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Research Methodologies

Lecture 1

1. Relevance

2. Session Plan

3. Market Research

Objective

To equip managers of tomorrow with tools, techniques

and also the knowledge to apply the correct tools & techniques to arrive at business decisions.

Decisions should be

• structured, objective and reliable
• should be in the interest of your organization
• should resolve or alleviate the management problem

Different Statistical Tests

Reference Books

• Business Research Methods
  • Cooper & Schindler
• Marketing Research an Applied Orientation
  • Naresh Malhotra
• Marketing Research – Text & Cases
  • Boyd, Westfall & Stasch

Some Concepts

• Research
• Is truth relative
• The Scientific Method
• Empiricism
• Bias & Objectivity
• Research in Physical & Social Sciences – the

nature of truth in either sphere

• Marketing Research
• Experimental Control

Research Methodology

A system of models, procedures or

techniques used to find the results of a

research problem

Mathematical Tools for Analysis Operations research models

• Linear programming
• Integer programming
• Distance related

network techniques

• Project management –

PERT, CPM

• Inventory Control
• Dynamic programming

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Queueing theory Replacement analysis Game theory Goal programming Simulation Production Scheduling Non-linear programming

What kinds of Research are undertaken

• Marketing Research most frequently undertaken to

measure

• Market potential
• Characteristic of markets
• Share of markets
• MR used to make short/long-range forecasts
• MR used to
• evaluate new product opportunities and acceptance
• Test existing products relative to competitors’ products
• To make better advertising decisions

Purpose of Marketing Research

• A systematic Inquiry whose objective is to provideWhat is Business Research?

information to solve managerial problems.

• Important management decision-making tool…
• The systematic and objective process of gathering,

recording and analyzing data for aid in making business decisions.

• Reduces uncertainty and risks (in decisions

implemented) by providing information that

improves decision making

Definition of Marketing Research

• American Marketing Association

MR is the systematic gathering, recording and analyzing of data about problems related to the marketing of goods & services

• Philip Kotler

MR is the systematic design, collection, analysis & reporting of data & findings relevant to a specific marketing situation facing the company

Why Study Research?

• Research provides you with the knowledge and skills needed for the fast-paced decision-making environment
• Global and domestic competition is more vigorous
• Organizations are increasingly practicing data mining and data warehousing

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Why Managers need Better Information

Need for MR

• A manager takes decisions
• His responsibility is to reduce risk of failure in decision making
• Risk arises due to lack of relevant information
• A manager always seeks information to improve quality of decision making
• Information can be collected through MR
• Hence, MR is an important tool for managerial decision making

MR & Marketing Decisions

• For Production, Finance, Personnel – information

exists within the organization

• Hence easy to collect & analyze
• Formal procedures are used to improve quality : Statistical Methods for QC, PERT & CPM, Queuing Theory, Optimization Techniques etc
• For Marketing –

information mostly exist outside the organization

• In consumer behaviour, perception, minds
• In competitive moves
• In new government rules & regulations
• In social & political changes