Brm chp01
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This document provides an introduction to business research methods. It discusses the scope of business research, the differences between basic and applied research, and the role of research in business decision making. It also covers factors that affect research, the impact of globalization, and how the internet is used for both primary and secondary research. The key stages in the decision making process are identified as problem identification, selection, resolution, and implementation.
Brm chp01
- 1. Chapter -1 Introduction to Business Research Methods 1
- 2. Objectives • Scope of business research • Basic research and applied research • Role of business research in decision- making • Factors affecting business research • Globalization and business research • Business research and the internet 2
- 3. Introduction Business research can be defined as a systematic and objective process of gathering, recording, and analyzing data that provides information to guide business decisions. It is used either to understand the market trends, or find the optimal marketing mix, devise effective HR policies or find the best investment options. 3
- 4. Scope of business research • Business research is used to solve the various operational and planning problems that arise in a business organization. • The three major forms of business research are 1)Market research 2)Operations research 3)Motivational research 4
- 5. Basic research and Applied research • Business research studies can be classified into two categories. 1.Basic research 2.Applied research 5
- 6. Basic Research • Basic research refers to a focused, systematic study or investigation undertaken to discover new knowledge or interpretations and establish facts or principles in a particular field. Examples • Understanding the consumer buying process. • Examining the consumer learning process. 6
- 7. Applied research • This refers to investigation undertaken to discover the applications and uses of theories, knowledge, and principles in actual work or in solving problems. Examples • Evaluating the impact of a training program on employee performance • Examining consumer response to direct marketing programs. 7
- 8. Steps in the Decision-Making Process Problem/Opportunity Identification Problem/Opportunity Selection •Prioritize problems or opportunities •Select major problem/opportunities Problem/Opportunity Resolution •Develop alternative course of action •Choose the best course of action Implement the Course of Action 8
- 9. Role of Business Research in Decision-Making The business decision making process in an organization goes through these key interrelated stages. They are: • Problem/opportunity identification • Problem/opportunity prioritization and selection • Problem/opportunity resolution • Implementing the course of action 9
- 10. Factors Affecting Business Research Conducting business research also involves cost, time and effort. The major factors are: • Time constraint • Availability of resources • Availability of data • Nature of information sought • Benefits versus cost 10
- 11. Globalization and Business Research • Companies are increasingly looking out for international markets due to various compelling reasons. • Some of the issues that an organization needs to consider before venturing into international business research are: contd… 11
- 12. Contd…. • Global business research efforts need to be more closely associated with market growth opportunities outside the industrialized nations. • International business researchers need to devise new creative approaches to understand the international markets. • Researchers should make use of technological advances in order to undertake international business activities effectively. 12
- 13. Business Research and Internet • Use of the internet in business research studies is increasing. The declining costs of conducting online research activities coupled with increasing number of internet users, has made the internet a cost effective alternative to traditional research methods for business research organizations. The role of the internet in primary and secondary research is as follows: 13
- 14. Primary Research • Primary data is collected directly from respondents using data collection methods like survey interviews, questionnaires, measurements, direct observation, or tabulation. There are various advantages in conducting online surveys compared to traditional survey methods. These include: 14
- 15. • The responses and feedback can be obtained faster. • Costs for conducting online surveys are less compared to traditional survey methods. • Questionnaires can be delivered to the respondents faster. • Confidentiality is maintained as only the recipients read the questionnaire. • Respondents can reply to the questionnaire at their convenience. 15
- 16. Secondary Research Secondary data already exists which has been collected by some other person or organization for their use, and is generally made available to the other researchers free or at a concessional rate. Major use of the internet in business research is in the area of secondary research. The research reports and the data bases maintained by major research companies are also available on the net. 16
- 17. Thanks for your attention! 17