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Asian School of Business, Trivandrum 2007 1 Business Research The Problem!!

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Presentation on theme: "Asian School of Business, Trivandrum 2007 1 Business Research The Problem!!"— Presentation transcript:

1 Asian School of Business, Trivandrum Business Research The Problem!!

2 Asian School of Business, Trivandrum Principles of a good report Very objective and unbiased Provides a whole picture Easy to read and comprehend Refers a lot of reliable data. (You must always show the sources of data. ) E.g.. –It is estimated that EasyJet has losses of $3.3 billion 2 and so….. 2 Source:Businessworld Casebook 2003, pp20

3 Asian School of Business, Trivandrum Overview Problem Definition Steps Involved Components In Each Step

4 Asian School of Business, Trivandrum Problem Definition The most important step. Problem has to be correctly understood and properly defined. That’s the key. There is a specific approach to defining the problem.

5 Asian School of Business, Trivandrum Approach to Problem Definition 1.Background Study 2.Environmental Context 3.Specifying the Problem 4.Selecting an Approach Leads to Research Design

6 Asian School of Business, Trivandrum Background Study Discussion with decision makers –Problem audit: events, alternative courses. Interviews with experts –Choose experts well Secondary Data Analysis Qualitative Research –Exploratory using small samples, focus groups

7 Asian School of Business, Trivandrum Environmental Context P ast Information and Forecasts R esources and Constraints of Firm O bjectives of Decision Maker/Researcher B uyer Behavior-geog/demo/price/preference L egal Environment E conomic Environment M arketing and Technological Skills

8 Asian School of Business, Trivandrum Specifying the Problem Understand the management decision problem first-what action will be taken on the basis of the research report? Next, decide on the marketing research problem-what information is needed and how do I collect it?

9 Asian School of Business, Trivandrum Specifying the Problem MD problem Should a new product be introduced? Should we increase the price? MR Problem Find the customer preference & purchase intention for the new product. Find the price elasticity & impact of various price changes on sales/profits

10 Asian School of Business, Trivandrum Selecting an Approach The output of the approach development includes: a.Objective/Theoretical Framework b.Analytical Models c.Research Questions d.Hypothesis e.Specifying the information needed

11 Asian School of Business, Trivandrum A. Objective/ Theoretical Framework Research = Objective evidence + Theory Objective Evidence is compilation of secondary data (unbiased & based on experiments) Theory can be identified from academic literature-books, magazines. It may be incomplete

12 Asian School of Business, Trivandrum B. Analytical Models We can show how a system is actually a set of variables and their relationship using models. Eg. Falling in love could be due to two personal things-attraction and feeling need to be loved. It can be depicted as: Attraction Need to be loved Individual Factors

13 Asian School of Business, Trivandrum B. Analytical Models Upon further research we found that there are 2 external factors that influence love between people, they are: Circumstance and routine events. It can be depicted as: Individual Factor Attraction Need to be loved Routine Events Circumstance External Factors

14 Asian School of Business, Trivandrum B. Analytical Models So, our final model can be as follows: This is a graphical model. Can be verbal or mathematic Individual Factors Attraction Need to be loved Routine Events Circumstance External Factors Concept of Love

15 Asian School of Business, Trivandrum C. Research Questions Problems must be broken down into specific research questions Questions can be made using theoretical framework plus models It can be further refined to hypothesis

16 Asian School of Business, Trivandrum D. Hypothesis Its an unproven statement about a factor that the researcher is interested in. It is usually the possible answer to a research question Example Question Q1: Does society play a role in people falling in love? Hypothesis H1: Social factors operate when two people fall in love. (We have to prove/disprove it with data)

17 Asian School of Business, Trivandrum E. Specifying Needed Information Focus on all components of the problem, the framework, models, questions, hypothesis and specify the final information needed. Personal Factors –Need to be loved –Attraction External Factors –Circumstance –Routine Events –Social Factors (?)

18 Asian School of Business, Trivandrum E. Specifying Needed Information The final questionnaire should contain questions on all to check with couples: How to do you rate its importance? Personal Factors –Need to be loved –Attraction External Factors –Circumstance –Routine Events –Social Factors-Do you think it is important? Yes/No –If yes,

19 Asian School of Business, Trivandrum Final Model So, our final model could be as follows: Individual Factors Attraction Need to be loved External Factors Concept of Love Routine Events Circumstance Social Factors

20 Asian School of Business, Trivandrum To Sum Up Conducted Background Study Checked the Environmental Context Specified the Problem Selected an Approach a.Objective/Theoretical Framework b.Analytical Models c.Research Questions d.Hypothesis e.Specifying the information needed Finally Leads to Research Design

21 Asian School of Business, Trivandrum Business Research Design: The Nuts and Bolts!!

22 Asian School of Business, Trivandrum Overview Definition Components of RD Types Error

23 Asian School of Business, Trivandrum Definition Research Design is a framework or blueprint for conducting the research We’ve already specified the approach, RD specifies the details-the nuts and bolts!!

24 Asian School of Business, Trivandrum Components of RD 1.Define the information needed 2.Do the design-exploratory?? causal?? 3.Specify the measurement and scale 4.Construct and pretest a questionnaire 5.Specify the sampling process and size 6.Develop a plan for data analysis

25 Asian School of Business, Trivandrum Types of Design Two types: Exploratory/Conclusive Exploratory: to provide insights Conclusive: specific and structured –Descriptive: describe groups, estimate percentages, make predictions –Causal: understand cause (independent) and effect (dependent)

26 Asian School of Business, Trivandrum Descriptive Design Mostly used in marketing and business Six Ws –Who: Who should we contact? –What: What information should be got? –When: When should we get it? –Where: Where to make the contact? –Why: Why are we getting this info? –Way: In what way are we going to get it?

27 Asian School of Business, Trivandrum Types of Descriptive Design Methods used: –Secondary Data –Surveys/Interviews –Panels –Observation Cross Sectional: one sample only once Cohort: same group at intervals Longitudinal: same sample at intervals

28 Asian School of Business, Trivandrum Sources of Error Random Sampling Error –Sample is not representative Non-sampling Error –Response Error Researcher’s: frame/measurement/popln defn Interviewer’s: respondent selection/cheating Respondent’s: inability/unwillingness –Non Response Error

29 Asian School of Business, Trivandrum Budgets and Schedules Research should be completed –within time –at specified budget –using available manpower Very important, not negotiable CPM- divide the research into components, estimate time and find the parts that will cause delay.

30 Asian School of Business, Trivandrum Ethical Aspects Respect all the rights of those who respond –hidden video/audio tape Do not bluff- e.g longitudinal takes time, you cant do it in one day Respondents have right to safety, right to privacy, right to chose

31 Asian School of Business, Trivandrum Marketing Research Proposal Format –Executive Summary: overview –Background: including envt. –Problem Definition/objectives –Approach: theory/model/hypothesis –Design –Field Work/Data Collection –Data Analysis –Report and presentation –Cost and Time –Appendices

32 Asian School of Business, Trivandrum Business Research Using mind maps

33 Asian School of Business, Trivandrum Mind Maps What is a mind map How to map your mind Uses of mind maps

34 Asian School of Business, Trivandrum What is a mind map? A diagram used to represent words, ideas, tasks or other items linked to and arranged radially around a central key word or idea. The elements are arranged intuitively according to the importance of the concepts and they are organized into groupings, branches, or areas.

35 Asian School of Business, Trivandrum What is a mind map?

36 Asian School of Business, Trivandrum Why mind map? Human brain is very different from a computer A computer works in a linear fashion The brain works associatively as well as linearly - comparing, integrating and synthesizing

37 Asian School of Business, Trivandrum How to mind map? Start in the center with an image of the topic, using at least 3 colors. Use images, symbols, codes, and dimensions Select key words and write using upper or lower case letters. Each word/image must be alone and sitting on its own line.

38 Asian School of Business, Trivandrum

39 Asian School of Business, Trivandrum How to mind map? The lines must be connected, starting from the central image. The central lines are thicker, organic and flowing, becoming thinner as they radiate out from the centre. Use colors – your own code and develop your own personal style of Mind Mapping.

40 Asian School of Business, Trivandrum Six Thinking Hats White Hat: facts, figures, information needs and gaps. –“Let's drop the arguments and proposals, and look at the data base.” Red Hat: intuition, feelings and emotions. –Allows the thinker to put forward an intuition without any need to justify it. "Putting on my red hat, I think this is a terrible proposal." Black Hat: judgment and caution-the negative hat. –Used to point out why a suggestion does not fit the facts or available experience. Always logical.

41 Asian School of Business, Trivandrum Six Thinking Hats Yellow Hat : logical positive. Why something will work and why it will offer benefits. –Used in looking forward to the results/value of some action Green Hat: creativity, alternatives, proposals, what is interesting, provocations and changes. Blue Hat : overview or process control hat. –It looks not at the subject itself but at the 'thinking' about the subject.

42 Asian School of Business, Trivandrum Uses of mind maps Can be used in personal, family, educational, and business situations Note taking, brainstorming - ideas are inserted into the map radially around the center node, without prioritisation, grouping and organising is reserved for later stages Summarising, revising and general clarifying of thoughts Sorting out a complicated idea.

43 Asian School of Business, Trivandrum End of Session


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