INTRODUCTION TO BUSINESS RESEARCH 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.
Types of research
Types of research Basic research : the basic premise is the need to KNOW and the concern is primarily academic in nature. Applied research: Solution or action oriented research, that is contextual and practical in approach.
Types of research Exploratory research is loosely structured and the basic premise is to provide direction to subsequent, more structured method of enquiry. Conclusive research is structured and definite in orientation. These studies are usually conducted to validate formulated hypotheses and specified relationships.
Exploratory vs. Conclusive Research
Conclusive research Descriptive research: The main goal of this type of research is to describe the data and characteristics about what is being studied. 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.
The research process The management decision problem Defining the research problem Formulation of the working hypotheses Construction of the research proposal
The research process Formulating the research design Sampling considerations Collecting the data for the study Data analysis and interpretation of findings
Research applications in marketing Market & consumer analysis Product research Pricing research Promotional research Place research
Research applications in finance Asset pricing, capital markets and corporate finance Financial derivatives and credit risk modeling research Market-based accounting research Auditing and accountability Other areas: financial forecasting, behavioural finance, volatility analysis
Research applications in human resources Training & development studies Selection and staffing studies Performance appraisal–design and evaluation Organization planning and development Incentive and benefits studies Emerging areas–critical factor analysis, employer branding studies
Research applications in production & operations management Operation planning and design Demand forecasting and demand estimation Process planning Project management and maintenance effectiveness studies Logistics and supply chain-design and evaluation Quality estimations and assurance studies
CHARACTERSTICS OF GOOD RESEARCH MUST have: a clearly stated research purpose/ objective MUST have: a sequential plan of execution MUST have: a logical and explicitly stated justification for the selected methods MUST have: an unbiased and neutral method of conduct and reporting MUST have: complete transparency and ethical conduction of the research process MUST have: provision for being reliable & replicable