Unit 1: Concept of Research

Rahul Pratap Singh Kaurav, Ph.D.

Assistant Professor,

Prestige Institute of Management, Gwalior

India

Research Methodology | BBA - 406

The DO‘s and DONT‘s Catalogue for Course Participants

• listen attentively

• be inquisitive, analytical and critical in your approach to learning research methodology

• mention if you do not understand something and seek clarification

• read the prescribed course literature. It is the basic requirement for comprehending research methodology and succeeding in this course

• start reading from the beginning of the course and not towards the end!

• be late to class. We start at 03:00 PM sharp!

• distract the attention of other course participants

• use mobile phones or send SMS messages in the class

• feel afraid to bring up any relevant point for discussion

• hesitate to visit me at my office, individually or as a group, if you have a course-related problem and seek counseling in this regard

Introducing Research

• A systematized effort to gain new knowledge. L.V. Redman and A.V.H. Mory in their book on “The Romance of Research”

• Research is a scientific and systematic search for pertinent information on a specific topic.

C.R. Kothari, Research Methodology - Methods and Techniques

• A careful investigation or inquiry specially through search for new facts in any branch of knowledge.

Advanced learners Dictionary of current English

• Business Research may be defined as the “systematic and objective process of gathering, recording and analyzing data for aid in making business decisions”

Zikmund, Business Research Methods, 2002, p. 6

• “Research is a structured inquiry that utilises acceptable scientific methodology to solve problems and creates new knowledge that is generally applicable.” -Grinnell, (1993)

• “a systematic investigation to find answers to a problem” - Burns, (1997)

Research: What does it mean?

Business Research

•A process of determining, acquiring, analyzing, synthesizing, and disseminating relevant business data, information, and insights to decision makers in ways that mobilize the organization to take appropriate business actions that, in turn, maximize business performance

Cooper and Schindler, Business Research Methods, 9th

ed.

When Business Research Used?

Typically, business research methods are used in situations

of uncertainty, that is, when decision-makers face two or

more courses of action and seek to select the best possible

alternative under the circumstances. Business Research is

hence aimed at improving the quality of decision-making

which, in turn, benefits the organization and helps ensure

its continuity and efficiency.

Who Does Research?

• Businesses and Corporations (Manufacturing or Services)

• Public-Sector Agencies/ Govt. Departments

• Market Research or Consulting Firms

• Research Institutes

• Non-Governmental Organizations

• Non-Profit Organizations

• Independent Researchers and Consultants

• Academicians

Suggestive areas for Business Research (1)

General Business Conditions and

Corporate Research

• Short- & Long-Range Forecasting,

• Business and Industry Trends

• Global Environments

• Inflation and Pricing

• Plant and Warehouse Location

• Acquisitions

Management and Organizational

Behaviour Research

• Total Quality Management

• Morale and Job Satisfaction

• Leadership Style

• Employee Productivity

• Organizational Effectiveness

• Structural ssues

• Absenteeism and turnover

• Organizational Climate

Suggestive areas for Business Research (2)

Financial and Accounting Research

• Forecasts of financial interest rate trends,

• capital formation alternatives

• mergers and acquisitions

• risk-return trade-offs

• portfolio analysis

• impact of taxes

• research on financial institutions

• expected rate of return

Sales and Marketing Research

• Market Potentials

• Market Share

• Market segmentation

• Market characteristics

• Sales Analysis

• Establishment of sales quotas

• Distribution channels

New product concepts

Advertising research

Buyer behaviour

Customer satisfaction

Suggestive areas for Business Research (3)

Information Systems Research

• Knowledge and information needs assessment

• Computer information system use and evaluation

• Technical suppot satisfaction

• Database analysis

• Data mining

• Enterprise resource planning systems

• Customer relationship management systems

Corporate Responsibility Research

• Ecological Impact

• Legal Constraints on advertising and promotion

• Sex, age and racial discrimination/ worker equity

• Social values and ethics

• It strives to be objective and logical.

• It is based on observable experience or empirical evidence.

• It is characterized by patient and unhurried activity.

• It demands accurate observations, reservations and descriptions.

• It is directed towards the solution of the problem.

• It is carefully recorded and reported.

• It requires expertise.

• It involves gathering new data from primary or first hand sources or using existing data for new purpose.

Nature of Research

• To gain familiarity with a phenomenon or to achieve new insights into it ▫ exploratory or formative research studies

• To portray accurately the characteristics of a particular individual, situation or a group ▫ descriptive research studies

• To determine the frequency with which something occurs or with which it is associated with something else

▫ diagnostic research studies

• To test a hypothesis of a causal relationship between variables ▫ hypothesis-testing research studies

Objectives of Research (1) Subjective

• To investigate a subject.• To collect data regarding the problem.• To conduct logical and objective study.• To conduct a systematic enquiry of the subject.• For carefully recording, reporting and presenting the facts.

Objectives of Research (2) Disciplinary

• To gain a competitive advantage.• To test new product and services.• To solve a management/organizational/business problem.• To forecast future sales.• To provide information which may help to avoid future business

problem.• To better understand shifts in consumer attitudes and tastes.• To enhance profitability.• To reduce operational costs.• To enable management to priorities strategic options for the future.

Objectives of Research (3) Business Oriented

• Desire to get a research degree along with its consequential benefits

• Desire to face the challenge in solving the unsolved problems

• Desire to get intellectual joy of doing some creative work

• Desire to be of service to society

• Desire to get respectability.

Motivation in Research

• It provides the basis for nearly all government policies in our economic system.

• It helps in solving various operational and planning problems of business and industry.

• It is an aid to decision making.• It establishes the relation between variables.• It is equally important for social scientists in studying social relationships and

in seeking answers to various social problems.• It provides a basis for innovation.• It facilitates the process of thinking, analysis, evaluation and interpretation of

various situation.

Significance/ Importance of Research

When Should Research be Undertaken?

Is sufficient time

available?

Is information

inadequate?

High importance

of decision?

Research benefits

greater than costs?

Yes

Yes

Yes

Undertake Business Research

NO Do not

undertake Business Research

Types of Research

• Quantitative Research

• Basic Research

• Applied Research

• Longitudinal Research

• Qualitative Research

• Descriptive Research

• Classification Research

• Comparative Research

• Explorative Research

• Explanatory Research

• Causal Research

• Theory-testing Research

• Theory-Building Research

• Action Research

Quantitative Research

• It is based on methodological principals of positivism and neo-positivism

• It adheres to standards of strict research design.

• Statistical analysis is used in it.

Qualitative Research

• It is based on methodological principals of phenomenology, symbolic interactionism, hermeneutics.

• It aims at exploration of social world.

• following elements are there….exploration, relationship discovery, establishing construct, testing hypothesis.

Basic Research

• Purpose of gaining knowledge

• It advanced understanding about social world

• Help in supporting & rejecting existing hypothesis & theories

Applied Research

• Aims at solving specific problems

• Aims at establishing policy programs that will help to improve social life

• Types of applied research are action research, social impact studies, cost-benefit analysis, evaluation research

Longitudinal Research

• It involves study of sample at more than one point in time or occasion

Cross sectional Research

• It involves study of many cases at one point in time or occasion

Descriptive Research

• Usually it forms preliminary study of a research project.

• It aims at describe social events, relations and events.

• It provides background information about an event in question.

Exploratory Research

• It aims at gaining information about an issue in hand.

Classification research

• It aims at categorization of units into groups

• To demonstrate differences

• To explain relationships

Comparative Research

• To identify similarities and differences between units at all levels.

Explanatory Research

• It aims at explaining social relations and events.

• To build, test or revise a theory.

Causal Research

• It aims at establishing cause and effect relationship among variables.

Theory Building Research

• To establish and formulate theory

Theory Testing Research

• It aims at testing validity of a theory

Action Research

• It is application of fact findings to practical problem solving in a social situation with a view to improve quality of action within it, involving collaboration and cooperation of researchers, practitioners and laymen.

• It can be situational (diagnose a problem and attempts to solve it), collaborative, participatory (researcher take part in implementation of findings) and self-evaluation (it involves constant evaluation and adjustment of research and practice)

Stages in the Research Process

• Process stages:

1. Defining the research objectives

2. Planning a research design

3. Planning a sample

4. Collecting the data

5. Analyzing the data

6. Formulating the conclusions and preparing the report

• Forward linkage—earlier stages influence later stages.

• Backward linkage—later stages influence earlier stages.

Flowchart of the Business Research Process: 0

Note: Diamond-shaped boxes indicate stages in the research process in which a choice of one or more techniques must be made. The dotted line indicates an alternative path that skips exploratory research.

Flowchart of the Business Research Process: 1

Defining the Research Objectives

• Research objectives▫ The goals to be achieved by conducting research.

•Deliverables▫ The consulting term used to describe research objectives to a

research client.

HERO PLEASURE

Flowchart of the Business Research Process: 2

Planning the Research Design

•Research Design▫ A master plan that specifies the methods and procedures for

collecting and analyzing the needed information.

▫ Basic design techniques for descriptive and causal research: Surveys

Experiments

Secondary data

Observation

Selection of the Basic Research Method

• Survey▫ A research technique in which a sample is interviewed in some form

or the behavior of respondents is observed and described.

Telephone

Mail

Internet

In person

Flowchart of the Business Research Process: 3

Sampling

• Sampling▫ Involves any procedure that draws conclusions based on measurements of a

portion of the population.

• Sampling decisions▫ Who to sample?—target population

▫ What size should the sample be?

▫ How to select the sampling units?

Random sample

Cluster-sample

Gathering Data

• Unobtrusive Methods▫ Methods in which research respondents do not have to be disturbed for data to be gathered.

Flowchart of the Business Research Process: 4

Processing and Analyzing Data

• Editing▫ Involves checking the data collection forms for omissions, legibility, and consistency in

classification.

• Codes▫ Rules for interpreting, categorizing, recording, and transferring the data to the data storage

media.

• Data analysis▫ The application of reasoning to understand the data that have been gathered.

Drawing Conclusions and Preparing a Report

• Steps in communicating the research findings:▫ Interpreting the research results

▫ Describing the implications

▫ Drawing the appropriate conclusions for managerial decisions

• Reporting requirements▫ Conclusions fulfill the deliverables promised in the research

proposal

▫ Consider the varying abilities of people to understand the research results

▫ A clearly-written, understandable summary of the research findings

Flowchart of the Business Research Process: 0

Note: Diamond-shaped boxes indicate stages in the research process in which a choice of one or more techniques must be made. The dotted line indicates an alternative path that skips exploratory research.

• Purpose should be clearly defined.• Common concepts should be used that can be understood by all.• Research procedure should be explained in detail.• Research design should be carefully planned.• Researcher should declare all the possible errors and their possible impact on

finding.• Analysis of data should be sufficiently adequate to reveal significance.• The methods of analysis should be appropriate.• The validity and reliability of the data should be checked carefully.• The researcher have good command over research methodologies and should

be intelligent and experience.

Criteria of Good Research

• It is based on sample & sampling research lacks the complete accuracy.

• Long time is required in the research procedures.

• Difficult to evaluate the economic benefits derived from the research.

• Trained personnel and a lot of time are required for research.

• Lack of adequate knowledge of research.

Limitations of Research