Chapter-1.pdf
- 1. CHAPTER-1 INTRODUCTION SOURCE: TEXT BOOK: ZIKMUND, W.G., BABIN,B.J., CARR,J.C., GRIFFIN,M., (2021) ,BUSINESS RESEARCH METHODS, 9TH EDITION, CENGAGE LEARNING
- 3. 1–3 BUSINESS RESEARCH Business research is the application of the scientific method in searching for the truth about business phenomena. The process includes: • idea and theory development • problem definition • searching for and collecting information • analyzing data • communicating the findings and their implications
- 4. For effective decision making To understand frequently changing business environment To explore new markets and opportunities To explore the concepts To identify problem areas in the existing framework ,to investigate causes and based on that to generate solutions to the identified problems WHY IS RESEARCH NEEDED/IMPORTANCE
- 5. The purpose of research is to discover answers to questions through the application of scientific procedures. Research objectives The goals to be achieved by conducting research OBJECTIVE OF RESEARCH
- 6. TYPES OF RESEARCH BUSINESS RESEARCH CONCLUSIVE RESEARCH DESCRIPTIVE RESEARCH APPLIED RESEARCH BASIC RESEARCH EXPLORATORY RESEARCH CAUSAL RESEARCH
- 7. 1–7 APPLIED AND BASIC BUSINESS RESEARCH Applied business research conducted to address a specific business decision for a specific firm or organization. Example: Should McDonald’s add Italian pasta dinners to its menu? Which health insurance plan should a business provide for its employees?
- 8. 1–8 APPLIED AND BASIC BUSINESS RESEARCH Basic business research (also called pure research) • conducted without a specific decision in mind that usually does not address the needs of a specific organization. Attempts to expand the limits of knowledge in general. Not aimed at solving a pragmatic problem. • Example: Do consumers experience cognitive dissonance in low-involvement situations? Does employee tenure with a company influence productivity?
- 9. 4–9 STAGES IN THE RESEARCH PROCESS Process stages: 1. Defining the research objectives 2. Planning a research design 3. Planning a sample 4. Collecting the data 5. Analyzing the data 6. Formulating the conclusions and preparing the report
- 10. ©2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible web site, in whole or in part. EXHIBIT 4.5 STAGES OF THE RESEARCH PROCESS 4–10
- 11. ©2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible web site, in whole or in part. EXHIBIT 4.6 FLOWCHART OF THE BUSINESS RESEARCH PROCESS 4–11
- 12. 1–12 MANAGERIAL VALUE OF BUSINESS RESEARCH The decision-making process associated with the development and implementation of a business strategy involves four interrelated stages: 1. Identifying problems and opportunities 2. Diagnosing and assessing problems or opportunities 3. Selecting and implementing a course of action 4. Evaluating the course of action
- 13. RESEARCH APPLICATIONS IN MARKETING Market & consumer analysis Product research Pricing research Promotional research Place research
- 14. RESEARCH APPLICATIONS IN FINANCE Asset pricing, capital markets and corporate finance Financial derivatives and credit risk modeling research Market-based accounting research Auditing and accountability Other areas: financial forecasting, behavioural finance, volatility analysis
- 15. RESEARCH APPLICATIONS IN HUMAN RESOURCES Training & development studies Selection and staffing studies Performance appraisal–design and evaluation Organization planning and development Incentive and benefits studies Emerging areas–critical factor analysis, employer branding studies
- 16. RESEARCH APPLICATIONS IN PRODUCTION & OPERATIONS MANAGEMENT Operation planning and design Demand forecasting and demand estimation Process planning Project management and maintenance effectiveness studies Logistics and supply chain-design and evaluation Quality estimations and assurance studies