Business Research Method Quiz

Study Notes

Business Research Method

Definition: Business research method is a systematic and structured approach to gather, analyze, and interpret data to solve business problems or answer business questions.
Concept: It involves identifying business opportunities, understanding customer needs, and making informed decisions using data-driven insights.

Factors Influencing Business Research Decisions

Organizational factors: company size, culture, and resources
Environmental factors: market trends, competition, and government regulations
Managerial factors: manager's experience, knowledge, and skills

Classification of Business Research

Exploratory research: aims to identify and define business problems or opportunities
Descriptive research: aims to describe business phenomena and identify patterns
Causal research: aims to identify cause-and-effect relationships between variables

Business Information System

Definition: a system that collects, stores, and provides access to data and information for business decision-making
Components: people, technology, and data

Scope of Business Research

Identifying business opportunities and challenges
Understanding customer needs and behavior
Evaluating business performance and making informed decisions

Business Research Process

Problem definition: identifying and defining business problems or opportunities
Literature review: reviewing existing research and literature
Hypothesis formulation: developing hypotheses and research questions
Research design: selecting research methods and approaches
Data collection: gathering data using various methods
Data analysis: analyzing data using statistical and analytical techniques
Results interpretation: interpreting research findings
Report writing: presenting research findings and recommendations

Primary and Secondary Data Sources

Primary data: original data collected firsthand through surveys, experiments, and observations
Secondary data: existing data collected by others, such as published reports and datasets

Advantages and Limitations of Secondary Data

Advantages: cost-effective, time-saving, and widely available
Limitations: may not be relevant or reliable, and may lack depth and detail

Methods of Collecting Primary Data

Surveys: online or offline questionnaires
Experiments: controlled experiments to test hypotheses
Observations: participant or non-participant observations
Case studies: in-depth analysis of a single case or phenomenon

Syndicated Sources of Secondary Data

Market research firms: provide industry reports and data
Government agencies: provide statistical data and reports
Online databases: provide access to datasets and research articles

Probability and Non-Probability Sampling

Probability sampling: every individual in the population has an equal chance of being selected
Non-probability sampling: individuals are selected based on convenience or judgment

Census and Sampling

Census: surveying the entire population
Sampling: surveying a subset of the population

Reasons for Using Census and Sample Surveys

Census: provides complete data, but can be time-consuming and expensive
Sample survey: provides representative data, but may not be generalizable to the entire population

Probability Sampling Techniques

Simple random sampling: every individual has an equal chance of being selected
Stratified sampling: dividing the population into strata and selecting individuals from each stratum
Cluster sampling: selecting clusters of individuals from the population
Systematic sampling: selecting individuals at regular intervals

Advantages and Disadvantages of Probability Sampling Techniques

Simple random sampling: easy to implement, but may not be representative of the population
Stratified sampling: ensures representativeness, but can be complex to implement
Cluster sampling: cost-effective, but may not be generalizable to the population
Systematic sampling: easy to implement, but may not be representative of the population

Non-Probability Sampling Techniques

Convenience sampling: selecting individuals based on convenience
Purposive sampling: selecting individuals based on expertise or knowledge
Snowball sampling: selecting individuals through referrals

Advantages and Disadvantages of Non-Probability Sampling Techniques

Convenience sampling: easy to implement, but may not be representative of the population
Purposive sampling: ensures expertise, but may be biased
Snowball sampling: cost-effective, but may not be generalizable to the population

Factors Affecting Sample Size

Population size
Desired level of precision
Resource constraints

Participant and Non-Participant Observations

Participant observation: observer participates in the study
Non-participant observation: observer does not participate in the study

Personal and Telephone Interviews

Personal interview: face-to-face interaction
Telephone interview: remote interaction

Advantages and Disadvantages of Personal and Telephone Interviews

Personal interview: provides rich data, but may be time-consuming and expensive
Telephone interview: cost-effective, but may lack depth and detail

Steps in Designing a Questionnaire

Defining the research question and objectives
Identifying the target audience
Developing questions and scales
Pretesting and pilot testing
Finalizing the questionnaire

Description

Assess your knowledge of business research methods, including definitions, factors, classification, information systems, scope, and research processes. This quiz covers topics such as primary and secondary data sources, research decisions, and more.