Asian School of Business, Trivandrum 2007 1 Business Research The Problem!!

Asian School of Business, Trivandrum 2007

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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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• 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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• 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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Asian School of Business, Trivandrum 2007 1 Business Research The Problem!!

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