MGMT603 Business Research Methods PDF

Business Research Methods 1 Module-1: Nature & Scope of Research Methodology Notes...

Business Research Methods 1 Module-1: Nature & Scope of Research Methodology Notes ity Key learning Outcomes At the end of this module, participant will be able to: Define research methodology Explain research process rs Identify different approaches of research Elaborate planning a research project Analyze Application of Research ve Structure Unit 1.1: Introduction to Research Methodology 1.1.1 What is research? 1.1.2 Characteristics of research ni 1.1.3 Differences between Research Methods and Research Methodology Unit 1.2: Research Process U 1.2.1 Research Process 1.2.2: Research Criteria 1.2.3 Different approaches of research Unit 1.3: Research Approaches ity 1.3.1 Pure &Applied 1.3.2 Causal & Conceptual Research 1.3.3 Cross-sectional & Longitudinal Research 1.3.4 Experimental, Semi-experimental & Non-Experimental Research m 1.3.5 Descriptive & Exploratory Research Unit 1.4: Planning a Research Project 1.4.1 Identifying and Defining / Formulating the Research Problem )A 1.4.2 Factors Influencing the Complication of a Research Problem 1.4.3 Salient Features of Research Project 1.4.4 Formulation of a Research Project Unit 1.5: Application of Research (c 1.5.1 Application of Research in Marketing 1.5.2 Application of Research in Finance Amity Directorate of Distance & Online Education  2 Business Research Methods 1.5.3 Application of Research in Human Resource Management Notes ity 1.5.4 Application of Research in Production 1.5.5 Application of Research in Entrepreneurship rs ve ni U ity m )A (c Amity Directorate of Distance & Online Education  Business Research Methods 3 Unit-1.1: Introduction to Research Methodology Notes ity Unit Objectives: At the end of this unit, the participant will be able to: List various definitions of research Identify differences between research methods and research methodology rs Identify objectives, significance and types of research Definition and Objectives of Research 1.1.1 What is Research? ve Authors and management gurus have defined research in different ways. Usually, a research is said to begin with a question or a problem.Research is defined as the generation of new concepts, methodologies, and understandings through the creation of new knowledge and/or the creative application of existing knowledge. This could include synthesising and analysing previous research to the point where it produces ni new and innovative results. By applying research we are able to find out the solutions of a problem with the application of systematic and scientific methods.You could talk about experimentation or innovation. You could use the word “risk” to describe the element of danger that comes with discovery. It is possible that investigation will lead to analysis. It U is possible that you will conduct tests to prove your hypothesis. You could simply state that this work is unique and never seen. You could discuss what new knowledge will be gained because of your work. You could talk about a new method or a new data source that will result in a breakthrough or a small improvement over current practise. You could state that it is a ity prerequisite for development in the sense of “research and development.” Slesinger & Stephenson, Encyclopedia of Social Sciences: “the manipulation of things, concepts or symbols for the purpose of generalizing to extend, correct or verify knowledge, whether that knowledge aids in the construction of theory or in the practice of an art”. m Redman &Mory: “Systematized effort to gain new knowledge”. It is an academic activity and should be used in a technical sense. Clifford Woody: Research comprises “defining and redefining problems, )A formulating hypotheses or suggested solutions; collecting, organizing and evaluating data; making deductions and reaching conclusions; and finally, carefully testing the conclusions to determine whether they fit the formulated hypotheses”. Research Objectives General Objectives: General objectives, also known as secondary objectives, (c provide a detailed view of a study’s goal. In other words, by the end of your studies, you will have a general idea of what you want to accomplish. For example, if you want to investigate an organization’s contribution to environmental sustainability, your Amity Directorate of Distance & Online Education  4 Business Research Methods broad goal could be to investigate sustainable practises and the organization’s use of Notes renewable energy. ity Specific Objectives: Specific objectives define the primary aim of the study. In most cases, general objectives serve as the foundation for identifying specific goals. In other words, specific objectives are defined as general objectives that have been broken down into smaller, logically connected objectives. They assist you in defining the who, what, why, when, and how of your project. It’s much easier to develop and carry rs out a research plan once you’ve identified the main goal. Take, for example, a study of an organization’s contribution to environmental sustainability. The specific goals will be as follows: Determine how the organisation has changed its practises and adopted new ve solutions throughout its history. To determine the impact of new practises, technology, and strategies on overall effectiveness. 1.1.2 Characteristics of Research: ni The research should concentrate on the most pressing issues. The investigation should be methodical. It emphasises the importance of following a structured procedure when conducting research. U The research should follow a logical pattern. The scientific researcher cannot make much progress in any investigation without manipulating ideas logically. The study should be condensed. This means that a researcher’s findings should be made available to other researchers so that they don’t have to repeat the same research. ity The findings should be repeatable. This asserts that previous research findings should be able to be confirmed in a new environment and different settings with a new group of subjects or at a different time. The study should be fruitful. One of the most valuable characteristics of research is that answering one question leads to the generation of a slew of new ones. m Action-oriented research is required. In other words, it should aim to find a solution that will allow its findings to be implemented. The research should take an integrated multidisciplinary approach, which means it will require research approaches from multiple disciplines. )A At all stages of the study, all parties involved (from policymakers to community members) should be invited to participate. The research must be straightforward, timely, and time-bound, with a straightforward design. The research should be as inexpensive as possible. (c The research findings should be presented in formats that are most useful to administrators, decision-makers, business managers, or members of the community. Amity Directorate of Distance & Online Education  Business Research Methods 5 1.1.3 Differences between Research Methods and Research Methodology Notes ity Although the names sound similar, both Research methods and Research methodology are different, as explained below: Research Methods: The various procedures, schemes, steps, and algorithms used in research are known as research methods. The term “research methods” refers to all of the methods used by a researcher during a research study. They’re rs primarily planned, scientific, and value-agnostic. Observations, theoretical procedures, experimental studies, numerical schemes, statistical approaches, and so on are all examples of these. We can use research methods to collect samples, data, and come up with a solution to a problem. Business and scientific research methods, in particular, ve demand explanations based on collected facts, measurements, and observations, rather than solely on reasoning. They only accept explanations that can be verified through experiments. Research Methodology: A systematic approach to solving a problem is known as research methodology. It is a science that studies how research should be conducted. Research methodology is essentially the procedures by which researchers go about ni their work of describing, explaining, and predicting phenomena. It can also be defined as the study of methods for gaining knowledge. Its goal is to provide a research work plan. U ity m )A (c Amity Directorate of Distance & Online Education  6 Business Research Methods Unit-1.2: Research Process Notes ity Unit Objectives: At the end of this unit the participant will be able to: Identify and learn about process of research List different approaches of research: deductive, inductive, quantitative, qualitative, rs etc. Define hypothesis formulation and its types Describe various hypothesis errors ve 1.2.1 Research Process In the early decades human inquiry was primarily based on the examination of one’s own conscious thoughts and feelings that means the observation of any one and understanding through the logical discussion to seek the truth. This procedure was accepted for a millennium and was a well-established conceptual framework for ni understanding the world. The knowledge seeker was an integral part of the inquiry process. With time, this part was changed. The Scientific method introduced several major components in research procedure like Objectivity. At every stage of the marketing research process, systematic planning is required. U Each stage’s procedures are methodologically sound, well documented, and, to the extent possible, planned of time. The scientific method is used in marketing research, in which data is collected and analysed to test preconceived notions or hypotheses. Marketing research should be conducted impartially to provide accurate information ity that reflects the true situation. While the researcher’s research philosophy will always influence the research, it should be free of the researcher’s or management’s personal or political biases. For example, we may find out that our topic is too broad and needs to be narrowed, sufficient information resources may not be available, what we learn may not support our thesis or the size of the project does not fit the requirements. m There are main nine steps of research process that are followed at the time of designing a research project. They are as follows. Step 1: Problem Definition )A Step 2: Development of an Approach to the Problem Step 3: Research Design Formulation Step 4: Field Work or Data Collection Step 5: Data Preparation and Analysis (c Step 6: Report Preparation and Presentation Amity Directorate of Distance & Online Education  Business Research Methods 7 1.2.2: Research Criteria Notes ity The research’s purpose should be clearly defined, and common concepts should be used. The research procedure should be sufficiently described. detail to allow another researcher to continue the research for further advancement while maintaining the integrity of what has already been accomplished. The research’s procedural design should be meticulously planned to produce rs objective results. The researcher should be completely honest about any flaws in the procedure design and estimate their impact on the findings. The data analysis should be sufficient to reveal its significance, and the ve analysis methods used should be appropriate. The data’s validity and reliability should be double-checked. Conclusions should be limited to those that are supported by the research data and for which the data provide an adequate foundation. If the researcher is experienced, has a good research reputation, and is a 1.2.3 Different Approaches of Research: ni person of integrity, greater trust in the research is warranted. Deductive: Deductive approach starts with developing a hypothesis based on U existing theory, and then prepares a research strategy for testing the hypothesis. The process of going from particular to reasoning is called deductive. When a link or a casual relationship is implied by a particular theory or case example then it might be true in many cases. Deductive approach can be defined by the means of hypotheses or derived from the propositions of the theory. This approach is about conclusions being ity deducted from propositions or premises. This will start with a pattern “that is tested against observations”, whereas induction “begins with observations and seeks to find a pattern within them”. Advantages of deductive: Probability to clarify the relationships between variables and concepts. m Probability to measure concepts in quantitative manner. Probability to generalize research findings to a certain extent. Deductive approach mostly works in the given ways: Having hypothesis deduced from theory )A Using operational terms to formulate hypothesis as well as suggesting relationships between two particular variables. Using relevant methods to test hypothesis such as quantitative methods, like regression and correlation analysis, along with the mean, mode and median etc. (c making decision to either confirm or reject on the basis of the result examined since it is essential to compare research findings against literature review findings. Theory modification when hypothesis cannot be confirmed. Amity Directorate of Distance & Online Education  8 Business Research Methods Notes ity Inductive: Inductive approach or inductive reasoning, starts with observations and theories are proposed which are related to the end of the research process as rs a result of the observations. It involves the search for pattern from observation and the development of explanations – theories – for those patterns through series of hypotheses. In this discipline of studies, at the start of research, both hypothesis and theories are not applicable. The researcher in this case, is free to male alterations in the study direction even if it is after the start of the research process. ve This approach doesn’t disregard theories at the time of formulating questions and objectives for the research. Inductive approach helps to generate meanings from the data set collected in order to identify patterns and relationships to build a theory. This approach is mainly based on learning from experience. Previous patterns, resemblances and regularities are observed in order to reach conclusions or to generate theory. ni U Abductive Reasoning or Abductive Approach ity Abductive reasoning is set to address weaknesses associated with deductive and inductive approaches, specifically for deductive reasoning so that ‘how to select theory can be tested via formulating hypotheses’ and for Inductive reasoning “no amount of empirical data will necessarily enable theory-building”. It acts as a third alternative, overcomes these weaknesses via adopting a pragmatist perspective. m The figure below illustrates the main differences between abductive, deductive and inductive reasoning: )A (c Amity Directorate of Distance & Online Education  Business Research Methods 9 It is cleared that abductive reasoning is similar to deductive and inductive approaches in a way that it is applied to make logical inferences and construct theories. Notes ity Abductive approach starts with ‘surprising facts’ or ‘puzzles’ and the research process is devoted in their explanation. The ‘Surprising facts’ or ‘puzzles’ may emerge, when a researcher encounters empirical phenomena, which cannot be explained by the existing theories. In that approach, researcher searches for the ‘best’ explanation among many alternatives to choose. Researcher can combine both, numerical and rs cognitive reasoning for explaining ‘surprising facts’ or ‘puzzles’. Qualitative research: It is a non-statistical process of inquiry. It helps with in-depth understanding of problems or issues in their natural settings. It is highly dependent on the experience of the researchers and the questions used to probe the sample. ve The sample size is usually restricted in between a minimum of 6 and a maximum of 10 people. Open-ended questions work to (To get maximum information from a given sample) encourages answers which leads the researcher to another question or more questions. The below methods are used for qualitative research: One-to-one interview ni Focus groups Ethnographic research Content/Text analysis Case study research U Quantitative research: It is a structured process of data collection and analysis in order to draw conclusions. This method uses a computational and statistical process to collect and analyze data. Quantitative data is all about numbers. It involves a larger population as more people will bring more data to the table, which helps to obtain more accurate results. This research uses close-ended questions because the researchers ity are typically looking to gather statistical data. It involves use of data collection tools likes online surveys, questionnaires, and polls.There are various methods of deploying surveys or questionnaires. Online surveys helps surveyor to reach large number of people or smaller focus groups for different types of research that meet different goals. Advocacy/participatory approach to research: m Sometimes researchers adopt an advocacy/participatory approach which do not respond to the needs or situation of people from marginalized or vulnerable groups. When researcher wants to bring about a positive change in the lives of the research subjects, it is sometimes described as emancipatory. It is not a neutral stance. )A Researchers want their research to directly or indirectly result in some kind of reform, for which they involve the group being studied in the research at all stages, so as to avoid further marginalizing them. The researchers may adopt a less neutral position than that which is usually required in scientific research. This might involve interacting informally or even living amongst the research participants (the co-researchers). The searching of the research (c can be reported in more personal terms, often using the precise words of the research participants. Amity Directorate of Distance & Online Education  10 Business Research Methods Unit-1.3: Research Approaches Notes ity Unit Objectives: At the end of this unit the participant will be able to: Identify and learn about process rs 1.3.1 Pure & Applied Applied Research: Applied research is a type of study that aims to solve a specific problem or offer novel solutions to issues that affect a person, a group, or a society. Because it involves the practical application of scientific methods to everyday problems, ve it is often referred to as a scientific method of inquiry or contractual research. When conducting applied research, the researcher pays special attention to identifying a problem, developing a research hypothesis, and then conducting an experiment to test these hypotheses. In many cases, empirical methods are used in this research approach to solve practical problems. ni Because of its direct approach to finding a solution to a problem, applied research is sometimes considered a non-systematic inquiry. It’s a type of follow-up research that digs deeper into the findings of pure or basic research in order to validate them and use them to develop innovative solutions. U Applied Research Example in Business Applied research to improve the hiring process in a company. Applied research aimed at improving workplace efficiency and policies. Workplace skill gaps are being addressed through applied research. ity Applied Research Examples in Education An investigation into how to improve teacher-student engagement in the classroom. An investigation into how to improve a school’s student readiness. A research project aimed at piquing students’ interest in mathematics m Pure/Fundamental Research or Basic Research A type of research approach aimed at gaining a better understanding of a subject, phenomenon, or basic law of nature is known as basic research. The goal of this type of research is to advance knowledge rather than to solve a specific problem. )A Pure research or fundamental research are other terms for basic research. Between the late 19th and early 20th centuries, the concept of basic research arose as a means of bridging the gaps in science’s societal utility. Basic research can be exploratory, descriptive, or explanatory in nature; however, in many cases, it is explanatory. The primary goal of this research method is to collect (c data in order to improve one’s understanding, which can then be used to propose solutions to a problem. Amity Directorate of Distance & Online Education  Business Research Methods 11 Basic Research Example in Education Notes ity How does human retentive memory? How do different teaching methods affect students’ concentration in class? 1.3.2 Causal & Conceptual Research: Causal research is conducted to determine a cause and effect relationship between two variables. rs Example: Effect of promotional events on sales Correlational Research Correlational research is a type of non-experimental research method in which ve a researcher measures two variables, understands and assesses the statistical relationship between them with no influence from any extraneous variable. Our minds can do some brilliant things. Examples of Causal Research (Explanatory Research) ni To determine the effects of foreign direct investment on Taiwanese economic growth. To investigate the impact of rebranding initiatives on customer loyalty. To determine the nature of the impact of work process re-engineering on U employee motivation levels. Did u know? Conceptual Research is related to certain abstract ideas or theories that are often applied by philosophers to develop new concepts or to rework on the existing ones. ity 1.3.3 Cross-sectional & Longitudinal Research: Cross-sectional study The longitudinal and cross-sectional studies are both observational studies. This means that researchers record data about their subjects without tampering with the research environment. We would simply measure the cholesterol levels of daily walkers m and non-walkers, as well as any other. Characteristics of interest to us, in our study. We would not persuade non-walkers to start walking or advise daily walkers to change their habits. In a nutshell, we’d try not to get in the way. )A A cross-sectional study is distinguished by the ability to compare different population groups at a single point in time. Consider it like taking a photograph. The findings are based onwhatever fits into the frame. To return to our previous example, we could compare cholesterol levels in daily walkers in two age groups, over 40 and under 40, to cholesterol levels in non-walkers (c in the same age groups. We might even create gender subgroups. We would not, however, consider past or future cholesterol levels because they would be outside the scope. We’d only examine cholesterol levels at a single point in time. Amity Directorate of Distance & Online Education  12 Business Research Methods A cross-sectional study design has the advantage of allowing researchers to Notes compare multiple variables at once. We could look at age, gender, income, and ity educational level in relation to walking and cholesterol levels, for example, with little or no extrapolation. Cross-sectional studies, on the other hand, may not provide conclusive evidence of cause-and-effect relationships. This is because such studies provide a snapshot of a single moment in time and do not consider what occurs before or after the snapshot. rs As a result, we can’t say for sure whether our daily walkers had low cholesterol levels before starting their exercise routines or if the daily walking behaviour helped to lower cholesterol levels that were previously high. Longitudinal study ve A longitudinal study is observational, just like a cross-sectional one. As a result, researchers do not interfere with their subjects once more. A longitudinal study, on the other hand, involves researchers making multiple observations of the same subjects over a long period of time, sometimes many years. A longitudinal study has the advantage of allowing researchers to detect changes ni in the characteristics of the target population at both the group and individual level. The important thing to remember is that longitudinal studies go beyond a single point in time. As a result, they can create event sequences. To return to our example, we could examine the change in cholesterol levels U among women over 40 who have walked every day for the past 20 years. The longitudinal study design would take into account cholesterol levels at the start of a walking programme and as the programme progressed. As a result of its scope, a longitudinal study is more likely than a cross-sectional study to suggest cause-and- effect relationships. ity In general, the design should be driven by the research. However, the progression of the research can sometimes aid in determining which design is best. Longitudinal studies take longer to complete than cross-sectional studies. 1.3.4 Experimental, Semi-experimental & Non-Experimental Research: m Experimental: Experimental research is a type of study that employs a scientific approach to manipulate one or more control variables of the research subject(s) and then measure the impact of the manipulation on the subject. It is well-known for )A allowing the manipulation of control variables. Even though it can be difficult to execute, this research method is widely used in a variety of physical and social science fields. They are far more common in information systems research than in library and information management research within the information field. When the goal of the research is to trace cause-and-effect relationships between (c defined variables, experimental research is usually used. The type of experimental research chosen, on the other hand, has a significant impact on the experiment’s outcomes. Amity Directorate of Distance & Online Education  Business Research Methods 13 Semi Experimental: The prefix quasi means “similar to.” As a result, quasi- experimental research is research that resembles experimental research but isn’t Notes ity actually experimental. Participants are not randomly assigned to conditions or orders of conditions, despite the fact that the independent variable is manipulated (Cook & Campbell, 1979). 1st The directionality problem is eliminated in quasi-experimental research because the independent variable is manipulated before the dependent variable is measured. However, because participants are not assigned at random, there is a chance that other differences exist between conditions. Thus, quasi-experimental rs research does not eliminate the problem of confounding variables. Example: Non-equivalent groups design just like we hypothesized a new after- school program which assured the students of higher grades. We divided two similar groups of children who attend different schools, one of which implements the new ve program while the other does not. In field settings where random assignment is difficult or impossible, quasi- experiments are most likely to be conducted. They’re frequently used to assess the efficacy of a treatment, such as psychotherapy or an educational intervention. There are numerous types of quasi-experiments, but we will focus on a few of the most common here. ni Non-Experimental: Non-experimental research is defined as research in which no control or independent variable is manipulated. Researchers in non-experimental research measure variables as they occur naturally, without any further manipulation. U When the researcher doesn’t have a specific research question about a causal relationship between two variables and manipulating the independent variable is impossible, this type of research is used. They’re also useful for: It is impossible to assign subjects to conditions at random. ity The subject of the study is a causal relationship, but the independent variable cannot be changed. The study is broad and exploratory in nature. The study focuses on a variable-to-variable non-causal relationship. Only a limited amount of information about the research topic is available. m 1.3.5 Descriptive & Exploratory Research: Descriptive research Descriptive research is defined as a research method that describes the )A characteristics of the population or phenomenon studied. This methodology focuses more on the “what” of the research subject than the “why” of the research subject. The descriptive research method primarily focuses on describing the nature of a demographic segment, without focusing on “why” a particular phenomenon occurs. In other words, it “describes” the subject of the research, without covering “why” it happens. (c For example, surveys related to frequency of shopping, food habits, product preference, etc. are examples of descriptive research. Example: AA group of market researchers aims at identifying the impulse buying trends among various households Amity Directorate of Distance & Online Education  14 Business Research Methods pan India. The researchers would focus on collecting data related to “what is the Notes impulse buying pattern of Indian consumers” and the scope of their research would ity be limited to that. The research does not explain the underlying reasons behind such impulse buying practices or “why” such buying pattern exists. Here, the scope of the research is just to report the existence of such buying trends and not why do people resort to impulse buying. This is, hence, an ideal example of descriptive research. Exploratory research rs Exploratory research is the investigation of a problem that has not previously been studied or thoroughly investigated. Exploratory research is usually done to gain a better understanding of the problem at hand, but it rarely yields a conclusive result. Exploratory research is used by researchers when they want to learn more about ve an existing phenomenon and gain new insights into it in order to formulate a more precise problem. It starts with a broad concept, and the research findings are used to uncover related issues to the research topic. The process of exploratory research varies depending on the discovery of new data or insight. The results of this research, also known as interpretative research or ni grounded theory approach, provide answers to questions like what, how, and why. Exploratory Research Example on Product Research When developing a new product or service, companies conduct two types of U research. The first is carried out prior to the development of the product, while the second is carried out after it has been developed. The exploratory research conducted after product development will be the focus of our attention. It’s known as the beta testing stage of product development for tech products. ity For example, if a new feature is added to an existing app, product researchers will want to see how well the feature is received by users. The research is not exploratory if the feature added to the app is something that already exists. If Telegram adds a status feature to its app, for example, the app’s beta research stage is not exploratory. This is because this feature is already available, and they can m easily obtain sufficient information from WhatsApp. When it comes to a new feature, such as Snapchat filters when they first launched, the research is instructive. A focus group of beta testers is used to conduct exploratory research in this case. )A (c Amity Directorate of Distance & Online Education  Business Research Methods 15 Unit-1.4: Planning a Research Project Notes ity Unit Outcomes: At the end of this unit, participants will be able to: List the methods of identifying and defining the research problem Identify the factors influencing the complication of a research problem rs Identify the salient features of a research project 1.4.1 Identifying and Defining / Formulating the Research Problem Prior to any stage, it is important to go through selection and then defining the ve problem in a research process. The researcher needs to identify the problem in order to have it formulated, and then make it suitable to research. Usually, research problem is an unanswered question that is encountered by the researcher in regards to a practical or theoretical situation, for which he needs a solution. Kothari states research problem to exist if any of the given is noticed: ni There is an organization or an individual (X) who is facing the problem. The organization or the individual has an environment (Y) and is affected with variables that are beyond control (Z). There needs to be two courses of action that need pursuing (the least) which U are (A1 and A2). These are defined by one or sometimes more values related to the controlled variables. The above mentioned courses of action need to have two alternative and possible outcomes at the least (B1 and B2). One of these will be preferred more than the other, which is what the researcher wants and this becomes the ity objective. The possible courses of action that are available must yield a way to the researcher to have the objective achieved but not the exact chance. So, if P (Bj / X, A, Y) represents the probability of the occurrence of an outcome Bj when X selects Aj in Y, then P (B1 / X, A1, Y) ≠ P (B1 / X, A2, Y). From this we get that the choices must not have equal efficiencies for the desired outcome. m When taking the above into consideration, the individual or organization may reach the research problem only if, X has no idea of the best course of action. In other words, X should have a doubt about the solution. )A An individual or a group of persons face a problem if there is more than one desired outcome. It is required to have two or more alternative courses of action, which have some but not equal efficiency. This is needed for probing the desired objectives, if there is doubt that the best course of action is yet to be taken. Research problem components can be summarized as: A group or an individual facing some problem. (c One objective at least that should be pursued otherwise there cannot be a problem. Amity Directorate of Distance & Online Education  16 Business Research Methods Alternate options of object pursuing should be met which will allow the Notes researcher to have more than one alternative. Otherwise without the choice of ity alternative options, there won’t be a problem for the researcher. T The researcher needs to have doubt on the alternative means and making a selection. This means that the researcher needs to have answer for relative frequency or suitability question, pertaining to its alternatives that are possible. A context is needed attributed to the difficulty faced. T rs Thus, identification of a research problem is something that happens even prior to conducting research. Research problem requires a researcher to look up for the best available solution to the given problem. This means researcher needs to find out the best course of action through which the research objective may be achieved optimally in the context of a given situation. ve 1.4.2 Factors Influencing the Complication of a Research Problem: There are factors that can complicate a research problem: Changes in environment which affect the efficient alternative courses of action ni taken or the quality of the outcomes. Available alternative courses may be a lot and the person who isn’t involved in decision making might get affected with the environment change. His reaction can be favourable or unfavourable. U There are different similar factors that may cause these changes related to the research context. All of these can be thought of and considered from the point of view of a research problem. 1.4.3 Salient Features of Research Project ity A research project can have the following noticeable features: Forming a plan that identifies the types and sources of information that research problem needs. It strategises in a specific manner all the methods of data collection and analysis m which would be adopted. It also mentions the time period of research along with monetary budget needed in conducting the study, which include the two major constraints of undertaking any research. )A 1.4.4 Formulation of a Research Project Post research problem is defined, it essential to prepare the design of the research project, popularly termed as ‘research design’. Its function is to decide upon issues like what, when, where, how much, by what means, etc., when it comes to an enquiry or a research study. In this conditions are arranged to help towards collection and analysis (c of data to facilitate the combining of relevance to the research purpose with economy in procedure. Amity Directorate of Distance & Online Education  Business Research Methods 17 Seltiz and others stated that, this is the conceptual structure within which research is conducted; it constitutes the blueprint for the collection, measurement and analysis Notes ity of data. We can conclude that research design offers an outline of what the researcher plans to execute in terms of framing the hypothesis, its operational implications and the final data analysis. Particularly, the research design highlights decisions which include: The nature of the study The purpose of the study rs The location of the study that is to be conducted The nature of data required Source of data that is to be collected Time period of the study ve Sample design type that can be used Data collection techniques that are usable Data analysis methods that can be applied Structure of the report ni Taking into consideration the research design decisions, the overall research design may be divided into the following (Kothari 1988): The sampling design that is related to the method of selecting items to be taken into observation for selected study. U The observational design that one can relate to conditions under which the observations are to be made. The statistical design that regarding the question of how many items are to be observed, also the manner in which, information and data gathered are to be analyzed. ity The operational design which is about the techniques, using which the procedures mentioned in the sampling, statistical and observational designs can be carried out. m )A (c Amity Directorate of Distance & Online Education  18 Business Research Methods Unit-1.5: Application of Research Notes ity Unit Objectives At the end of this unit, the participants will be able to: Identify various field of application of research Describe how to help for building a new product. rs Explain how to promote a product Analyze how to help entrepreneurs. 1.5.1 Application of Research in Marketing ve Research may be used in the area of marketing Product development and distribution issues are discussed, as well as marketing institutions, marketing policies and practises, consumer behaviour, advertising and sales promotion, sales management, and after-sales service. One of the most popular ni and well-established areas is marketing research. Market potentials, sales forecasting, product testing, sales analysis, market surveys, test marketing, consumer behaviour studies, and marketing information systems are all examples of marketing research. 1.5.2 Application of Research in Finance U Here we discuss the various application of research in modern finance. Applying research we can develop our competency in applying statistical and various econometric techniques to solve various problems in finance. Research is much more essential if we are working or planning to work, in the finance sector. It can also be ity helpful if we work, or intend to work, outside of the finance domain such as conducting academic research in finance. Research basically takes responsibilities on to Finding out suitable sources of finance Making effective investment decisions on company’s behalf Preparing budget m Forecasting costs and profits Framing dividend policies 1.5.3 Application of Research in Human Resource Management )A In HRM, Research is used to evaluate HR practices and performance. By using research we can analyses the collected information and drawing conclusions for decision-making. Sometimes the research could also be advanced, hoping on sophisticated designs and statistics. But whether information is rigorous or not, research seeks to boost the performance. Here is the subsequent area of HRM, where the research technique is applicable. By using research technique research team helps (c the organization- Amity Directorate of Distance & Online Education  Business Research Methods 19 To stay updated on: latest labour laws Notes ity wage rates employment trends and best practices To study: Incentive schemes rs Cost of living Employee turnover rates Performance appraisal techniques Planning manpower and utilising human resources effectively ve Framing human resources policies for the organisation Compares it’s organization / division with another organization / division to uncover areas of poor performance that need to improve Relies on the expertise of a consultant to diagnose the causes of problems ni With the help of existing records generates statistical standards against which activities and programs are evaluated With the human resource information system taken care of laws and company policies or procedures. U MBO (management by objectives) is applied to compare between the actual results and stated objectives. 1.5.4 Application of Research in Production ity Planning, organising, staffing, communicating, coordinating, motivating, and controlling are all management functions. Research has resulted in a variety of motivational theories. Production (also known as manufacturing) research is more concerned with materials and equipment than with human factors. It covers a wide range of topics, including developing new and better ways to produce goods, developing new technologies, lowering costs, and improving product quality. m 1.5.5 Application of Research in Entrepreneurship Inventors and entrepreneurs who are just starting out are frequently preoccupied with the details of developing their new product or service. Market research is a crucial )A component that allows them to take a step back and consider how their product might fit into the marketplace. Entrepreneurs gain valuable information about industry trends, who their true competitors are, and which consumers they should target and how through market research. Market research aids start-up entrepreneurs in developing, fine-tuning, and improving their specific product or service, which leads to increased revenue from new customers. (c Amity Directorate of Distance & Online Education  20 Business Research Methods Summary: Notes ity At the end of this module, the participants have covered: Defining research methodology Explaining research process Identifying different approaches of research rs Elaborating planning a research project Analyzing Application of Research Exercise: ve 1. The purpose of research is to find solutions through the application of...................... and...................... different methods. a) Synthesizing and Analyzing b) Applying and interpreting c) Both and b 2. d) none of the above ni Which of the following scopes of research is related to human resource development? a) Projecting demand U b) Studying performance appraisal techniques c) Cost budgeting d) Measuring effectiveness of promotional activities 3. Which of the following scopes of research is NOT exclusively related to the framing ity of government policies? a) Evolving the union finance budget b) Modifying the five-year plan c) Revising fiscal policies m d) Revising monetary policies 4. ___________is a crucial component that allows Inventors and entrepreneurs to take a step back and consider how their product might fit into the marketplace a) Market research )A b) Product research c) Demand research d) none of the above 5. Planning, organising, staffing, communicating, __________, ________ and _________are all management functions (c a) coordinating b) motivating Amity Directorate of Distance & Online Education  Business Research Methods 21 c) controlling Notes ity d) all of the above Answers: 1. a) Synthesizing and Analyzing 2. b) Studying performance appraisal techniques 3. d) Revising monetary policies rs 4. a) Market research 5. d) all of the above ve ni U ity m )A (c Amity Directorate of Distance & Online Education  22 Business Research Methods Module-2: Research Methods & Data Collection Notes Techniques ity Key learning outcomes At the end of this module the participant will be able to: Analyze Research Modelling rs Define Data Collection and its Methods Explain Questionnaire Designing Describe Measurement and Scaling ve Analyze Sampling Structure Unit 2.1: Research Modelling ni 2.1.1 Types of Research Models 2.1.2 Importance of Research Model 2.1.3 Types of Research Models U 2.1.4 Stages of a Research Model 2.1.5 Heuristic Research Model 2.1.6 Simulation Research Modelling Unit 2.2: Data Collection and its Methods ity 2.2.1 Introduction to Data Collection 2.2.2 Types of Data Collection Methods 2.2.3 Tabulating and Validating the Collected Data Unit 2.3: Questionnaire Designing m 2.3.1 Introduction to Questionnaire 2.3.2 Steps to be followed for constructing a Questionnaire 2.3.3 Types of Questions to be asked in a Questionnaire )A 2.3.4 Format of a Questionnaire Unit 2.4: Measurement and Scaling 2.4.1 Introduction to Measurement and Scaling Techniques 2.4.2 Types of Scaling Techniques 2.4.3 Attitude Measurement Scales (c Unit 2.5: Sampling 2.5.1 Introduction to Sampling Amity Directorate of Distance & Online Education  Business Research Methods 23 2.5.2 Sampling Plan and Sampling Frame Notes ity 2.5.3 Steps involved in Sampling Process 2.5.4 Simple Random Sampling 2.5.6 Sampling and Non-Sampling Errors rs ve ni U ity m )A (c Amity Directorate of Distance & Online Education  24 Business Research Methods Unit-2.1: Research Modelling Notes ity Unit Objectives: At the end of this unit, you will learn: Use of Research Models Importance of Research Models rs Types of Research Models Stages of Research Model Heuristic Research Model ve Simulation Research Model Data Considerations while analyzing Data for a Research 2.1.1 Types of Research Models Research Models are classified broadly into two types as mentioned below: ni Qualitative Research Model Quantitative Research Model Qualitative Research Model U It involves non-numerical data collection and analysis in order to understand concepts, opinions and experiences. This helps to gather in-depth insights into a problem or develop new ideas for research. Qualitative research finds its use mostly in the humanities and social sciences, in subjects such as anthropology, sociology, education, health sciences, history, etc. Qualitative research helps to visualize how ity people can experience the world. While there are many approaches to qualitative research, they are less desirable as they are flexible and focus on retaining rich meaning when interpreting data. Quantitative Research Model It is about collecting and analysing numerical data. Used for locating and defining m patterns and averages, this research model can make predictions, test causal relationships, and help to generate results to wider populations. Quantitative research finds a wide use in the natural and social sciences: biology, chemistry, psychology, economics, sociology, marketing, etc. )A 2.1.2 Importance of Research Model: The importance of using a research model is highlighted below: Model building is an integral part of the research design because models guide both theory development and research design. (c Models seem appropriate to the worlds of computers, biotechnology, and automation, and they have conferred new status on the scientist in government, industry, and the military. Amity Directorate of Distance & Online Education  Business Research Methods 25 Models are also very important to social scientists because they provide a framework through which important questions are investigated. Notes ity 2.1.3 Types of Research Models Research Models are classified broadly into two types as mentioned below: Qualitative Research Model Quantitative Research Model rs Qualitative Research Model It involves non-numerical data collection and analysis in order to understand concepts, opinions and experiences. This helps to gather in-depth insights into a problem or develop new ideas for research. Qualitative research finds its use mostly ve in the humanities and social sciences, in subjects such as anthropology, sociology, education, health sciences, history, etc. Qualitative research helps to visualize how people can experience the world. While there are many approaches to qualitative research, they are less desirable as they are flexible and focus on retaining rich meaning when interpreting data. Quantitative Research Model ni It is about collecting and analysing numerical data. Used for locating and defining patterns and averages, this research model can make predictions, test causal relationships, and help to generate results to wider populations. Quantitative research U finds a wide use in the natural and social sciences: biology, chemistry, psychology, economics, sociology, marketing, etc. 2.1.4 Stages of a Research Model ity These steps are: (1) choosing a topic, (2) defining the problem, (3) reviewing the literature, (4) formulating a hypothesis, (5) selecting a research method, (6) collecting data, (7) analysing the results, and (8) sharing the findings. Other authors may identify more or fewer steps, but the fundamental model remains the same. Validity and reliability are two important aspects of research. Validity refers to whether or not the research actually measures what it claims to. The degree m to which research produces consistent or dependable results is referred to as reliability. Sociologists use six different research methods to conduct their studies: (1) surveys, (2) participant observation, (3) secondary analysis, (4) documents, (5) )A unobtrusive measures, and (6) experiments. Resources, access to subjects, the purpose of the research, and the researcher’s background all play a role in how sociologists choose their research methods. 2.1.5 Heuristic Research Model There are a wide range of qualitative research models available and one of the (c lesser-known models is the Heuristic research model. This research model was developed by Clark Moustakas (an American psychologist and researcher). The name, Heuristic was derived from the Greek work ‘Heuriskein’ (which means discover, find). The research model has six phases Amity Directorate of Distance & Online Education  26 Business Research Methods Initial engagement Notes Immersion ity Incubation Illumination Explication Creative synthesis rs Shelly Chaiken developed the heuristic-systematic model of information processing (HSM), which attempts to explain how people receive and process persuasive messages. 1st Individuals can process messages in one of two ways, according to the model: heuristically or systematically. Heuristic processing, on the other hand, entails the use of simplifying decision rules or “heuristics” to quickly assess the message ve content, whereas systematic processing entails the careful and deliberate processing of a message.This model’s guiding belief is that people are more likely to use heuristics instead of cognitive resources, which affects message intake and processing. The elaboration likelihood model, or ELM, is very similar to the HSM. Both models were developed primarily in the early to mid-1980s, and they share many of the same concepts and ideas. ni 2.1.6 Simulation Research Modelling By using statistical descriptions of the activities involved, stimulation models U attempt to replicate the workings and logic of a real system. For example, a line might produce 1000 units per hour on average. If we assume this is always the case, we lose sight of what happens when there is a breakdown or a stoppage for routine maintenance, for example. When we consider the effect on downstream units, the effect of such a delay may be amplified (or absorbed). ity ‘Entities’ (e.g. machines, materials, people, etc.) and ‘activities’ are two types of entities in a simulation model (e.g. processing, transporting, etc.). It also includes an explanation of the logic that governs each activity. A processing activity, for example, can only begin when a certain quantity of working material, a person to operate the machine, and an empty conveyor to transport the product are all available. Once an activity has begun, the time it will take to complete it is calculated, which is frequently m done using a sample from a statistical distribution. )A (c Amity Directorate of Distance & Online Education  Business Research Methods 27 Unit-2.2: Data Collection and its Methods Notes ity Unit Outcomes At the end of this unit, you will learn: Introduction to Data Collection rs Types of Data Collection Methods Tabulating and Validating the Collected Data 2.2.1 Introduction to Data Collection ve The researcher should know data sources that he/she requires for all purposes. Data or information is of two types: Primary Data Secondary Data Information gathered through original or first-hand research is referred to as ni primary data. Surveys and focus group discussions, for example. Secondary data, on the other hand, is information that has already been gathered by someone else. For instance, internet research, newspaper articles, and company reports. Any study’s goal determines whether primary or secondary data will be U collected. For example, if a company wants to enter the women’s apparel market in India and wants to know the size of the market, it can use secondary data such as industry reports and newspaper articles, whereas if it wants to learn about consumer preferences for a new type of fabric or style, it must conduct primary research. ity Primary data collection is usually more expensive and time-consuming than secondary data, but it serves a specific purpose and helps to eliminate biases. 2.2.2 Types of Data Collection Methods There are various methods to collect the two sources of data (Primary and Secondary) as mentioned and explained below: m Primary data is gathered from first-hand experience and has never been used before. The data gathered through primary data collection methods is highly accurate and specific to the research’s purpose. )A Quantitative and qualitative data collection methods are the two types of primary data collection methods. Quantitative Methods: Time Series Analysis: A time series is a sequential order of values of a variable at equal time intervals, also known as a trend. An organisation can forecast demand for its products and services for the future using patterns. (c Smoothing Techniques: Smoothing techniques can be used when the time series lacks significant trends. They get rid of the random variation in historical demand. It aids in the identification of patterns and demand levels in order to forecast future demand. Amity Directorate of Distance & Online Education  28 Business Research Methods The simple moving average method and the weighted moving average method are the Notes two most common methods for smoothing demand forecasting techniques. ity Barometric Method: Researchers use this method, also known as the leading indicators approach, to predict future trends based on current events. When past events are used to forecast future events, they are referred to as leading indicators. Qualitative Methods: rs Surveys: Surveys are used to gather information about the target audience’s preferences, opinions, choices, and feedback on their products and services. Most survey software allows you to choose from a variety of question types. You can also save time and effort by using a pre-made survey template. By ve changing the theme, logo, and other elements, online surveys can be tailored to fit the brand of the company. They can be distributed via a variety of channels, including email, website, offline app, QR code, social media, and so on. You can choose the channel based on the type and source of your audience.Survey software can generate various reports and run analytics algorithms to uncover hidden insights once the data has been collected. A survey dashboard can show you statistics such as response rate, ni completion rate, demographic filters, export and sharing options, and so on. Integrating survey builder with third-party apps can help you get the most out of your online data collection efforts. Polls: One single or multiple choice questions is asked in a poll. You can use U polls when you need to get a quick pulse on the audience’s feelings. It is easier to get responses from people because they are short in length. Online polls, like surveys, can be integrated into a variety of platforms. After the respondents have responded to the question, they can see how their responses compare to those of others. ity Interviews: The interviewer asks the respondents questions either face-to-face or over the phone in this method. In face-to-face interviews, the interviewer asks the interviewee a series of questions in person and takes notes on the answers. If meeting the person is not possible, the interviewer can conduct a telephonic interview. When there are only a few respondents, this method of data collection is appropriate. If there m are many participants, repeating the same process is too time-consuming and tedious. Delphi Technique: Market experts are given the estimates and assumptions of forecasts made by other industry experts in this method. Based on the information provided by other experts, experts may reconsider and revise their estimates and )A assumptions. The final demand forecast is based on the consensus of all experts on demand forecasts. Focus Groups: A focus group is a small group of people (around 8-10 members) who meet to discuss the problem’s common areas. Each person expresses his or her viewpoint on the subject at hand. The discussion among the group members is moderated by a moderator. The group comes to an agreement at the end of the (c discussion. Questionnaire: A questionnaire is a printed set of open-ended or closed-ended questions. The respondents must respond based on their knowledge and experience Amity Directorate of Distance & Online Education  Business Research Methods 29 with the topic at hand. The survey includes the questionnaire, but the questionnaire’s end-goal may or may not be a survey. Notes ity Sources of Secondary data: The various sources for secondary data collection may be classified into two broad categories: Published Sources rs Unpublished Sources Published Sources: International, governmental and local agencies are the ones to publish statistical data, among which the following are important: T ve International Publications: We have international institutions and bodies like I.M.F, I.B.R.D, I.C.A.F.E and U.N.O who occasionally publish on occasional reports on statistical and economic matters. Official Publications of Central and State Governments: Reports on different subjects are published by several departments of the Central and ni State Governments regularly. They collect all the additional information. Important publications among these are: The Reserve Bank of India Bulletin, Census of India, Statistical Abstracts of States, Agricultural Statistics of India, Indian Trade Journal, etc. U Semi-Official Publications: Example: Municipal Corporations, District Boards, Panchayats, etc. that will publish reports relating to different matters of public concern. Publications of Research Institutions: Indian Statistical Institute (I.S.I), Indian Council of Agricultural Research (I.C.A.R), Indian Agricultural Statistics ity Research Institute (I.A.S.R.I), etc., publish the findings of their research programs. Publications of various Commercial and Financial Institutions Reports of various Committees and Commissions appointed by the Government: Such as the Raj Committee’s Report on Agricultural Taxation, m Wanchoo Committee’s Report on Taxation and Black Money, etc. are also important sources of secondary data. Journals and Newspapers: Journals and News Papers are the powerful sources from where data is obtained. Current and important materials on statistics and socio-economic problems are provided by journals and )A newspapers like Economic Times, Commerce, Capital, Indian Finance, Monthly Statistics of trade etc. Unpublished Sources: There are different examples of these source of data like records maintained by various government and private offices, the theses of the numerous research scholars in the universities or institutions etc., Precautions to be taken in the use of Secondary Data: As secondary data (c is obtained already, it is better to scrutinize it to ensure its accuracy. The investigator needs to be more careful when using this type of data. I Prof. Bowley is right to say, “Secondary data should not be accepted at their face Amity Directorate of Distance & Online Education  30 Business Research Methods value.” This data can be erroneous in different respects due to biases and Notes prejudiced mindset of the information collectors along with the sample size ity being inadequate, mistakes in definition, mathematical errors and substitution issues. Even without error, such data still can be unsuitable for enquiry purpose. E According to Prof. Simon Kuznet’s (which is of importance), “the degree of reliability of secondary source is to be assessed from the source, the compiler and his capacity to produce correct statistics and the users also, for the most part, tend to accept a series particularly one issued by a rs government agency at its face value without enquiring its reliability”. Thus we need to follow some of the given factors: The Suitability of Data: This is possible by judging the scope and nature of the present enquiry with the original one. For example, if we are looking for ve trend in retail prices while the data provided is meant for wholesale prices, then it is of no use. Adequacy of Data: Once it is ensured that the data is suitable for investigation, it should be checked for the purpose of present analysis. Geographical area for the original enquiry can be studied in this respect along ni with the time for which we are getting the data. In the above example, if we want to study the retail price trend of India, and acquired data will cover only the retail price trend in the state of UP, then it would not serve the purpose. Reliability of Data: This issue concerns whether research findings can be U applied to a la