UNIT 1 Business Research Method by Dr. Rashmi Maini-1.pptx
- 1. Course Objectives: 1. Understand the concept / fundamentals of research and their types. 2. Understand the practical application of various research techniques. 3. Understand the importance of scaling & measurement techniques and sampling techniques 4. Understand the importance of coding, editing, tabulation and analysis in doing research. 5. Understanding and applying the concept of statistical analysis which includes various parametric test and non-parametric test and ANOVA technique and understand technique of report writing.
- 2. Pedagogy: Pedagogy includes the Power-point presentations with essential and pertinent inputs from recent developments taking place in the area of Business Research Methods. Discussions, Case Studies and Presentations by students are part of the teaching-learning process. At the end of every unit, quiz will be conducted.
- 3. Textbooks and Books for reference • 1. Research Methodology, Deepak Chawla, Neena Sondhi, Vikas Publication 1e, 2014 • 2. Business Research Methods, Naval Bajpai, Pearson Education 2e, 2019 • 3. research methodology by C. R Kothari, New Age International Publishers, 2e, 2004
- 4. Unit 1 Learning Outcomes • Understand the meaning & importance of research and also fundamentals for different types of research. • Understand latest trends in business research. • Know the concept of scientific research. • Study about the process of research and its application in business. • Understand research proposal and its elements. • Understand how to draft research proposal.
- 5. Session 1 Learning objectives: To understand about the concept of Research: – Definition, Meaning, Importance and its types. To understand the criteria of a good Research and its application applications in functional areas of Business.
- 7. Business Research • The systematic and objective identification, collection, analysis, dissemination and use of information or business data for the purpose of assisting management decision making. • It provides help in identifying and giving solution to the business problems. • Systematic, scientific method, objective(free from biases), • Find it tell it like it is…. No preconceived notions/ findings
- 8. Meaning, importance and types of research • Research is a tool that is building block and a sustaining pillar of every discipline. Scientific or otherwise-that one knows of. • Scientific research is a systematic, controlled and critical investigation of propositions about various phenomena.
- 9. Steps involved in business research • (a) clear identification of broad area in which the problem lies, • (b) precise formulation, and hence, conceptualization of the specific problem requiring solution, (c) collection of information or data, having a bearing upon the problem, • (d) analyses of data, • (e) identification of all the possible solutions, • (f) selection of the best from amongst all possible solutions, • (g) formulation of the strategy to be adopted, and • (h) implementation of the chosen strategy.
- 10. OBJECTIVES OF RESEARCH • To gain familiarity with a phenomenon or to achieve new insights into it. (exploratory research studies) • To portray accurately the characteristics of a particular individual, situation, or a group. (descriptive studies) • To determine the frequency with which something occurs or the frequency with which it is associated with something else. (diagnostic research studies) • To test a hypothesis • To forecast or predict
- 11. • Information/Data Gaps • Gap-Filling As the Objective of Research • Nature and Types of Gaps in Knowledge • Alternative Approaches to Research • Gaps In Theory • Divergence Between Facts And Theory • Policy Gaps • Methodological Gaps • Pre-Testing • Forecasting
- 12. Some examples of real- life situation where research can be useful: • A firm wants to produce and market a new product but first wants to ascertain if there is a potential consumer demand for this product in markets x,y and z. • A multinational firm wants to establish a production facility in another country after determining its technical and economic feasibility. • A government agency wants to ascertain the satisfaction level of its employees, the causes for any possible discontent, and propose a scheme for enhancing this level. • A financial institution wants to invest in commodities and commissions a study to determine the past trends and forecast future returns in a portfolio of commodities. • The CEO of a firm wants to undertake a SWOT-Analysis as part of his plan to redefine his organization’s priorities .
- 13. Significance (Importance) of Research: • Research promotes development of logical habits of thinking • Research provides basis for nearly all government policies • Research is required to have a precise image of social and economic structure • Research Solves various problems related to business and industry • Research helps in studying social relationships and solving social problems • To Gather Necessary Information
- 14. Criteria of a good research • Good Research is systematic • Good Research is logical • Good Research is Empirical • Good research is replicable
- 15. Types of Research • Basic research: The context is vast and time period is flexible & applicable to the entire business community. • Applied research: The study has limited relevance and be able to generate knowledge specific to the problem situation. This would be of practical knowledge to the specific organization.
- 16. • Exploratory Research Loosely structured in design, flexible and investigative in methodology, may not involve testing of hypotheses, findings might be topic specific might not have much relevance outside the researchers’ domain. • Conclusive Research Well structured in design, have a formal and definitive methodology, that needs to be followed and tested, carried out to test the formulated hypotheses and findings are significant as they have theoretical and applied implication.
- 17. • Descriptive Research It is undertaken to describe the situation, community, phenomena, outcome or programme. Here the objective is to describe the data, characteristics about what is being studied. It is contemporary, topical and time bound. The findings of such study are largely of a diagnostic in nature ie, the studies indicate the existing symptoms of a particular situation without establishing the causality of the relationship. • Causal Research This is concerned with exploring the effect of one variable on another. It requires a rigid sequential approach to sampling, data collection and data analysis. To establish a reliable and testable relationship between two or more constructs or variables, the other influencing variable must be controlled so that their impact on the can be eliminated or minimized. (impact of flexi hours on employee turnover, age, marital status, OC need to controlled)
- 18. Cross-sectional Designs • Involve the collection of information from any given sample of population elements only once. • In single cross-sectional designs, there is only one sample of respondents and information is obtained from this sample only once. • In multiple cross-sectional designs, there are two or more samples of respondents, and information from each sample is obtained only once. Often, information from different samples is obtained at different times. • Cohort analysis consists of a series of surveys conducted at appropriate time intervals, where the cohort serves as the basic unit of analysis. A cohort is a group of respondents who experience the same event within the same time interval.
- 20. Research application in functional areas of business “Marketing”: • Product identification • Demand supply analysis • Market segmentation • Packaging • Pricing • Planning for sales force • Buying behaviour
- 21. “Production” Forecasting Capacity Planning Plant location Inventory control Materials requirement planning.
- 22. “Personnel” Human Resource Planning Performance Appraisal system Conflict management system Leadership Styles Training Methods Change Management
- 23. • “Finance” • Break- even analysis • Capital budgeting • Ration analysis • Portfolio management • Balance of payments
- 24. References : Text Book 1. Research Methodology, Deepak Chawla, Neena Sondhi, Vikas Publication 1e, 2014 2. Business Research Methods, Naval Bajpai, Pearson Education 2e, 2019 Reference Book Marketing research, Naresh malhotra and Satyabhushan Dash, Pearson publication, 201 7e, 2015
- 25. Session 2 Learning objectives: To reveal the emerging trends in business research methods
- 26. Emerging trends in research • Social media analytics • Text analytics • Mobile ethnography • Research gamification • Crowdsourcing
- 27. Social media analytics • Social media analytics assesses the effectiveness of a post. A few examples of what social media analytics can tell users is the number of likes and shares, impressions (i.e. the amount of people the post was shown to), and link clicks. • What are people saying? Do they like it? What needs to be fixed? Is the discussion positive or negative? Social sentiment platforms track for big brands.
- 28. Text analysis • Researchers use text analytics when analyzing open-ended questions or text from respondents. Text analytics can refer to word clouds, which makes words used more frequently larger, but more in-depth text analytics refers to automated categorization of text. Some platforms are more advanced than others.
- 29. Mobile ethnography • Mobile ethnography, a new emerging research methodology, breaks down the barriers between the researcher and participant. For these types of studies, a researcher observes the actions of a participant over a period of time using their mobile device. Results from these studies can be used to answer questions of consumers' motivation, attitude, belief, and values. • The process can involve various tasks for the participant such as completing a daily online journal or recording video to answer in-depth questions.
- 30. Sensory testing • It refers the research of taste, sound, smell, feel, design/look, etc. This type of research is most commonly used in the development stage of a product. • A hot cocoa company decides to create a new low calorie hot cocoa, but wants it taste as close to the original product as possible. Sensory testing would create a controlled environment for several taste testers who provide feedback on each of the new recipes so the company can proceed with the best choice.
- 31. Research Gamification • Research gamification is a new emerging research methodology, and it's also a pretty simple one. It refers to the process of making survey questions "gamified". A really simple example of this could be a matching game where respondents are asked to drag words from a word bank and match them to various brands. The results from research gamification can lead to a higher survey complete rate and more engaged respondents. • "If you were the person hired to market this new product and you had a million dollar bonus if the product was successful, how would you market this new product?"
- 32. Crowd sourcing • In simple terms, crowdsourcing means a group of people are asked to provide feedback. The idea is that there is a large, relatively open group of people who are willing to answer questions, but the key is to ask the right questions to meet your objective. • An example could be a cookie company releasing several new flavors and asking consumers to buy, try, and rate online which flavor they like best. A side benefit to research like this is driving customers to the brand's website or social media pages which further engages customers.
- 33. References : Text Book 1. Research Methodology, Deepak Chawla, Neena Sondhi, Vikas Publication 1e, 2014 2. Business Research Methods, Naval Bajpai, Pearson Education 2e, 2019 Reference Book Marketing research, Naresh malhotra and Satyabhushan Dash, Pearson publication, 201 7e, 2015
- 34. Session 3 Learning objectives: To explain the concept ‘Scientific Method’ and Characteristics of scientific method
- 35. Research & the Scientific Method
- 36. Direct observation Clearly defined variables Clearly defined methods Empirically testable Elimination of alternatives Statistical justification Self-correcting process
- 37. References : Text Book 1. Research Methodology, Deepak Chawla, Neena Sondhi, Vikas Publication 1e, 2014 2. Business Research Methods, Naval Bajpai, Pearson Education 2e, 2019 Reference Book Marketing research, Naresh malhotra and Satyabhushan Dash, Pearson publication, 201 7e, 2015
- 38. Session 4 Learning objectives: Steps in Research Process Concept of Scientific Enquiry: – Formulation of Research Problem Management Question research Question Investigation Question
- 39. 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
- 40. Steps in research process Step 1 : Problem Definition Step 2 : Development of an Approach to the Problem Step 3 : Research Design Formulation Step 4 : Fieldwork or Data Collection Step 5 : Data Preparation and Analysis Step 6 : Report Preparation and Presentation
- 41. Formulation of research problem • Management question • Research question • Investigation question
- 42. Management Decision Problem Vs. Business Research Problem Management Decision Problem Business 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 elasticity brand be increased? of demand and the impact on sales and profits of various levels of price changes.
- 43. 43 Question for Discussion • Discuss the management decision problem for which following research problem might be useful • Determine the number of tenants and their annual income in a particular region • Evaluate the effectiveness of commercial in a Mall
- 44. References : Text Book 1. Research Methodology, Deepak Chawla, Neena Sondhi, Vikas Publication 1e, 2014 2. Business Research Methods, Naval Bajpai, Pearson Education 2e, 2019 Reference Book Marketing research, Naresh malhotra and Satyabhushan Dash, Pearson publication, 201 7e, 2015
- 45. Session 5 and 6 Learning objectives: To study the process of designing research proposal. To explain the steps of drafting a proposal. To evaluate the research proposal.
- 47. Research proposal and its elements • Type of research • Purpose of research • Time frame • Scope • Data collection design and Sampling design • Research instrument • Data collection process • Analysis/ • Research Report writing • Decision making
- 48. Evaluation of a research proposal • Feasible or not???? • Cost and benefit analysis • Data availability • Resource availability • Trained researchers
- 49. Session 7 Quiz and Tutorial conducted for unit 1
- 50. Session 9 Learning objectives: MANAGING WORK LIFE BALANCE (Pg 634. Of Chawla and Sondhi (Vikas publication)
- 51. Session 10 Learning objectives: CLASS TEST of unit 1 THREE QUESTIONS FROM TUTORIAL. Q1. Define research and its types. Q2. Explain different types of research and its application. Q3. Define the application of research problems in Human Resource management.
- 52. References : Text Book 1. Research Methodology, Deepak Chawla, Neena Sondhi, Vikas Publication 1e, 2014 2. Business Research Methods, Naval Bajpai, Pearson Education 2e, 2019 Reference Book Marketing research, Naresh malhotra and Satyabhushan Dash, Pearson publication, 201 7e, 2015