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CHAPTER-1

INTRODUCTION
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TO
BUSINESS RESEARCH

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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
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validating existing postulates or arriving at

new theories and models.

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Types of research
BUSINESS RESEARCH

BASIC RESEARCH APPLIED RESEARCH

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EXPLORATORY CONCLUSIVE RESEARCH

RESEARCH

DESCRIPTIVE RESEARCH CAUSAL RESEARCH

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Types of research

 Basic research : the basic premise is the need

to KNOW and the concern is primarily academic
in nature.
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 Applied research: Solution or action oriented

research, that is contextual and practical in
approach.

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Types of research

 Exploratory research is loosely structured and the

basic premise is to provide direction to subsequent,
more structured method of enquiry.
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 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 CONCLUSIVE RESEARCH
 Loosely structured in design  Well structured and systematic in
design
 Are flexible and investigative in  Have a formal and definitive
methodology methodology that needs to be followed
and tested
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 Do not involve testing of hypotheses  Most conclusive researches are carried

out to test the formulated hypotheses
 Findings might be topic specific and  Findings are significant as they have a
might not have much relevance outside theoretical or applied implication.
the researcher’s domain

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Conclusive research

 Descriptive research: The main goal of this type

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

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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
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Pilot Testing

Data Collection

Data Refining and Preparation

Data Analysis & Interpretation

Research Reporting

Management / Research Decision

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The research process

 The management decision problem

 Defining the research problem

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 Formulation of the working hypotheses

 Construction of the research proposal

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The research process

 Formulating the research design

 Sampling considerations
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 Collecting the data for the study

 Data analysis and interpretation of findings

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Research applications in marketing

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 Market & consumer analysis

 Product research

 Pricing research
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 Promotional research

 Place research

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Research applications in finance

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 Asset pricing, capital markets and corporate finance

 Financial derivatives and credit risk modeling research

 Market-based accounting research

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 Auditing and accountability

 Other areas: financial forecasting, behavioural finance,

volatility analysis

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Research applications in
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human resources
 Training & development studies

 Selection and staffing studies

 Performance appraisal–design and evaluation

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 Organization planning and development

 Incentive and benefits studies

 Emerging areas–critical factor analysis, employer

branding studies
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Research applications in
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production & operations management

 Operation planning and design

 Demand forecasting and demand estimation

 Process planning

 Project management and maintenance effectiveness

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studies
 Logistics and supply chain-design and evaluation

 Quality estimations and assurance studies

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Criteria for research

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 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
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and reporting
 MUST have: complete transparency and ethical conduction
of the research process
 MUST have: provision for being reliable & replicable

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END OF CHAPTER
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RESEARCH METHODOLOGY CONCEPTS AND CASES