Research Methods Overview

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Questions and Answers

What is the primary aim of basic or fundamental research?

To expand knowledge in a specific field (correct)

To develop new advertising campaigns

To create new products for commercial use

To verify existing facts in a market

Which of the following is NOT a feature of systematic research?

Use of personal opinions (correct)

Objective analysis

Empirical data usage

Logical approach

What does the Law of Demand suggest?

Higher prices lead to increased demand

Demand does not change with price fluctuations

Lower prices lead to increased demand (correct)

Demand remains constant regardless of price changes

Which of the following is a purpose of research?

Predicting future trends Signup and view all the answers

In research, what does empirical data refer to?

Information obtained through experiments and observations Signup and view all the answers

What is an example of a principle developed through systematic observation in management research?

14 Principles of Management by Henry Fayol Signup and view all the answers

What is a characteristic of applied research compared to basic research?

It focuses on practical applications Signup and view all the answers

Which aspect of research helps establish relationships between variables?

Statistical analysis Signup and view all the answers

What is one of the main reasons for collecting data in research?

To find reasons for declining sales Signup and view all the answers

Which type of research is primarily aimed at improving knowledge rather than having immediate commercial applications?

Basic Research Signup and view all the answers

What is the purpose of predictive research in a marketing context?

To forecast future product performance Signup and view all the answers

Which of the following is NOT a reason for conducting research?

To obscure competitor strategies Signup and view all the answers

What type of information can research provide that is vital for marketing decisions?

Competitor’s strategies Signup and view all the answers

The objective of exploratory research is primarily to achieve what?

Gain new insights into unknown phenomena Signup and view all the answers

Why is it necessary to verify and test existing laws or theories in research?

To assess their relevance over time Signup and view all the answers

What is a characteristic of basic research?

It seeks to expand knowledge without direct applications Signup and view all the answers

What is the primary objective of exploratory research?

To understand and clarify a problem Signup and view all the answers

How does analytical research primarily operate?

By evaluating existing information to interpret data Signup and view all the answers

Which of the following best describes descriptive research?

It delivers in-depth descriptions of phenomena or populations. Signup and view all the answers

Which research type specifically relies on data from real-world observations and experiences?

Empirical Research Signup and view all the answers

Which of the following statements about analytical research is true?

It is primarily concerned with testing hypotheses. Signup and view all the answers

What type of information would you expect to collect for an empirical research study evaluating an advertising campaign's effectiveness?

Direct feedback from a sample of customers exposed to the campaign Signup and view all the answers

Which research method is typically not associated with providing definitive answers?

Exploratory Research Signup and view all the answers

What is a key difference between descriptive and analytical research?

Descriptive research focuses on description, while analytical research focuses on evaluation. Signup and view all the answers

What should be assessed to determine the relevance and importance of a research problem?

The impact on stakeholders Signup and view all the answers

Which aspect is crucial when evaluating the feasibility of a research problem?

Availability of data and resources Signup and view all the answers

What is the purpose of formulating research questions or hypotheses?

To guide the investigation with clarity Signup and view all the answers

Which method is effective for conducting research data collection?

Employing random sampling techniques Signup and view all the answers

What should be done after designing the research methodology?

Seek feedback from peers and refine the approach Signup and view all the answers

What characterizes a comprehensive review of literature?

It identifies gaps in the existing research Signup and view all the answers

How does obtaining feedback from peers and experts help in refining a research problem?

It improves clarity and focus of the research issue Signup and view all the answers

Which of the following is NOT a focus when designing a research methodology?

Specifying the duration of the research Signup and view all the answers

What defines convenient sampling in research?

Selecting individuals who are most accessible to the researcher. Signup and view all the answers

In which scenario would purposive sampling be most appropriate?

When specific individuals with particular traits are needed for the study. Signup and view all the answers

What does quota sampling involve?

Setting specific targets for subgroups within a population. Signup and view all the answers

Which description best fits snowball sampling?

A referral-based sampling technique to locate hard-to-find participants. Signup and view all the answers

What is a key characteristic of judgmental sampling?

It relies on the researcher's assessment of participant suitability. Signup and view all the answers

What determines the quotas in quota sampling?

Demographic factors such as age, occupation, and income. Signup and view all the answers

What is a potential drawback of convenient sampling?

It may lead to biased results due to lack of randomness. Signup and view all the answers

Which method would be least effective for researching a small, hard-to-reach population?

Convenient sampling. Signup and view all the answers

Study Notes

Research Features

Objective research ensures the elimination of personal opinions; logical approaches track stock price changes to establish links with advertising campaigns.
Empirical research uses actual data to assess the measurable impact of campaigns.
Systematic research leads to the development of principles and theories useful for organizations; for example, Alfred Marshall's 'Law of Demand' illustrates the inverse relationship between price and quantity demanded.
Henry Fayol's '14 Principles of Management' emerged through thorough observational research.

Multi-purpose Activity of Research

Research aids in discovering new facts or validating existing ones.
It facilitates the development of new scientific tools, concepts, and theories.
Predictive capabilities in research help to foresee future events and mitigate potential issues.
Establishes relationships between different variables, enhancing understanding.

Basic vs. Applied Research

Basic (fundamental) research focuses on theoretical aspects to expand knowledge without immediate commercial objectives.
Applied research seeks practical applications of existing theories to resolve specific issues; includes exploratory research to clarify problems and conclusive research for definitive answers.

Objectives of Research

Research collects vital information like consumer preferences and competitor strategies, crucial for marketing decisions.
It enables future predictions based on historical data, assisting businesses in product launches and strategic direction.
Development of new tools and concepts through exploratory research provides insights into unknown phenomena.
Verification and testing of existing laws ensure their continued relevance in evolving contexts.

Types of Research

Descriptive research offers detailed examinations of populations or situations, helping market researchers understand consumer habits or employee morale.
Analytical research involves critical evaluation of existing data to identify patterns, relationships, and draw conclusions; often tests hypotheses across multiple data sets.
Empirical research collects and analyzes real-world data to derive conclusions, such as customer surveys following advertising campaigns.

Research Problem Identification Process

Assessing relevance highlights the significance of a research problem in relation to financial issues, influencing stakeholders.
Feasibility evaluation determines the practicality of studying a problem within available resources and time constraints.
Formulating specific research questions or hypotheses guides the investigation and ensures a focused approach.
Designing research methodology details the data collection and analysis techniques to ensure systematic and reliable findings.
Seeking feedback from peers fosters project refinement, enhancing clarity and focus of the research approach.

Review of Literature Significance

Literature reviews survey existing research to contextualize new studies, often utilized in qualitative research.

Sampling Methods

Non-probability sampling methods allow for sample selection based on convenience or specific criteria, leading to potential biases.
Convenient sampling selects easily accessible participants, such as shoppers in a mall.
Judgment or purposive sampling relies on the researcher’s discernment to select knowledgeable individuals for specialized studies.
Quota sampling allocates specific numbers to different groups, enabling targeted data collection based on predefined criteria.
Snowball sampling assists in locating hard-to-find participants by leveraging referrals from initial respondents.

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Description

Explore the fundamental concepts of research features and their applications. This quiz covers objective and empirical research, as well as basic and applied research, highlighting their importance in developing theories and tools within organizations.