Research in Business

Research in common parlance refers to a search for

knowledge Business Research is a systematic inquiry that provides information to guide managerial decisions. It is a process of planning, acquiring, analyzing and disseminating relevant data information and insights to decision makers in ways that mobilize the organization to take appropriate actions that maximizes business performance.

 For example enhancing return on investment(ROI) that always

want strategies and tactics capture the highest returns. Improved methods of measurement and tracking capabilities for better understanding of employee, stockholder and customer behavior

Objectives of Research
The main aim of research is to find out the truth which

is hidden and which has not been discovered as yet. 1) to achieve new insights into it 2)To determine the frequency with which associated with other 3) to test a hypothesis of a causal relationship between variables

Significance of Research
Research inculcates scientific and inductive thinking

and it promotes the development of logical habits of thinking Research provides the basic policies in our economic system Research has its special significance in solving various operational and planning problems of business and industry.

 To do well in such a dynamic environment, it is

required to understand and identify quality information and to recognize To assist in making complex decisions on goals, strategies and tactics, managers turn first to information drawn from the decision support system Business research also contributes significantly to the design and selection of tactics

 e.g. the restaurant manager might have changed the

menu( a product tactic) so that enters could be prepared faster (production tactic) and delivered to a table more quickly. The manager might also have instituted a new sales program (a promotion tactics) one that discouraged the wait staff from making small talk with and rewarded efficiency.

Who conducts Business Research?

Internal Research Suppliers: Customer goods & service producers Industrial goods & service producers-research is

required at every stage of production in supply chain Media companies-e.g. knowing the facts before delivery of news articles Wholesale distributors- e.g. assessing facility locations Retail distributors-e.g. designing of retail store layouts

 External Research Suppliers:

Because of budget, equipment, facilities and expertise

reasons, and avoiding keeping large staff in internal research, many firms feels that they services can more cost form be outsourced with benefits and are readily available external research suppliers.

Business Research firms

Full-service research firms: Involved in research planning for their clients from the

moment of discovery of the management dilemma, or, at the very least, from the definition of the management question. Such firms are expertise in both quantitative and qualitative methodologies and capableof serving research designs, including both fieldwork and laboratory operations. Clients of these firms demand not just research reporting but also the managerial insights.Hence, these firms are often act as a combination of research and consulting operations.

 Custom Researchers: (adhoc research or custom-

designed research) A custom researcher crafts a research design unique to the decision makers dilemma. Such firms start each project from zero with an assumption that a given methodology is not appropriate for each clients research. A researcher might not always be a full-service research firm but a full-service custom firm, research firm would always fit into the custom research category

 Specialty Research Firms: These firms represent the largest number of research

firms and tend to dominate the small research firms operated by a single researcher or a very small staff. These firms may have a specialized arena like Methodology (e.g. Survey research, customer satisfaction research, retail design research), Process (e.g. sample recruiting, telephone interviewing), Industry (e.g. Pharmaceutical research, entertainment research or telecommunication research), Participant group (e.g. children, doctors, country golf players).

 Proprietary Methodology Researchers:

A proprietary methodology is a research program

owned by a single firm that provides and establish methodology for branding and to make a distinction in the minds of perspective clients.
Without proprietary methodology, all firms

essentially offer the same research

 Syndicated data providers:

When managers want comparative performance and

opinion data, pitting themselves against their competitors in sales, market share, share of voice, image as a corporate citizen or employer, or salary and benefit levels, they turn to researchers that are syndicated data providers. A syndicated data provider tracks the change of one or more measures over time, usually a given industry.

Communication Agencies
Advertising agency cannot recommend advertising in

a particular medium like radio, television unless understanding the demographics and lifestyles of the viewing audiences of each show. This originates the need of syndicated research data, especially from media research industries. Without communication research agencies, it is more difficult to understand the target audience knowledge, motivations, attitudes and behavior and hence developing a creative strategy.

 Communication agencies like public relation, sales

promotion, direct marketing research agencies do extensive basic research to identify influences on ad recall and ad wear-out, on ad placement effectiveness, on the effectiveness of various creative approaches on the effectiveness of communication strategies.

Consultants and Trade Associations

Consultants Business consultants offer a wide range of services at

the strategic and tactical levels. These consultants are majorly influences in research design of both custom research and the selection of proprietary models. All are involved in extensive secondary data research for their clients. They conduct both qualitative (notable focus groups and expert interviews) and quantitative (usually though surveys) depending upon the depth of the clients problem

 Trade Associations
Trade associations have as their purpose to promote,

educate, and lobby for the interests of their members. Majority of the association commission pure research that advances trade interests.

Types of Research
Quantitative vs. Qualitative
Quantitative research is based on analysis of

numerical data and expressed in terms of quantity. e.g. time series analysis, measuring volatility Qualitative research is concerned with qualitative phenomena, i.e. Investigating the reasons for human behavior, attitude or opinion research. This type of research is designed to find out how people feel or what they think underlying motives of human behaviour.

 Conceptual vs. Empirical

Conceptual research is related to some abstract idea

or theory. It is generally used by philosophers and thinkers to develop new concepts or to reinterpret the existing ones. Empirical research relies on experience or observation (like surveys) without regard for system and theory. It is a data-based research with conclusions

 One-time research or longitudinal research

One time research is confined to a single time-period Longitudinal is carried on over several time-periods.

Field-setting or laboratory research or simulated Depends on the environment in which research is conducted.

 Clinical or diagnostic research

Such research follow case-study methods or in depth

approaches to reach the basic causal relations. Such research goes deep into the causes of events using samples.

Characteristics of a Good Research

Purpose clearly defined
Statement of the decision problem should include its

scope, its limitations, and the precise meanings of all words and terms significant to the research. This characteristic is similar to developing a strategic plan for achieving an objective before developing a tactical plan or an action map.

 Research process detailed

This characteristic is comparable to developing a

tactical plan.

 High ethical standards applied

A research design that includes safe guards against

causing mental or physical harm to participants and makes data integrity a first priority should be highly valued. Ethical issues in research reflect important moral concerns about the practice of responsible behaviour in society.

 Limitations frankly revealed

The researcher should report, with complete

frankness, flaws in procedural design and estimate their effect on the findings. The imperfections may have a little effect on the validity and reliability of the data or many a times invalidate them entirely. A competent researcher should be sensitive to the effects of imperfect designs.

 Analysis adequate for decision makers needs

Analysis of the data should be extensive enough to

reveal its significance, what manager call insights. Correct classification of the data assist the researcher in reaching pertinent conclusions and clearly reveal the findings that have led to those conclusions.

 Findings presented unambiguously Presentation of data should be comprehensive, easily

understood by the decision maker, and organized so that the decision maker can readily locate critical findings. Conclusions justified Conclusions should be limited to those for which the data provide an adequate basis. Equally undesirable is the all-too-frequent practice of drawing conclusions from a study of a limited population and applying them universally. Good researcher always specify the conditions under which their conclusions seem to be verified.

 Researchers experience reflected

Greater confidence in the research is warranted if the

researcher is experienced, has a good reputation in research, and is a person of integrity. For this reason, the research report should contain information about the qualifications of the researcher.

Problems encountered in research

The lack of scientific training in the methodology of

research Many researchers move quickly without knowing appropriate methodology. Research to many researchers and guides is mostly a scissor and paste job without any insight shed on the collated materials. Efforts should be made to provide short duration intensive courses for meeting this requirement.

 Insufficient interaction between the research

departments and the business A great deal of primary data of non-confidential nature. Efforts should be made to develop satisfactory liaison among all concerned for better and realistic researches

 Research studies overlapping

The problem can be solved by proper compilation and

revision at regular intervals, of a list of subjects on which and places where the research is going on.

 No confidence in the researchers by the business entity Most of the business units in the country are

reluctant(unwilling to do it) in supplying the needed information to researchers in fear of misuse. There is the need for generating the confidence that the information/data obtained from a business unit will not be misused. . Library management is not satisfactory at many places Researcher are spending their valuable time and energy in tracing of books, journals and reports because of improper maintenance of the library system. Libraries need to manage efficiently with using IT resources

 Timely availability of published data .

Researcher faces the problem on of the fact that the

published data and vary quite significantly because of account differences in coverage by the concerning agencies.

 Research design thoroughly planned

E.g. when a sampling of the population is representativeness of involved, the report should include evidence concerning the degree of the sample. This characteristic is comparable to developing detailed action plan for each tactic.