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Research Methods in Business and Management,Lecture-1The Role of Business Research.ppt

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Research Methods in Business and Management,Lecture-1The Role of Business Research.ppt

  1. 1. BUS404: Research Methods in Business and Management Chapter 1: The Role of Business Research Dr. Md. Motaharul Islam Adjunct Faculty Member, DIU Mobile: 01711066605 Email: motaharul2014@gmail.com 1–1
  2. 2. 1–2 LEARNING OUTCOMES 1. Understand how research contributes to business success 2. Know how to define business research 3. Understand the difference between basic and applied business research 4. Understand how research activities can be used to address business decisions 5. Know when business research should and should not be conducted 6. Appreciate the way technology and internationalization are changing business research After studying this chapter, you should
  3. 3. 1–3 Business Research Defined • Business research is the application of the scientific method in searching for the truth about business phenomena. • Redman and Mory define research as a,” Systematized effort to gain new knowledge”. Some people consider research as a movement, a movement from the known to the unknown. • According to Clifford woody, research comprises defining and redefining problems, formulating hypothesis or suggested solutions collecting, organising and evaluating data, making deductions and reaching conclusions; to determine whether they fit the formulating hypothesis. • Business research is defined as the systematic and objective process of generating information for aid in making business decisions. • The process includes:  idea and theory development  problem definition  searching for and collecting information  analyzing data  communicating the findings and their implications
  4. 4. 1–4 Business Research Defined • This definition suggests that business research information is:  not intuitive or haphazardly gathered  accurate and objective  relevant to all aspects of the business  limited by one’s definition of business • Not-for-profit organizations and governmental agencies can use research in much the same was as managers in for-profit organizations.
  5. 5. 1–5 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?
  6. 6. 1–6 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?
  7. 7. 1–7 The Scientific Method • Scientific Method  The way researchers go about using knowledge and evidence to reach objective conclusions about the real world.  The analysis and interpretation of empirical evidence (facts from observation or experimentation) to confirm or disprove prior conceptions
  8. 8. 1–8 EXHIBIT 1.1 A Summary of the Scientific Method
  9. 9. 1–9 Managerial Value of Business Research • There are only a few business orientations:  Product-oriented  Production-oriented  Marketing-oriented
  10. 10. 1–10 EXHIBIT 1.2 Business Orientations
  11. 11. 1–11 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
  12. 12. 1–12 Evaluating the Course of Actions • Evaluation Research  The formal, objective measurement and appraisal of the extent a given activity, project, or program has achieved its objectives. • Performance Monitoring Research  Research that regularly, sometimes routinely, provides feedback for evaluation and control of business activity.
  13. 13. 1–13 When is Business Research Needed? • The determination of the need for research centers on: 1. Time constraints 2. The availability of data 3. The nature of the decision to be made 4. Benefits versus costs (the value of the research information in relation to costs)  Will the payoff or rate of return be worth the investment?  Will the information improve the quality of the managerial decision enough to warrant the expenditure?  Is the expenditure the best use of the available funds?
  14. 14. 1–14 EXHIBIT 1.3 Determining When to Conduct Business Research
  15. 15. Is sufficient time available before a managerial decision must be made? Is the infor- mation already on hand inadequate for making the decision? Is the decision of considerable strategic or tactical importance? Does the value of the research information exceed the cost of conducting research? Conducting Business Research Do Not Conduct Business Research Time Constraints Availability of Data Nature of the Decision Benefits vs. Costs Yes Yes Yes Yes No No No No Determining When to Conduct Business Research
  16. 16. Value •Decreased certainty •Increased likelihood of a correct decision •Improved business performance and resulting higher profits Costs •Research expenditures •Delay of business decision and possible disclosure of information to rivals •Possible erroneous research results Value Should Exceed Estimated Costs
  17. 17. 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
  18. 18. 1–18 Business Research in the 21st Century • Communication Technologies  Always “connected”—time, place, and distance are irrelevant.  Decreases in information acquisition, storage, access, and transmission costs. • Global Business Research  Business research is increasingly global.  Must understand the nature of particular markets.  Cross-validation  Verify that the empirical findings from one culture also exist and behave similarly in another culture.
  19. 19. THE RESEARCH PROCESS The research process broadly consists of the following steps and predominantly follows a sequential order as depicted in figure • 1. Problem formulation • 2. Development of an approach to the problem • 3. Research Design • 4. Selection of Data collection techniques • 5. Sampling techniques • 6. Fieldwork or Data Collection • 7. Analysis and interpretation • 8. Report preparation and presentation • The above mentioned steps may be placed in three groups as follows: First there is initiating or planning of a study, which comprises the initial four steps in our model: determining • (1) problem formulation, • (2) development of an approach to the problem • (3) Research design • (4) selection of data collection techniques • (5) sampling techniques. 1–19
  20. 20. THE RESEARCH PROCESS Contd.. • The above mentioned steps may be placed in three groups as follows: First there is initiating or planning of a study, which comprises the initial four steps in our model: determining • (1) problem formulation, • (2) development of an approach to the problem • (3) Research design • (4) selection of data collection techniques • (5) sampling techniques. • Second, there is (6) fieldwork or data collection • Third, there is (7) analysis and interpretation of the data and • (8) report preparation and presentation. 1–20

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