Business research methods involve systematically collecting and analyzing data to increase understanding of business topics and issues. Research aims to expand existing knowledge through logical reasoning using both inductive and deductive approaches. It provides accurate, real-world data through controlled experiments and natural observations. Business research scope includes production, personnel, marketing, financial, materials, general, and banking management to aid decisions in areas like new product development, job design, consumer behavior, and economic conditions.

1. Business Research Methods
Business Research Methods
Unit-I
INTRODUCTION
Prof. Fatima Begum

2. Research
• Research is "creative and systematic work undertaken to increase
the stock of knowledge". It involves the collection, organization, and
analysis of information to increase understanding of a topic or issue.
A research project may be an expansion on past work in the
A research project may be an expansion on past work in the
field. Wikipedia
• Research is a way of looking for new information, new
understanding, and new facts. A person who
does research is called a researcher. Some researchers work in
academia. ... Research is often used for solving problems or
increasing available knowledge. This can be done by testing theories
and making observations.

3. Meaning and Definition
• Research is a process of systematic inquiry that entails collection
of data; documentation of critical information; and analysis and
interpretation of that data/information, in accordance with suitable
methodologies set by specific professional fields and academic
disciplines
• Definition of Research.
• Definition of Research.
• According to the American sociologist Earl Robert Babbie, “research
is a systematic inquiry to describe, explain, predict, and control the
observed phenomenon. It involves inductive and deductive
methods.”
• Inductive research methods analyze an observed event, while
deductive methods verify the observed event. Inductive approaches
are associated with qualitative research, and deductive methods are
more commonly associated with quantitative analysis.

4. Characteristics
• Good research follows a systematic approach to capture accurate
data. Researchers need to practice ethics and a code of conduct
while making observations or drawing conclusions.
• The analysis is based on logical reasoning and involves both
inductive and deductive methods.
• Real-time data and knowledge is derived from actual observations
in natural settings.
• There is an in-depth analysis of all data collected so that there are
• There is an in-depth analysis of all data collected so that there are
no irregularity associated with it.
• It creates a path for generating new questions. Existing data helps
create more research opportunities.
• It is analytical and uses all the available data so that there is no
ambiguity in conclusion.
• Accuracy is one of the most critical aspects of research. The
information must be accurate and correct. For example, laboratories
provide a controlled environment to collect data. Accuracy is
measured in the instruments used, the calibrations of instruments
or tools, and the experiment’s final result.

5. Meaning of business research
• The application of the scientific method in
searching for the truth about business
phenomena. These activities include defining
phenomena. These activities include defining
business opportunities and problems, generating
and evaluating ideas, monitoring performance,
and understanding the business process.

6. Scope of business research
Business research is an important management
activity that helps companies determine which
products will be most profitable for companies to
produce. Several steps are necessary when
conducting business research; each step must be
thoroughly reviewed to ensure that the best
thoroughly reviewed to ensure that the best
decision is made for the company.
• 1. Production management
• 2. Personnel management
• 3. Marketing management
• 4. Financial management
• 5. materials management
• 6. General management
• 7. Banking management

7. • 1. Production management What to produce,
how much to produce, when to produce, whom
to produce, quality control and setting up
optimum inventory level.
• 2. Personnel management Research works well
for job redesign organization restructuring ,
development of motivational strategies and
development of motivational strategies and
organizational development
• 3. Marketing management Studies involving
demand forecasting, consumer buying behavior,
measuring, advertising, Effectiveness , media
selection, test marketing, product positioning
new development.

8. • 4. Financial management Research can be useful for
portfolio management, distribution of dividend,
capital raising, hedging and looking after
fluctuations in foreign currency and product
• 5. Materials management It is utilized in choosing
the supplier, making the decisions relevant to make
or buy as well as in selecting negotiation strategies.
or buy as well as in selecting negotiation strategies.
• 6. General management It contributes greatly in
development the standards, objectives, long-term
goals, and growth strategies.
• 7. Banking management Gathering and analyzing
information for their internal operation and for
making in depth studies on economic conditions of
business.