CHAPTER-1

INTRODUCTION TO BUSINESS RESEARCH

What is research?
Management research is an unbiased, structured, and sequential method of enquiry, directed towards a clear implicit or explicit business objective. This enquiry might lead to validating existing postulates or arriving at new theories and models.

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Types of research
BUSINESS RESEARCH

BASIC RESEARCH

APPLIED RESEARCH

EXPLORATORY RESEARCH

CONCLUSIVE RESEARCH

DESCRIPTIVE RESEARCH

CAUSAL RESEARCH

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Types of research
y Basic research : the basic premise is the need to KNOW and

the concern is primarily academic in nature.

y Applied research: Solution or action oriented research, that

is contextual and practical in approach.

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Types of research
y Exploratory research is loosely structured and the basic

premise is to provide direction to subsequent, more structured method of enquiry.

y Conclusive research is structured and definite in orientation.

These studies are usually conducted to validate formulated hypotheses and specified relationships.

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Exploratory vs Conclusive Research

EXPLORATORY RESEARCH y Loosely structured in design CONCLUSIVE RESEARCH y Well structured and systematic in design y Are flexible and investigative in y Have a formal and definitive methodology methodology that needs to be followed and tested y Most conclusive researches are carried y Do not involve testing of hypotheses out to test the formulated hypotheses y Findings are significant as they have a y Findings might be topic specific and theoretical or applied implication. might not have much relevance outside the researchers domain

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Conclusive research
y Descriptive research: The main goal of this type of research

is to describe the data and characteristics about what is being studied.

y Causal research: Explores the effect of one or more

variables on other variable(s), with reasonable level of certainty by controlling the impact of other influencing variables.

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The research process

Management Dilemma Basic vs Applied Defining the Research Problem Formulating the Research Hypothesis

Developing the Research Proposal

The Research Framework Research Design Data Collection Plan Sampling Plan

Instrument Design

Pilot Testing

Data Collection

Data Refining and Preparation

Data Analysis & Interpretation

Research Reporting

Management / Research Decision

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The research process

y The management decision problem y Defining the research problem y Formulation of the working hypotheses y Construction of the research proposal

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The research process

y Formulating the research design y Sampling considerations y Collecting the data for the study y Data analysis and interpretation of findings

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Research applications in marketing

y Market & consumer analysis y Product research y Pricing research y Promotional research y Place research

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Research applications in finance

y Asset pricing, capital markets and corporate finance y Financial derivatives and credit risk modeling research y Market-based accounting research y Auditing and accountability y Other areas: financial forecasting, behavioural finance, volatility

analysis

Research applications in human resources

y Training & development studies y Selection and staffing studies y Performance appraisaldesign and evaluation y Organization planning and development y Incentive and benefits studies

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y Emerging areascritical factor analysis, employer branding studies

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Research applications in production & operations management

y Operation planning and design y Demand forecasting and demand estimation y Process planning y Project management and maintenance effectiveness studies y Logistics and supply chain-design and evaluation y Quality estimations and assurance studies

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Criteria for research

y MUST have: a clearly stated research purpose/ objective y MUST have: a sequential plan of execution y MUST have: a logical and explicitly stated justification for the selected

methods
y MUST have: an unbiased and neutral method of conduct and reporting y MUST have: complete transparency and ethical conduction of the

research process
y MUST have: provision for being reliable & replicable

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