rm_unit 1
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Research Methodology
G07S202
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Unit I
Overview
Introduction to Research methodology/
Foundations of Research
Research meaning, objectivesMotivation & Utility
Characteristics of scientific method
Understanding the language of researchDeductive & Inductive theory
Research process
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What is Business Research?
Business Research may be defined as the
systematic and objective process of gathering,
recording and analyzing data for aid in making
business decisions (Zikmund, Business Research
Methods, 2002, p. 6)
Systematicness and Objectivity are its
distinguishing features of Business Research,
which is important tool for managers and decision
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A careful, systematic, patient study and
investigation in some field of knowledge,
undertaken to establish facts or princilpes
(Grinnell, 1993:4)
It is a discovery (Rediscovery); A voyage fromthe known to the unknown
An effort to be closer to the truth
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Defining Research
Research comprises the following:
Defining and redefining the problem
Formulating hypothesis Collecting, organizing and evaluating data
Making deductions and reaching conclusions
Carefully testing the conclusions to determine
whether they fit the hypothesis
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Defining Research Methodology
Methodology means the systematic study ofthe methods, principles, procedures and rules
applied within a discipline
Hence research methodology
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Objectives of Research
1. To gain familiarity with a certain phenomenon or
gain new insights (Exploratory research)
2. To determine the characteristics of an individual
or a group of activities and the frequency of its
occurrence
3. To Determine the association or independence of
an activity
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Typical Users of Business Research Methods
Businesses and Corporations
PublicSector Agencies
Consulting Firms Research Institutes
NonGovernmental Organizations
NonProfit Organizations
Independent Researchers and Consultants
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Examples Worlds largest Research companies
Organization Type of Research
Information ResourcesInc.
Provides Solutions to the consumer packagedgoods (CPG) industry
Arbitron Inc. Provides information services used to develop
the local marketing strategies of the electronic
media and their advertisers & agencies
Synovate (FormerlyMarket Facts, Inc)
Provides global marketing research & consultingto Business, Government & associations
The NPD Group Inc. Provides tracking studies (comprehensive
overview of product movement and consumer
behavior) in numerous industries, including
apparel, fashion, beauty, home & electronics.
Ipsos Explores market potential and market trends,
tests products and advertising, studies
audiences and their perceptions of various
media, and measures public opinion record.
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Why Study Business Research?
We do more than deliver data.
We deliver insight.
It is not enough to supply client
s with the data they can use
today. They must be enabled to
be at the forefront of
tomorrow.
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Motivational factors
Competition local, domestic and global
More complex business organizations, hence more complexdecisions
Stakeholders demanding greater influence
Growth of technology and greater computing power
Growth of Internet
More vigorous competition
Management as a group of disciplines
Greater computing power & speed
Lowercost of data collection
More & faster access to information
Better visualization tools
Powerful computations
More integration of data (data warehousing)
Customized reporting
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Significance /Relevance for management
Aid to Informed decision making
Helps identify problem areas
Aid to forecasting
Helps business budgeting Tool for efficient production and investment
decision making
Optimal utilization of resources
Basis for innovation
Managers need research to measure and compare
the ROI on various strategies.
Helps in a better understanding of employees,
stockholders and customers
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Features of A Good Research
Study
Objectivity: It must answer the research question
Control: It shall ensure adequate control over independent
variable
Generalisability: It should have same result when applied in
identical applications
Free from Personal Bias: It must be free from personal
bias.
Systematic: It must have various interrelated steps that
lead another step.
Reproducible: It must give approximately the same result
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Points to Remember
Purpose clearly detailed
Research design thoroughly planned
High ethical standards applied
Limitations frankly revealed
A complete and proper analysis
Findings presented unambiguously
Decision based conclusion
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Application of Research in Management
Marketing
Human Resource Management
Production
Finance and Accounting
Information Technology
Materials Planning and Production Control
Purchasing
Advertising and Sales Promotion
Social Responsibility Related Issues
Even beyond functional areas, we have scope to do research.
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General Business Conditions and
Corporate Research
Short- & Long-Range Forecasting,
Business and Industry Trends
Global Environments
Inflation and Pricing
Plant and Warehouse Location
Acquisitions
Financial and Accounting Research
Forecasts of financial interest rate trends,
Stock,bond and commodity valuepredictions
capital formation alternatives
mergers and acquisitions
risk-return trade-offs
portfolio analysis
impact of taxes
research on financial institutions
expected rate of return
capital asset pricing models
credit risk
cost analysis
FieldsWhere Business Research is oftenUsed
Management and Organizational
Behaviour Research
Total Quality Management
Morale and Job Satisfaction
Leadership Style
Employee Productivity
Organizational Effectiveness
Structural ssues
Absenteeism and turnover
Organizational Climate
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Sales an
d Marketin
g Research Market Potentials
Market Share
Market segmentation
Market characteristics
Sales Analysis
Establishment of sales quotas Distribution channels
New product concepts
Test markets
Advertising research
Buyer behaviour
Customer satisfaction
Website visitation rates
In
formation
Systems Research
Knowledge and information needsassessment
Computer information system use andevaluation
Technical suppot satisfaction
Database analysis
Data mining
Enterprise resource planning systems
Customer relationship managementsystems
Corporate ResponsibilityResearch
Ecological Impact
Legal Constraints on advertising andpromotion
Sex, age and racial discrimination / workerequity
Social values and ethics
Fields where Business Research is often used
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Science and the Scientific Method
Science has been defined as the methodological and
systematic approach to acquisition of new knowledge
(Geoffrey Marcyzk, David DeMatteo, David Festinger,
Essentials of Research Design and Methodology, John Wiley
& Sons, 2005, p. 4)
The scientific method, which has evolved since the 13th
century, concerns the set of tools, techniques and
procedures used by basic and applied researchers to
analyze and understand phenomena and prove or disprove
prior conceptions.
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Comparison of Scientific and NonScientific Method
of Research
Basis Scientific Method Nonscientific
Method
Objectivity It is more objective It may have chances
of subjectivity
Degree of
Accuracy
It is highly precise where
quantitative concept can be
defined and measured
effectively.
It is comparatively
less degree of
preciseness
Continuing
andExhaustive
It takes cognizance of the
existing knowledge and helpsin accumulation of systematic
knowledge which is continuous
and unending
The same is always
not true in everysituation
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The Essence of the Scientific Method
Characteristics of the Scientific MethodObjectivity
Systematic Analysis
Precise
Logical Interpretation of Results
Elements of the
Scientific Method
Empirical Approach
Observations
Questions
Hypotheses
Experiments
AnalysisConclusion
Replication
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When Should Business Research be Undertaken?
Is sufficient time
available?
Is informationinadequate?
High importance
of decision?
Research benefits
greater than costs?
Yes
Yes
Yes
Undertake Business Research
NO Do notundertake Business Research
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Value and Costs ofUndertaking Business Research
VALUE
Decreased Uncertainty
Higher Likelihood of
CorrectDecisions
Better Business
performance
Higher Profits
Better Reputation
COSTS
Research Costs
Delay in Making Business
Decisions
Disclosure of Information
to Rivals
Possibility ofError
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Understanding the language of Research
Concept
It is a generally accepted collection of meanings or
characteristics associated with certain events, objects.,
conditions, situations and behaviors.
Eg: A man
movements, table, excel sheet, warrantycard, familys total income etc.
Importance to Research:
1. How clearly we conceptualize
2. How well others understand the concepts we use
Eg Familys total income
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Construct
It is an image or abstract idea specifically invented fora given research .
Eg: Presentation quality
Definition
Confusion about the meaning of concepts may destroya research studys value
If words have different meanings to the parties
involved, then the parties are not communicating well
Definitions are one way to reduce this danger
Variable
It is used as a synonym for construct or the property
being studied
Eg: Age, income, temperature.
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Inductive Reasoning
Inductive reasoning is, moving from specific observations
to broader generalizations and theories.
Inductive reasoning is all about arriving at a conclusion on
the basis of principle facts which guide you towards the
conclusion. Bottomup approach
Observation
PatternTentativehypothesis
Theory
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Deductive Reasoning
Deductive reasoning works from the more general to the
more specific.
Topdown approach
Theory hypothesis Observation Confirmation
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Research process- Steps
1. Problem identification & formulation of a
research problem
2. Research Proposal
Purpose, time frame, scope, sampling design,limitations etc.
3. Pilot testing
4. Data collection & entry
5. Data Analysis & interpretation6. Research reporting
7. Management Decision
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End of Unit 1