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8/2/2019 Basic Concepts of Bus Res
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Basic Concepts Of
Business Research
Dr. Rabi Narayan Subudhi
Professor, KSoM, KIIT
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Bus Res.Methods 2
Business Strategy & Plan
• Business Strategy
is a plan that enables an organization tomake the best use of its resources to meet
business objective.• Business Plan
is a formal document that specifies the
organizations resources, objectives,strategy and implementation and controlefforts in business of a specific product.
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Bus Res.Methods 3
Business Concept & Research
• Business Concept
is an organizational philosophy that emphasizesdetermining customers’ needs first, and then
coordinating all activities to satisfy those needs.
• Business Research
is the set of techniques and principles forsystemically collecting, recording, analyzingand interpreting data to aid decision makers.
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Bus Res.Methods 4
Basic Principles of Research
• Business Research has three principles orguidelines for generating information usefulto managers:
– Attend to the timeliness and relevance ofresearch.
– Define research objectives carefully and clearly.
– Do not conduct research to support decisionsalready made.
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Bus Res.Methods 5
Business research applications:basic or applied research
• Basic research is conducted to generateor create knowledge.
• Applied Research is conducted to solve aproblem.
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Bus Res.Methods 6
Business Research Process: Steps
• Justify the need for marketing research.• Define the research objective.
• Identify data needs.
• Identify data sources.
• Choose an appropriate research design and datacollection method.
• Design the research instrument or form.
• Identify the sample.• Collect data, including any relevant secondary data.
• Analyze and interpret the data.
• Present the research findings to decision makers
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Bus Res.Methods 7
Types of Research
• Qualitative Research
is the collection analysis, and interpretation ofdata that cannot be meaningfully quantified,that is, summarized in the form of numbers.
• Quantitative Research
is the collection of data that involves larger,more representative respondent samples andthe numerical calculation of results.
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Bus Res.Methods 8
Types of Research Cont.-2
• Descriptive Research
is essentially to describe something; it isintended to generate data describing thecomposition and characteristics of relevantgroups of units such as customers, salespeople and Business areas.
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Bus Res.Methods 9
Types of Research Contd. -3
• Exploratory Research
helps investigators gain some initial insightsand may pave the way for further research.
• Conclusive Research
helps investigators verify insights and select the
appropriate course of action.
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Bus Res.Methods 10
Research project
components
Exploratory research Conclusive research
a) Research purpose General: to generate
insights about a situation
Specific: to verify insights
and aid in selecting a course
of action b) Data needs Vague Clear
c) Data sources Ill defined Well defined
d) Data collection form Open-ended, rough Usually structured
e) Sample Relatively small;
subjectively selected to
maximize generalization
of insights.
Relatively large; objectively
selected to permit
generalization of findings.
f) Data collection Flexible; no set Procedure Rigid: well laid-outProcedure
g) Data analysis Informal; typically non-
quantitative
Formal; typically
quantitative
h) Inferences/
Recommendations
More tentative than final
More final than tentative
More final than tentative
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Bus Res.Methods 11
Case Study Method:
The Case study method is an-depth examinationof a unit of interest. The unit can be a customer,
a store, salesperson, a firm, market area, web-site and so on.
By virtue of its insight-generating potential, the
case study method is a useful form ofexploratory research.
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Bus Res.Methods 12
Data collection method
Observational Method: • The observational method involves human or
mechanical observation of what people actually
do or what events take place during a buying orconsumption situation.
Longitudinal Studies
• are repeated-measurement studies, that collectdata over several periods in time.
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Bus Res.Methods 13
Scales
• Nominal scale, numbers are no more than
labels and are used solely to identify differentcategories of responses
• Ordinal scale is more powerful than a nominal
scale in that the numbers possess the propertyof rank order.
• Interval scale has all the properties of anordinal scale, and the differences betweenscale values can be meaningfully interpreted.
• Ratio scale possesses all the properties of aninterval scale, and the ratios of numbers on
these scales have meaningful interpretations.
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Bus Res.Methods 14
Scale contd../2 • Forced-choice Scale does not give
respondents the option to express a neutral ormiddle ground.
• Non-forced-choice Scale gives respondentsthe option to express a neutral attitude.
• Balanced Scale has an equal number ofpositive/favorable and negative/unfavorableresponse choices.
• An unbalanced scale has a larger number ofresponse choices on the side of the scalewhere the overall attitude of the respondentsample is likely to fall.
D l f i
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Bus Res.Methods 15
Develop a few questions to measure
(Res. project) variables/ attributes
• First choice of consumers of Packaged water• Marital status of respondents
• Annual Income of family
• Relevance of malls, like Bigbazar (to the locals)
Importance of price factor while buying Mobile, edible oil• Use of credit cards
• Attitude (I)/ Preference (O)*,(fruit juice Vs soft drink)
• Newspaper popularity• Packaging [study on shape of a bottle – for deodorant]
• Selecting a trusted Hospital[Note (*) I : Interval; O : Ordinal ]
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Bus Res.Methods 16
Scaling Techniques
• A. Comparative Scales
– Paired comparison, Rank order, Constantsum, Q-Sort
• B. Non-Comparative scales
– Continuous rating, Itemized rating (Likert,Semantic differential, Staple scale)
C S
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Bus Res.Methods 17
Comparative Scales• 1. Paired comparison Scales: mostly for two
brands (on various attributes) or can beextended to many brands on single attribute;[TOI vs Ind. Exp.]
• 2. Rank order scale: ranking several objects
on some criterion/ attribute; tooth paste brandson mouth freshening effect [1.close-up, 2..3…]
• 3. Constant sum scale: giving weight to diff
attributes of an object; wts add up to constantsum [10/ 100 ..] eg. Soap –dirt removal (.4), care (.2), price
(.2), smell (.1), foam(.1)=1
4.Q –Sort: very large number of objects(>60); to group them to 2/3
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Bus Res.Methods 18
Non-Comparative scales
• Continuous rating (or Graphic rating) scale
• Likert Scale(due to Rensis Likert) 5 point, degree of
agreement (strongly agree/ disagree), liking or choice
• Semantic differential – 7 point with specific bi-polar
adjectives (like, warm – cold, careful –careless)• Staple scale (due to Jan Stapel) unipolar 10 point scale, -5
to +5, without a neutral point (zero),to scale attitude/ attributeconsisting of single adjective in the middle of 10 point range
101
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Bus Res.Methods 19
Stapel Scale - example• Prices of items available in Bigbazar
(respondents are asked to indicate how accurate/ inaccurate is the term [best price offered], describingthe object [Bigbazar ], by putting a cross mark
Best price in market
5
4
3
2
1
-1
-2
-3
-4
-5
X
Accurate
Not accurate
R h P j t i t
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Bus Res.Methods 20
Research Project assignment:Questionnaire
• 1. Names (group members, 3 or 4)*
• 2.Project Topic/ title – *
• 3.Objectives – (just in 3/4 lines)*
• 4.Res. Questions/ issues; Information need
•5. Res. Plan/ methodology
• *Deadline: By Sunday evening (7 PM)
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Bus. Res. Methods 22
MDS
• Detergent cake – 1.dirt removal, 2. fabric care, 3. value for money
• Tooth paste
– 1. whitening of teeth, 2. stopping bad breath, 3.fighting tooth decay
• News paper
– 1. Political coverage, 2. regional coverage, 3.entertainment & leisure.
Highly competitive market (so many good brands)
:issue of positioning vs perception
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Bus. Res. Methods 23
Small Car: Service Vs Spare parts
Service (Excellent –Poor)
Spare parts’ availability Very Good
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Bus. Res. Methods 24
Branded shirts: popularity
variety
Value for money (quality Vs Price)
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Bus. Res. Methods 25
Second stage analysis
• Perception maps/ graphs
• Mean difference tests
• Independence tests• Non-parametric tests (Sign Tests, Run Test,
Rank-Sum Test)
• ANOVA
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Bus. Res. Methods 26
Perception graph of mean rank-score of attributes
In a Market Research survey of newspaper readers,respondents were asked to Rank their Preferences,
from [1 to 9],out of the following variety/ sections of a newspaper:
1. Sports ( ) 2. National News ( ),3. International News ( ) 4. Regional News ( )5. Entertainment ( ), 6. Life styles ( )7. Cartoons ( ) 8. Cross Word/ puzzle ( ),9. Supplements ( ).
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Bus. Res. Methods 27
4.53
3.20
4.704.88
4.50
5.58
7.18 7.17
6.40
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
1 2 3 4 5 6 7 8 9
Series1
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Bus Res.Methods 28
• A Graphic rating scale presents a continuum,in the form of a straight line, along which atheoretically infinite number of ratings are
possible.
• Itemized rating scale has a set of distinctresponse categories; any suggestion of an
attitude continuum underlying the categories isimplicit.
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Bus Res.Methods 29
• A Comparative Rating Scale provides allrespondents with a common frame of reference.
• A Non-Comparative Rating Scale implicitlypermits respondents to use any frame ofreference, or even none at all.
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Bus Res.Methods 30
• A Constant-sum scale has a natural startingpoint (zero) and asks respondents to allocate agiven set of points amongst several attitude
objects.
• A Paired-comparison rating scale consists ofa question seeking comparative evaluations of
two objects at a time.
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Bus Res.Methods 31
• A Single-item scale attempts to measurefeelings through just one rating scale.
• A Likert scale consists of a series of evaluativestatements (or items) concerning an attitudeobject; respondents are asked to rate the objecton each statement (or item) using a five-point
agree-disagree scale.
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Bus Res Methods 32
• Semantic-differential scale is similar to the likertscale in that it consists of a series of items to be ratedby respondents; how ever, the items are presented asbipolar adjectival phrases or words that are placed asanchor labels of a seven category scale with no other
numerical or verbal labels.
• Stapel scale is a variation of the semantic-differentialscale; however, each item consists of just one word orphrase, on which respondents rate the attitude objectusing a ten-item scale with just numerical labels.