3. MEANING
Research is de
fi
ned as careful consideration of study regarding a particular concern or problem
using scienti
fi
c methods. According to the American sociologist Earl Robert Babbie, “research
is a systematic inquiry to describe, explain, predict, and control the observed phenomenon. It
involves inductive and deductive methods.”
Research begins by asking the right questions and choosing an appropriate method to
investigate the problem. After collecting answers to your questions, you can analyze the
fi
ndings or observations to draw reasonable conclusions.
Research is de
fi
ned as the creation of new knowledge and/or the use of existing knowledge in
a new and creative way so as to generate new concepts, methodologies and understandings.
This could include synthesis and analysis of previous research to the extent that it leads to new
and creative outcomes.
4. PURPOSE OF RESEARCH
2.Descriptive 3.Explanatory
1.Exploratory
As the name suggests,
researchers conduct exploratory
studies to explore a group of
questions. The answers and
analytics may not o
ff
er a
conclusion to the perceived
problem. It is undertaken to
handle new problem areas that
haven t been explored before.
This exploratory process lays
the foundation for more
conclusive data collection and
analysis.
It focuses on expanding
knowledge on current issues
through a process of data
collection. Descriptive research
describe the behavior of a sample
population. The three primary
purposes of descriptive studies are
describing, explaining, and
validating the
fi
ndings. For
example, a study conducted to
know if top-level management
leaders in the 21st century possess
the moral right to receive a
considerable sum of money from
the company pro
fi
t.
Causal or explanatory research is
conducted to understand the
impact of speci
fi
c changes in
existing standard procedures.
Running experiments is the most
popular form. For example, a
study that is conducted to
understand the e
ff
ect of
rebranding on customer loyalty.
4
5. RESEARCH IS CONDUCTED WITH A PURPOSE TO:
✦ Identify potential and new customers
✦ Understand existing customers
✦ Set pragmatic goals
✦ Develop productive market strategies
✦ Address business challenges
✦ Put together a business expansion plan
✦ Identify new business opportunities
6. WHAT GOOD RESEARCH MIGHT LOOK LIKE…
➤ Good research follows a systematic approach to capture accurate data. Researchers
need to practice ethics and a code of conduct while making observations or drawing
conclusionThe analysis is based on logical reasoning and involves both inductive and
deductive methods.
➤ There is an in-depth analysis of all data collected so that there are no anomalies
associated with it.
➤ It is analytical and uses all the available data so that there is no ambiguity in inference
➤ Accuracy is one of the most critical aspects of research. The information must be
accurate and correct. For example, laboratories provide a controlled environment to
collect data. Accuracy is measured in the instruments used, the calibrations of
instruments or tools, and the experiment’s
fi
nal result.
➤ It creates a path for generating new questions. Existing data helps create more
research opportunities
7. Research methods are broadly classified as Qualitative and Quantitative.
Both methods have distinctive properties and data collection methods
QUALITATIVE
QUANTITATIVE
8. TYPES OF RESEARCH METHODS AND EXAMPLE
Qualitative research is a method that collects data using conversational
methods, usually open-ended questions. The responses collected are
essentially non-numerical. This method helps a researcher understand what
participants think and why they think in a particular way.
Types of qualitative methods include:
1. One-to-one Interview
2. Focus Groups
3. Ethnographic studies
4. Text Analysis
5. Case Study
9. TYPES OF RESEARCH METHODS AND EXAMPLE
Quantitative methods deal with numbers and measurable forms. It uses a
systematic way of investigating events or data. It answers questions to justify
relationships with measurable variables to either explain, predict, or control a
phenomenon.
Types of quantitative methods include:
1. Survey research
2. Descriptive research
3. Correlational research
10.
11. It is essential to ensure that your data is:
• Valid – founded, logical, rigorous, and impartial.
• Accurate – free of errors and including required details.
• Reliable – other people who investigate in the same way can produce similar results.
• Timely – current and collected within an appropriate time frame.
• Complete – includes all the data you need to support your business decisions.
Remember, research is only valuable and useful when it is valid, accurate, and reliable.
Incorrect results can lead to customer churn and a decrease in sales.
13. MEANING
Marketing is the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging o
ff
erings that have value for customers,
clients, partners, and society at large.
Marketing refers to activities a company undertakes to promote the buying or selling
of a product or service. Marketing includes advertising, selling, and delivering
products to consumers or other businesses. Some marketing is done by a
ffi
liates on
behalf of a company.
15. “Customer service is the new
marketing, it's what di
ff
erentiates
one business from another.
- Jay Baer
16. MEANING
Customer relationship management is a process in which a business or other
organization administers its interactions with customers, typically using data analysis
to study large amounts of information.
Customer relationship management (CRM) is a process in which a business or
other organization administers its interactions with customers, typically using data
analysis to study large amounts of information.[1]
18. “"We don't manage risks so we can have no risk.
We manage risks so we know which risks are
worth taking, which ones will get us to our goal,
which ones have enough of a payout to even take
them"
Forrester
19. MEANING
Risk management is the process of identifying, assessing and controlling threats
to an organization's capital and earnings. These risks stem from a variety of sources
including
fi
nancial uncertainties, legal liabilities, technology issues, strategic
management errors, accidents and natural disasters.
A successful risk management program helps an organization consider the full range
of risks it faces. Risk management also examines the relationship between risks and
the cascading impact they could have on an organization's strategic goals.
20. Risk management has perhaps never
been more important than it is now. The
risks modern organizations face have
grown more complex, fueled by the rapid
pace of globalization. New risks are
constantly emerging, often related to and
generated by the now-pervasive use of
digital technology. Climate change has
been dubbed a "threat multiplier" by risk
experts.
A recent external risk that manifested
itself as a supply chain issue at many
companies -- the coronavirus pandemic --
quickly evolved into an existential threat,
a
ff
ecting the health and safety of their
employees, the means of doing business,
the ability to interact with customers and
corporate reputations.
WHY IS RISK MANAGEMENT IMPORTANT?
21. Risk management is an important
process because it empowers a business
with the necessary tools so that it can
adequately identify and deal with
potential risks. Once a risk has been
identi
fi
ed, it is then easy to mitigate it.
In addition, risk management provides a
business with a basis upon which it can
undertake sound decision-making.
For a business, assessment and
management of risks is the best way to
prepare for eventualities that may come
in the way of progress and growth.
When a business evaluates its plan for
handling potential threats and then
develops structures to address them, it
improves its odds of becoming a
successful entity.
WHY IS RISK MANAGEMENT IMPORTANT?
22.
23. RESPONSE TO RISKS
Response to risks usually takes one of the
following forms:
A
V
O
I
D
A
N
C
E
MITIGATION
ACCEPTANCE
A business strives to eliminate a particular risk by
getting rid of its cause.
Decreasing the projected
fi
nancial value associated
with a risk by lowering the possibility of the occurrence
of the risk.
In some cases, a business may be forced to accept a risk.
This option is possible if a business entity develops
contingencies to mitigate the impact of the risk, should
it occur.
24. RISK MANAGEMENT INFORMATION SYSTEM
A Risk Management Information System (RMIS) is an integrated computer information system
used to aggregate risk data and to help decision makers evaluate business risks.
This information includes risk exposure, protection measures and risk management. Examples
of stored information include loss-control measures, property values, records of prior claims and
relevant insurance policies.
Like other computerized information systems, a RMIS SYSTEM is easy to access from di
ff
erent
locations and on di
ff
erent devices. It is
fl
exible and agile, able to allow for the changing needs of
a modern workplace. At the same time, it is tailored to support your business’ risk concerns,
exposures, protection measures and risk management.
25. 1. Incident reporting tool
Many organizations view a RMIS as a claims management and incident reporting tool. This is
certainly one component of the system, but it’s just the tip of the iceberg. Each RMIS o
ff
ers a
wide variety of features, some tailor-made for speci
fi
c industries, from construction to
healthcare.
2. Collects data
To begin with, a RMIS o
ff
ers a selection of modules, or components, used to collect data. A
larger, more comprehensive RMIS will include modules to support all of a business’ current and
future needs. Some of these modules include policy management, premium calculation, risk
fi
nancing, contracts and vendor management.
FEATURES OF RISK MANAGEMENT SYSTEM
26. FEATURES OF RISK MANAGEMENT SYSTEM
3. Flexible
A RMIS should also include
fl
exible reporting tools to provide the information in a
useful format. These tools are often available in a template format, but others are
customizable to meet the needs of an individual organization.
2. Automated
Finally, a RMIS should help with automating processes. Gone are the days of
manually inputting data. Today’s RMIS reduces administrative burdens and improves
data accuracy by automating processes to eliminate human error and streamline data
collection.