research-methodology, Summaries of Research Methods for Managers

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Research Methodology

Definition: Business Research

 Systematic and Scientific inquiry aimed at providing information to solve managerial problems

Basic (Fundamental) Research

 Generalization of natural phenomenon or human behavior  Conducted to solve perplexing questions of a theoretical nature E.g. Cars running on compressed air

Applied Research

 Solution to some practical problems  Conducted to reveal answers to specific questions related to action or policy needs E.g. Study of declining sales of particular car model

Why business research?

 Manager wants improve decision making skill by widening his knowledge  to reduce uncertainty  to justify his decision

Business Research

 Corporate research:  Forecasting  Economic trends  Business & Industry trends  Technology trends  Global environment

 Financial Research:  Portfolio analysis  Business opportunities & threats analysis  Cost analysis  Production:  Total quality management

 Sales & Marketing:  Market potential  Market share  Market segmentation  Sales analysis  Sales forecasting  New product testing  Effectiveness of marketing strategies

 Human resources:  Morale & job satisfaction  Employee productivity  Organizational effectiveness  Training needs

 Information system:  Data mining  Technical support satisfaction  Enterprise Resource Planning (ERP)/Customer Relationship Management (CRM) systems

Types Of Research

 Exploratory  Descriptive  Predictive

Exploratory Research

 Gather Information around the topic at elementary level  Leads to insights into the problem E.g. a pharmaceutical company wants to expand

Descriptive Research

 Fact finding inquiries  Who, what, when, how, where etc  No powerful inference is drawn E.g. mining company databases for describing the nature customer complaints.

Predictive Research



Cause –effect relationship



Conducted for well understood

problems

E.g. sale of small cars depends on

price, fuel efficiency, engine

Research Process



Formulating Research problem



Select Research design



Data collection and presentation



Data analysis and interpretation



Research reporting

Formulating a Research Problem

Problem: Dilemma faced by manager

E.g. Software consulting firm is witnessing high attrition of employees

Management Question

 What are the reasons for high attrition rate?  What steps to be taken to control it?

Research Question

 What is the employee satisfaction level in the organisation?  What are the corrective measures available?

Investigating Question

 Timings, travelling, facilities available, work culture  Annual increment, additional incentives, permission to pursue higher education

Measurement Question

 Questions to be asked to employees regarding timings, travelling, facilities available, work culture, additional incentives, permission to pursue higher education etc.

Formulated Research Problem

 What characteristics are to be studied?  What data is to be collected?  What relations need to be explored?

Research Design

 Research design is a plan and structure of investigation to obtain answers to research questions

Exploratory Studies

Aim is to find the practicality to do formal research in this area The techniques used are  Secondary data analysis  Experience Survey  Focus groups  Depth interviews

Secondary Data Analysis

 Review of prior research studies  Survey of concerned literature: Catalogs, subject guides and electronic indexes in libraries help to identify periodicals and books  Online service using computer This method supplies excellent background, identifies suitable methodology and decision making patterns.