Introduction To Business Research

1.
INTRODUCTION TO BUSINESS RESEARCH
WHAT IS RESEARCH?
Management research is an unbiased, structured, and sequential method of enquiry, directed towards
a clear implicit or explicit business objective. This enquiry might lead to validating existing postulates or
arriving at new theories and models.
TYPES OF RESEARCH:
BUSINESS RESEARCH
BASIC RESEARCH APPLIED RESEARCH
EXPLORATORY CONCLUSIVE RESEARCH

RESEARCH
DESCRIPTIVE RESEARCH CAUSAL RESEARCH
1. Basic research: the basic premise is the need to KNOW and the concern is primarily academic in
nature.
2. Applied research: Solution or action oriented research that is contextual and practical in
approach.
A. Exploratory research is loosely structured and the basic premise is to provide direction to
subsequent, more structured method of enquiry.
B. Conclusive research is structured and definite in orientation. These studies are usually
conducted to validate formulated hypotheses and specified relationships.
i. Descriptive research: The main goal of this type of research is to describe the data and
characteristics about what is being studied.
ii. Causal research: Explores the effect of one or more variables on other variable(s), with
reasonable level of certainty by controlling the impact of other influencing variables.
EXPLORATORY VS CONCLUSIVE RESEARCH:

EXPLORATORY RESEARCH CONCLUSIVE RESEARCH
 Loosely structured in design  Well structured and systematic in
design
 Are flexible and investigative in  Have a formal and definitive
methodology methodology that needs to be followed
and tested
 Do not involve testing of hypotheses  Most conclusive researches are carried
out to test the formulated hypotheses
 Findings might be topic specific and  Findings are significant as they have a
might not have much relevance outside theoretical or applied implication.
the researcher’s domain
THE RESEARCH PROCESS:

Management Dilemma
Basic vs Applied
Defining the Research Problem
Formulating the Research Hypothesis
Developing the Research Proposal
The Research Framework

Research Design
Data Collection Plan Sampling Plan
Instrument Design
Pilot Testing
Data Collection
Data Refining and Preparation
Data Analysis & Interpretation
Research Reporting
Management / Research Decision

The research process:
 The management decision problem
 Defining the research problem
 Formulation of the working hypotheses
 Construction of the research proposal
 Formulating the research design
 Sampling considerations
 Collecting the data for the study
 Data analysis and interpretation of findings
RESEARCH APPLICATIONS:
1. MARKETING-
 Market & consumer analysis
 Product research
 Pricing research
 Promotional research
 Place research
2. FINANCE-
 Asset pricing, capital markets and corporate finance
 Financial derivatives and credit risk modeling research
 Market-based accounting research
 Auditing and accountability
 Other areas: financial forecasting, behavioral finance, volatility analysis
3. HUMAN RESOURCES-
 Training & development studies
 Selection and staffing studies
 Performance appraisal–design and evaluation
 Organization planning and development
 Incentive and benefits studies
 Emerging areas–critical factor analysis, employer branding studies
4. PRODUCTION & OPERATIONS MANAGEMENT-
 Operation planning and design
 Demand forecasting and demand estimation
 Process planning
 Project management and maintenance effectiveness studies
 Logistics and supply chain-design and evaluation
 Quality estimations and assurance studies
CRITERIA FOR RESEARCH:

 MUST have: a clearly stated research purpose/ objective
 MUST have: a sequential plan of execution
 MUST have: a logical and explicitly stated justification for the selected methods
 MUST have: an unbiased and neutral method of conduct and reporting
 MUST have: complete transparency and ethical conduction of the research process
 MUST have: provision for being reliable & replicable
2. FORMULATION OF THE RESEARCH PROBLEM
&
DEVELOPMENT OF THE RESEARCH HYPOTHESES
DEFINING THE RESEARCH PROBLEM:
A research problem can be defined as a gap or uncertainty in the decision makers’ existing body of
knowledge which inhibits efficient decision making. The gap could be academic & theoretical (basic) or
real time and action oriented (applied).
PROBLEM IDENTIFICATION PROCESS:
Management Decision Problem
Discussions Review of Organization Qualitative

with subject existing Analysis analysis
experts literature
Management Research Problem / Question
Research framework / Analytical model
Statement of Research Objectives
Formulation of Research Hypothesis

DECISION PROBLEMS RESEARCH PROBLEMS:
DECISION PROBLEM RESEARCH PROBLEM*
1. What should be done to increase the 1. What is the awareness and purchase
customer base of organic products in the intention of health conscious consumers for
domestic market? organic products?
2. What is the impact of shift duties on work

2. How to reduce turnover rates in the BPO exhaustion and turnover intentions of the BPO
sector? employees?
3. How does Widex/ industry leader manage

3. How to improve the delivery process of its supply chain in India/Asia?
Widex hearing aids in India?
4. What is the satisfaction level of the
4. Should the company continue with its company with the existing vendor? Are there
existing security services vendor or look at an any gaps? Can they be effectively handled by
alternative? the vendor?
5. Can the Housing and real estate growth be 5. What is the current investment in Real
accelerated? Estate and Housing? Can the demand in the
sector be forecasted for the next six months?
6. Whom should ICICI choose as its next 6a. what has been the Leadership initiatives
Managing director- Mr ABC or Mrs. XYZ? and performance record of ABC viz. XYZ?
6b. Can a leading aggressive private sector
bank accept a woman as its leader?
Elements of a research problem:

 Unit of analysis
 Independent variable
 Dependent variable
 Extraneous independent variable
 Intervening variables
 Moderating variables
PROBLEM IDENTIFICATION PROCESS:
1. Management decision problem: the issue/decision that needs to be resolved through research
2. Discussion with experts: to get the right perspective on the issue, discussion/dialogue isheld
with subject/industry expert.
3. Review of literature: the most valuable source of framing the research question is to review the
past work done on related topic(s).
4. Qualitative surveys: primary exploratory loosely structured surveys to attain the environmental
context.
5. Management research problem: the four steps might lead to multiple directions/research
problems the researcher can take. The researcher has to identify THE alternative he/she will
undertake
6. Theoretical model building (optional)
7. Statement of research objectives
THE RESEARCH HYPOTHESES:
A hypotheses is any assumption/presupposition that the researcher makes about the probable direction
of the results that might be obtained on the completion of the research process
 Descriptive hypotheses: This is simply a statement about the magnitude, trend, or behaviour of
a population under study.
 Relational hypotheses: These are the typical kind of hypotheses which state the expected
relationship between two variables.
CRITERIA FOR HYPOTHESES FORMULATION:
 In simple, declarative statement form
 Measurable and quantifiable
 Is essentially a conjectural statement
 Has underlying assumptions on the testing of the stated relationships

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1.

INTRODUCTION TO BUSINESS RESEARCH

BASIC RESEARCH APPLIED RESEARCH

EXPLORATORY CONCLUSIVE RESEARCH

DESCRIPTIVE RESEARCH CAUSAL RESEARCH

EXPLORATORY VS CONCLUSIVE RESEARCH:

THE RESEARCH PROCESS:

Defining the Research Problem

Formulating the Research Hypothesis

Developing the Research Proposal

The Research Framework

Data Collection Plan Sampling Plan

Data Refining and Preparation

Data Analysis & Interpretation

Management / Research Decision

 The management decision problem

 Defining the research problem

 Formulation of the working hypotheses

 Construction of the research proposal

 Formulating the research design

 Collecting the data for the study

 Data analysis and interpretation of findings

CRITERIA FOR RESEARCH:

DEFINING THE RESEARCH PROBLEM:

PROBLEM IDENTIFICATION PROCESS:

Management Decision Problem

Discussions Review of Organization Qualitative

Management Research Problem / Question

Research framework / Analytical model

Statement of Research Objectives

Formulation of Research Hypothesis

2. What is the impact of shift duties on work

3. How does Widex/ industry leader manage

Elements of a research problem:

 Extraneous independent variable

6. Theoretical model building (optional)

7. Statement of research objectives

THE RESEARCH HYPOTHESES:

CRITERIA FOR HYPOTHESES FORMULATION:

 In simple, declarative statement form

 Measurable and quantifiable

 Is essentially a conjectural statement

 Has underlying assumptions on the testing of the stated relationships

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