Introduction to Business

Research

DR.V.VEERA BALAJI KUMAR BHMS., M PHIL (PSYCH)

INTRODUCTION
INTRODUCTION
 DEFINITION

Business research can be defined as a systematic

and objective process of gathering,
gathering recording and
analyzing data that provides information to guide
business decisions.
 Scope of Business Research

To solve operational and planning problems in

conducting businesses.
 Marketing Problems
 Financial problems
 HR problems
 Manufacturing problems
 Scope of Business Research

Major forms of research:

 Market research: understand the marketplace. to develop
business policies and market strategies
 Operations research: uses mathematical, logical-analytical
methods to understand operational problems. To forecast
demand, optimizing production and find best investment
options.
 Motivational research: Analyzing the reasons and motives
behind people’s behaviour ( consumer as well as employee)
employee
 Basic Research and Applied Research

Two major forms of research:

Basic research : a focused, systematic study to
discover new knowledge or expand existing one.
 Understanding consumer buying process
 Examining consumer learning process
Applied research:
research used to answer a specific
determine why something failed or succeeded.
 Evaluating the impact of training program or employee
Performance
 Examining consumer response to direct marketing programs.
Role of Business Research in Decision-Making
 Problem/Opportunity Identification

Scanning & monitoring business environment –

internal and external
Identifying Opportunities & threats
Understand market trends
 An Indian Apparel company entering US

Identify fashion trends

Brand awareness about the
company
Perception of company among
potential employees
Examining competitors
characteristics
Understanding American
consumer behaviour
Problem/Opportunity Prioritization and Selection

Impossible to address the all problems at one time

Prioritization
Based on 1. Influence of the problem
 2. Time factor
Gather info about the problem – underlying causes
 clarity of the situation
Identify right opportunities
 Problem/Opportunity Resolution

Way to resolve the problem

Way to make use of the opportunity

PROBLEM RESOLUTION : 2 steps

 Developing alternatives - brainstorming
 Evaluating alternatives – on the basis of certain criteria
 Factors Affecting Business Research

Time Constraint,
 Availability of Resources,
Nature of Information Sought,
Benefits versus Cost
 Globalization and Business Research

LPG era
Formation of regional trading blocks
Maintaining international quality
R&D
China monitor - cygnus research consultants.
Innovative tools
 Computer assisted telephone interviewing
 Computer assisted personal interviewing
WTO – Industry research
 Business Research and the Internet

Primary Research,
 Collected directly from respondents
 Using mail questionnaires, schedules, direct interviews
 Focus group studies
 Online – advantages and disadvantages
Secondary Research
 Collected by some other person or orgaganization
 Already existing data – internet, industry reports
 Faster, economical and reliable (?)