Business Research Methods
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BUSINESS RESEARCH METHODS MODULE 1
Meaning of Research 1.It means search for knowledge 2.It is an art of scientific investigation 3.It is a scientific and systematic search for pertinent information on a specific topic or an effort to gain new knowledge 4.It is an academic activity that needs formulating hypotheses, collecting data on relevant variables, analyzing and interpreting results and reaching conclusions either as solutions or certain generalizations
Objectives of Research:
To gain familiarity with a phenomenon or to achieve new insights into it. ( exploratory research studies ). To portray accurately the characteristics of particular individual, situation or a group. (descriptive research studies). To determine the frequency with which something occurs or variables with which it is associated.(diagnostic research studies) To test a hypothesis of a causal relationship between variables. (Such studies are known as hypothesis testing research)
Motivation to do research
Desire to get a degree and consequent benefits Desire to face the challenges in the research problem Desire derived from intellectual joy and creative work Desire to be of service to society Desire to get respectability Research forms the basis for company and government policies
Research Methods vs Research Methodology
Research Methods refers to all those techniques used by the researcher during the course of studying his research problem or conducting his research operations Research Techniques refers to the behavior and instruments we use in performing research operations such as making observations, recording data, processing data etc using questionnaire, candid camera, tape recorder etc Eg. 1. In Library Research, res. method can be analyzing iiry data, and res. technique can be tabulation & statistical compilation. Eg. 2. In Field Research, res. method can be personal interview and res. technique can be using a schedule and tape recorder.
Research Methodology
Research methodology is a way to systematically solve the research problem It is a science of studying how research can be done scientifically It includes both research methods and how to apply research techniques Research methodology implies not only the research methods but also considers the logic behind the methods we use in the context of our research study and explain why we are using a particular method or technique any why we are not using others so that research results are capable of being evaluated either by the researcher himself or others. Eg. Why personal interview method was preferred over mail questionnaire – time constraint, smaller sample, higher response rate.
Types of research: 1. Basic research vs. applied research:
Basic research: it is called fundamental research, theoretical research or pure research, because it is done for the sake of only knowledge enhancement. It is the research that is intended to expand the boundaries of knowledge itself or to verify the acceptability of a given theory / basic principles It addresses itself to more fundamental questions and ignore the aspects of commercial potential. It is mainly concerned with generalizations and with the formulation of a theory. Eg. Research studies concerning some natural human behavior carried on with a view to make generalizations about human behavior – Maslow’s Hierarchy of Needs Theory in Motivation; theories on performance & rewards etc.,
Applied research
It is also called decisional research. It is the application of available scientific methods in social science research which helps to accept, contradict, alter or modify any existing theory / theories and helps to formulate a policy and / or specifies alternative solutions. It is, therefore, concerned with real life situations and suggests remedial measures to alleviate social problems or offers solutions to business problems that takes into account all the commercial considerations.
Eg.1 A company marketing health drinks to overcome malnutrition problem in children may want to conduct a market study to know the effectiveness of its ad campaign Eg.2 An organization is planning for a paperless office and networking system may conduct a research to learn the amount of time its employees spend on personal computers in an average week.
Market research is an example of Applied Research that has a practical problem solving approach Eg.1 Why has sales dropped in last quarter? Eg.2 To develop a new market for a product Eg.3 What is the customer profile for the cheap car segment?
2. Descriptive vs. analytical research Descriptive research
The major purpose of descriptive research is description of the state of affairs, as it exists at present. The main characteristic of this method is that the researcher has no control over the variables; he can only report what has happened or what is happening. E.g. frequency of shopping, preferences of people, life-style of customers etc.
Descriptive research is also used by researchers to discover causes even when they cannot control the variables and hence also called ex-post facto research – i.e., an empirical enquiry for situations that is happening or has already happened Eg. Survey methods, correlation studies etc that try to find out say reasons for drop in sales, product failure, relationship between ad expenditure and sales etc.,
3.
Quantitative vs Qualitative Research
Quantitative Research is based on the measurement of quantity or amount. It is applicable to a phenomenon that can be expressed in terms of quantity. Eg. Research aimed at finding proportion or percentage falling under a certain age group or income group. Descriptive research and causal research studies falls in this category
Qualitative research, on the other hand, is concerned with qualitative phenomenon and aspects that involves qualitative measures and is particularly important in behavioral sciences which aims to discover the underlying motives of human behavior and hence applied extensively in marketing research. Eg. Discovering the motives for likes and dislikes in people, opinion of people about a product / company etc Exploratory research studies fall in this category
4.Conceptual vs Empirical Research
Conceptual Research is a study related to abstract ideas, theory or concept. It is generally used by philosophers and thinkers to develop new concepts or to reinterpret existing ones. Eg. A study that relates the growth of retail industry to increasing youth in urban and rural demography and higher incomes with research based on works of various authors.
Empirical Research relies on experience, observation or actual studies alone. It is data based research, coming up with conclusions which are capable of being verified by observation or experiment.
In such a research, it is necessary to get facts first-hand, at their source. In such a research, the researcher must provide himself with a working hypothesis based on probable results. He then works to get enough facts to prove or disprove his hypothesis.
Empirical research is appropriate when proof is sought that certain variables affect other variables. Eg. 1 A survey can be conducted to determine the spending pattern of various age groups and their shopping habits. A hypothesis guiding this study can confirm the age group that spends the highest and their favorite retail outlets. Eg. 2 Causal research studies that establishes relationship between variables
Historical Research It is a study of the past records and data in order to understand the future trends and development of the market. Eg. iiry data analysis 6.Case Study approach This type of study is intensive in nature where facts are gathered wrt particular industrial units that serves as precedence in management decision making and excellent study material in management studies
BUSINESS RESEARCH METHODS MODULE 1
Meaning of Research 1.It means search for knowledge 2.It is an art of scientific investigation 3.It is a scientific and systematic search for pertinent information on a specific topic or an effort to gain new knowledge 4.It is an academic activity that needs formulating hypotheses, collecting data on relevant variables, analyzing and interpreting results and reaching conclusions either as solutions or certain generalizations
Objectives of Research:
To gain familiarity with a phenomenon or to achieve new insights into it. ( exploratory research studies ). To portray accurately the characteristics of particular individual, situation or a group. (descriptive research studies). To determine the frequency with which something occurs or variables with which it is associated.(diagnostic research studies) To test a hypothesis of a causal relationship between variables. (Such studies are known as hypothesis testing research)
Motivation to do research
Desire to get a degree and consequent benefits Desire to face the challenges in the research problem Desire derived from intellectual joy and creative work Desire to be of service to society Desire to get respectability Research forms the basis for company and government policies
Research Methods vs Research Methodology
Research Methods refers to all those techniques used by the researcher during the course of studying his research problem or conducting his research operations Research Techniques refers to the behavior and instruments we use in performing research operations such as making observations, recording data, processing data etc using questionnaire, candid camera, tape recorder etc Eg. 1. In Library Research, res. method can be analyzing iiry data, and res. technique can be tabulation & statistical compilation. Eg. 2. In Field Research, res. method can be personal interview and res. technique can be using a schedule and tape recorder.
Research Methodology
Research methodology is a way to systematically solve the research problem It is a science of studying how research can be done scientifically It includes both research methods and how to apply research techniques Research methodology implies not only the research methods but also considers the logic behind the methods we use in the context of our research study and explain why we are using a particular method or technique any why we are not using others so that research results are capable of being evaluated either by the researcher himself or others. Eg. Why personal interview method was preferred over mail questionnaire – time constraint, smaller sample, higher response rate.
Types of research: 1. Basic research vs. applied research:
Basic research: it is called fundamental research, theoretical research or pure research, because it is done for the sake of only knowledge enhancement. It is the research that is intended to expand the boundaries of knowledge itself or to verify the acceptability of a given theory / basic principles It addresses itself to more fundamental questions and ignore the aspects of commercial potential. It is mainly concerned with generalizations and with the formulation of a theory. Eg. Research studies concerning some natural human behavior carried on with a view to make generalizations about human behavior – Maslow’s Hierarchy of Needs Theory in Motivation; theories on performance & rewards etc.,
Applied research
It is also called decisional research. It is the application of available scientific methods in social science research which helps to accept, contradict, alter or modify any existing theory / theories and helps to formulate a policy and / or specifies alternative solutions. It is, therefore, concerned with real life situations and suggests remedial measures to alleviate social problems or offers solutions to business problems that takes into account all the commercial considerations.
Eg.1 A company marketing health drinks to overcome malnutrition problem in children may want to conduct a market study to know the effectiveness of its ad campaign Eg.2 An organization is planning for a paperless office and networking system may conduct a research to learn the amount of time its employees spend on personal computers in an average week.
Market research is an example of Applied Research that has a practical problem solving approach Eg.1 Why has sales dropped in last quarter? Eg.2 To develop a new market for a product Eg.3 What is the customer profile for the cheap car segment?
2. Descriptive vs. analytical research Descriptive research
The major purpose of descriptive research is description of the state of affairs, as it exists at present. The main characteristic of this method is that the researcher has no control over the variables; he can only report what has happened or what is happening. E.g. frequency of shopping, preferences of people, life-style of customers etc.
Descriptive research is also used by researchers to discover causes even when they cannot control the variables and hence also called ex-post facto research – i.e., an empirical enquiry for situations that is happening or has already happened Eg. Survey methods, correlation studies etc that try to find out say reasons for drop in sales, product failure, relationship between ad expenditure and sales etc.,
3.
Quantitative vs Qualitative Research
Quantitative Research is based on the measurement of quantity or amount. It is applicable to a phenomenon that can be expressed in terms of quantity. Eg. Research aimed at finding proportion or percentage falling under a certain age group or income group. Descriptive research and causal research studies falls in this category
Qualitative research, on the other hand, is concerned with qualitative phenomenon and aspects that involves qualitative measures and is particularly important in behavioral sciences which aims to discover the underlying motives of human behavior and hence applied extensively in marketing research. Eg. Discovering the motives for likes and dislikes in people, opinion of people about a product / company etc Exploratory research studies fall in this category
4.Conceptual vs Empirical Research
Conceptual Research is a study related to abstract ideas, theory or concept. It is generally used by philosophers and thinkers to develop new concepts or to reinterpret existing ones. Eg. A study that relates the growth of retail industry to increasing youth in urban and rural demography and higher incomes with research based on works of various authors.
Empirical Research relies on experience, observation or actual studies alone. It is data based research, coming up with conclusions which are capable of being verified by observation or experiment.
In such a research, it is necessary to get facts first-hand, at their source. In such a research, the researcher must provide himself with a working hypothesis based on probable results. He then works to get enough facts to prove or disprove his hypothesis.
Empirical research is appropriate when proof is sought that certain variables affect other variables. Eg. 1 A survey can be conducted to determine the spending pattern of various age groups and their shopping habits. A hypothesis guiding this study can confirm the age group that spends the highest and their favorite retail outlets. Eg. 2 Causal research studies that establishes relationship between variables
Historical Research It is a study of the past records and data in order to understand the future trends and development of the market. Eg. iiry data analysis 6.Case Study approach This type of study is intensive in nature where facts are gathered wrt particular industrial units that serves as precedence in management decision making and excellent study material in management studies
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