Introduction To Business Research

Introduction to Business Research

DR.V.VEERA BALAJI KUMAR BHMS., M PHIL (PSYCH)

INTRODUCTION

INTRODUCTION

DEFINITION

Business research can be defined as a systematic and objective process of gathering, gathering recording and analyzing data that provides information to guide business decisions.

Scope of Business Research To solve operational and planning problems in

conducting businesses.    

Marketing Problems Financial problems HR problems Manufacturing problems

Scope of Business Research Major forms of research: 





Market research: understand the marketplace. to develop business policies and market strategies Operations research: uses mathematical, logical-analytical methods to understand operational problems. To forecast demand, optimizing production and find best investment options. Motivational research: Analyzing the reasons and motives behind people’s behaviour ( consumer as well as employee) employee

Basic Research and Applied Research Two major forms of research: Basic research : a focused, systematic study to

discover new knowledge or expand existing one.  

Understanding consumer buying process Examining consumer learning process

Applied research: research used to answer a specific

determine why something failed or succeeded. 



Evaluating the impact of training program or employee Performance Examining consumer response to direct marketing programs.

Role of Business Research in Decision-Making

Problem/Opportunity Identification

Scanning & monitoring business environment –

internal and external Identifying Opportunities & threats Understand market trends

An Indian Apparel company entering US Identify fashion trends Brand awareness about the

company Perception of company among potential employees Examining competitors characteristics Understanding American consumer behaviour

Problem/Opportunity Prioritization and Selection Impossible to address the all problems at one time Prioritization Based on 1. Influence of the problem

2. Time factor Gather info about the problem – underlying causes  clarity of the situation Identify right opportunities 

Problem/Opportunity Resolution Way to resolve the problem Way to make use of the opportunity PROBLEM RESOLUTION : 2 steps  

Developing alternatives - brainstorming Evaluating alternatives – on the basis of certain criteria

Factors Affecting Business Research Time Constraint,  Availability of Resources, Nature of Information Sought, Benefits versus Cost

Globalization and Business Research LPG era Formation of regional trading blocks Maintaining international quality R&D China monitor - cygnus research consultants. Innovative tools  

Computer assisted telephone interviewing Computer assisted personal interviewing

WTO – Industry research

Business Research and the Internet Primary Research,    

Collected directly from respondents Using mail questionnaires, schedules, direct interviews Focus group studies Online – advantages and disadvantages

Secondary Research   

Collected by some other person or orgaganization Already existing data – internet, industry reports Faster, economical and reliable (?)