Business Research Methods

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Business Research Methods

BRM - Assessment
Assessment will be a continual activity. C1: 1-10th session C2: 11-20th session C3: 21-30th session Mode of assessment Quiz (oral / written) Assignments Case Study
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BRM - Assessment
Students will be selected (random / nonrandom method) for quiz / case discussion on daily basis. A student selected in random draw, if absent, will get zero. Average of all scores of a student within 1-10th session will be reported as C1 score. C2, C3 also will be done in similar way.

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BRM - Assessment
A student not getting selected even once up to 8th session will be allotted an assignment to be completed by 10th session (for C1). Similar method will be followed for C2 and C3.

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BRM - Assessment
Come in time. Dont knock the door if it is closed. Penalty (for C1 / C2 / C3) 1 marks will be deducted (each time) if a student is found to help another student during assessment quiz / case discussion. 1 marks will be deducted (each time) if a student comes late and knocks the door.

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Business Research Methods

Introduction

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Business Research
Business Research may be defined as Systematic & Objective Process of Gathering, Recording and Analyzing data for aid in making business decisions. Systematicness and Objectivity are distinguishing features of Business Research. It involves planning, collection of information, analysis and interpretation of results to answer the required question.
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Management Dilemma
Usually a Business Research Process is triggered by some concern of the management. Management gets interested in exploring a problem situation. Management thinks it is worth exploring. However, not all problem / concerns are candidates for Business Research.

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When is Business Research Used?

Business research methods are used in situations of uncertainty When decision makers face two or more possible action and want to select the best alternative. Hence objective of Business Research is to improve the quality of decision-making, which, in turn, benefits the organization and helps ensure its efficiency.
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When is Business Research Used?

Total Certainty

Decision-Making Situation

Total Uncertainty

Value of Research

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When Should Business Research be Undertaken

Is sufficient time available? Yes Is information inadequate? Yes High importance of decision? Yes Research benefits greater than costs? Yes Undertake Business Research

NO

Do not undertake Business Research

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Examples
A firm wants to produce a new product but first wants to ascertain if there is a potential demand for the product. A multinational firm wants to establish a production facility in another country after determining its technical and economic feasibility. A company wants to ascertain the satisfaction level of its employees, the causes for any possible discontent, and take corrective action.

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Common Business Research Tools

Surveys Interviews Observation Experiments Analysis Qualitative Quantitative

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Relevance & Significance

Stay competitive / Business Growth. Identify customer requirements. Evaluate performance. Identify factors influencing product / people. Identify causes for an effect. Identify new opportunities.
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performance

of

Types of Research
Exploratory / Formulative. Descriptive. Causal / Explanatory.

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Exploratory Research
Exploratory research is an initial research, done to gain better understanding of a problem. Undertaken with the aim of clarifying narrowing down the problem. /

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Exploratory Research
The purpose is to get more information. Determining a specific action is not a purpose of exploratory research. As Exploratory study is done at the initial stage, usually secondary data are used.

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Exploratory Research
Gathering information Literature Study, search from internet Information from experts Focus group interview Pilot studies
Secondary data

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Primary & Secondary data

Primary data Primary data are those that are generated specifically for a work.

A soap manufacturer wants to find out which brand of soaps are used by households in a city.

Secondary data These are data already available, generated for some other purpose.

Use census data to find out purchasing power of households in a city.

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Primary data
Advantage Disadvantage
It allows us to decide method Requires lot of time, effort of data collection that is best and money. suited to answer the specific Fast decision can not be issues. taken. Have full control on collecting Analysis from raw data unbiased data. takes longer time.

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Secondary data
Advantage Disadvantage
It is economical, It saves It often does not fit the efforts, time and money. requirement. You may get only a few required items It helps understand the after a long search. problem better. Definition of units, sample, It helps identify what time period may be totally additional data need to be different. collected as primary data. Accuracy of secondary data It provides a basis for is unknown. comparison of the past work.

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Literature Review
A literature review aims to review the critical points of current knowledge, findings and contributions to a topic of interest. Literature reviews are secondary sources.

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Pilot Study
Pilot study is done prior to a full scale study. It is done with a smaller segment of the population. Pilot study helps in designing the actual study in a better way and avoid possible difficulties.

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Focus group interview

Focus group is a group of people (<10) who are chosen (based on some criteria) to gather information. Multiple participants are interviewed together by a facilitator. Focus groups are often used to produce exploratory data - determine key issues, ideas, concerns on topic.

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Focus group interview

Developed in the 1940s by marketing researchers for getting information on consumers feelings about products. Since 1970s, focus groups are used across different disciplines. Can be useful in learning about experiences of marginalized groups. Provides forum for expression of interest.

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Focus group interview

In focus groups interview it is possible to examine participants perceptions (standpoints), motives (strategies), and experiences (stories).

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Descriptive Research
Descriptive research (also
called statistical research) describes data and characteristics about the population or phenomenon being studied. Choice of cell phone features in different age group. Descriptive research answers specific research questions.

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Causal Research
Undertaken with the aim of identifying cause and effect relationships amongst variables. Normally preceeded by exploratory descriptive research studies. and

Often difficult because of the influence of many factors present and requires higher order statistical tools (Discriminant analysis / Factor
analysis / Cluster analysis etc).

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Ethics in Research
Researcher

Subjects / Respondants

Clients / Sponsor

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Ethical Behaviour
Subjects If agreed to participate in a research study, give true information. State any constraints or limitations in advance. Cooperate with the researcher throughout the course of the study.

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Ethical Behaviour
Researcher Do not conceal purpose of the research. Maintain objectivity, courtesy and high professional standards. No alteration of data for any purposes. Protect confidentiality of the research subjects and research sponsors. No faulty conclusions.
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Ethical Behaviour
Sponsor / Client Avoid manipulating and influencing the researcher. The conclusions drawn from research work should be consistent with the data and not influenced by any other factors. Observe the confidentiality of the research subjects and researcher.

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