business research methods

  1. 1. te r1 h apC Copyright© Dorling Kindersley India Pvt. LtdBusiness Research Methods: An Introduction Business Research Methods: An Introduction 1
  2. 2. Learning ObjectivesUpon completion of this chapter, you will be able to: Copyright© Dorling Kindersley India Pvt. LtdUnderstand the difference between basic and applied researchDefine business researchUnderstand the roadmap to learn business research methodsLearn how business research methods can be used as a decisionmaking tool by the managersUnderstand the business research processGet a preliminary idea about the use of software for datapreparation and data analysis Business Research Methods: An Introduction 2
  3. 3. Introduction Business researchers systematically collect, compile, analyze, and interpret data to provide quality information based on Copyright© Dorling Kindersley India Pvt. Ltd which a decision maker will be able to take a decision in an optimum manner. Conducting research to deal with any problem is a scientific, systematic, and interlinked exercise, which requires sound experience and knowledge. Business Research Methods: An Introduction 3
  4. 4. Difference Between Basic and Applied Research Copyright© Dorling Kindersley India Pvt. Ltd Basic research is generally not related to a specific problem and its findings cannot be immediately applied. Applied research directly addresses the problem at hand. Applied research is launched by the firm, agency, or individual facing a specific problem. Business Research Methods: An Introduction 4
  5. 5. Defining Business Research Business research method is a systematic and scientific procedure of data collection, compilation, analysis, Copyright© Dorling Kindersley India Pvt. Ltd interpretation, and implication pertaining to any business problem. Business research is defined as the systematic and objective process of gathering, recording, and analyzing data for aid in making business decisions (Zikmund, 2007). Cooper and Schindler (2009) define business research as a systematic enquiry that provides information to guide managerial decisions. Business Research Methods: An Introduction 5
  6. 6. Roadmap to Learn Business Research Methods Copyright© Dorling Kindersley India Pvt. Ltd Business Research Methods: An Introduction 6
  7. 7. Business Research Methods: A Decision Making Tool in the Hands of Management Copyright© Dorling Kindersley India Pvt. Ltd Decision making is always a crucial part of any organizational functioning. In the field of business research, this valuable information is obtained using the following interrelated steps: 1. Problem or opportunity identification 2. Diagnosing the problem or opportunity 3. Executing business research to explore the solutions 4. Implement presented solutions 5. Evaluate the effectiveness of decision making Business Research Methods: An Introduction 7
  8. 8. 1. Problem or Opportunity Identification Any delay in problem identification and solution implementation; Copyright© Dorling Kindersley India Pvt. Ltd and the opportunity identification and encashment may become harmful to the organization. Business Research Methods: An Introduction 8
  9. 9. 2. Diagnosing the Problem or Opportunity Organizations present these problems or opportunity scenarios to business researchers. Copyright© Dorling Kindersley India Pvt. Ltd Business researchers actually diagnose the problem or opportunity. Diagnosing involves exploring the situation to have a better insight about the situation. Business Research Methods: An Introduction 9
  10. 10. 3. Executing Business Research to Explore the Solution Copyright© Dorling Kindersley India Pvt. Ltd After the identification and diagnosis of the problem, business researchers systematically conduct research to present a solution. Business Research Methods: An Introduction 10
  11. 11. 4. Implement Presented Solution Business researchers conduct research in consultation with the Copyright© Dorling Kindersley India Pvt. Ltd decision makers of the concerned organization. The findings are presented to the decision maker and he or she analyzes these findings in the light of his or her decision range. Business Research Methods: An Introduction 11
  12. 12. 5. Evaluate the Effectiveness of Decision Making Copyright© Dorling Kindersley India Pvt. Ltd After taking a decision, its effectiveness is examined. This is sometimes referred to as evaluation research. Business Research Methods: An Introduction 12
  13. 13. Use of Software in Data Preparation and Analysis Copyright© Dorling Kindersley India Pvt. Ltd Nowadays, it is irrational to deal with data preparation and analysis without the use of existing statistical software. This section focuses on introducing three widely used software programs. They are MS Excel (2007), Minitab®, and SPSS (17). Business Research Methods: An Introduction 13
  14. 14. Use of Software in Data Preparation and Analysis Copyright© Dorling Kindersley India Pvt. Ltd ..Excel 2007.xlsx ..SPPS 17.sav ..Minitab 15.MPJ Business Research Methods: An Introduction 14

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