RESEARCH METHODOLOGY
(Business Research Methods)
Week 1
12.12.12
How This Course Will Be Conducted
Comprehensive introduction to Research Methodology (Business Research Methods) Knowledge acquisition and application of subject matter to real-life situations Course literature (see the must read section) Use of multimedia visual aids (MS PowerPoint slides)
Reference to case studies when desirable
Encouragement of questions, comments and constructive criticism from course participants Analytical and critical thinking, inquisitiveness as well as common sense from course participants also expected
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The DOs and DONTs Catalogue for Course Participants
listen attentively be considerate and amenable be inquisitive, analytical and critical in your approach to learning research methodology mention if you do not understand something and seek clarification read the prescribed course literature. It is the basic requirement for comprehending research methodology and succeeding in this course start reading from the beginning of the course and not towards the end!
be late to class. distract the attention of other course participants use mobile phones or send SMS messages in the class follow a rote-learning approach. There is zero tolerance for this in feel afraid to bring up any relevant point for discussion hesitate to visit me at my office, individually or as a group, if you have a course-related problem and seek counseling in this regard
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Fundamental Course Objectives
To acquaint course participants with all salient aspects of research methodology in accordance with the current body of scientific literature on this challenging, interesting and indepensible area of management science
To show that the subject of research methodology has matured into a substantive body of knowledge, an indepth understanding of which is crucial for ensuring the success of commercial or non-commercial organizations
To show and encourage the course participants that the theoretical knowledge acquired in this course can - with the appropriate context-related modifications - be applied to numerous real-life situations in business, public-sector and non-profit
enterprises
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To stimulate interest in the business research field as a prospective career field
Demands on Course Participants
The essence of knowledge is having it to apply it - Confucius
Acquisition and careful application of knowledge Analytical and critical thinking, innovation, inquisitiveness Holistic perspective Quizzes & Sessionals Project Work (proof that the course participant is familar with the essentials of research methodology) (each course participant is expected to show that he or she is able to apply the research skills learned in this course)
Examination
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Important Information for Course Participants (1)
You MUST read the course literature from the beginning of the semester. Relying on the PowerPoint slides is NOT sufficient! The purpose of these
slides is to provide you with a broad and general introduction to research methodology. Kindly note that the slides are intended as a supplement to, and NOT as a substitute for the prescribed course literature
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Important Information for Course Participants (2)
The project work to be undertaken in this course will be chosen by the course instructor and must be undertaken by the course participant
according to the project guidelines which will be distributed in paper form seperately. It is essential that primary data is collected, analysed, evaluated and recorded by the course participant in his or her project report. Plagiarism will NOT be tolerated! If caught, zero marks will be given
Specific questions on the subject of research methodology may be asked from candidates in the Viva oral examination at the end of their MMS
semester . Failure to answer these questions will definitely result in a deduction of examination marks
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Course Highlights
Introduction to research methodology Research Terminology and the Scientific Method Designing and implementing a research project Types of Research Measurements in Research Undertaking Research Project by the course participants Marketing Research SPSS
Primary and Secondary Data
Analyzing primary and secondary data (quantitative techniques) Communicating Research Results
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What is Research? Research is a structured inquiry that utilizes acceptable scientific methodologies to solve problems and creates new knowledge that is general acceptable (- Grinnell) 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.
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Business Research may be defined as the systematic and objective process of gathering, recording and analyzing data for aid in making business decisions (Zikmund, Business Research Methods, 2002, p. 6) Systematic-ness and Objectivity are its distinguishing features of Business Research, which is important tool for managers and decision-makers in corporate and non-corporate organizations
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Objectives of Research
A. Academic Objectives B. Utility Objectives
Market share Customers behavior Profitability analysis Industry analysis etc
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When is Business Research Used?
Typically, business research methods are used in situations of uncertainty, that is, when decision-makers face two or more courses of action and seek to select the best possible alternative under the circumstances. Business Research is hence aimed at improving the quality of decision-making which, in turn, benefits the organization and helps ensure its continuity and efficiency
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Characteristics of Research
1. 2. 3. 4. 5. Systematic Valid and verifiable Empirical Controlled Rigorous
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Typical Users of Business Research Methods Businesses and Corporations Public-Sector Agencies Consulting Firms
Research Institutes
Non-Governmental Organizations Non-Profit Organizations Independent Researchers and Consultants
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Common Business Research Methods & Techniques
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Surveys Interviews Observation Experiments Archival and Historical Data Qualitative Analysis Quantitative Analysis
Fields Where Business Research is Often Used (1)
General Business Conditions and Corporate Research Short- & Long-Range Forecasting, Business and Industry Trends Global Environments Inflation and Pricing Plant and Warehouse Location Acquisitions Financial and Accounting Research Forecasts of financial interest rate trends, Stock,bond and commodity value predictions capital formation alternatives mergers and acquisitions risk-return trade-offs portfolio analysis impact of taxes research on financial institutions expected rate of return capital asset pricing models credit risk cost analysis
Management and Organizational Behaviour Research
Total Quality Management Morale and Job Satisfaction Leadership Style Employee Productivity Organizational Effectiveness Structural ssues Absenteeism and turnover Organizational Climate
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Fields Where Business Research is Often Used (2)
Sales and Marketing Research Market Potentials Market Share Market segmentation Market characteristics Sales Analysis Establishment of sales quotas Distribution channels New product concepts Test markets Advertising research Buyer behaviour Customer satisfaction Website visitation rates Information Systems Research Knowledge and information needs assessment Computer information system use and evaluation Technical suppot satisfaction Database analysis Data mining Enterprise resource planning systems Customer relationship management systems Corporate Responsibility Research Ecological Impact Legal Constraints on advertising and promotion Sex, age and racial discrimination / worker equity Social values and ethics
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Selected Examples of Real-Life Situations in Which Business Research Methods are Used
A firm wants to produce and market a new product but first wants to ascertain if there is a potential consumer demand for this product in markets x,y and z a multinational firm wants to establish a production facility in another country after determining its technical and economic feasibility A government agency wants to ascertain the satisfaction level of its employees, the causes for any possible discontent, and propose a scheme for enhancing this level A financial institution wants to invest in commodities and commissions a study to determine the past trends and forecast future returns in a portfolio of commodities The CEO of a firm wants to undertake a SWOT-Analysis as part of his plan to redefine his organizations priorities
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When Should Business Research be Undertaken?
Is sufficient time available? Yes
Is information inadequate?
Yes High importance of decision? Yes Research benefits greater than costs?
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NO
Do not undertake Business Research
Undertake Business Research
Value and Costs of Undertaking Business Research
VALUE COSTS
Decreased Uncertainty
Research Costs Delay in Making Business Decisions Disclosure of Information to Rivals
Higher Likelihood of Correct Decisions
Better Business performance
Higher Profits
Better Reputation
Possibility of Error
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Types of research
BUSINESS RESEARCH
BASIC RESEARCH
APPLIED RESEARCH
EXPLORATORY RESEARCH
CONCLUSIVE RESEARCH
DESCRIPTIVE RESEARCH
CAUSAL RESEARCH
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Types of Research ..
Basic Research aims to expand the frontiers of science and knowledge by verifying or disproving the acceptability of a given theory or attempting to discover more about a certain concept (nonspecificity)
Example: How does motivation affect employee performance?
Applied Research focuses on a real-life problem or situation with a view to helping reach a decision how to deal with it (Specificity)
Example: Should Corporation X adopt a paperless office environment?
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Types of Research .. Exploratory research is loosely structured and the basic premise is to provide direction to subsequent, more structured method of enquiry. Conclusive research is structured and definite in orientation. These studies are usually conducted to validate formulated hypotheses and specified relationships.
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Types of Research .. Descriptive research: The main goal of this type of research is to describe the data and characteristics about what is being studied. 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.
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