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CHAPTER - 1 BUSINESS RESEARCH
The word research is composed of two syllables, re and search. The dictionary defines the former as a prefix meaning again, anew or over again and the latter as a verb meaning to examine closely and carefully, to test and try, or to probe. Together they form a noun describing a careful, systematic, patient study and investigation in some field of knowledge, undertaken to establish facts or principles. According to Robert Ross, “research is essentially an investigation, a recording and an analysis of evidence for the purpose of gaining knowledge.” It can generally be defined as a systematic method of finding solutions to problems. A research need not lead to ideal solution but it may give rise to new problems which may require further research. In other words research is not an end to a problem since every research gives birth to a new question. It is carried on both for discovering new facts and verification of old ones.
Features of Research
It means the discovery of newknowledge Is essentially aninvestigation Is related with the solution of aproblem It is based on observation or experimentalevidences. It demands accurate observation orexperimentation. In research, the researchers try to find out answers for unsolvedquestions It should be carefully recorded andreported
Business Research
Business research refers to systematic collection and analysis of data with the purpose of finding answers to problems facing management. It can be carried out with the objective to explore, to describe or to diagnose a phenomenon. It involves establishing objectives and gathering relevant information to obtain the answer to a business issue and it can be conducted to answer a business- related question, such as: What is the target market of my product? Business research can also be used to solve a business-related problem, such as determining how to decrease the amount of excess inventory onhand. When deciding whether business research is to be conducted or not, the firm keeps in mind factors like the availability of data, time constraints and the value of the research information to the company. Adequate planning and information-gathering are essential to derive
results for business.
Social Research
Social research refers to researchconducted by social scientists. It is the scientific investigation conducted in the field of social sciences and also in the behavioral sciences. Social research methods can generally vary along a quantitative/qualitative dimension. While various methods may sometimes be classified as quantitative or qualitative, most methods contain elements of both. Social scientists employ a range of methods in order to analyse a vast breadth of social phenomena; from censussurvey data derived from millions of individuals, to the in-depth analysis of a single agents' social experiences; from monitoring what is happening on contemporary streets, to the investigation of ancient historical documents. The social science research is a systematic method of exploring, analyzing and conceptualizing social life in order to expand, correct or verify knowledge whether that knowledge aids in the construction of theory or in the practice of an art.
Educational Research
Educational Research is that activity which is directed towards development of a science of behaviour in educational situations. The ultimate aim of this research is to provide knowledge that will permit the educator to achieve his goals by most effective methods. Educational research refers to a variety of methods, in which individuals evaluate different aspects of education including: “student learning, teaching methods, teacher training, and classroom dynamics”. Educational researchers have come to the consensus that, educational research must be conducted in a rigorous and systematic way although what this implies is often debated. There are a variety of disciplines which are each present to some degree in educational research. These include psychology, sociology, anthropology, and philosophy. The overlap in disciplines creates a broad range from which methodologycan be drawn. The findings of educational research also need to be interpreted within the context in which they were discovered as they may not be applicable in every time or place.
Need For Research (Importance of Research)
The main importance of research is to produce knowledge that can be applied outside a research setting. Research also forms the foundation of program development and policies everywhere around the universe. It also solves particular existing problems of concern. Research is important because we are able to learn more about things, people, and events. In doing research, we are able to make smart decisions. Marketing research is important because it allows consumers and producers to become more familiar with the products, goods, and services around them. Research is important to society because it allows us to discover more and more that might make are lives easier, more
Conclusions in research are based upon data collected. Therefore when the data collected are not valid or adequate, the conclusion will not be conclusive orappropriate. Research results intheory Activities in a society are influenced by various internal and externalfactors Small organizations cannot afford to have research on variousissues Many people in society depend on customs, traditions, routines and practices for taking decision; instead of going forresearch. Research is usually based on sample studies. But in many cases samples are not true representatives. Therefore the research reports based on these samples may not be accurate.
Theory and Concept
Theory is defined as a set of systematically interrelated concepts, definitions and propositions that are advanced to explain and predict a phenomenon. It may also specify causal relationship among variables. A theory is an integrated body of definitions, assumptions, and general propositions covering a given subject matter from which a comprehensive and consistent set of specific and testable principles can be deducted logically. This theory provides a basis for studying consumer behaviour and formulating appropriate marketing strategies.
Requisites (Criteria) of Theory
Theory starts out as ideas. The criteria to be met by the set of ideas are: They must be logicallyconsistent. They must beinterrelated. The statements must beexhaustive. The propositions should be mutuallyexclusive. They must be capable of being tested throughresearch.
Role of Theory in Research
- Theory narrows the range of facts to bestudied
- Theory provides a conceptual framework for astudy
- Summarizes concisely what is already known about the object ofstudy.
- Theory states a general uniformity beyond the immediateobservations.
- Theoretical generalization can be used to predict furtherfacts.
General Principles Regarding the Use of Theory in Research
- Knowledge of the existing theory in one’ s area of research is essential forconducting research.
- Concepts are crucial components of theory and so their clear definitions are essential to the designing of thestudy.
- One should view theory as hypothetical proposition and not as conclusivefact.
- One should pay attention to all odd and puzzling unexpected observations in one’ sresearch and enquire into them. They may be a source for new theoretical approaches.
Methods of Formation of Theory
Deduction: It is one of the important methods employed in theory building. It is a process of drawing generalizations, through a process of reasoning on the basis of certain assumptions which are either self evident or based on observation. By deduction, is meant reasoning or inference from the general to particular or from the universal to the individual. Eg., All men are mortal (Major Premise) A isaman (Minorpremise) Therefore A is mortal ( Conclusion) The conclusion follows from the two premises logically. Therefore it is valid. The deduction is the logical conclusion obtained by deducting it from the statements, called premise of the argument. The argument is so constructed that if the premises are true, conclusion must also be true. The logical deduction derives only conclusions from given premises and it cannot affirm the truth of given statements. It serves in connecting different truths and thus logical derivation is not a means to find ultimatetruth. Induction: It is the process of reasoning from a part to the whole, from particular to general or from the individual to the universal. It gives rise to empirical generalizations. It is a passage from observed to unobserved. It involves two processes namely observation and generalization. Induction may be regarded as a method by means of which material truth of the premises is established. Generating ideas from empirical observation is the process of induction. As a matter of fact, concepts can be generated from experience which justifies the description of particular situations towards theory- building. It is generally observed that experience is regarded as a sum of individual observations held together by the loose tie of association and constantly extended by the idea of inductiveinferences. It is generally stated that knowledge is based on the foundations of particular facts. In empirical sciences, we start from the consideration of a single case, go on to prove many cases.
Concepts should be precise, comprehensive and clear. There should be no misunderstanding aboutthem. Concepts must not have multiple meaning. It is possible that different terms may refer to the same phenomenon; and there may be danger of overlapping ofmeaning. Concepts should be well understood. A concept may have a very complex series of references. Ultimately there may be an empirical reference. If one empirical reference is not immediate then the concepts will less well beunderstood. How to use concepts In research, the proper concept has to be carefully chosen and its usage should be explained thoroughly. The meaning of a concept does not remain fixed all the time. The meaning of the concept is modified with the accumulation of knowledge. In course of time, some concepts may become outmoded and irrelevant, and therefore, they are to be discarded. Theory is a statement of the meaningful relation between concepts. Therefore the first stage in the development of a theory is concept formation. A scientific theory is a statement of a specific type of invariance in the conceptual representation of a phenomenon. Therefore, the choice we make in the representation of phenomenon is a critical step in the development of scientifictheory. Theory implies an explanatory relationship. The development and validity of a theory is dependent on the conceptual apparatus used. Concepts are the medium of scientific explanations. Conceptual definition and theory formulation are two major requirements of unified process of scientific explanation. Formulation of concepts is therefore a major step of one unified process of complex scientific inquiry towards theory building. Types of Research Research may be broadly classified as (1) Fundamental and Applied Research (2) Descriptive and Analytical Research or (3) Quantitative and Qualitative Research or (4) Conceptual and Empirical Research Fundamental (or Basic) and Applied Research Fundamental research is mainly concerned with generalization with the formulation of a theory. It is a research concerning principles or laws or rules. It aims at the achievement of knowledge and truth. Research studies concentrating on some natural phenomenon or relating to pure mathematics are examples of fundamental research. It aims at some theoretical conclusions. It may verify the old theory or establish a new one. It tries to explain the cause and effect relationship in social phenomena. It is essentially positive and not normative. That is, it explains
the phenomena as they are and not as they should be. Applied research is concerned with the solution of particular problems. It aims at finding a solution for an immediate problem facing a society or an industrial organization. It is empirical and practical. It is concerned with applied aspects of life. Research to identify social, economic or political trends that may affect a particular institution or the marketing research are examples of applied research.
Descriptive Research and Analytical Research
Descriptive research includes survey and fact finding enquiries of different kinds. It describes the state of affairs as it exists at present. The researcher has no control over the variables. He can only report what has happened or what is happening. In Analytical research one has to use facts or information already available and analyse these to make a critical evaluation of thematerial.
CHAPTER- 2
PLANNING OF RESEARCH AND RESEARCH PROCESS
Planning of research means deciding the question to be studied, setting the objectives of the study and determining the means of achieving those objectives. Planning research refers to determining, in advance, various steps to be followed in a research.
1. Identifying, Evaluating and Formulating the ResearchProblems-:
After creating interest in a research work, a researcher has to think about formulating the problem related to his research work. Choosing a correct problem for study is the most important step in the entire research process. After selecting the problem, the researcher has to formulate the problem.
2. Extensive Literature Survey:-
Before formulating the research it is desirable that researcher examines all available literature, both conceptual and empirical. The conceptual literature is one which deals with concepts and theories. Empirical literature is that which contains studies made earlier and so it consists of many facts and figures observed in the earlier studies.
3. Writing a PrimarySynopsis:-
After formulating the problems a brief summary of it should be written down. A research worker has to write a synopsis of the topic selected for research work mentioning the summary of what is going to be done under hisresearch.
4. Indentifying and Labeling Variables: -
In any research the problem under study deals with relation between variables. The variables whose change has affected the other variable, is called independent variable. Therefore there is a cause and effect relation between the variables. The research problem must be formulated in such a manner that it highlights the nature, extent and implications of relation existing between the variables. It is only through this process of establishing the effective relation between variables that meaningful conclusions are derived from thestudy.
5. Setting Up Of Hypothesis: -
Specification of working hypothesis is a basic step in the research process. A hypothesis is a tentative conclusion logically drawn. The research work is conducted to test the truth of this hypothesis.
12. Preparation of the Report orThesis:- A report is a detailed description of what has been done and how it has been done with respect to a particular area or topic. The report should contain the preliminary section, the main body and the end matter. The preliminary section contains only titles, data, acknowledgement foreword and table of contents. The important section of a report is its main body. It carries introduction, methodology, statements of findings, conclusions and recommendations. The end matter includes appendix, literature selected and bibliography. The appendix includes letters, questions or other tools used. Bibliography is the list of books, journals. Reports, bulletins etc. used for reference. Selection and Formulation of ResearchProblems ResearchProblem Problem means a question or an issue to be examined. A research problem refers to some kind of problem which a researcher experiences or observes in the context of either a theoretical or practical situation. The researcher has to find out suitable course of action by which the objective can be attained optimally in the context of given environment. Thus, selection of research problem has high value to the society and the researcher must be able to identify those problems that need an urgentsolution. Requisites or Characteristics of a Good Research Problem clear and unambiguous logical andsystematic empirical relation betweenvariables verifiable interesting Various Aspects of a Research Problem For an effective formulation of the problem following aspects of the problem are to be considered by the researcher.
- Definition of the problem: - Before one takes up a problem for the study one needs to define it properly. The issues for inquiry are to be identified clearly and specified in details. If any existing theoretical framework is tested, the particular theorem or theories must be identified. Similarly if there are any assumptions made and terms used the meaning of them must be made clear. As far as possible the statement of the problem should not give any scope
forambiguity.
- Scope of the problem: - The research scholar has to fix up the four walls of the study. The researchermustidentifywhichoftheaspectsheistryingtoprove.Takingtheexampleof
(3) Surveying the available literature:- This is necessary because only through such a survey, a researcher can understand the relevant theories, reports etc.studies on related problems are useful for knowing the type of difficulties that may encounter in the presentstudy. (4) Developing the ideas through discussions: - A researcher must discuss his problem with his colleagues and those who have enough experience in the same area or in working on similar problems. People with experience can enlighten the researcher on various aspects of hisstudy. (5) Rephrasing the research problem: - A researcher must rephrase the research problems into a working proposition. The researcher puts the research problem in as specific terms as possible so that it may become operationally viable and may help in the development of working hypothesis. Terms defined Relevant Variables A variable is a measurable concept such as height, age, income etc. it takes quantitative values. It may vary from individuals to individuals or groups to groups. When there are two variables in a study such that the values of one variable change in response to the change in the values of the other variable, then the former is said to be depending variable and latter is said to be independent variable. A variable may be discrete or continuous. When a variable assumes only certain specified values in an interval, it is called discrete variable. But a continuous variable is one which can assume any number of values in an interval. Extraneous variables: Besides the independent variable, a dependent variable can be influenced by other variables, which are not part of the study. They are called extraneous variable. They are variables working from outside. Unit of analysis: A variable can be measured and analyzed by statistical units. The statistical units used for analysis and interpretation are known as units of analysis. Rations percentages, coefficients etc are such units. They can be used for the purpose of comparison. Hypothesis Hypothesis is a tentative statement showing the relationship between two or more variables, the reliability and validity of which is to be tested and verified. It expresses the nature and degree of relationship between variables. Hypotheses are -
- Assumptions
- Tentativestatements
- Propositions
- Answering thequestions
- Proposed solution to aproblem
- Statements which are to betested
- To be accepted ofrejected
- To be verified empirically on the basis ofsample Why Hypothesis
- Gives the direction ofresearch
- Specifies the sources ofdata
- Determines the dataneeds
- Type ofresearch
- Appropriate techniques ofresearch
- Contributes to the development oftheory Role of Hypothesis
- It guides the direction of the study
- It identifies facts that are relevant and those that arenot
- It suggests which form of research design is likely to be mostappropriate
- It provides a frame work for organising the conclusions thatresult Sources of Hypothesis
- Observation –based on the behaviorpattern
- Relation between price and demand ishypothesized,
- the sales and ad may behypothesized
- Analogies casual observations innature
- Poor people buy morelottery
- Intuitions and personal experiences–
- The story of Newton and falling ofapple,
- The wisdom of Budha under the banyantree
- A sparking in our mind at particularoccasions
- Findings ofstudies
- State of Knowledge – the theorems may bemodified
- Degree of freedom ( based on probability,distribution)
Business Research Methods 20
CHAPTER 3 RESEARCH
DESIGN
A research design is a “Blue Print” for collection, measurement and analysis of data. It outlines how the research will be carried out. It is like glue which sticks together the entire process of research. It provides answers to various questions like - What techniques will be used to gather data. What kind of sampling will be used? How time and cost constraints be dealt with? Etc. Essentials of Research Design
- The design should be an activity and time basedplan
- It is always based on researchquestion
- It guides the selection of sources and types ofinformation
- It indicates a framework for specifying the relationship among the study’ svariables
- Outlines procedures for every researchactivity
- It must be appropriate, efficient andeconomical
- It should be flexible
- It must beadequate Types of Research Design “ You cannot put the same shoe on every foot ” - Syrus Although every problem and research objective may seem unique, there are usually enough similarities among problems and objectives to allow decisions to be made in advance about the best plan to resolve the problem. There are some basic research designs that can be successfully matched to given problems and researchobjectives. Three traditional categories of research design:
- Exploratory
- Descriptive
- Causal The choice of the most appropriate design depends largely on the objectives of the research and how much is known about the problem and these objectives. The overall research
