Research Methods Overview

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.