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8/8/2019 1. Introduction - The Role of Business Research (19.01.10)
http://slidepdf.com/reader/full/1-introduction-the-role-of-business-research-190110 1/27
THE ROLE OF BUSINESS RESEARCH
Business Research is an important management
tool that exerts a major influence on decisionmaking.
8/8/2019 1. Introduction - The Role of Business Research (19.01.10)
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Meaning of researchy Search for knowledge.
y Scientific and systematic search for relevant
information on a specific topicy Art of scientific investigation
y A careful inquiry specially through search for new factsin any branch of knowledge.
8/8/2019 1. Introduction - The Role of Business Research (19.01.10)
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Scope of business researchy Limited by ones definition of business.
Profit organizations Non-profit organizations
Production
Finance
Marketing
Management
8/8/2019 1. Introduction - The Role of Business Research (19.01.10)
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Business research def ined
Business Research is defined as the systematic and
objective process of gathering, recording and
analysing data for aid in making business decisions.
1. Search again
2. The need for objectivity : unbiased approach
3. Facilitate the managerial decision making process
8/8/2019 1. Introduction - The Role of Business Research (19.01.10)
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OBJECTIVES OF RESEARCH1. Exploratory or formulative research studies.
y To know more about or gain insights about a phenomenon
2. Descriptive research studies.y
To portray the characteristics of a particular event etc.3. Diagnostic Research studies.
- to determine the frequency of occurrence or its relation withanother event.
4. Hypothesis testing research studies.- to test a hypothesis of a causal relationship between variables
8/8/2019 1. Introduction - The Role of Business Research (19.01.10)
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TYPES OF RESEARCH
y Basic (Pure/ Fundamental) V/s Applied Research
y Descriptive v/s Analytical Research
y Quantitative v/s Qualitative Research
y Conceptual v/s Empirical Research
y Other types.
8/8/2019 1. Introduction - The Role of Business Research (19.01.10)
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Signif icance of Research
All progress is born of inquiry. Doubt is often betterthan overconfidence, for it leads to inquiry, and
inquiry leads to invention.
Research as an aid to economic policy
y Government
y Business
8/8/2019 1. Introduction - The Role of Business Research (19.01.10)
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Signif icance of Research : Government Context
i. Investigation of economic structure throughcontinual compilation of facts
ii. Diagnosis of events that are taking place and theanalysis of the forces underlying them
iii. The prognosis, i.e the prediction of futuredevelopments.
8/8/2019 1. Introduction - The Role of Business Research (19.01.10)
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Signif icance of Research : Business Related
i. Market Research- helps in development of a market
ii. Operations Research
iii. Motivational Research- determining peoplesbehavior consumer behavior
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Signif icance of Research : Others
y Ph.D. Students
y Professionals in research methodology
y Philosophers and thinkersy Literary people developing new styles and creative
work.
y Analysts and intellectuals who generalise new theories.
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RESEARCH PROCESS
DefineResearch
problem
Review concepts& theories
Review previousresearch findings
Formulatehypothesis
Design researchInclSample design
CollectData(Execution)
Analysedata(Test
hypothesis)
Interpret And Report
FF
FF
F
FF
8/8/2019 1. Introduction - The Role of Business Research (19.01.10)
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Research Process: Formulating the research
problem
y First step in a scientific enquiry
y Two steps of formulation
i. Understanding the problem thoroughly ii. Rephrasing problem into meaningful terms from an
analytical point of view
(Most important step in entire research process)
8/8/2019 1. Introduction - The Role of Business Research (19.01.10)
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y After formulation a synopsis or a brief summary of the
problem must be written down.y Extensive survey must include academic journals,
conference proceedings, govt. reports, books etc
y One source leads to another
Research Process: Extensive literature
survey
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y W orking hypothesis is tentative assumption made inorder to draw out and test its logical or empirical
consequencesy The role of the hypothesis is to guide the researcher by
delimiting the area of research and to keep him on theright track.
y
It indicates the type of data required and the type of methods of data analysis to be used.
(Exploratory/formulative researches do not aim attesting a hypothesis)
Research Process: Development of working
hypothesis
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y To state the conceptual structure within whichresearch will be conducted.
yResearch Design provides for collection of relevantevidence with minimal expenditure of effort, time andmoney.
Research Process: Preparing the Research
Design
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y For a survey 25 hospitals are selected out of 100 in acity
ySample Design is a definite plan determined beforeany data are actually collected
y Population or Universe are all the items underconsideration in any field of enquiry.
y Samples can be probability samples or non-probability samples
Research Process: Determining Sample
Design
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y Deliberate Sampling (Convenience or judgement)
y Simple Random Sampling
y S ystematic Samplingy Stratified Sampling (non-homogeneous population)
y Quota Sampling (non-probabilty or judgementalsample)
y Cluster sampling & Area Sampling
y Multi Stage Sampling (random)
y Sequential Sampling
Research Process: Important Sample
Designs
8/8/2019 1. Introduction - The Role of Business Research (19.01.10)
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y By observation : independent of past behaviour and futureintentions, expensive method
y
Through personal interviews: set of questions answeredy Through telephone interviews : used when time is limited
y By mailing of questionnaires : Pilot Study reqd
y Through schedules : Enumerators are appointed and given
training.Method of data collection should be selected by considering thenature of investigation, objective and scope of enquiry, financialresources, available time, and desired degree of accuracy.
Research Process: Collecting the Data
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y Project should be executed in a systematic manner and intime.
y
Interviewers should be trained welly Field checks must be done
y Questions as well as answers can be coded
y Non response problem must be tackled.
Research Process: Execution of Project
8/8/2019 1. Introduction - The Role of Business Research (19.01.10)
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y Classify the raw data
y Coding of data
y Tabulation of classified and coded datay Analysis is based on various percentages, co-efficients
etc by applying well defined statistical formulae.
Research Process: Analysis of Data
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y Various tests :
Chi- Square,
t-test,F-test etc
y Either accept or reject the hypothesis.
Research Process: Hypothesis Testing
8/8/2019 1. Introduction - The Role of Business Research (19.01.10)
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y Generalisations and Interpretation
y Preparation of Report or Thesis
Research Process:
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WHEN IS RESEARCH NEEDEDy Time Constraints
y Availability of data
y Nature of decisiony Benefits vs Costs
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CRITERIA OF A GOOD RESARCH
y S ystematic
y Logicaly Empirical
y Replicable.
8/8/2019 1. Introduction - The Role of Business Research (19.01.10)
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21ST CENTURY RESEARCHy Global Business Research
y Growth of the internet
8/8/2019 1. Introduction - The Role of Business Research (19.01.10)
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PROBLEMS FACED IN INDIA
y Lack of scientific training in RM
y
Insufficient interactiony Lack of confidence that data will not be misused
y Overlapping research studies : Duplication of data
y No code of conduct for researchers
y Difficulty of adequate and timely secretarialassistance, computerial assistance; causing delays
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THE END