BUSINESS RESEARCH

METHODS
Instructor: Dr. Manvendra Pratap Singh
School of Management
National Institute of Technology, Rourkela
 Rules and regulations

• Mic should be mute during class-room.

• Videos may be off.

• Submission of assignments on time.

• Questions/Queries during class room can be posted in message box.

Rs of each department should post their watsapp number in message box.

 Why Business Research for engineers?
GM EV-1

Blackberry

Google Glass
 Gap

• Product/Service Customer Expectations

Product
Price
Promotion
Aesthetics and much more
COVID-19
1st Case: 17th November, 2019 (Wuhan, Hubei,
China)

Today:
Total Cases:1,83,54,342 (Who.int)
Death: 6,96,147
Countries: 216

India:
1st case:

Today:
Total Cases:19,67,411
Active cases: 5,97,450
Death: 41,082

Vaccine Status:
Not yet available????
17th November 2019- 06th August, 2020.

Vaccine Status?

Nil
COVID-19

Vaccine Status:
Not yet available????

• More than 160 vaccine candidates in pre-clinical or

clinical trials

• 23 of them in clinical trials

• Six in final stages, phase-III of human trials

• At least eight candidate vaccines being developed in

India. Two of these have entered phase-I human

trials.
Unit-I
• Research: –
• Definition, Meaning, Importance types and Qualities of Research ,
applications in functional areas of Business, Emerging trends in
Business research.
• Research & the Scientific Method: Characteristics of scientific method.
• Steps in Research Process Concept of Scientific Enquiry: – Formulation
of Research Problem – Management Question – research Question –
Investigation Question
Questions?

• COVID-19 started from Wuhan Lab?

• COVID-19 is ILI?

• What is the alternative of Xiomi?

• When Indian economy will revamp?

• What will be job opportunities?

 What is research?

Finding answers to the questions.

Systematic search for truth (Wuhan Lab)

New and original information, ideas about the world we live in, are
obtained (Can we make vaccine for RNAs)

Search for knowledge (Stock Market).

Scientific and systematic search for information on a specific topic.

 What is research?

An art of scientific investigation.

The Advanced Learner’s Dictionary of Current English lays down the meaning

of research as “a careful investigation or inquiry specially through search for

new facts in any branch of knowledge.”

 DEFINITION OF RESEARCH

• Redman and Mory “Systematized effort to gain new knowledge”

• According to Clifford Woody research comprises defining and redefining

problems, formulating hypothesis or suggested solutions; collecting,
organising and evaluating data; making deductions and reaching conclusions;
and at last carefully testing the conclusions to determine whether they fit the
formulating hypothesis.
Which of these can be classified as research?

[1] Samad prepared a paper on “computer usage in secondary schools” after

reviewing literature on the subject available in his university library.

[2] Manoj says that he has researched and completed a document which gives
information about the age of his students, their results, their parents income
and distance of their schools from the District Office.

[3] Kim participated in a workshop on curriculum development and prepared

what he calls, a report on the curriculum for Engineers.
None of the above examples can be classified under
the name research.
Consider the following case which is an example of research

•A general manager of a car producing company was concerned with the complaints
received from the car users that the car they produce have some problems with sound at
the dash board and the rear passenger seat after few thousand kilometers of driving.

•He obtained information from the company workers to identify the various factors
influencing the problem.

•He then formulated the problem and generated guesses (hypotheses).

•He constructed a checklist and obtained requisite information from a representative

sample of cars.

•He analyzed the collected data, interpreted the results in the light of his hypotheses and
reached conclusions.
 OBJECTIVES OF RESEARCH
• The purpose of research is to discover answers to questions through the application of
scientific procedures. The main aim of research is to find out the truth which is hidden and
which has not been discovered as yet.
• 1. To gain familiarity with a phenomenon or to achieve new insights into it (studies with
this object in view are termed as exploratory or formulative research studies).

2. To portray accurately the characteristics of a particular individual, situation or a group

(studies with this object in view are known as descriptive research studies).

3. To determine the frequency with which something occurs or with which it is associated
with something else (studies with this object in view are known as diagnostic research
studies);
4. To test a hypothesis of a causal relationship between variables (such studies are known as
hypothesis-testing research studies).
 MOTIVATION IN RESEARCH
• What makes people to undertake research? This is a question of fundamental importance.

• The possible motives for doing research may be either one or more of the following:
1. Desire to get a research degree along with its consequential benefits;
2. Desire to face the challenge in solving the unsolved problems, i.e., concern over practical problems
initiates research;
3. Desire to get intellectual joy of doing some creative work;
4. Desire to be of service to society;
5. Desire to get respectability
 Types of research?
• The basic type of research as follows:

• Descriptive vs. Analytical:

• Applied vs. Fundamental:

• Quantitative vs. Qualitative:

• Conceptual vs. Empirical:

• Some Other Types of Research

 Descriptive vs Analytical:
• Descriptive research includes surveys and fact-finding enquiries
of different kinds.

• The major purpose of descriptive research is description of the state of affairs as it exists at
present.
• In social science and business research we quite often use the term Ex post facto research
for descriptive research studies.
• 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.

• Most ex post facto research projects are used for descriptive studies in which the researcher
seeks to measure such items as, for example, frequency of shopping, preferences of people,
or similar data.
• Ex post facto studies also include attempts by researchers to discover causes even when

they cannot control the variables.

• The methods of research utilized in descriptive research are survey methods of all kinds,

including comparative and correlational methods.

• In analytical research, on the other hand, the researcher has to use facts or information

already available, and analyze these to make a critical evaluation of the material
• Investigation starts after the fact has occurred without interference from the
researcher.
• test hypotheses about cause-and-effect relationships or in situations
• 1. One commences with subjects who differ on an independent variable, for example
their years of study in mathematics, and then study how they differ on the dependent
variable, e.g. a mathematics test.
• 2. One commences with subjects who differ on the dependent variable (for example
their performance in a mathematics test) and discover how they differ on a range of
independent variables, e.g. their years of study, their liking for the subject, the amount
of homework they do in mathematics
 Applied vs. Fundamental:
• Research can either be applied (or action) research or fundamental (to basic or pure)
research.
• Applied research aims at finding a solution for an immediate problem facing a society
or an industrial/business organisation,
• where as fundamental research is mainly concerned with generalisations and with the
formulation of a theory.
• “Gathering knowledge for knowledge’s sake is termed ‘pure’ or ‘basic’ research.”
• Research concerning some natural phenomenon or relating to pure mathematics are
examples of fundamental research.
• The central aim of applied research is to discover a solution for some pressing practical
problem, whereas basic research is directed towards finding information that has a
broad base of applications and thus, adds to the already existing organized body of
scientific knowledge.
Quantitative vs. Qualitative:
• Quantitative research is based on the measurement of quantity or amount. It is
applicable to phenomena that can be expressed in terms of quantity.

• Qualitative research, on the other hand, is concerned with qualitative

phenomenon, i.e., phenomena relating to or involving quality or kind. For
instance, when we are interested in investigating the reasons for human
behaviour (i.e., why people think or do certain things),
• Quantitative research is expressed • Qualitative research is expressed in
in numbers and graphs. It is used words. It is used to understand concepts,
to test or confirm theories and thoughts or experiences.
assumptions.
• This type of research enables you to
• This type of research can be used gather in-depth insights on topics that are
to establish generalizable not well understood.
facts about a topic.
• Common quantitative methods • Common qualitative methods include
include experiments, observations interviews with open-ended questions,
recorded as numbers, and surveys observations described in words, and
with closed-ended questions. literature reviews that explore concepts
and theories.
Conceptual vs. Empirical
• Conceptual research is that related to some abstract idea(s) or theory.
• It is generally used by philosophers and thinkers to develop new concepts or
to reinterpret existing ones.
• On the other hand, empirical research relies on experience or observation
alone, often without due regard for system and theory.
• It is data-based research, coming up with conclusions which are capable of
being verified by observation or experiment
• Empirical research is appropriate when proof is sought that
certain variables affect other variables in some way.
• Evidence gathered through experiments or empirical studies is today
considered to be the most powerful support possible for a given hypothesis.
• Aristotle, Copernicus, Galileo, Newton and Einstein: these famous
philosophers and scientists relied heavily on conceptual research to
develop insight and theories about the way the world works.
• They established concepts to explain common occurrences by
observing their surroundings and compiling, studying and summarizing
existing information.
• Plato asked conceptual questions such as "What is justice?" as the
basis of philosophy. The statements, "That action is wrong," or,
"Knowledge is justified true belief," are conceptual claims.

• Empirical research, on the other hand, is based not on theory, but on

experimentation. Using either a quantitative or qualitative
methodology, researchers gather data that can be measured according
to a certain population, place and/or time. They then use this
information to make meaningful, fact-based conclusions.
Underlying principles
• Paradigms elements of qualitative research:
• Ontology; Epistemology; Methodology

• Paradigm Substantial beliefs:

• Positivism; Over positivism; Critical theory; Structuralism
 Basic fundamentals of research

Research Type
Filling knowledge gap Problem solving
Positivist/Modernism Interpretative/Constructivism
Ontology
Single reality Multiple realities
Epistemology
Empericalistic Interpretative
Theory
Deductive Inductive
 Other types
• one-time research or longitudinal research.
• field-setting research or laboratory research
• clinical or diagnostic research
• Historical research is that which utilizes historical
sources like documents, remains, etc.
 Qualities of good research

 Purpose clearly defined.

 Research process detailed.
 Research design thoroughly planned.
 High ethical standards applied.
 Limitations frankly revealed.
 Adequate analysis for decision maker’s needs.
 Findings presented clearly.
 Conclusions justified.
 Researcher’s experience reflected.
Applications in functional areas of Business
• “Functional Areas” is defined as the grouping of activities or
processes on the basis of their need and wants in accomplishing one
or more tasks.
• Human Resource
• Marketing/Promotion
• Production
• Sales
• Customer Service Support
• Accounting and Finance
• Etc
Role of research in management
 The Value of Business Research for Managers – (1)

Research is a systematic inquiry whose objective is to provide

information to solve managerial problems.

Business Research Methods can be employed in each of the following

four stages:

(1) Identification of problems and/or opportunities

(2) Diagnosing and Assessment of problems and/or opportunities
(3) Selection and Implementation of Courses of Action
(4) Evaluating the Course of Action
 Selected Examples of Real-Life Situations in Which
Business Research Methods are Used
 A firm wants to produce and market a new product but first wants to ascertain if there is a potential consumer demand for
this product in markets x,y and z

 A multinational firm wants to establish a production facility in another country after determining its technical and
economic feasibility

 A government agency wants to ascertain the satisfaction level of its employees, the causes for any possible discontent, and
propose a scheme for enhancing this level

 A financial institution wants to invest in stock and commissions a study to determine the past trends and forecast future
returns in a portfolio of stock.

 MNC wants to find out the trends in retail and wholesale sector
Fields Where Research is Often Used – (1)
General Business Conditions and Financial and Accounting Research
Corporate Research

• Forecasts of financial interest rate trends,

• Short- & Long-Range Forecasting,
• Stock,bond and commodity value predictions
• Business and Industry Trends
• Capital formation alternatives
• Global Environments
• Mergers and acquisitions
• Inflation and Pricing
• Risk-return trade-offs
• Plant and Warehouse Location
• Portfolio analysis
• Acquisitions
Management and Organizational • Impact of taxes
Behaviour Research • Research on financial institutions
• Expected rate of return
• Total Quality Management
• Capital asset pricing models
• Morale and Job Satisfaction
• Leadership Style • Credit risk
• Employee Productivity • Cost analysis
• Organizational Effectiveness
• Structural ssues
• Absenteeism and turnover
• Organizational Climate
Fields Where Business Research is Often Used – (2)
Sales and Marketing Research Information Systems Research
• Market Potentials
• Knowledge and information needs assessment
• Market Share
• Computer information system use and evaluation
• Market segmentation
• Technical suppot satisfaction
• Market characteristics
• Database analysis
• Sales Analysis
• Establishment of sales quotas • Data mining
• Distribution channels • Enterprise resource planning systems
• New product concepts • Customer relationship management systems
• Test markets
• Advertising research Corporate Responsibility Research
• Buyer behaviour
• Customer satisfaction • Ecological Impact
• Website visitation rates • Legal Constraints on advertising and promotion
• Sex, age and racial discrimination / worker equity
• Social values and ethics
• Voices on Social Media Platforms Will Gain Momentum

• Social media has emerged as the voice of people! Analysis of social media

exchanges of opinions and reviews about your products/services can help you

communicate better with your target customers directly, and improve the impact of

your marketing efforts. Accessibility to smartphones and personal computers has

made social media popular among 80% of the population who own them. Hence,

conducting market research on social media has increased the audience size by a

wide range. This will continue to gain momentum in 2018.

Research Methods versus Methodology

• Research methods may be understood as all those methods/techniques that are used for conduction
of research.

• Research methods or techniques In other words, all those methods which are used by the
researcher during the course of studying his research problem are termed as research methods.

• Since the object of research, particularly the applied research, it to arrive at a solution for a given
problem, the available data and the unknown aspects of the problem have to be related to each
other to make a solution possible.
• Research methods can be put into the following three groups:

1. In the first group we include those methods which are concerned with the collection of data.

• These methods will be used where the data already available are not sufficient to
arrive at the required solution;

2. The second group consists of those statistical techniques which are used for establishing relationships
between the data and the unknowns;

3. The third group consists of those methods which are used to evaluate the accuracy of the results obtained.

• Research methods falling in the above stated last two groups are generally taken as the analytical tools of
research.
Research methodology
• Research methodology is a way to systematically solve the research problem. It may be
understood as a science of studying how research is done scientifically.

• Study the various steps that are generally adopted by a researcher in studying his research
problem along with the logic behind them.

• It is necessary for the researcher to know not only the research methods/techniques
but also the methodology.
• From what has been stated above, we can say that research methodology has many dimensions and research methods do constitute

a part of the research methodology. The scope of research methodology is wider than that of research methods.

• Thus, when we talk of research methodology we not only talk of the research methods but also consider 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 and why we

are not using others so that research results are capable of being evaluated either by the researcher himself or by others.

• Why a research study has been undertaken, how the research problem has been defined, in what way and why the hypothesis has

been formulated, what data have been collected and what particular method has been adopted, why particular technique of

analysing data has been used and a host of similar other questions are usually answered when we talk of research methodology

concerning a research problem or study.

 Issues
• Hardley Davidson

• Flood
Steps in Research Process Concept of
Scientific Enquiry
 RESEARCH PROCESS
FF
Review the literature
FF

Review
Concepts
Design
And
Research Collect Interpret
Define theories Formulate Analyse
(Including Data and
Research hypothesis Data
Sample report
Problem
Review Design)
F F
Previous
I Research III IV V
findings VI VII

II
F
F Feed Back
FF Feed Forward
The following order concerning various steps provides a useful procedural guideline
regarding the research process:

1. Formulating the research problem;

2. Extensive literature survey;
developing the hypothesis;
3. Preparing the research design;
4. Determining sample design;
collecting the data;
5. Execution of the project;
6. Analysis of data;
7. Hypothesis testing;
8. Generalisations and interpretation, and
9. Preparation of the report or presentation of the results, i.E., Formal write-up
of conclusions reached.
 Thank You
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