Introduction to research sukanya
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This document provides an overview of business research. It defines business research as the systematic process of generating objective information to aid decision making. Business research includes areas like marketing, operations, and motivational research. It must be objective and detached to facilitate managerial decisions. The two main types are basic research, which expands knowledge without solving specific problems, and applied research, which addresses real-life business problems. Factors considered in deciding whether to conduct research include time, data availability, resources, the nature of the decision, and the costs and benefits of the research. Major topics of business research are also outlined.
Introduction to research sukanya
- 1. Business Research Methods Chapter 1: Business Research - Introduction
- 2. Business Research Defined Business research is defined as the systematic and objective process of generating information for aid in making business decisions.
- 3. Scope of Business Research • Used to solve operational and planning problems - Mktg, HR, Finance, Prod’n • Major forms of Research – • Mkt research – understanding mktg environment • Operations Research – use of mathematical, logical and analytical methods to find optimal solutions • Motivational research – Why employees, consumers behave in a particular way
- 4. Business Research • Research information is neither intuitive nor haphazardly gathered. • Literally, research (re-search) -“search again” • Business research must be objective • Detached and impersonal rather than biased • It facilitates the managerial decision process for all aspects of a business.
- 6. “It ain’t the things we don’t know that gets us in trouble. It’s the things we know that ain’t so.” Artemus Ward
- 7. Business Research Types Basic research Applied research
- 8. Basic Research Refers to focused, systematic study or investigation undertaken to discover new knowledge or interpretations and establish facts or principles in a particular field • Attempts to expand the limits of knowledge. • Not directly involved in the solution to a pragmatic problem.
- 9. Basic Research Example • Law of demand and supply, theory of price • Is executive success correlated with high need for achievement? • Are members of highly cohesive work groups more satisfied than members of less cohesive work groups? • Understanding consumer buying process, consumer learning process • Do consumers experience cognitive dissonance in low-involvement situations?
- 10. "The secret of success is to know something nobody else knows. " Aristotle Onassis
- 11. Applied Research • Conducted when a decision must be made about a specific real-life problem
- 12. Applied Research Examples • Should McDonalds add Italian pasta dinners to its menu? • Business research told McDonald’s it should not? • Should Procter & Gamble increase or decrease the price of ARIEL? • Examining consumer response to a loyalty program
- 13. Scientific Method • The analysis and interpretation of empirical evidence (facts from observation or experimentation) to confirm or disprove prior conceptions.
- 14. The Decision-making Process Associated with the Development and Implementation of a Strategy • Identifying problems and opportunities • Diagnosis and assessment • Selecting and implementing a course of action • Evaluating the course of action
- 15. Evaluation Research • Evaluation research is the formal, objective measurement and appraisal of the extent to which a given activity, project, or program has achieved its objectives.
- 16. Performance-monitoring Research • Research that regularly provides feedback for evaluation and control • Indicates things are or are not going as planned • Research may be required to explain why something “went wrong”
- 17. Total Quality Management (TQM) • A business philosophy that embodies the belief that the management process must focus on integrating customer-driven quality throughout the organization.
- 18. TQM • Stresses continuous improvement of product quality and service. • Managers improve durability and enhance features as the product ages. • Managers strive to improve delivery and other services to keep their companies competitive
- 19. Business Research decision • • • • • Time constraints Availability of data Resource constraints Nature of the decision Benefits versus costs
- 20. Determining When to Conduct Business Research Availability of Data Benefits Time Constraints Nature of the Decision vs. Costs Is sufficient time Yes available before a managerial decision Needs to be made? No Is the information already on hand inadequate for making the decision? No Yes Is the decision Yes of considerable strategic or tactical importance? Does the value of the research Yes information exceed the cost of conducting research? No Do Not Conduct Business Research No Conducting Business Research
- 21. Value versus Costs • Potential Value of a Business Research Effort Should Exceed Its Estimated Costs
- 22. Value Should Exceed Estimated Costs Costs Value •Decreased uncertainty •Increased likelihood of a correct decision •Improved business performance and resulting higher profits •Research expenditures •Delay of business decision and possible disclosure of information to rivals •Possible erroneous research results
- 23. Major Topics for Research in Business • General Business Conditions and Corporate Research • Financial and Accounting Research • Management and Organizational Behavior Research • Sales and Marketing Research • Information Systems Research • Corporate Responsibility Research
- 24. Cross-functional Teams • Cross-functional teams are composed of individuals from various organizational departments such as engineering, production, finance, and marketing who share a common purpose.
- 25. Business Research in the 21st Century • Increased globalization • Growth of the Internet and other information technologies
- 26. Global Research • Business Research is increasingly global • Market knowledge is essential • A.C. Nielsen - more that 67% international business
- 27. Global Business Research • General information about country economic conditions and political climate • Cultural and consumer factors • Market and competitive conditions demand estimation
- 28. The Internet Is Transforming Society • Time is collapsing. • Distance is no longer an obstacle. • Crossing oceans is only a mouse click away. • People are connected 24 hours a day, seven days a week. • "Instantaneous" information is available.
- 29. Internet Research • Seeking facts and figures about an issue • Surveys on Web sites