7254519 Business Research Methodology

RESEARCH METHODOLGY IN BUSINESS

INTRODUCTION What is Business Research? It is a systematic inquiry that provides information to guide managerial decisions. It is a process of planning, acquiring, analyzing and disseminating relevant data and information and insights to decision makers in ways that mobilize the organization to take appropriate actions that, in turn, maximize business performance.

INTRODUCTION Planning Drives Business Research • Goals: Decision on goals • Decision Support System: Need to complete one or many exchanges (numerous elements of data, organized for retrieval) •Business Intelligence System: is designed to provide the manager with ongoing information about events & trends. • Strategy: the general approach an organization will follow to achieve its goal. • Tactics: Specific timed activities that execute a strategy.

INTRODUCTION Purpose of Business Research • To identify and define opportunities and problems. • To define, monitor, and refine strategies • To define, monitor, and refine tactics

TYPES OF RESEARCHERS • Custom Designed Research/Full-service research: Crafts a research design unique to the decision maker’s dilemma. • Proprietary Methodology Researchers: A research program owned by a single firm. It may be a slight twist on an established methodology or may be developed by that firm. • Specialty Research Firms: represent the largest number of research firms and tend to dominate the small research firms operated by a single researcher or very small staff. These firms may establish a specialty in one or several arenas: • Process • Industry • Participant group

TYPES OF RESEARCHERS • Syndicated Data Providers: Tracks the change of one or more measures over time, usually in a given industry. • Omnibus Researchers: An omnibus researcher fields research studies, often by survey, at regular, predetermined intervals. An omnibus study combines one or a few questions from several decision makers who need information from the same population.

Research Report Components       Prefatory Items Introduction Methodology Findings Conclusions Bibliography

Prefatory Items      Letter of Transmittal Title Page Authorization Letter Executive Summary Table of Contents

Introduction  Problem Statement Research Objectives Background  

Methodology     Sampling Design Research Design Data Collection Data Analysis

RESEARCH DESIGN

THE RESEARCH PROCESS         Define the problem Define the research objective Choose data sources Choose research methods Construct sample Set budget and deadlines Undertake research Analysis and evaluation

THE RESEARCH DESIGN RESEARCH DESIGN EXPLORATORY RESEARCH DESIGN CONCLUSIVE RESEARCH DESIGN DESCRIPTIVE RESEARCH CAUSAL RESEARCH CROSS-SECTIONAL DESIGN LONGITUDINAL DESIGN SINGLE CROSS-SECTIONAL DESIGN MULTIPLE CROSS-SECTIONAL DESIGN

EXPLORATORY RESEARCH • OBJECTIVE: DISCOVER IDEAS & INSIGHTS • CHARACTERISTICS: FLEXIBLE, VERSATILE • METHODS:  EXPERT SURVEYS  PILOT SURVEYS  SECONDARY DATA (Qualitatively analyzed)  QUALITATIVE RESEARCH

SECONDARY DATA (Qualitatively analyzed • PRIMARY DATA: Data originated by a researcher for the specific purpose of addressing the research problem. • Included among primary sources are interviews, speeches etc • SECONDARY DATA: Data collected for some purpose other than the problem at hand. • Included among secondary data are reports available in the libraries/ internet, magazines, newspapers etc.

ADVANTAGES OF SECONDARY DATA      Easily Accessible Relatively Inexpensive Quickly Obtained Better define the problem Formulate an appropriate research design

DISADVANTAGES OF SECONDARY DATA  Usefulness to the current problem may be limited Irrelevant Inaccurate  

Classification of Secondary data    Internal Data: Ready to Use Requires further processing     External Data: Published Materials Computerized Database Syndicated Services

Qualitative Research Procedures Direct Indirect Focus Group Depth Interviews Projective Techniques Association Techniques Completion Techniques Construction Techniques Expressive Techniques

FOCUS GROUP INTERVIEWS  Unstructured Free Flowing Group Interview Start with Broad Topic and focus in on Specific issues   

SELECTING SAMPLE FOR FOCUS GROUP    Number varies between 6 – 12 people Relatively Homogeneous Individuals preferably should not know each other Moderators     Develops Rapport - Makes People Relax Interacts Listens to What People Have to Say Everyone Gets a Chance to Speak

Advantages:    Economical Quicker Results in New Ideas usually Disadvantages:    Moderators need to be well trained Results may be influenced by the moderators Dominant personalities may take over group

DEPTH INTERVIEWS Characteristics: Unstructured Direct Personal Interview Techniques: Laddering Hidden Issues Symbolic Analysis

Advantages:   Brings out Information clearly Flexibility Disadvantages:     Interviewer Bias Longer Time Involved Costs Involved Difficulty in Interpretation

PROJECTIVE TECHNIQUES Characteristics: Unstructured Indirect form of Questioning

DEGREE OF PROBLEM DEFINITION Exploratory Research (Unaware of Problem) Conclusive Research (Aware of Problem)

Vague Problem Exploratory Research Hypothesis Conclusive Research Decision

CONCLUSIVE RESEARCH  OBJECTIVE: EVALUATING ANS SELECTING BEST COURSE OF ACTION CHARACTERISTICS: FORMAL AND STRUCTURED INFORMATION NEEDED IS CLEARLY DEFINED SAMPLE IS LARGE 

DESCRIPTIVE RESEARCH • OBJECTIVE: DESCRIBE MARKET CHARACTERISTICS OR FUNCTIONS • CHARACTERISTICS: PREPLANNED & STRUCTURED DESIGNS LARGE SAMPLE SIZE • METHODS:  SURVEYS  OBSERVATIONAL

SURVEY METHODS  Telephonic Interviewing Personal Interviewing Mail Interviewing Electronic Interviewing   

OBSERVATION METHODS    Structured & Unstructured Observation Disguised & Undisguised Observation Natural & Contrived Observation

CROSS – SECTIONAL DESIGN INCLUDES:  SINGLE CROSS – SECTIONAL DESIGN MULTIPLE CROSS – SECTIONAL DESIGN 

LONGITUDINAL DESIGN FIXED SAMPLE OF POPULATION ELEMENTSMEASURED REPEATEDLY ON THE SAME VARIABLES

CAUSAL RESEARCH  OBJECTIVE: TO OBTAIN EVIDENCE REGARDING CAUSE - EFFECT RELATIONSHIP CHARACTERSTICS: PLANNED & STRUCTURED DESIGN 

ATTITUDE MEASUREMENT

PRIMARY SCALES OF MEASUREMENT     Nominal Scale Ordinal Scale Interval Scale Ratio Scale

SCALING THE GENERATION OF A CONTINUM UPON WHICH MEASURED OBJECTS ARE LOCATED

SCALING TECHNIQUES COMPARATIVE SCALE NON – COMPARATIVE SCALES CONTINOUS RATING SCALE ITEMIZED RATING SCALE PAIRED COMPARISON CONSTANT SUM LIKERT RANK ORDER Q - SORT SEMANTIC DIFFERENTIAL STAPEL

SAMPLING TECHNIQUES

SAMPLE A SUBGROUP OF THE ELEMENT OF THE POPULATION SECLECTED FOR PARTICIPATION IN THE STUDY

SAMPLING TECHNIQUES NON - PROBABILITY PROBABILITY SIMPLE RANDOM SAMPLING CONVENIENCE SAMPLING STRATIFIED SAMPLING QUOTA SAMPLING JUDGMENTAL SAMPLING SNOWBALL SAMPLING SYSTEMATIC SAMPLING CLUSTER SAMPLING

SAMPLING DESIGN PROCESS      Define Target Population Determine Sampling Frame Select a Sampling Techniques Determine Sample Size Execute the Sampling Process

QUESTIONNAIRE CONSTRUCTION AND DATA COLLECTION

QUESTIONNAIRE DESIGN PROCESS Specify the information needed Specify the type of interviewing method Determine the content of individual questions Design the questions to overcome the respondents inability & unwilling to answer Design on question structure Determine the question wording Arrange the question in proper order Identify the form & layout Reproduce the Questionnaire Eliminate bugs by pretesting          

Determine the Content of Individual Questions  Is the Question necessary Are Several Questions needed instead of one 

Overcoming Inability to Answer  Is the Respondent Informed Can the Respondent Remember 

Overcoming Unwillingness to Answer  Effort Required of the Respondents Sensitive Issues Legitimate Purpose  

Choosing Question Structure  Unstructured Questions Structured Questions 

Choosing Question Wording  Define the Issue Use Ordinary Words Use Unambiguous Words  