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8/12/2019 Research Methods Ch 1
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RESEARCH METHODS FOR BUSINESS
Written by
UMA SEKARAN
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Why do we make research
We make research because we want to know more aboutourself and the world around us.
The basic purpose of research in every discipline is to teachstudents to work systematically and for them to learncritically to analyse issues before acting upon them.However, research is essential for understanding even basiceveryday phenomena that need to be handled by individualsand organizations.
e.g If you want to buy a car, how do you make a research?
Which car satisfies our needsCompare prices at different dealersCan we purchase car from second hand market so on....
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WHAT IS RESEARCH ?
Research is a process, which consists upon:
Problem identification
Searching of factors involved in problem
Determination of relationship among the factorsSolution of the problem
In simple words we can say that research is an organized
inquiry that is carried out to provide information for solution
of the problem.
Research is the process of finding solutions to a
problem after a thorough study and analysis of the
situational factors.
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BUSINESS RESEARCH
Business research is an organized systematic, databased, critical scientific investigation into a specific
problem faced by the today’s business with the
purpose of finding answers and solutions to it.
OR
The research that provides information to the
mangers to solve the specific problems is calledbusiness research .
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CHARACTERISTICS OF BUSINESS RESEARCH
There must be no deficiency.
It must be logical based.
Analyze the intensity through data collection.
Focus on all aspect and do not avoid any
point for critical analysis and there must be
logic behind the story positive and negativeaspects should be considered.
There must be particular objective or purpose
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Financial and Accounting Research
Budget control system
Inventory costing method
Appreciation and depreciation
Time series behavior of quarterly early.
Transfer pricing
Taxation methods
Operations of financial institution
Optimum financial ratios
Mergers and acquisitions
Others
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Management and Organizational Behavior Research
Research studies regarding to employees attitude and
behavior
Management strategy
Information system
Human resource management
Impact of demographic changes on management
practices
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Sales and Marketing Research
Advertising
Sales promotions
Distributions
Packing
New product development
Consumer preferences
Market pricing and others
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TYPES OF BUSINESS RESEARCH
Applied research
Basic research
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Applied Research
Research, which is concerned to solve the
current problems faced by the managers in
work setting, demanding a timely solution, is
called applied research.
Example:
A particular product may not be selling well and the
manager might want to find the reason for this in
order to take a corrective action. So research
conducted by him will be called applied research.
Types of Business research
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Basic Research or Pure Research
Is to generate a body of knowledge by trying to
comprehend how certain problems that occur in
organizations can be solved.
It is also known as pure research. The findingof such research contributes to the building of
knowledge in the various functional areas of
business. Such knowledge generated is usually
later applied in organizations for problemsolving.
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Example: A university professor may be interested ininvestigating the factors that contributes toemployee’s absenteeism at work place. After
gathering information on this topic fromdifferent institutions and analyzing the data theprofessor identify the factors which primarilyinfluence absenteeism and later on, on the
basis of this report managers use thisinformation to solve their problem of employeeabsenteeism
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Basic Appl ied
• Basic knowledge.
• Freedom.
• Take more time .
• Success results published,
impact on other scientists.
• Not directly involved in thesolution to a pragmatic
problem.
• Apply to areas of interest
• Constrained to demands
• Research is quick may notmeet high standards.
• Success results are used by
managers/sponsors.
• Conducted when a decisionmust be made about a
specific real-life problem
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Need of Research for Managers
Knowledge of research is more important for today’s
manager to handle the following situations:(Solve problems, Decision making tool, Competition, Risk, Investment
Hire researchers and consultants more effectively)
Identify and effectively solve minor problems in the
work setting.
Appreciate and be constantly aware of the multiple
influences and multiple effects of factors imposing
on a situation.
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Take calculated risks in decision making, knowing
full well the probabilities associated with thedifferent possible outcomes
Prevent possible vested interests from exercising
their influence in a situation.
Relate to hired researchers and consultants more
effectively.
Combine experience with scientific knowledge
while making decisions.
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Internal and External Researcher
Internal Researchers:
Some large organizations have their own research and
development department (R & D dept), where their own
researcher work. They conduct applied and pure
research in their own organizations. Medium size
organization may not have big R & D departments
instead having one or two researcher. But small
organization cannot afford the cost of internal
researchers.
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Advantages
•Easy acceptability by the
employees while
conducting a research.
•Less time is required to
understand the culture
and structure.
• Availability to check theimplemented
recommendations
Cost effective
Disadvantages
•They might be stereotyped
having no fresh ideas.
•Their own people will not
perceive them as experts.
•Their results about a
problem may be biased
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External Researcher
Well-established research firms are available
now a day to conduct research. These firm
have experiences and qualified specialistresearchers to conduct research. Companies
will hire the out side researcher to solve their
most complicated problems.
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Advantages
•They have plenty of
experience of research work
with different organizations
•Their research will be
unbiased
Their solutions will more
credible
Disadvantages
•Take more time
•Not aware about the
norms and culture of the
company
•The cost of externalresearchers will be very
high
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MANAGER RESEARCHER RELATIONSHIP
• Manager should make sure while hiring
researchers or consultants that :-
• Roles and expectations of both parties are clear.
• Org. Values and constraints are stated.
• Good relations are buildup among researchers,
management and employees.
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HOW TO LOCATE AND SELECT A
RESEARCHER
– Many research firms are available who
provide their services.
– Business Colleges
– Internet
– Yellow Pages
– Magazines
– Business segments of news papers
D t i i Wh t C d t B i
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Is sufficient time
available before
a managerial
decisionmust be made?
Is the infor-
mation already
on hand
inadequate
for makingthe decision?
Is the decision
of considerable
strategic
or tacticalimportance?
Does the value
of the research
information
exceed the cost
of conductingresearch?
Conducting
Business
Research
Do Not Conduct Business Research
Time
Constraints
Availability of
DataNature of the
Decision
Benefits vs.
Costs
Yes Yes Yes Yes
No No No No
Determining When to Conduct Business
Research
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Value
•Decreased
uncertainty
•Increased likelihoodof a correct decision
•Improved business
performance and
resulting higher
profits
Costs
•Research
expenditures
•Delay of business
decision andpossible disclosure
of information to
rivals
•Possible inaccurate
research results
Value Should Exceed
Estimated Costs
R h d Ethi
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Research and Ethics
Ethics?
Ethics are moral principles and values that influence theway a researcher(s) conducts their research activities.
Researhers should have a moral responsibility toexplain and find answers to their questions honestly andaccurately.
Researhers have to point out the strengths of theirmethods and models but also have to inform us abouttheir weakness and reliability of their results.
A reader have to ensure that the results of a researchdid not provide wrong implementation(s) about the topic.
Ethics or moral principles in a reserach are serious andinevitable issues.