BRT- Introduction to Research2

7/30/2019 BRT- Introduction to Research2

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Introduction to Research
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Discussions Last Week

1. Sample empirical results

2. What is research?

3. What is a research proposal?

4. Some weaknesses of research

5. Some helpful hints

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Why Study Research

Research provides the needed informationthat guides managers to make

informed decisions to successfully dealwith problems.

The information provided could be the

result of a careful analysis of datagathered firsthand or of data that arealready available (in the company).
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Objectives of

Research:

To gain familiarity

with the

phenomenon

Exploratory/ formulative researchTo portray accurately the

characteristics of a particular

individual, situation or a group.

Descriptive research. To determine

the frequency with which something

occurs or with which it is associated

with something else.

Diagnostic research. To test a

hypothesis of a causal relationship

between variables hypothesis

testing research


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It is important for social scientists instudy in social relationships and inseeking answers to various socialproblem.

It solves various operationaland planning problems ofbusiness industry.

Provides the basis for nearly allgovernment policies in oureconomic system

Significance ofResearch

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General Business Conditions andCorporate Research

Short- & Long-Range Forecasting,

Business and Industry Trends

Global Environments

Inflation and Pricing Plant and Warehouse Location

Acquisitions

Financial and Accounting Research

Forecasts of financial interest ratetrends,

Stock,bond and commodity valuepredictions

capital formation alternatives

mergers and acquisitions

risk-return trade-offs

portfolio analysis

impact of taxes

research on financial institutions

expected rate of return

capital asset pricing models credit risk

cost analysis

Fields Where Business Research is Often Used (1)

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


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29 August 2005

Sales and Marketing Research

Market Potentials

Market Share

Market segmentation

Market characteristics Sales Analysis

Establishment of sales quotas

Distribution channels

New product concepts

Test markets

Advertising research

Buyer behaviour

Customer satisfaction

Website visitation rates

Information Systems Research

Knowledge and information needsassessment

Computer information system use andevaluation

Technical suppot satisfaction Database analysis

Data mining

Enterprise resource planning systems

Customer relationship managementsystems

Corporate Responsibility Research

Ecological Impact

Legal Constraints on advertising andpromotion

Sex, age and racial discrimination /worker equity

Social values and ethics

Fields Where Business Research is Often Used (2)


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29 August 2005

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 commodities and commissions a

study to determine the past trends and forecast future returns in a portfolioof commodities

The CEO of a firm wants to undertake a SWOT-Analysis as part of his plan

to redefine his organizations priorities


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High Quality Research Requires:

The scope and limitations of the work

to be clearly defined.

The process to be clearly explained

so that it can be reproduced and

verified by other researchers.

A thoroughly planned design that is

as objective as possible.


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High Quality Research Requires that:

Highly ethical standards be applied.

Data be adequately analyzed and

explained.

All findings be presented

unambiguously and all conclusions be

justified by sufficient evidence.


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Types of Business Research

1.Applied research

Research aimed to solve a current problem faced by the

manager in the work setting, demanding a timely

solution.

2.Basic research (fundamental, pure)

Research aimed to generate a body of knowledge by

trying to comprehend how certain problems that occur inorganizations can be solved.

The findings of such research contribute to the building

of knowledge in the various functional areas of business.


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Categories of

Research

Quantitative

Qualitative Exploratory or

conceptual

Quantitative have statistical confidence

Qualitative no statistical significance; e.g. FGD


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Basic Characteristics of Qualitative

Research

The idea is to get participants to talk about experiences,

give opinions about situations, and to react to scenarios

or prototypes.

Characteristics

broad objectives

small samples results not generalizable to general or

target population best used early to identify issues, and again later in

process to validate

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Most Common Qualitative Research

Methods

Review of secondary information

Focus groups and related techniques

(brainstorming, etc.) Focus Groups These

groups let you hear people talk aboutneeds, wishes, current products (especially

strengths and weaknesses), how they

compensate for something they dont have,

attitudes about the market, etc.

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Interviews

Observations/ethnographic studies

(in setting where product or service

is actually used)

Ethnography - is a qualitative

research method aimed to learn

and understand cultural

phenomena which reflect the

knowledge and system of meaningsguiding the life of a cultural group.

Data collection is often done

through participant observation,

interviews, questionnaires, etc. 2-15


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Data collection is often donethrough participant observation,

interviews, questionnaires, etc.

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Quantitative Research

to test hypotheses, describe market or

target population characteristics, and check

relationships among variables

The results lead to formal conclusions andrecommendations to inform decision-

making

The idea is to get enough response that you

feel confident the results reflect the market.

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Basic Characteristics of Quantitative

Research

Defined objectives that include hypothesis

or hypotheses

Focused research design that identifieswho, how, what, why, when (and

sometimes even where)

Large enough sample to allow

generalization, projection of results

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Most Common QuantitativeResearch Methods

surveys mail, telephone, online

usability studies -help you refine various features of the

product as it is being developed.

field testing -test the product in use. Users put the

prototype through its paces

laboratory testing

conjoint analysis

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Conjoint analysis is a statistical technique used inmarket research to determine how people value different

features that make up an individual product or service.

used frequently in testing customer acceptance of newproduct designs, in assessing the appeal of

advertisements and in service design. It has been used in

product positioning.

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Conjoint analysis-The objective of conjoint analysis is todetermine what combination of a limited

number of attributes is most influential on

respondent choice or decision making. A

controlled set of potential products or

services is shown to respondents and by

analyzing how they make preferences

between these products, the implicitvaluation of the individual elements

making up the product or service can be

determined.

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Importance of BusinessResearch

Firm

Effective financial control and management Expansion (Physical/ Manpower/Capital) Customer satisfaction Innovation/Diversification of product/service High productivity

Optimum profit Risk aversion--to understand what the market (notjust a few customers) want and reduce the risk ofcreating the wrong product.


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Importance of Business

Research

Individual Acquireskillsinresearch Additionalincome Possiblecareer Provideinputstopolicyrecommendations Contributenewknowledgetothefield Personalfulfillment


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Characteristics of Research1. It is logical and objective.

2. It is expert, systematic and accurate investigation.

3. It gathers new knowledge and data from primary and

secondary sources.

4. It endeavors to organize data in quantitative terms, if

possible, and to express these data in numerical measures.

5. It requires courage

6. It is carefully recorded and reported


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Types of Business Research

1. Feasibility Study

Purpose:determinestheviabilityofaproduct,service,orprojectwhichisnotyetoperational

Scope:coversmarketing,production,management,legalandfinancialaspects

Respondent:selectedthroughsampling;doneforthemarketstudy

Analysis:Percentage,regression,ratios,ttest,Ztest,Chi-squaretest


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Types of Business Research2. Industry Study

Purpose:analyzesthepastandpresentperformanceofcompaniesandpredictsthefutureofthefirmsintheindustry

Scope:coversoneindustryandlooksatthemarketing,production,management,legal,andfinancialaspects

Respondent:selectedthrougheithertotalenumerationorsamplingoffirmswithintheindustry

Analysis:Frequency,percentage,timeseries,regression,

ratios


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TypesofBusinessResearch

3. Corporate Strategy

Purpose:aimstoproposestrategiestoimprovecompanyperformance

Scope:coversonefirmandlooksatacombinationorallofthefunctionalareas

Respondent:KeyinformantsAnalysis:Contentanalysis,frequency,

percentage


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Types of Business Research4. Case Study

Purpose:Describes/Explorespatternsoreventsinanin-depthmanner

Scope:Coversaparticulartopicofinterestofapersonorcompany

Respondent:Keyinformants

Analysis:Contentanalysis,frequency,percentage


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Types of Business Research5. Other Types of Applied Research

Purpose:Objectivescanbedescriptive,correlativeorcomparativetooffersolutions

orexpandknowledge

Scope :Dependsontheobjectiveofthestudy

Respondent:Selectedeitherthroughtotalenumerationorsampling

Analysis:Parametricandnonparametricstatistics


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TypesofBusinessResearch

6. Basic Research

Purpose:Aimstodevelopatheoryorconcept

Scope :Coversonespecifictheoryorconceptoragroupofrelatedtheoriesandconcepts

Analysis:Mathematicalmodelling,Econometrictechniques


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The Business

Research

Process


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The Business Research Process: 11 Steps

Step One: Establishing the Need for BusinessResearch

Step Two: Defining the Problem Step Three: Establishing Research Objectives

Step Fou r: Determining Research Design

Step Five: Identifying Information Types andSources

Step Six: Determining Methods of AccessingData


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The Business Research Process: 11 Steps cont

Step Seven: Designing Data Collection Forms

Step Eigh t: Determining Sample Plan and Size Step Nine: Collecting Data

Step Ten: Analyzing Data

Step Eleven: Preparing and Presenting the FinalResearch Report


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The Business Research ProcessStep One: Establish the Need for Business Research

Need for Bus iness Research

The data/information are already available

Relevance and urgency of the research


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The Business Research ProcessStep Two: Define the Problem

The most impo rtant step in the businessresearch process is def in ing the prob lem .

Problem Form lation


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Problem Formulation

Where do research topics come from?

The idea for a research project?

- one of the most common sources ofresearch ideas is the experience ofpractical problems in the field

The Literature Review


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T Research ProcessStep Three: Establish Research Objectives

What informat ion is needed in order to solve theproblem?


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The Business Research ProcessStep Four: Determine Research Design

Exploratory Research:collecting information inan unstructured and informal manner

Desc ript ive Research:refers to a set of methods

and procedures describing business variables Causal Research (experiments ):allows isolation

of causes and effects


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The Business Research ProcessStep Five: Identify Information Types and Sources

Secondary Data: information that has beencollected for some other purpose other than theresearch at hand

Primary Data:information that has been gathered

specifically for the research objectives at hand


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The Business Research ProcessStep Six: Determine Methods of Accessing Data

Secondary Data:accessing data throughsources such as the Internet and library

Primary Data: collecting data throughmethods such as telephone, mail, andface-to-face (quantitative) and observationstudies and focus groups (qualitative)


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The Business Research ProcessStep Seven: Design Data Collection Forms

The design of the data co l lect ion form that isused to ask and record information in bus iness

research pro jects is cr i t ical to the success o f the

project .

Questionnaires/ Interview Schedule/ InterviewGuide

Observation (Participant or nonparticipant)


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The Business Research ProcessStep Eight: Determine Sample Plan and Size

Sample plan:refers to the process used to selectunits from the population to be included in thesample

Sample size: refers to determining how manyelements of the population should be included inthe sample


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The Business Research ProcessStep Nine: Collect Data

Data col lect ion is very importantbecause, regardless of the data

analys is methods used, data analys is

cannotfixbad data.

Nonsampl ing errors may occur du r ingdata col lect ion .

Did I

collect

reliable

data?


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The Business Research ProcessStep Ten: Analyze Data

Data analysis: involves entering data intocomputer files, inspecting data for errors, andrunning tabulations and various statistical tests

Data cleaning:process by which raw data arechecked to verify that the data have beencorrectly inputted from the data collection form tothe computer software program

The Business Research Process


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The Business Research ProcessStep Eleven: Prepare and Present the Final Research

Report

The last s tep is one of the most important phasesof business research.

Its im po rtance cannot be overstated because i t isthe report, or i ts presentat ion, that properly

commun icates the resul ts to the cl ient .

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BRT- Introduction to Research2

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