Business Research Methods PDF

Business Research Methods Session 1 – Introduction to Business Research Methods Dr. Gopinath Krishnan Assistant Professor Information Systems and Analytics Indian Institute of Management Tiruchirappalli Text book ...

Business Research Methods Session 1 – Introduction to Business Research Methods Dr. Gopinath Krishnan Assistant Professor Information Systems and Analytics Indian Institute of Management Tiruchirappalli Text book  Evaluation Scheme Evaluation Component Type (Individual/Group) Weightage Remarks Project Group 40 Quiz Individual 10 Final Exam Individual 50 What is NOT Research Everyday uses of the term ‘research’ are not research in the true meaning of the word – just collecting facts or information with no clear purpose – reassembling and reordering facts or information without interpretation – as a term to get your product or idea noticed and respected  Research definition Definition Research is the “systematic collection and interpretation of information with a clear purpose, to find things out.” Characteristics Data are collected systematically Data are interpreted systematically There is a clear purpose to find things out  Management Research Unique aspects of management research - Transdisciplinary - Showcase personal or commercial benefits - Dynamic and contextual - Applied focus, potential for taking action Challenges of management research - Gap between theory and practice - Knowledge transfer problem, lost in translation - Evidence based management - Knowledge production problem, lost before translation Solution - Collaboration - Co-creation - Action research - Applied research  Marketing research The function that links the consumer, the customer, and public to the marketer through INFORMATION  Nescafe Nescafe introduced instant coffee, in 1938, anticipating it would be a major success in the market. Despite initial expectations, many women did not embrace instant coffee as expected. When asked directly why they didn't like instant coffee, the most common response was dissatisfaction with its flavor. Researchers suspected that the dislike for the flavor was an excuse The research team believed that the stated reason of flavor might be an excuse, and there could be other factors influencing the rejection of instant coffee. They conducted shopping list experiment in 1950  Data collected during 1950 Nescafe Maxwell Lazy wife (poor planner) 48% 4% Poor planner 48% 12% Thrifty 4% 16% Spendthrift 12% 0% Bad wife 16% 0%  Nescafe’s study 1950 and 1970 1950 1970 Lazy wife (poor planner) 48% 18% Thrifty 4% 36% Nescafe Spendthrift 12% 23% Bad wife 16% 18% 1950 1970 Lazy wife (poor planner) 4% 10% Thrifty 16% 55% Maxwell Spendthrift 0% 5% Bad wife 0% 5%  Research Process Step 1: Defining the Problem Step 2: Developing an Approach to the Problem Step 3: Formulating a Research Design Step 4: Doing Field Work or Collecting Data Step 5: Preparing and Analyzing Data Step 6: Preparing and Presenting the Report Describe the evolution of marketing research. How has the role of marketing research changed as the field has evolved? What is Burke’s view of the importance of defining the research problem? What is Burke’s view of the marketing research process?  Formulating and Clarifying Research Topic Formulating and clarifying a research topic is crucial as it provides direction and focus for your study, ensuring that your research efforts are well- targeted. It helps in identifying the specific research questions or problems to be addressed, which guides the entire research process. A well-defined topic also increases the relevance and impact of your research, making it more meaningful and valuable in your field.  Attributes of Good Research Topic Capability: is it feasible? Appropriateness: is it worthwhile? Are you fascinated by the topic? Does the topic contain issues with clear Do you have the necessary research links to theory? skills? Are the research questions and objectives clearly stated? Can you complete the project in the time available? Will the proposed research provide fresh insights into the topic? Will the research still be current when Are the findings likely to be you finish? symmetrical? Do you have sufficient financial and Does the research topic match your other resources? career goals? Will you be able to gain access to data?  Idea Generation Idea Refinement Rational thinking Using the Delphi Technique Creative thinking Conducting a preliminary Searching the literature study Scanning the media Continually testing out your Brainstorming ideas Relevance Trees Integrating ideas Exploring past projects Refining topics given to you Discussion by your organisation Keeping an ideas notebook  1 2 3 Research idea Research questions Research objective Exploring the role of big data How can big data analytics be To assess the effectiveness of analytics in enhancing customer leveraged to improve customer BDA in creating more targeted relationship management (CRM) segmentation and and personalized marketing strategies. personalization in CRM? campaigns within CRM systems. What factors influence the To evaluate the impact of Investigating how predictive different predictive models on accuracy of predictive analytics in analytics can improve sales the accuracy of sales forecasts in forecasting sales for retail forecasting accuracy. the retail sector. businesses? Analyzing the impact of data- To analyze the relationship between How does the adoption of data- data-driven decision-making and driven decision-making on driven decision-making influence financial performance metrics in financial performance in financial outcomes in SMEs? focusing on profitability and growth. companies.  Include SMART Personal objectives S pecific M easurable A chievable R ealistic T imely  Research design A research design is a framework or blueprint for conducting the research project. It details the procedures necessary for obtaining the information needed to structure or solve research problems.  Exploratory versus conclusive research Blank Exploratory Conclusive Objective: To provide insights and understanding To test specific hypotheses and examine relationships Characteristics: Information needed is defined only Information needed is clearly defined. loosely. Research process is flexible and Research process is formal and unstructured. Sample is small and non- structured. Sample is large and representative. Analysis of primary data is representative. Data analysis is qualitative. quantitative. Findings/Results: Tentative Conclusive Outcome: Generally followed by further exploratory Findings used as input into decision or conclusive research making  Research design Blank Exploratory Descriptive Causal Objective: Discovery of ideas and insights Describe characteristics or Determine cause-and-effect functions relationships Characteristics: Flexible, versatile Marked by the prior formulation of Manipulation of one or more specific hypotheses independent variables Often the front end of total Preplanned and structured design Measure the effect on research design dependent variable(s) Control of other mediating variables Methods: Expert surveys Secondary data: quantitative Experiments Pilot surveys analysis Case studies Surveys Secondary data: qualitative Observation and other data analysis Qualitative research  Descriptive research design To describe the characteristics of relevant groups, such as consumers, salespeople, organizations, or market areas To estimate the percentage of units in a specified population exhibiting a certain behavior To determine the perceptions of product characteristics To make specific predictions  Descriptive research designs Single cross section Multiple cross section Cohort analysis Consumption of Various Soft Drinks by Various Age Cohorts Percentage consuming on a typical day Age 1950 1960 1969 1979 Blank 8-19 52.9 62.6 73.2 81.0 Blank 20-29 45.2 60.7 76.0 75.8 C8 30-39 33.9 46.6 67.7 71.4 C7 40-49 23.2 40.8 58.6 67.8 C6 50+ 18.1 28.8 50.0 51.9 C5 Blank Blank C1 C2 C3 C4 C1: cohort born prior to 1900 C5: cohort born 1931-40 C2: cohort born 1901-10 C6: cohort born 1940-49 C3: cohort born 1911-20 C7: cohort born 1950-59 C4: cohort born 1921-30 C8: cohort born 1960-69  Longitudinal design To understand which variables are the cause (independent variables) and which variables are the effect (dependent variables) of a phenomenon To determine the nature of the relationship between the causal variables and the effect to be predicted METHOD: Experiments Research strategy Research choices  Content of your research proposal Title - likely to change during the process Background - context within the literature Research questions and objectives - what you seek to achieve Method - can be in two parts: research design and data collection Timescale and Resources - (finance, data access, equipment) References - include some key literature sources Thank You