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Trivial but truethe need for information in making informed business decisions. Information is required by businesses to measure phenomena like a) Performance of company stocks b) Behavior of the consumers c) Expectation of the employees d) Retail sales and purchase patterns e) Type of training required by the employees f) Success of ERP implementation in an organization etc.
The process of business research includes idea and theory development, problem definition, searching for and collecting information, analyzing data, communicating the findings and their implications.
What is research?
Management research is an unbiased, structured, and sequential method of enquiry, directed towards a clear implicit or explicit business objective. This enquiry might lead to validating existing postulates or arriving at new theories and models.
Types of research
BUSINESS RESEARCH
BASIC RESEARCH
APPLIED RESEARCH
EXPLORATORY RESEARCH
CONCLUSIVE RESEARCH
DESCRIPTIVE RESEARCH
CAUSAL RESEARCH
Types of research
Basic research : the basic premise is the need to KNOW and the concern is primarily academic in nature.
Applied research: Solution or action oriented research, that is contextual and practical in approach.
Types of research
Exploratory research is loosely structured and the basic premise is to provide direction to subsequent, more structured method of enquiry. Techniques used are Focus group discussions, projective techniques, observation research. Conclusive research is structured and definite in orientation. These studies are usually conducted to validate formulated hypotheses and specified relationships.
Conclusive research
Descriptive research: The main goal of this type of research is to describe the data and characteristics about what is being studied.
Quantitative Techniques used are Multiple Regression, Discriminant Analysis, ANOVA (one way, two way), t test. Factor and cluster analysis are primarily exploratory in nature but may also be considered as descriptive. Causal research: Explores the effect of one or more variables on other variable(s), with reasonable level of certainty by controlling the impact of other influencing variables. Quantitative Technique used is Experimental design
The Research Framework Research Design Data Collection Plan Sampling Plan
Instrument Design
Pilot Testing
Data Collection
Research Reporting
Product research
Pricing research Promotional research
Place research
Volatility analysis
Statistics - Measures of Location (Mean, Median and Mode) - Measures of Variability (Range, Standard Deviation and Variance).
- Measures of Association (Covariance and Correlation)
Discussion on Descriptive