Research Methodology

Research methodology Prepared by: Zeina Bouezzedine Date: 17/02/25 Think about it? How do businesses know what customers want? How can companies predict market trends? What makes one product succeed and another fail? Think about it? How Coca-Cola uses market research to introduce new pro...

Research methodology Prepared by: Zeina Bouezzedine Date: 17/02/25 Think about it? How do businesses know what customers want? How can companies predict market trends? What makes one product succeed and another fail? Think about it? How Coca-Cola uses market research to introduce new products. How Netflix analyses user data to recommend shows. How Amazon optimizes pricing through customer behaviour research. Overview key topics 1. Understanding the research process 2. Designing surveys and collecting data 3. Analysing business trends using statistics 4. Writing professional business reports Business Research Definition: Business research is an organized, systematic, data-based, critical, objective, scientific investigation into a specific problem, undertaken with the purpose of finding answers or solutions to it. Research Areas in Business 1. Marketing: Understanding customer preferences. Ex: Coca-Cola testing new products. 2. Finance: Analysing investment trends. Ex: Stock market forecasting models. 3. Human Resources: Conducting employee satisfaction surveys. Ex: workplace culture 4. Entrepreneurship: Testing business ideas before launching. Ex: Airbnb used surveys to validate its idea before launching. Why is Research Important? Reduces risk & uncertainty (ex. launching a new product). Improves decision-making (ex. hiring strategies, marketing). Increases efficiency & profitability (ex. cost-saving methods). Helps businesses stay competitive (ex. identifying trends before competitors). Example: Coca-Cola uses market research to test new flavours before launching. Characteristics of Scientific Research Scientific Research Characteristics: Systematic & Logical – Follows a structured process. Objective & Unbiased – Based on facts, not opinions. Empirical & Data-Driven – Uses real-world observations. Replicable – Others can repeat it and get similar results. Types of Business Research 1. Applied Research (Solves Specific Problems) Conducted for immediate business needs. Used by managers and decision-makers. Focused on practical application. Example: Starbucks surveys customers on their favourite seasonal drinks. Types of Business Research 2. Basic/Fundamental Research (Expands Knowledge) Conducted to develop new theories & models. Often done in academia. Example: Studying how social media marketing affects brand The Business Research Process (Overview) 1. Identify the Problem – What needs to be researched? 2. Review Existing Literature – What is already known? 3. Formulate Hypotheses – What do we predict? 4. Choose a Research Method – Surveys? Interviews? Experiments? 5. Collect Data – Gather information. 6. Analyse Data – Use statistical tools. 7. Make Recommendations – Apply findings to business decisions. Example: Amazon’s dynamic pricing strategy: They analyse competitor prices and adjust accordingly. Ethics and Business Research Ethics in business research refers to a code of conduct or expected societal norm of behaviour while conducting research Why Ethics is important: Research involves people and businesses. Unethical research can mislead companies & harm consumers. Key Ethical Principles: Voluntary Participation – No one should be forced to participate. Informed Consent – Participants must know how their data will be used. Confidentiality – Protect participant information. Avoid Bias – Ensure results are fair and accurate. Volkswagen’s emissions scandal – Falsified research led to lawsuits and reputation damage. Summary Research is the foundation of informed business decisions. Applied research solves real business problems; basic research expands knowledge. Following a structured research process leads to reliable results. Ethical research ensures credibility and protects participants. Research skills are valuable across all career fields.