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Typology: Study Guides, Projects, Research
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Module – 1: Introduction to Business Research 8 Research and business research: meaning – definition – objectives - types of research; Applications of research in functional areas of business - emerging trends in business research; Research process – research problem; Research design: meaning – need – features - important concepts related to design - types of design; Research methods Vs. Research methodology.
The last two decades there are dramatic changes that have occurred in the business environment throughout the world. Research is very essential for development of any country ex. Japan, USA, Russia etc……….. *Examples of few Research areas Science and Technology, Communication, Banking and Insurance, Education especially Management, Agriculture, Industries,
A Research simply means Search for a facts, Answer to questions and solution to problems it is a purposive Investigation. It is to find Explanation to Un Explained phenomenon It is an Organized Inquiry; it is adding Knowledge to the Existing Knowledge. Research is a systematic and logical study of an Issue or Problem or Phenomenon. Research is a systematic investigative process employed to increase knowledge by discovering new facts.
It means the discovery of new knowledge Is essentially an investigation Is related with the solution of a problem It is based on observation or experimental evidences. It demands accurate observation or experimentation. In research, the researchers try to find out answers for unsolved questions It should be carefully recorded and reported
Research conducted or describing the business problem(s) of a particular business, is called Business research. For example, in order to start a particular business it is very crucial for the entrepreneur or the owner to have information about the type of customers and nature of competition in the market. It helps in designing business plan for the organisation. All these information can be availed only through the business research. It plays a key role in deriving consumer demand for the existing business, The scope of business research covers small topics (like finding an idea and a name for the business) as well es, big and thorough topics (like collecting information about consumer demand, buying trends, competitor analysis, etc.). In fact, the overall business research process is focused to help business through collecting important information from the market.
Fundamental research Applied research Descriptive research Analytical research Quantitative Research Qualitative Research Conceptual Research Empirical Research 11
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 The major purpose of descriptive research is description of the state of affairs as it exists at present. In social science and business research we quite often use the term Ex post facto research for descriptive research studies. The main characteristic of this method is that the researcher has no control over the variables; he can only report what has happened or what is happening. Most ex post facto research projects are used for descriptive studies in which the researcher seeks to measure such items as, for example, frequency of shopping, preferences of people, or similar data. Ex post facto studies also include attempts by researchers to discover causes even when they cannot control the variables. The methods of research utilized in descriptive research are survey methods of all kinds, including comparative and correlational methods In analytical research , on the other hand, the researcher has to use facts or information already available, and analyze these to make a critical evaluation of the material. 14
Conceptual research is that related to some abstract ideas or theory. It is generally used by philosophers and thinkers to develop new concepts or to interpret existing ones. Empirical research relies on experience or observation alone. It is data based research coming up with conclusions capable of being verified by observation or experiment. It can be experiment research. In empirical research, the researcher has to first set up a hypothesis or guess as to the probable results. He then works out to get enough facts to prove or disprove his hypothesis. Thus research enables one to develop theories and principles and to arrive at generalizations. As research is based on observations and empirical evidences it improves knowledge and understanding as well as decision making skill and ability.
Research process contains a series of closely related activities which has to carry out by a researcher. Following are the main steps in social or business research process
