Intro to rmm

8/7/2019 Intro to rmm

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RESEARCH

METHODOLOGY


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What is Research?

Defining Research Research Is the SystematicApproach Towards Purposeful

Investigation Through Formulation ofHypothesis,Collection ofData on Relevant Variables,Analysis and Interpretation ofResults and Reaching Conclusion Either in the Form of a Solutionor Certain Generalization.

Business Research may be defined as the systematic and objectiveprocess of gathering, recording and analyzing data for aid in makingbusiness decisions (Zikmund, Business Research Methods, 2002, p. 6)


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Why Research ?

To identify and define opportunities and

problems.

To define, monitor, and refine strategies.

To define, monitor, and refine tactics.

To improve our understanding of the various

fields of management


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Whats the Difference Between Method and

Methodology?

Method:Techniques for gathering evidence

The various ways of proceeding ingathering information

Methodology:The underlying theory and

analysis of how research

does or should proceed,

often influenced bydiscipline


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Good Research Requires:

The scope and limitations of the work to be clearly defined.

The process to be clearly explained so that it can be

reproduced and verified by other researchers.

A thoroughly planned design that is as objective as possible.

Highly ethical standards are applied.

All limitations are documented.

Data be adequately analyzed and explained.

All findings are presented unambiguously and all conclusionsbe justified by sufficient evidence.


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Cont

Objectivity:It must answer the research question.

Control: It shall ensure adequate control overindependent variable

Generalisability: It should have same result whenapplied in identical applications

Free from Personal Bias: It must be free from personalbias.

Systematic: It must have various interrelated steps thatlead another step.

Reproducible:It must give approximately the same

result when applied to population having similarcharacteristics.

Validity and reliability


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Fields Where Business Research is Often

Used- scope

Financial and Accounting Research

Forecasts of financial interest rate trends,

Stock,bond and commodity valuepredictions

capital formation alternatives

mergers and acquisitions

risk-return trade-offs

portfolio analysis

impact of taxesresearch on financial institutions

expected rate of return

capital asset pricing models

credit risk

cost analysis

General Business

Conditions and

Corporate Research

Short- & Long-Range

Forecasting,Business and Industry

Trends

Global Environments

Inflation and Pricing

Plant and Warehouse

LocationAcquisitions


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Cont.

Management and Organizational

Behaviour Research

Total Quality Management Morale and Job Satisfaction

Leadership Style Employee Productivity Organizational Effectiveness Structural ssues Absenteeism and turnover Organizational Climate


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Types of Research Studies

Basic Research aims to expand the frontiers of science and knowledge by verifying ordisproving the acceptability of a given theory or attempting to discover more about a certainconcept (non-specificity)

Example: How does motivation affect employee performance?

Applied Research focusses on a real-life problem or situation with a view to helping reach a

decision how to deal with it (Specificity)

Example: Should Corporation X adopt a paperless office environment?

Descriptive Research: or (Ex Post)- a fact finding approach generalizing a cross- sectionalstudy of the present situation. For example, a study on problems of industrial relations in

India with an inter disciplinary approach which is classified under conclusiveresearch. It states the situation as they are. Researcher has no control over variables.

Eg:- frequency of shopping


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Historical Research :aresearch on past social forces which have shaped the present. For

example, to study the present state of Indian labor we may research on past historical forces.

Formulative or Exploratory Research:aresearchwhich investigate any problem

with suitable hypothesis. It is particularly important for clarification of any concept and

throwing new light for further research on principles of developing hypothesis and its testing

with statistical tools.

Experimental Research or Empirical Research: a research which enable us to

quantify the findings, to apply the statistical and mathematical tools and to measure the

results thus quantified. It is also quantified under conclusive research. It relies on

experience or observation alone without due regards for systems and theory.

Ex-Post Facto Research : an empirical enquiry for situation that have already

occurred. For example market failure of a product if studied or researched later may be

categorized under ex- post research.


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Case Study Approach: a research particularly initiated at

micro level. For example study of particular industrial unit, study

of some banking units etc,

Survey Research: a research which involve study of

population or sample based on some questionnaire to

find out intended characteristics

Evaluation Research: a research which is directed to

study or evaluate the performance of any programs/projects

that have already been implemented.


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Comparison of Scientific and Non-Scientific Method of

Research

Basis Scientific Method Non-scientific Method

Objectivity It is more objective It may have chances of subjectivity

Degree ofAccuracy

It is highly precise where quantitativeconcept can be defined and measuredeffectively.

It is comparatively lessdegree of preciseness

Continuing and

Exhaustive

It takes cognizance of the existing

knowledge and helps in accumulation ofsystematic knowledge which is continuousand unending

The same is always not

true in every situation


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Science and the Scientific Method

Science has been defined as the methodological and systematic

approach to acquisition of new knowledge (Geoffrey Marcyzk, David

DeMatteo, David Festinger, Essentials of Research Design and

Methodology, John Wiley & Sons, 2005, p. 4)

The scientific method, which has evolved since the 13th century,

concerns the set of tools, techniques and procedures used by basic

and applied researchers to analyze and understand phenomena

and prove or disprove prior conceptions


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The Essence of the Scientific Method

Characteristics of the Scientific Method

Objectivity

Systematic Analysis

Logical Interpretation of Results

Elements of the

Scientific Method

Empirical Approach

Observations

Questions

Hypotheses

Experiments

AnalysisConclusion

Replication

Basic

Research

Applied

ResearchS

cie

ntif ic

Me

tho

d

Information or

Ideas for alternative

Courses of action

General Laws


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The Value of Business Research for

Managers

Reduction of uncertainty and improvement

in the quality of decision-making with

several consequent advantages (e.g.

strategic, operational) and benefits fororganizations


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Research Process

Step 1: Defining the Problem

Step 2: Developing an Approach to the Problem

Step 3: Formulating a Research Design

Step 4: Doing Field Work or Collecting Data

Step 5: Preparing and Analyzing Data

Step 6: Preparing and Presenting the Report


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The Problem Definition Process

DiscussionwithDecision Maker(s)

InterviewswithExperts

SecondaryDataAnalysis

QualitativeResearch

Management Decision Problem

Marketing Research Problem

Tasks Involved

Environmental Context of the Problem

Step I: Problem Definition

Step II: Approach to the Problem

Objective/TheoreticalFoundations

ResearchQuestions

Hypotheses

Step III: Research Design

AnalyticalModel: Verbal,Graphical,Mathematical

SpecificationofInformationNeeded


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Vs. Marketing Research ProblemManagement Decision Problem Marketing Research Problem

Should a new product be To determine consumer preferences

introduced? and purchase intentions for the

proposed new product

Should the advertising To determine the effectiveness

campaign be changed? of the current advertising

campaign

Should the price of the To determine the price elasticitybrand be increased? of demand and the impact on sales

and profits of various levels of price changes


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Vs. Marketing Research Problem

Management

Decision Problem

Asks what decision

makers are supposeto do

Action oriented

Focuses onsymptoms.

Marketing Research

Problem

Asks what

information isneeded and how it

should be obtained.

Information oriented

Focuses on

underlying causes.


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Definition of the Research

Problem Every research should adhere to two basic

rules while formulating the problem

statement.

1. Allow researcher to obtain all the

information needed to address the

management decision problem.

2. It should guide the researcher inproceeding with the project.


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Researcher makes two common

errors in problem definition

Either the research problem is defined too

broadly or too narrowly

The likelihood of committing either type of

error in problem definition can be reduced

by stating the marketing research problem

in broad general terms and identifying its

specific components.


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Marketing ResearchProblem

BroadStatement

SpecificComponents

Broad statement- is the

initial statement of the

marketing research problem

that provides an appropriate

perspective on the problem.

Specific Components- it

focuses on the key aspects

of the problem and provide

clear guidelines on how to

proceed further.


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Components of an Approach

Objective/Theoretical Framework

Analytical Model

Research Questions

Hypotheses

Specification of the Information Needed



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A research should be based on objective

evidence and supported by theory

A theory is a conceptual scheme based on

foundational statements axioms.

Objective evidence- is gathered by

compiling relevant findings from

secondary sources.


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The Role of Theory in Applied

ResearchResearch Task Role of Theory1. Conceptualizing

and identifying

key variables

Provides a conceptual foundation and understanding of the basic processes

underlying the problem situation. These processes will suggest key dependent

and independent variables.

2. Operationalizing

key variables

Theoretical constructs (variables) can suggest independent and dependent

variables naturally occurring in the real world.

3. Selecting a

research design

Causal or associative relationships suggested by the theory mayindicate whether

a causal or descriptive design should be adopted.

4. Selecting a

sample

The theoretical framework may be useful in defining the population and

suggesting variables for qualifying respondents, imposing quotas, or stratifying

the population .

5. Analyzing and

interpreting data

The theoretical framework (and the models, research questions and hypothese

based on it) guide the selection of a data analysis strategy and the interpretati

of results .

6. Integrating

findings

The findings obtained in the research project can be interpreted in the light of

previous research and integrated with the existing body of knowledge.


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Ananalytical modelis a set of variables and

their interrelationships designed to represent, in

whole or in part, some real system or process.

These models can have various forms such asgraphical model, verbal model and mathematical

model.

These models compliment each other and help

the researcher identify relevant research

question and hypothesis.


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Development of Research

Questions and Hypotheses

Components of the

Research Questions

Hypotheses

Objective/TheoreticalFrameworkAnalyticalModel

Marketing Research Problem


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Research questions(RQs) are refinedstatements of the specific components of

the problem.

Ahypothesis(H) is an unprovenstatement or proposition about a factor or

phenomenon that is of interest to theresearcher. Often, a hypothesis is a

possible answer to the research question


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Hypothesis goes beyond the research questions

because they are statements of relationship and

or propositions rather than merely questions to

which answers are sought. Whereas research questions are interrogative,

hypothesis are declarative and can be tested

empirically

An important role of hypothesis is to suggest

variables to be included in research design.


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Examples

RQ: Do the customers of shoppers stop exhibit store loyalty?

The following hypothesis is formulated in relation to research questionon store loyalty.

H1: Customers who are store-loyal are less knowledgeable aboutthe shopping environment.

H2: Store-loyal customers are more risk-averse than are non-loyalcustomers.

These hypothesis guided the research by ensuring that variablesmeasuring knowledge of the shopping environment and propensityto tale risk were included in the research design.

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Intro to rmm