BUSINESS RESEARCH METHODS

MODULE - 3

BUSINESS RESEARCH DESIGN

All the tasks which are concerned with working out the condition of conducting a research are detailed in research design. Meaning : Research Design is the blue print for the collection measurement and analysis of data. William Zikmund1 has described research design as a master plan specifying the methods and procedures for collecting and analysis the needed information.

 Research Design:
Sampling Design: Method of defining and selecting the sampling units. Observational Design: conditions under which the data is to be collected or observations are to be made. Statistical design: How many units are to be observed and how the collected data id to be analyzed. Operational Design: Deals with specific techniques using which the above specified procedures in sampling, statistical and observational design can be carried out.

Classification of Research Design:

Business research Design:
Exploratory Research Design Conclusive Research Design
Descriptive Diagnostic Experimental (Causal)

Exploratory Research:
Meaning : It is used to formulate a problem, evaluate the feasibility of a research project, provide alternative approaches to a problem and provide options for further research. It is used to seek insights into general nature of the problem. Characteristics:
It is flexible and very versatile For data collection structured forms are not used. Experimentation is not a requirement. Cost incurred to conduct study is low. This type of research allows very wide exploration of views. Research is interactive in nature and also it is open ended.

Suitability:
To gain insight into the problem. To generate new product ideas. To list all possibilities and we need to prioritize the possibilities which seem likely. To develop hypothesis occasionally. It is also used to increase the analysts familiarity with the problem.

Data Collection Methods:

Literature search
Referring to a literature to develop a new hypothesis.

Experience survey
It is desirable to talk to persons who are well informed in the area being investigated.

Focus group
A small number of persons say 8 12 individuals are brought together to study and talk about some topic of interest. The discussion is coordinated by a moderator.

Analysis of selected cases.

It gives an insight into the problem which is being researched.

Hypothesis Development:
S.No
1

Research Purpose
What product features , if stated, will be most effective in the advertisement What new package is to be developed by the company (with respect to a soft drink)?

Research Question
What benefit do people deserve from this Ad appeal?

Hypothesis
No Hypothesis Formulation is possible

Explanation
Since no previous research has been done before, it is not possible to form any hypothesis. It is possible to formulate a tentative hypothesis here since, some information is currently available about the packaging of a soft drink

What alternatives exist to provide a container for soft drink?

Paper Cup is better than any other forms, such as a bottle.

How can our insurance service be improved?

What is the nature of customer dissatisfaction?

Impersonalized is the problem

Here the root cause of cust.dissatisfaction is known, lack of personalized service. So here it is possible to see the Cause or Not.

Conclusive Research:
Descriptive Research: A research to describe something. This study requires a clear specification of all Who, What, When, Were, Why and How. When to Use this Descriptive study? To determine the characteristics of market Size of the market Buying power of the customer Product usage pattern To find out the market share of the product To track the performance of a brand ..Association of 2 variables such as AD and Sales. To make a prediction. To estimate a proportion of people in a specific population.

Descriptive Research Methods:

Longitudinal Study or Time series Study:
These are the studies in which an event or occurrences is measured again and again over a period of time. Types of panels
True panel Omnibus Panel

Cross-Sectional Study
Most important types of Descriptive study, and it can be done in 2 ways
Field study