0% found this document useful (0 votes)
43 views24 pages

Business Research Introduction

Research methodology
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
0% found this document useful (0 votes)
43 views24 pages

Business Research Introduction

Research methodology
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 24

Business Research

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.

To be a successful manager, it is important for you to know how to go


about making the right decisions by being knowledgeable about the
various steps involved in finding solutions to problematic issues.
DEFINITION OF RESEARCH
Research is a process of systematic inquiry that entails the
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 BUSINESS RESEARCH
• Business research may be defined as research activities carried out relating to
the different functionaries in the business and corporate world.
• Business research is a process of acquiring detailed information of all the
areas of business and using such information in maximizing the sales and
profit of the business.
• Such a study helps companies determine which product/service is most
profitable or in demand.

An example of business research is gathering sales information and writing


a detailed report on marketing and sales.

The areas of accounting, finance, management, and marketing.


Illustration
An automobile company plans to unveil the latest car
model in the market. For that, they need to develop
strategies to explore and monitor customer demand. So,
the company will conduct research to collect information
and analyze market trends. This will help them draw better
conclusions and come up with a fine quality car at the
right price resulting in a larger market share.
Research is the systematic and objective
– identification
– collection
– analysis
– dissemination
– and use of information
For the purpose of improving decision-making related to the
– identification and
– solution of problems and opportunities in business research
OBJECTIVES OF RESEARCH
• The purpose of research is to discover answers to questions
through the application of scientific procedures.

• 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)

• To test a hypothesis of a causal relationship between variables


(such studies are known as hypothesis-testing research studies)
TYPES OF RESEARCH
• Descriptive
• Exploratory
• Analytical
• Applied
• Fundamental
• Quantitative
• Qualitative
• Conceptual
• Empirical
Fundamental (Basic Research)
• This research is mainly conducted to increase the knowledge
base. It is driven purely by interest and a desire to expand our
knowledge.
• This type of research tends not to be directly applicable to the real
world in a direct way but enhances our understanding of the
world around us.
• Pure research can be exploratory, descriptive or explanatory.
• Basic research generates new ideas, principles and theories
indifferent fields.
Applied (Action) Research
• Applied research is mainly related to solving practical problems
rather than focusing on knowledge expansion.
• It is mainly used to find solutions to problems which occur on a
daily basis and develop new innovative technologies.
• The main aim of applied research is to provide better technologies
for humans to enhance their standard of living.

Example: Investigating which treatment approach is the most


effective for treating cancer patients whereas researching which
strategies work best to motivate workers.
Quantitative Research
• Quantitative research is generally related with the positivist
concept.
• It usually involves collecting and converting data into numerical
form so that statistical calculations can be made and conclusions
drawn.
Qualitative Research
• Qualitative research is the approach usually related with the social
constructivist concept which emphasizes the socially constructed
nature of reality
• It is about recording, analyzing and attempting to reveal the in
debt meaning and significance of human behavior and
experience, including conflicting beliefs, behaviors and
emotions.
• Data is collected in textual form on the basis of observation and
communication with the participants, e.g. through participant
observation, in-depth interviews and focus groups.
Descriptive Research
• Descriptive research is used to describe characteristics of an
observable fact being Studied.
• Descriptive research includes surveys and fact-finding enquiries
of different kinds.
• They cannot identify cause and effect relationship between
variables
Exploratory Research
• Exploratory research is carried out for a problem that has not been
clearly defined.
• The main aim of this research is to gather initial information
which helps to define problems and recommend hypothesis.
• Exploratory research often relies on secondary research such as
reviewing available literature, or qualitative approaches such as
informal discussions with consumers, employees, management or
competitors, and more formal approaches through in-depth
interviews, focus groups, projective methods, case studies or pilot
studies
Descriptive vs. Analytical

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

Applied (action) Fundamental (to basic or pure)


• Finding a solution for an • Mainly concerned with
immediate problem facing a generalisations and with the
society or an industrial/ formulation of a theory.
business organisation “Gathering knowledge for
knowledge’s sake is termed
‘pure’ or ‘basic’ research
Quantitative vs. Qualitative

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.

• Research is equally important for social scientists in studying


social relationships and in seeking answers to various social
problems.
Research Methods versus Methodology
• Research methods may be understood as all those
methods/techniques that are used for the conduction of research.
• Research methodology is a way to solve the research
problem systematically. It may be understood as a science
of studying how research is done scientifically.
• The various steps that are generally adopted by a
researcher in studying his research problem along with
the logic behind them.

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy