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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.