Business Research Introduction
Business Research Introduction
Introduction
10-11-2022
MEANING OF RESEARCH
• Research in common idiom refers to a search
for scientific knowledge.
• It defines research as a scientific and
systematic search for relevant information on
a specific topic.
• Research is an academic activity and as such
term should be used in a technical sense.
DEFINITION OF RESEARCH
• According to Clifford Woody research comprises defining and
redefining problems, formulating hypothesis or suggested
solutions; collecting, organising and evaluating data; making
deductions (judgments) and reaching conclusions; and at last,
carefully testing the conclusions to determine whether they fit the
formulating hypothesis.
• The main aim of the research is to find out the truth which is
hidden and which has not been discovered as yet.
OBJECTIVES OF RESEARCH
• To gain familiarity with a phenomenon or to achieve new insights
into it (studies with this object in view are termed exploratory or
Conclusive research studies)
• To portray accurately the characteristics of a particular individual,
situation or a group (studies with this object in view are known as
descriptive research studies).
OBJECTIVES OF RESEARCH
• To determine the frequency with which something occurs or with
which it is associated with something else (studies with this object
in view are known as diagnostic (Analytical) research studies)
Descriptive Analytical
• Descriptive research includes • The researcher has to use facts
surveys and fact-finding or information already
enquiries of different kinds. available and analyze these to
make a critical evaluation of
the material
Applied vs. Fundamental
Quantitative Qualitative
• The measurement of quantity • Is concerned with qualitative
or amount phenomena, i.e., phenomena
• It is applicable to phenomena relating to or involving
that can be expressed in terms quality or kind.
of quantity • For instance, when we are
interested in investigating the
reasons for human behaviour
(i.e., why people think or do
certain things)
Conceptual vs. Empirical
Conceptual Empirical
• Conceptual research is that • Empirical research relies on
related to some abstract experience or observation
idea(s) or theory. alone, often without due
• It is generally used by regard for system and theory.
philosophers and thinkers to • It is data-based research,
develop new concepts or to coming up with conclusions
reinterpret existing ones. which are capable of being
verified by observation or
experiment.
Significance of Research
• Research inculcates scientific and inductive thinking, and
it promotes the development of logical habits of thinking
and organisation.
• The role of research in several fields of applied
economics, whether related to business or to the
economy as a whole, has greatly increased in modern
times.
• Research provides the basis for nearly all government
policies in the economic system.
Significance of Research
• Research has its special significance in solving various operational
and planning problems of business and industry.