RESEARCH METHODOLGY IN BUSINESS

1. RESEARCH METHODOLGY IN BUSINESS

2. INTRODUCTION What is Business Research? It is a systematic inquiry that provides information to guide managerial decisions. It is a process of planning, acquiring, analyzing and disseminating relevant data and information and insights to decision makers in ways that mobilize the organization to take appropriate actions that, in turn, maximize business performance.

3. INTRODUCTION • Planning Drives Business Research • Goals: Decision on goals • Decision Support System: Need to complete one or many exchanges (numerous elements of data, organized for retrieval) • Business Intelligence System: is designed to provide the manager with ongoing information about events & trends. • Strategy: the general approach an organization will follow to achieve its goal. • Tactics: Specific timed activities that execute a strategy.

4. INTRODUCTION • Purpose of Business Research • To identify and define opportunities and problems. • To define, monitor, and refine strategies • To define, monitor, and refine tactics

5. TYPES OF RESEARCHERS • Custom Designed Research/Full-service research: Crafts a research design unique to the decision maker’s dilemma. • Proprietary Methodology Researchers: A research program owned by a single firm. It may be a slight twist on an established methodology or may be developed by that firm. • Specialty Research Firms: represent the largest number of research firms and tend to dominate the small research firms operated by a single researcher or very small staff. These firms may establish a specialty in one or several arenas: • Process • Industry • Participant group • Geographic Region

6. TYPES OF RESEARCHERS • Syndicated Data Providers: Tracks the change of one or more measures over time, usually in a given industry. • Omnibus Researchers: An omnibus researcher fields research studies, often by survey, at regular, predetermined intervals. An omnibus study combines one or a few questions from several decision makers who need information from the same population.

7. Prefatory Items Introduction Methodology Findings Conclusions Bibliography Research Report Components

8. Letter of Transmittal Title Page Authorization Letter Executive Summary Table of Contents Prefatory Items

9. Problem Statement Research Objectives Background Introduction

10. Sampling Design Research Design Data Collection Data Analysis Methodology

11. RESEARCH DESIGN

12. Define the problem Define the research objective Choose data sources Choose research methods Construct sample Set budget and deadlines Undertake research Analysis and evaluation THE RESEARCH PROCESS

13. RESEARCH DESIGN CONCLUSIVE RESEARCH DESIGN EXPLORATORY RESEARCH DESIGN DESCRIPTIVE RESEARCH CAUSAL RESEARCH CROSS-SECTIONAL DESIGN LONGITUDINAL DESIGN SINGLE CROSS-SECTIONAL DESIGN MULTIPLE CROSS-SECTIONAL DESIGN THE RESEARCH DESIGN

14. EXPLORATORY RESEARCH • OBJECTIVE: DISCOVER IDEAS & INSIGHTS • CHARACTERISTICS: FLEXIBLE, VERSATILE • METHODS: • EXPERT SURVEYS • PILOT SURVEYS • SECONDARY DATA (Qualitatively analyzed) • QUALITATIVE RESEARCH

15. SECONDARY DATA (Qualitatively analyzed • PRIMARY DATA: Data originated by a researcher for the specific purpose of addressing the research problem. • Included among primary sources are interviews, speeches etc • SECONDARY DATA: Data collected for some purpose other than the problem at hand. • Included among secondary data are reports available in the libraries/ internet, magazines, newspapers etc.

16. Easily Accessible Relatively Inexpensive Quickly Obtained Better define the problem Formulate an appropriate research design ADVANTAGES OF SECONDARY DATA

17. Usefulness to the current problem may be limited Irrelevant Inaccurate DISADVANTAGES OF SECONDARY DATA

18. Internal Data: Ready to Use Requires further processing External Data: Published Materials Computerized Database Syndicated Services Classification of Secondary data

19. Qualitative Research Procedures Direct Indirect Projective Techniques Focus Group Depth Interviews Association Techniques Completion Techniques Expressive Techniques Construction Techniques

20. Unstructured Free Flowing Group Interview Start with Broad Topic and focus in on Specific issues FOCUS GROUP INTERVIEWS

21. Number varies between 6 – 12 people Relatively Homogeneous Individuals preferably should not know each other Moderators Develops Rapport - Makes People Relax Interacts Listens to What People Have to Say Everyone Gets a Chance to Speak SELECTING SAMPLE FOR FOCUS GROUP

22. Advantages: Economical Quicker Results in New Ideas usually Disadvantages: Moderators need to be well trained Results may be influenced by the moderators Dominant personalities may take over group

23. Characteristics: Unstructured Direct Personal Interview Techniques: Laddering Hidden Issues Symbolic Analysis DEPTH INTERVIEWS

24. Advantages: Brings out Information clearly Flexibility Disadvantages: Interviewer Bias Longer Time Involved Costs Involved Difficulty in Interpretation

25. Characteristics:Unstructured Indirect form of Questioning PROJECTIVE TECHNIQUES

26. Exploratory ResearchConclusive Research (Unaware of Problem) (Aware of Problem) DEGREE OF PROBLEM DEFINITION

27. Vague Problem Exploratory Research Hypothesis Conclusive Research Decision

28. OBJECTIVE: EVALUATING ANS SELECTING BEST COURSE OF ACTION CHARACTERISTICS: FORMAL AND STRUCTURED INFORMATION NEEDED IS CLEARLY DEFINED SAMPLE IS LARGE CONCLUSIVE RESEARCH

29. DESCRIPTIVE RESEARCH • OBJECTIVE: DESCRIBE MARKET CHARACTERISTICS OR FUNCTIONS • CHARACTERISTICS: PREPLANNED & STRUCTURED DESIGNS • LARGE SAMPLE SIZE • METHODS: • SURVEYS • OBSERVATIONAL

30. Telephonic Interviewing Personal Interviewing Mail Interviewing Electronic Interviewing SURVEY METHODS

31. Structured & Unstructured Observation Disguised & Undisguised Observation Natural & Contrived Observation OBSERVATION METHODS

32. INCLUDES: SINGLE CROSS – SECTIONAL DESIGN MULTIPLE CROSS – SECTIONAL DESIGN CROSS – SECTIONAL DESIGN

33. FIXED SAMPLE OF POPULATION ELEMENTSMEASURED REPEATEDLY ON THE SAME VARIABLES LONGITUDINAL DESIGN

34. OBJECTIVE:TO OBTAIN EVIDENCE REGARDING CAUSE - EFFECT RELATIONSHIP CHARACTERSTICS: PLANNED & STRUCTURED DESIGN CAUSAL RESEARCH

35. ATTITUDE MEASUREMENT

36. Nominal Scale Ordinal Scale Interval Scale Ratio Scale PRIMARY SCALES OF MEASUREMENT

37. THE GENERATION OF A CONTINUM UPON WHICH MEASURED OBJECTS ARE LOCATED SCALING

38. SCALING TECHNIQUES NON – COMPARATIVE SCALES COMPARATIVE SCALE CONTINOUS RATING SCALE ITEMIZED RATING SCALE PAIRED COMPARISON CONSTANT SUM LIKERT RANK ORDER Q - SORT SEMANTIC DIFFERENTIAL STAPEL

39. SAMPLING TECHNIQUES

40. A SUBGROUP OF THE ELEMENT OF THE POPULATION SECLECTED FOR PARTICIPATION IN THE STUDY SAMPLE

41. SAMPLING TECHNIQUES NON - PROBABILITY PROBABILITY SIMPLE RANDOM SAMPLING STRATIFIED SAMPLING CONVENIENCE SAMPLING QUOTA SAMPLING JUDGMENTAL SAMPLING SYSTEMATIC SAMPLING SYSTEMATIC SAMPLING SNOWBALL SAMPLING CLUSTER SAMPLING

42. Define Target Population Determine Sampling Frame Select a Sampling Techniques Determine Sample Size Execute the Sampling Process SAMPLING DESIGN PROCESS

43. QUESTIONNAIRE CONSTRUCTION AND DATA COLLECTION

44. Specify the information needed Specify the type of interviewing method Determine the content of individual questions Design the questions to overcome the respondents inability & unwilling to answer Design on question structure Determine the question wording Arrange the question in proper order Identify the form & layout Reproduce the Questionnaire Eliminate bugs by pretesting QUESTIONNAIRE DESIGN PROCESS

45. Is the Question necessary Are Several Questions needed instead of one Determine the Content of Individual Questions

46. Is the Respondent Informed Can the Respondent Remember Overcoming Inability to Answer

47. Effort Required of the Respondents Sensitive Issues Legitimate Purpose Overcoming Unwillingness to Answer

48. Unstructured Questions Structured Questions Choosing Question Structure

49. Define the Issue Use Ordinary Words Use Unambiguous Words Choosing Question Wording