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RESEARCH METHODOLOGY
Chapter 1:
The Role of Business Research
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MEANING OF RESEARCH Research is made up of words Re-Search
which means to search again.
Research means a search for knowledge.
Research is also defined as a systematized
effort to gain knowledge.
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Business research is defined as thesystematic and objective process of
generating information for aid in
making business decisions.
Business Research Defined
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Business Research Research information is neither intuitive nor
haphazardly gathered.
Literally, research (re-search) -search
again
Business research must be objective
Detached and impersonal rather than biased
It facilitates the managerial decision process
for all aspects of a business.
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It aint the things we dont know
that gets us in trouble. Its thethings we know that aint so.Artemus Ward
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Basic research
Applied research
Business Research Types
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Basic Research Attempts to expand the limits of knowledge.
It is conducted to verify the acceptability of
a given theory or to discover more about a
given concept.
Not directly involved in the solution to a
pragmatic problem.
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Basic Research Example Is executive success correlated with high
need for achievement?
Are members of highly cohesive work
groups more satisfied than members of less
cohesive work groups?
Do consumers experience cognitivedissonance in low-involvement situations?
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"The secret of success is to know something
nobody else knows. "
Aristotle Onassis
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Applied Research Conducted when a decision must be made
about a specific real-life problem
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Applied Research Examples Should McDonalds add Italian pasta dinners
to its menu?
Business research told McDonalds it
should not?
Should Procter & Gamble add a high-priced
home teeth bleaching kit to its product line?
Research showed Crest Whitestrips would
sell well at a retail price of $44
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BASIC VS APPLIED RESEARCH Basic research aims at advancement of existing
knowledge whereas applied research aims at problemsolving
Basic research is exploratory in nature and is often drivenby researcher interest whereas applied research isdescriptive in nature.
Funding of basic research is difficult whereas funding ofapplied research is easy.
The central aim of applied research is to discover asolution for pressing practical problem whereas basicresearch is directed towards finding information that has
broad application.
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Scientific Method The analysis and interpretation of empirical
evidence (facts from observation or
experimentation) to confirm or disproveprior conceptions.
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The Decision-making Process
Associated with the Developmentand Implementation of a Strategy
Identifying problems and opportunities
Diagnosis and assessment
Selecting and implementing a course of
action
Evaluating the course of action
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Evaluation Research Evaluation research is the formal, objective
measurement and appraisal of the extent to
which a given activity, project, or programhas achieved its objectives.
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Performance-monitoring
Research Research that regularly provides feedback
for evaluation and control
Indicates things are or are not going as
planned
Research may be required to explain why
something went wrong
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Total Quality Management
(TQM) A business philosophy that embodies the
belief that the management process must
focus on integrating customer-driven
quality throughout the organization.
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TQM Stresses continuous improvement of
product quality and service.
Managers improve durability and enhance
features as the product ages.
Managers strive to improve delivery and
other services to keep their companiescompetitive
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Determining When to Conduct
Business Research Time constraints
Availability of data
Nature of the decision
Benefits versus costs
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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 Data
Nature of the Decision
Benefits
vs. Costs
Yes YesYesYes
No No No No
Determining When to Conduct
Business Research
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Value versus Costs Potential Value of a Business Research
Effort Should Exceed Its Estimated Costs
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Value
Decreased certainty
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 erroneous
research results
Value Should Exceed
Estimated Costs
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Major Topics for Research in
Business General Business Conditions and Corporate
Research
Financial and Accounting Research
Management and Organizational Behavior
Research
Sales and Marketing Research Information Systems Research
Corporate Responsibility Research
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Cross-functional Teams Cross-functional teams are composed of
individuals from various organizational
departments such as engineering,production, finance, and marketing who
share a common purpose.
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Business Research in the 21st
Century Increased globalization
Growth of the Internet and other
information technologies
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Global Research Business Research is increasingly global
Market knowledge is essential
A.C. Nielsen - more that 67% international
business
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Global Business Research General information about country -
economic conditions and political climate
Cultural and consumer factors
Market and competitive conditions -
demand estimation
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The Internet
Is Transforming Society Time is collapsing.
Distance is no longer an obstacle.
Crossing oceans is only a mouse click
away.
People are connected 24 hours a day, seven
days a week.
"Instantaneous" has a new meaning.
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Internet Research Seeking facts and figures about an issue
Surveys on Web sites
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ETHICS IN RESEARCH
Ethics in business research refers to
the code of conduct or expectedsocietial norm of behaviour while
conducting research .
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SCIENTIFIC INVESTIGATION
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Hallmarks of scientifc
investigation Purposiveness
Rigor
Testability
Repbilicity
Precision and confidence Objectivity
Generalizability
parismony
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purposiveness A well defined research work should have a
purpose .The research should have a
purposive focus
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RIGOR Connotes carefulness,scrupulousness and
the degree of exactitude in research
investigations.
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REPBILICITY The scientific research should denote true
state of affairs of the population.
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Precision and confidence Precision refers to the closeness of the
findings to reality based on sample.
Confidence on the refers to the probability
that are estimates are correct.
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OBJECTIVITY The conclusions drawn are on the basis of
facts of facts or findings derived from actual
data and not on subjective or emotionalvalues.
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GENERALIZABILITY Refers to the scope of applicability of the
research findings in one organisational
setting.
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ParismonySimplicity in explaining the phenomena or
problems that occur , and in generating
solutions for the problems.
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The building blocks of science in
research Deduction and induction
Deduction is the process by which we
arrive at a reasoned conclusion by logical
generalization of the known fact.
Induction on the other hand is the process
where we observe certain phenomena andon this basis arrive at a certain conclusion.