asian school of business, trivandrum 2007 1 business research the problem!!
TRANSCRIPT
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Business Research
The Problem!!
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Principles of a good report
• Very objective and unbiased• Provides a whole picture• Easy to read and comprehend• Refers a lot of reliable data. (You must
always show the sources of data. ) E.g..
– It is estimated that EasyJet has losses of $3.3 billion2 and so…..
2Source:Businessworld Casebook 2003, pp20
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Overview
• Problem Definition
• Steps Involved
• Components In Each Step
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Problem Definition
• The most important step.
• Problem has to be correctly understood and properly defined. That’s the key.
• There is a specific approach to defining the problem.
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Approach to Problem Definition
1. Background Study
2. Environmental Context
3. Specifying the Problem
4. Selecting an Approach
• Leads to Research Design
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1. Background Study
• Discussion with decision makers– Problem audit: events, alternative courses.
• Interviews with experts– Choose experts well
• Secondary Data Analysis
• Qualitative Research– Exploratory using small samples, focus
groups
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2. Environmental Context
• Past Information and Forecasts
• Resources and Constraints of Firm
• Objectives of Decision Maker/Researcher
• Buyer Behavior-geog/demo/price/preference
• Legal Environment
• Economic Environment
• Marketing and Technological Skills
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3. Specifying the Problem
• Understand the management decision problem first-what action will be taken on the basis of the research report?
• Next, decide on the marketing research problem-what information is needed and how do I collect it?
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3. Specifying the ProblemMD problem
• Should a new product be introduced?
• Should we increase the price?
MR Problem• Find the customer
preference & purchase intention for the new product.
• Find the price elasticity & impact of various price changes on sales/profits
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4. Selecting an Approach
• The output of the approach development includes:
a. Objective/Theoretical Framework
b. Analytical Models
c. Research Questions
d. Hypothesis
e. Specifying the information needed
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A. Objective/ Theoretical Framework
• Research = Objective evidence + Theory
• Objective Evidence is compilation of secondary data (unbiased & based on experiments)
• Theory can be identified from academic literature-books, magazines. It may be incomplete
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B. Analytical Models
• We can show how a system is actually a set of variables and their relationship using models.
• Eg. Falling in love could be due to two personal things-attraction and feeling need to be loved.
• It can be depicted as: Attraction
Need to be loved
Individual Factors
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B. Analytical Models
• Upon further research we found that there are 2 external factors that influence love between people, they are: Circumstance and routine events.
• It can be depicted as:
Individual Factor
Attraction
Need to be loved Routine Events
Circumstance
External Factors
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B. Analytical Models
• So, our final model can be as follows:
• This is a graphical model. Can be verbal or mathematic
Individual Factors
Attraction
Need to be loved Routine Events
Circumstance
External Factors
Concept of Love
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C. Research Questions
• Problems must be broken down into specific research questions
• Questions can be made using theoretical framework plus models
• It can be further refined to hypothesis
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D. Hypothesis
• Its an unproven statement about a factor that the researcher is interested in.
• It is usually the possible answer to a research question
Example Question Q1: Does society play a role in people falling in love?
Hypothesis H1: Social factors operate when two people fall in love. (We have to prove/disprove it with data)
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E. Specifying Needed Information
• Focus on all components of the problem, the framework, models, questions, hypothesis and specify the final information needed.
Personal Factors– Need to be loved
– Attraction
External Factors– Circumstance– Routine Events– Social Factors (?)
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E. Specifying Needed Information
• The final questionnaire should contain questions on all to check with couples:
How to do you rate its importance?
Personal Factors– Need to be loved 1 2 3 4 5– Attraction 1 2 3 4 5
External Factors– Circumstance 1 2 3 4 5– Routine Events 1 2 3 4 5 – Social Factors-Do you think it is important? Yes/No– If yes, 1 2 3 4 5
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Final Model
• So, our final model could be as follows:
Individual Factors
Attraction
Need to be loved
External Factors
Concept of Love
Routine Events
Circumstance
Social Factors
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To Sum Up
• Conducted Background Study
• Checked the Environmental Context
• Specified the Problem
• Selected an Approacha. Objective/Theoretical Frameworkb. Analytical Modelsc. Research Questionsd. Hypothesise. Specifying the information needed
• Finally Leads to Research Design
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Business Research
Design: The Nuts and Bolts!!
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Overview
• Definition
• Components of RD
• Types
• Error
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Definition
• Research Design is a framework or blueprint for conducting the research
• We’ve already specified the approach, RD specifies the details-the nuts and bolts!!
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Components of RD
1. Define the information needed
2. Do the design-exploratory?? causal??
3. Specify the measurement and scale
4. Construct and pretest a questionnaire
5. Specify the sampling process and size
6. Develop a plan for data analysis
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Types of Design
• Two types: Exploratory/Conclusive
• Exploratory: to provide insights
• Conclusive: specific and structured– Descriptive: describe groups, estimate
percentages, make predictions– Causal: understand cause (independent)
and effect (dependent)
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Descriptive Design
• Mostly used in marketing and business
• Six Ws– Who: Who should we contact?– What: What information should be got?– When: When should we get it?– Where: Where to make the contact?– Why: Why are we getting this info?– Way: In what way are we going to get it?
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Types of Descriptive Design
• Methods used:– Secondary Data– Surveys/Interviews– Panels– Observation
• Cross Sectional: one sample only once
• Cohort: same group at intervals
• Longitudinal: same sample at intervals
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Sources of Error
• Random Sampling Error– Sample is not representative
• Non-sampling Error– Response Error
• Researcher’s: frame/measurement/popln defn• Interviewer’s: respondent selection/cheating• Respondent’s: inability/unwillingness
– Non Response Error
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Budgets and Schedules
• Research should be completed – within time– at specified budget– using available manpower
• Very important, not negotiable
• CPM- divide the research into components, estimate time and find the parts that will cause delay.
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Ethical Aspects
• Respect all the rights of those who respond– hidden video/audio tape
• Do not bluff- e.g longitudinal takes time, you cant do it in one day
• Respondents have right to safety, right to privacy, right to chose
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Marketing Research Proposal
• Format– Executive Summary: overview– Background: including envt.– Problem Definition/objectives– Approach: theory/model/hypothesis– Design– Field Work/Data Collection– Data Analysis– Report and presentation– Cost and Time– Appendices
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Business Research
Using mind maps
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Mind Maps
• What is a mind map
• How to map your mind
• Uses of mind maps
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What is a mind map?
• A diagram used to represent words, ideas, tasks or other items linked to and arranged radially around a central key word or idea.
• The elements are arranged intuitively according to the importance of the concepts and they are organized into groupings, branches, or areas.
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What is a mind map?
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Why mind map?
• Human brain is very different from a computer
• A computer works in a linear fashion
• The brain works associatively as well as linearly - comparing, integrating and synthesizing
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How to mind map?
• Start in the center with an image of the topic, using at least 3 colors.
• Use images, symbols, codes, and dimensions
• Select key words and write using upper or lower case letters.
• Each word/image must be alone and sitting on its own line.
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How to mind map?
• The lines must be connected, starting from the central image.
• The central lines are thicker, organic and flowing, becoming thinner as they radiate out from the centre.
• Use colors – your own code and develop your own personal style of Mind Mapping.
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Six Thinking Hats• White Hat: facts, figures, information needs and
gaps.– “Let's drop the arguments and proposals, and look
at the data base.”
• Red Hat: intuition, feelings and emotions. – Allows the thinker to put forward an intuition without
any need to justify it. "Putting on my red hat, I think this is a terrible proposal."
• Black Hat: judgment and caution-the negative hat. – Used to point out why a suggestion does not fit the
facts or available experience. Always logical.
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Six Thinking Hats• Yellow Hat : logical positive. Why something will
work and why it will offer benefits. – Used in looking forward to the results/value of
some action
• Green Hat: creativity, alternatives, proposals, what is interesting, provocations and changes.
• Blue Hat : overview or process control hat. – It looks not at the subject itself but at the
'thinking' about the subject.
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Uses of mind maps
• Can be used in personal, family, educational, and business situations
• Note taking, brainstorming - ideas are inserted into the map radially around the center node, without prioritisation, grouping and organising is reserved for later stages
• Summarising, revising and general clarifying of thoughts
• Sorting out a complicated idea.
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End of Session