Business Research Methods

Business Research Methods i

 Business Research Methods

Edition 1
Year of Publication: 2016

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How to use the Self Learning Material

The pedagogy used to design this course is to enable you to assimilate the concepts and
processes with ease. The course is divided into Modules. Each module is categorically divided
into Chapters. Each chapter consists of the following elements:

Table of Contents: Every chapter consists of a well-defined table of content.

For example: “1.1.8.(i)” should be read as “Module 1. Chapter 1. Topic 8. (Sub-topic i)”
and 1.2.8. (ii) should be read as “Module 1. Chapter 2. Topic 8. (Sub-topic ii)

Aim: ‘Aim’ refers to the overall goal to be achieved by going through the chapter.

Instructional Objectives: ‘Instructional Objectives’ define what the chapter

intends to deliver.

Learning Outcomes: ‘Learning Outcomes’ refer to what you will be able to

accomplish by going through the chapter.

Advantages: ‘Advantages’ describes the positive aspects of that particular method,

theory or practice.

Disadvantages: ‘Disadvantages’ describes the drawbacks of the particular method,

theory or practice.

Summary: ‘Summary’ contains the main points of the entire chapter.

Self-assessment: ‘Self-assessment’ contains a set of questions to answer at the end

of each topic.

e-References: ‘e-References’ is a list of online resources that have been used while
designing the chapter.

External Resources: ‘External Resources’ is a list of scholarly books for additional

source of knowledge.

Video Links: ‘Video Links’ contain links to online videos that will help you to
understand the concepts better.

Did you know?: ‘Did you know’ is an interesting fact that helps improve your
knowledge about the topic.

Activity: ‘Activity’ is used to demonstrate the application of a concept. Activities can

be online and offline.

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Business Research Methods

Course Description
The main goal of studying business research methods is to learn the fundamentals of
research, objectives, significance and scope of business research. The students will learn about
the process of conducting market research and the problems associated while undertaking the
research. Students will get an overview of the market research and its processes. The students
will understand different types of research design and how to choose the best design for the
hypothesis. The modules also deal with the different types of quantitative and qualitative
research.

The students will learn the steps to analyse data using tabulation method and classify
tabulation based on its types. They will learn the elements required to write a market research
report. The modules also introduce how data coding is performed in qualitative and
quantitative research methods. At the end of this module, students will be able to organize
data using tabulation, and explain the usage of data coding in qualitative and quantitative
research.

The students will also study the importance of research and consumer insights in marketing
effectiveness. Students will be able to identify the various key sources for collating customer
insights. They will also know the new and upcoming trends within marketing research.

By the end of this course, the students will be able to conduct market research, to use research
and tabulation methods, data coding and reports. In addition to these skills, students are also
able to interact with marketing researchers about critical issues related to marketing
effectiveness and business research.

Business Research Methods course is designed to serve as a stepping stone for you to build
your career as a professional in business research.

The Business Research Methods course contains Five Modules.

MODULE 1: MARKET RESEARCH

Market Research – An Overview, Introduction to Market Research, The Market

Research Plan, Divisions of Marketing Research, Marketing Research and Marketing
Management, The Marketing Research Process, Commissioning Market Research,
Research Brief, Developing the Research Plan

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MODULE 2: TYPES OF RESEARCH

Types of Research, Quantitative Market Research, Qualitative Market Research, Types

of Qualitative Market Research, Newer and Emerging Qualitative Researches,
Observational Research, Types of Observational Research, Advantages and
Disadvantages of Observational Research

MODULE 3: MARKET RESEARCH DESIGN

Importance of Marketing Research in Business, Marketing Research and Decision

Making, Quantitative Research Sampling, MR Measurement and Scaling,
Measurement Techniques: Nominal Scale, Ordinal Scale, Interval Scale, Ratio Scale

MODULE 4: ANALYSIS OF DATA

Data Decoding in Business Research, Data Decoding in Qualitative Research, Data

Decoding in Quantitative Research, Types of Tabulation, Essential Elements of Table,
Essentials of Report Writing

MODULE 5: RESEARCH AND INSIGHTS

Identifying Consumer Insights, Developing an Insight, Possible Sources of Insights,

The Role of an Insight in Product Development and Marketing, New Trends in
Marketing Research, Marketing Research Trends: Behavioural Science Based
Approach, Economic and Competitive Pressures, Consumer Insight Groups

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Table of Contents

MODULE 1
Market Research: An Overview
Chapter 1.1 An Overview of Market Research .............................................................. 1
Chapter 1.2 Market Research Process ........................................................................... 22

MODULE 2
Types of Research
Chapter 2.1 Types of Market Research ......................................................................... 44
Chapter 2.2 Marketing Research – Emerging Trends ................................................. 68

MODULE 3
Market Research Design
Chapter 3.1 Research Design and Sampling Techniques in Market Research ........ 88
Chapter 3.2 Measurement and Scaling in Market Research .................................... 122

MODULE 4
Analysis of Data
Chapter 4.1 Tabulation and Report Writing .............................................................. 143
Chapter 4.2 Data Coding .............................................................................................. 179

MODULE 5
Research and Insights
Chapter 5.1 Consumer Insight and Market Research................................................ 220
Chapter 5.2 Marketing Research Trends ..................................................................... 245

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Business Research Methods

MODULE - I

Market Research:
An Overview

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MODULE 1

Market Research: An Overview

Module Description

This module begins with the very basics of business research. Research concepts are discussed
in brief for easy understanding. Students will learn the fundamentals of research, objectives,
significance and scope of business research. Furthermore, the module deals with the
fundamentals of market research.

Through this module, students will learn the process of conducting market research and the
problems associated while undertaking the research. Students will get an overview of the
market research and its processes. This module will help students progress in their journey on
the statistical and analytical path of market research.

Chapter 1
An Overview of Market Research

Chapter 2
Market Research Process

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Chapter Table of Contents

Chapter 1.1
An Overview of Market Research
Aim ......................................................................................................................................................... 2
Instructional Objectives....................................................................................................................... 2
Learning Outcomes .............................................................................................................................. 2
1.1.1 Introduction ............................................................................................................................. 3
1.1.2 Business Research .................................................................................................................... 3
Self-assessment Questions...................................................................................................... 6
1.1.3 Market Research – An Overview........................................................................................... 7
1.1.4 Introduction to Market Research .......................................................................................... 7
1.1.5 Significance of Market Research ........................................................................................... 8
Self-assessment Questions.................................................................................................... 10
1.1.6 Market Research Plan ........................................................................................................... 11
1.1.7 Divisions of Market Research .............................................................................................. 12
1.1.8 Marketing Research and Marketing Management............................................................ 14
Self-assessment Questions.................................................................................................... 15
Summary ............................................................................................................................................. 16
Terminal Questions............................................................................................................................ 17
Answer Keys........................................................................................................................................ 18
Activity................................................................................................................................................. 19
Bibliography ........................................................................................................................................ 20
e-References ........................................................................................................................................ 20
External Resources ............................................................................................................................. 20
Video Links ......................................................................................................................................... 20

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Aim
To familiarise students with the salient features of market research and its significance
in business research areas

Instructional Objectives
After completing this chapter, you should be able to:

• Describe the features and importance of business research

• Outline the concept of market research

• Illustrate the divisions of market research

Learning Outcomes
At the end of this chapter, you are expected to:

• Explain the features and importance of business research

• Enumerate the concept of market research

• Categorise the divisions of market research

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An Overview of Market Research

1.1.1 Introduction
Inquisitiveness is a distinctive feature of every human being. A curiosity or interest to know
about ourselves, our history, our institutions, our environment, our planet and the universe is
inherent. Don’t you ever think questions like what are the parameters of sound health of a
person? Why does the performance of organisations that are similar vary? Why do some
consumers prefer tea over coffee?

Whenever our mind has queries, we look for answers. Whenever we encounter problems, we
try to find solutions. Looking for answers to questions and finding solutions to problems is
the foundation of human progress. This quest for knowledge, when done in a systematic
process is known as “research”.

Dr. Zina O’Leary has defined research as a “creative and strategic thinking process that
involves constantly assessing, reassessing and making decisions about the best possible
means for obtaining trustworthy information, carrying out appropriate analysis and
tracing credible solutions.”

Research is therefore, an original contribution by a researcher to the existing domain of

knowledge. It is the pursuit of truth with the help of systematic study, observation,
comparison of facts and experimentation.

1.1.2 Business Research

(i) Meaning and Overview

Business research can be described as a methodical and planned effort to investigate specific
problems encountered in a business, which requires a solution. This investigation is usually
designed and executed in such a way that one arrives at the solution at the earliest. Business
research is a field of study in which an organisation obtains and analyses the data in order to
manage a company in a better way. Business research can include consumer feedback data,
product research data, financial data or even a competitor’s data.

Zikmund (2010) defines Business Research as, “The application of the scientific method in
searching for the truth about business phenomena. These activities include defining
business opportunities and problems, generating and evaluating ideas, monitoring
performance and understanding the business process.”

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Companies who use business research methods are able to better understand their
organisation, competitive position and ways in which they can improve profitability.

The aim of business research is to solve business problems by gathering new knowledge and
bringing unexplored phenomenon into existence. As business research requires expertise and
skill, a research analyst is expected to be familiar with the ins and outs of carrying out
research. Business research should be logical and objective. The findings should be verified
and bias-free.

(ii) Scope of Business Research

Let us take a look at the scope of business research.

a. Production Management: Research plays an important role in launching and

developing new products, existing product development and diversification, product
improvement, process flow technologies, choosing a site, new investment venture
etc.

b. Personnel Management: Research can work wonders in the areas of job redesign,
organisation restructuring and resizing and employee satisfaction. Research aids in
developing motivational strategies and plans for employees, change management,
talent acquisition, assessment of organisational culture, attrition analysis etc.

c. Marketing Management: Market research helps marketing managers in choosing

the target market. Marketers are always keen to understand the personality, attitude,
life style and the changing buying behaviour of consumers. Research plays a
significant role in developing product mix, finalising the price of the product,
distribution channels, promotional strategies, etc. Research helps in formulating
advertisement strategies—selecting appropriate media channels through which
messages should be communicated, frequency and timings when the advertisement
is to be telecasted etc.

d. Financial Management: Financial and equity analysts treat research as their lifeline.
Research is a must for portfolio management as it helps the analyst know where to
invest money in volatile markets so as to reap the profits. Dividend decisions,
investment decisions and raising funds are always carried out after rigorous research.

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e. Materials Management: Research is an important aspect in choosing the best

supplier, decisions related to make or buy, deciding negotiation strategies etc.

f. General Management: Research contributes greatly in developing the benchmark

standards, objectives, long and short-term goals, and expansion and growth
strategies.

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Self-assessment Questions
1) Research is a systematic study, observation and comparison of facts in pursuit of
_____________.
a. Happiness c. Truth
b. Knowledge d. Experimentation

2) Business research is a __________and__________ process of gathering facts and

information.
a. Systematic, scientific c. Systematic, analytical
b. Original, descriptive d. Descriptive, scientific

3) Which of these examples do not come under the scope of business research?
a. Analysing the training needs of the organisation
b. The relationship between birthdates and performance of students in a
college
c. The study of recruitment practices in companies
d. Understanding the relationship between debt funds and debentures

4) Research in __________ gives more ideas about the establishment of a new site or
development of a new process flow.
a. Sales management c. General management
b. Production management d. Financial management

5) Financial analysts possess expertise in ______________

a. Salary review c. Pricing policy
b. Product review d. Portfolio management

6) Research in material management involves the study of ___________.

a. Cost-effective supplies c. Distribution network
b. Process flow d. Customers

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1.1.3 Market Research – An Overview

Market research is an intellectual and artistic activity. It is all about knowing, understanding
and evaluating. As a marketer, to solve the marketing problems, one has to collect necessary
information and interpret it properly.

Market research allows for gaining new insights and knowledge about unexplored areas. For
example: let’s say that Toyota wants to set up a new manufacturing plant internationally. This
decision of the company management is crucial and market research is necessary. Through
market research, a detailed study of all the prospect countries can be figured out. The
availability of raw materials, manpower cost, set-up cost, natural environment conditions,
business environment, political stability etc. can be analysed. Based on these findings, the
company’s management can make a decision on whether or not to set up internationally.

At times, market research is conducted just to find the characteristics of a group of

individuals, event or situation. For example: a media analyst of a popular FMCG (Fast
moving consumer goods) firm might be interested in the demographic profile of viewers who
watch horror movies. Such information can help in figuring out whether the target audience
of horror movie-goers matches with the product. The analyst can position the brand in an
upcoming horror movie, if the target group matches.

1.1.4 Introduction to Market Research

Market research is an integral part of business. It helps innovate and improvise at every stage
of a business venture. It ranges from product design, marketing strategies and business
development, to gathering the experience of customer in order to use the data for feedback
and improvisation. Research in business makes it easy for making decisions in relation to a
product and existing demands. It also helps in decision-making, regarding business strategies
and necessary investments. For example: an obsolete model of a television is withdrawn after
the introduction of the flat screen as the demand for it has substantially been reduced. Such a
decision is made only after a proper research on demand and public preference

According to the American Marketing Association, “Marketing research is the function which
links the consumer, customer, and the public to the marketer through information —
information used to identify and define marketing opportunities and problems; generate, refine,
and evaluate marketing actions; monitor marketing performance; and improve understanding
of marketing as a process. Marketing research specifies the information required to address

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these issues; designs the method for collecting information; manages and implements the data
collection process; analyses the results; and communicates the findings and their implications.”

Market research is a systematic process of generating information to make accurate and

logical market-related decisions. Market research is a continuous process. Marketers must
seek the opinions and insights of the stakeholders on a continuous basis. Marketers need
sound market data and analysis to design effective products and services. Based on the
market-related information, marketers devise strategies to appeal to the needs and wants of
the target audience. Appropriate and timely data collection results in sound marketing
analysis. A proper measurement of facts and figures bridges the gap between marketing
research and effective business decisions.

1.1.5 Significance of Market Research

The nature of businesses is becoming complex with every day. Market research is the only
way in which organisations can survive and beat the competition. Market research
contributes to the expansion of business knowledge and future projections. The following
points emphasise on the significance of business research:

a. Enhancement of New Knowledge: Market research leads to the discovery and

development of new business facts and phenomenon(s). Ten years ago, mobile phones
were used mainly for communication; but today, the mobile phone is used for more
than just communication. A mobile phone not only allows you to make a call or take a
picture, but you can also pay your electricity bill, choose the best place to dine out,
listen to your favourite song or chat with your friends. This is because of the research
which made it possible.

b. Improves Decision-making: Market research instils the habit of thinking logically,

which helps improve the decision-making process in a business firm. Businesses have
to understand what kind of services or products the consumers want, before they
produce them. Research can help design a new product or service that is highly
targeted towards the demand of consumers. Companies can also use research to
optimise their distribution system. Likewise, research also helps to package and
market a product with better visibility to consumers. For example: determining shelf
space and location in any retail store for a specific product is always done after intense
market research.

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c. Determine Future Trends: Market research gives an edge to those business houses
that are able to predict the future trends and prepare themselves for all possible
situations. Market analysis is a very important tool of business strategy nowadays.
Forecasting demand and supply, accessing economic indicators, predicting strategies
and business cycles of competitors are some of the ways to determine future trends.

d. Solution to Operational and Planning Problems: Market research helps business

houses to solve their day-to-day operational and planning problems. Market research
helps in investigating policies related to purchasing, production, sales, and suppliers,
fixing a right price, distributing at a right place and informing customers at the right
time through right medium, while maintaining a quality product and giving the
appropriate service to customers. Research assists firms in enhancing productivity,
reducing cost, maintaining expertise, building competencies and saving time.
Through research, companies can measure their progress against other benchmarked
companies, which will help them reach their target goals.

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Self-assessment Questions
7) Which of these statements show the importance of business research?
a. Research promotes logical thinking
b. Research helps solve operational problems
c. Research brings growth to the company
d. All of the above

8) ________ is an important tool that is used before starting a business.

a. Market analysis
b. Competitor analysis
c. Market share
d. Human resources

9) Businesses can understand their position in the market by doing a ___________.

a. Competition analysis
b. Success predictions
c. Market share survey
d. Customer satisfaction survey

10) Market research is a _______ process.

a. Competitive
b. Non-permanent
c. Continuous
d. Successful

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1.1.6 Market Research Plan

A market research plan is always an important part of the overall business plan. A good
market research process helps to know how customers feel about a service and a company’s
products. It helps gather information about the markets, thereby helping a company make the
right decisions such as whether or not to expand the business or to add new products or
services. Research is also useful while planning strategies for giving good customer service, or
when recruiting employees. Market research plans should be strengthened with a highly
focused market research process that will help to better understand the marketplace.

A well-crafted market research plan helps the marketer to determine when they can enter into
a new market, launch a product or service and strategize to optimise marketing campaigns,
enhance brand awareness, adjust pricing strategies, modify product packaging, alter
perception of consumers and improvise customer service.

A successful business house relies on the information gathered from customers and
competitors to devise marketing strategies. However, getting accurate and specific details and
information is critical and the most important stage of a marketing plan. While developing a
market plan, the primary function of a marketer is to understand the needs and desires of the
target audience and then develop a product or service of their choice, design promotional
materials which make the target customers aware of the product and finally ensure the
delivery of the product or service at the right place, at right time and at a right price.

Marketing plans attempt to:

a. Assess the current marketplace

b. Assess the competition

c. Collect information about the customer

d. Prepare plans and set goals for the next year

Advantages of having a market research plan

• It gives a framework and direction to process future strategies.

• It simplifies the goals and speeds up the research process.

• It helps to conceptualise and execute the market research project realistically.

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1.1.7 Divisions of Market Research

As we have already discussed, market research helps in better understanding the
characteristics of customers and identity opportunities which increase the sales and
expansion of a company. Besides this, a marketer uses market research to recognise the issues
and competition in a particular industry.

The various divisions of market research include:

a. Product Research: The marketers attempt to test the design of the existing and
new product(s). Product research helps in determining the components of product
attributes which leads to sales and customer satisfaction. The respondents under
the study may be asked to rank the different aspects of the product in the order of
priority. Understanding consumer preferences can assist the company in
producing a consumer-oriented product. This may therefore be helpful in
forecasting certain types of trends related to consumer preference in terms of style,
quality or price of the product. For example: a sample is often given along with the
product at supermarkets or shops, and the feedback is taken from the customers
about the product.
b. Customer Research: Customer research seeks to investigate the buyer’s behaviour
and intention. This research helps a company in understanding the possible success
of the product in the market, as the consumer is the ultimate buyer of the product.
This type of research may take into account a number of factors that may affect the
purchase decisions of an individual, that is, the economic, social, cultural as well as
psychological factors. It may also analyse the reasons why individuals may
purchase different products at different times and at different places. Ultimately,
customer research may assist a company in placing its product at an optimal price
at an appropriate place to maximise the sale of a product.
c. Sales and Market Analysis Research: Sales research is related to the amount of
sales of the product that has taken place. This is usually done using sales outlets or
agencies in understanding and arriving at this figure. This type of research may be
used as a basic guide for future planning for product development and the
researcher’s responsibility increases in this aspect. Comparative analysis of the
product with other competitive brands may aid in finding the difference in sales
between the two products. For instance, a sales research report may reveal that

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customers prefer fruit juice compared to aerated drinks and hence, this might give
a hint to big brands that they can try their luck in fruit juice business.
d. Pricing Research: Pricing plays a very important role in marketing and is therefore
the top pick for research by marketers. Pricing research tries to understand the
appropriate price expectation from the customer’s and the dealer’s point of view.
The research helps in identifying whether the price positioning is carried out
properly. Researchers also attempt to understand the concept of price elasticity and
a consumer’s evaluation of price through price research.
e. Distribution Research: Earlier, researchers focussed on understanding the buyer’s
behavior more than any other division of market research. Contemporary
researchers base their study on distribution channels, logistics, supply chain, B2B
transactions etc. For instance, a coffee vendor such as Nescafé might be interested
in knowing where a vending machine set up will be profitable. Potential sites might
be movie theatres, malls, popular market places in the city, colleges etc. Research
would help Nescafé in identifying a suitable location site.
f. Promotion Research: Promotion-based research helps in promoting the product
or service to potential buyers through activities such as advertising, exhibitions or
public relation campaigns. Promotion research guides marketers in identifying the
most suitable type of advertising medium. For example: certain reality shows and
cricket matches are sponsored by popular brands. These shows are examples of
how the brands try to reach the public apart from their usual advertising strategies.
Moreover, companies check the Television rating points of daily soaps. Based on
the TRPs acheived, they position their ads to acheive maximum viewership.

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1.1.8 Marketing Research and Marketing

Management
Marketing research is a special branch of marketing management. Some experts believe that
market research is the soul of marketing management. Market research is a very scientific and
systematic process through which marketers can make accurate and sound decisions for the
company. Marketing research can be broadly divided into:

a. Strategic: Here, marketing research applications would comprise of demand

forecasting, segmentation, identification of target market and positioning etc.

b. Tactical: Under tactical, marketers research product testing, pricing research,

promotional/advertising research or distribution/logistic research. In short, it is
about under taking research relating to four Ps of marketing.

Although market research is considered to be very useful, it is not the only input for decision-
making. Some small companies are doing well even without conducting market research.
Market research works the best when it is combined with judgement, passion, intuition and
experience of the entrepreneur and marketer.

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Self-assessment Questions
11) ________________helps in determining the components of product attributes
which leads to sales and customer satisfaction.
a. Product research c. Pricing research
b. Advertising research d. Service research

12) In ________ marketing research applications would be demand forecasting,

segmentation, identification of a target market and positioning etc.
a. Market analysis c. Competitor analysis
b. Strategic market research d. Tactical market research

13) ___________________research may take into account a number of factors that

may affect the purchase decisions of an individual. That is, economic, social,
cultural as well as psychological factors.
a. Product Research c. Consumer research
b. Advertising research d. Pricing research

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Summary
o Organisations who use business research methods gain a competitive position in
the market.

o The aim of business research is to solve business problems by gathering relevant

data and bringing in new phenomenon into existence.

o Market research allows for the gaining of new insights and knowledge about the
unexplored areas.

o Market research is an integral part of business. It helps innovate and improvise at

every stage of a business venture. It ranges from product design, marketing
strategies, business development, to gathering the experience of a customer, and
use that data for feedback and improvisation.

o Market research contributes to the expansion of business knowledge and future

projections.

o A well-crafted market research plan helps the marketer determine when they can
enter into a new market, launch a product or service, strategise to optimise
marketing campaigns, enhance brand awareness, adjust pricing strategies, modify
product packaging, alter perception of consumers and improvise customer service.

o Product research helps in determining the components of product attributes that

leads to sales and customer satisfaction.

o Customer research seeks to investigate a buyer’s behaviour and intention.

o Sales research is related to the amount of sales of the product that has taken place.

o Pricing research tries to understand the appropriate price expectation from the
customer’s and the dealer’s point of view.

o Contemporary researchers study on the distribution channel, logistics, supply

chain, B2B transactions etc.

o Promotion-based research helps in promoting the product or service to potential

buyers through activities such as advertising, exhibitions or public relation
campaigns.

o Marketing research is a special branch of marketing management. Some experts

believe that market research is the soul of marketing management.

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Terminal Questions
1) What is business research?

2) Describe the concept and significance of market research.

3) Explain the divisions of market research.

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Answer Keys
Self-assessment Questions

Question No. Answer

1 c

2 a

3 b

4 b

5 d

6 a

7 d

8 a

9 c

10 c

11 a

12 b

13 c

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Activity

Activity Type: Offline Duration: 45 minutes

Description:

Divide the class into groups of 5 or 6 members each. Each group must think of a business
area and find out the types of research undertaken in that business area. They may
conduct an interview and also find data through secondary resources. Each group must
make a 5-minute presentation on “Research undertaken in <business area of choice>”.

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Bibliography
e-References

• Business Research Definition and Scope. Retrieved from

https://www.scribd.com/doc/32153516/Nature-amp-Scope-of-Business-Research

• Research Methods of Business. Retrieved from

http://iaear.weebly.com/uploads/2/6/2/5/26257106/research_methods_entiree_bo
ok_umasekaram-pdf-130527124352-phpapp02.pdf

External Resources
• Beri GC (2011). Marketing Research (4 th ed.) Mc Graw Hill
• Nargundkar Rajendra (2012). Marketing Research (3rd ed.). Mc Graw Hill Gupta
• Malhotra N. K , Birks D. F (1999). Marketing Research: An applied approach
(4th ed.). Prentice Hall

Video Links

Topic Link

Introduction to Business https://www.youtube.com/watch?v=xm_spRkIwCU

Research

Marketing Research https://www.youtube.com/watch?v=WPTz5uJJXPQ

Marketing Research https://www.youtube.com/watch?v=Hz9ACcr3mFE

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Notes:

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