Module 1: Introduction to Business Research - PDF
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FEU Alabang, FEU Diliman, FEU Tech
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Summary
This document provides an introduction to business research, defining it as methodological investigation aiding decision-making and problem-solving in corporate settings. It covers the importance of research for informed decision-making, problem-solving, risk reduction, and innovation. Different types of research like basic and applied are presented along with approaches such as qualitative and quantitative methods. The role of research in marketing management is also discussed, covering topics such as product development, market segmentation, competitive analysis, and customer satisfaction.
Full Transcript
MODULE 1: INTRODUCTION TO BUSINESS RESEARCH BUSINESS RESEARCH: AN OVERVIEW Definition, Importance, Types, and Role in Marketing Management LEARNING OBJECTIVES: 1. Understand the definition and importance of Business Research. 2. Differentiate...
MODULE 1: INTRODUCTION TO BUSINESS RESEARCH BUSINESS RESEARCH: AN OVERVIEW Definition, Importance, Types, and Role in Marketing Management LEARNING OBJECTIVES: 1. Understand the definition and importance of Business Research. 2. Differentiate between types of research I 3. Recognize the Role of Research in Marketing Management. What is Business Research? A methodological investigation that aids in decision-making and solves corporate issues. Provides reliable information for managers to make informed decisions. Importance of Business Research: 1. Informed Decision-Making: Research helps in gathering data to make informed decisions. 2. Problem-Solving: Identifies challenges and opportunities in the business environment. 3. Risk Reduction: Minimizes risks by providing insights and forecasts. 4. Innovative Solutions: Encourages new strategies and solutions. TYPES OF RESEARCH Basic vs. Applied BASIC RESEARCH: APPLIED RESEARCH: - Seeks to expand - Focuses on solving knowledge without specific business immediate commercial problems. objectives Example: Investigating Example: how a new product can Understanding meet consumer needs consumer behavior in general. TYPES OF RESEARCH Qualitative vs. Quantitative QUALITATIVE: QUANTITATIVE: - Focuses on - Focuses on understanding gathering numerical data concepts, opinions, or and statistical analysis. experiences. Methods: Surveys, Methods: Interviews, Experiments, Secondary Focus Groups, Data Analysis Observations Example: Studying Example: Analyzing customer emotions sales data over time towards a brand Role of Research in Marketing Management Product Development: Identifies customer needs and guides product innovation. Market Segmentation: Helps understand different consumer groups and how to target them. Competitive Analysis: Provides insights into competitors’ strategies. Customer Satisfaction: Research evaluates customer feedback and helps improve services/products Importance of Research in Decision-Making Data-Driven Strategy: - Ensures that marketing strategies are based on facts rather than assumptions. Forecasting Trends: - Identifies trends in consumer behavior and the market environment. Cost-Effectiveness: - Research can help allocate resources more effectively in marketing campaigns. Types of Research in Business Research: Exploratory Research: - Conducted to explore a problem or phenomenon when it is not well understood. USE: Helps generate ideas, hypotheses, or insights for more detailed research Example: Understanding why customer satisfaction is decreasing in Health service Types of Research in Business Research: Descriptive Research: - Describes characteristics of a phenomenon or market. USE: Provides a detailed picture of a market, customer base, or business environment. Example: A survey that profiles the demographics of customers purchasing a particular phone model Types of Research in Business Research: Causal Research: - Investigates cause-and-effect relationships between variables. USE: Helps identify which factors influence specific outcomes Example: Testing the impact of price changes on consumer purchasing behavior in the Electronic appliances market Types of Research in Business Research: Exploratory Research vs. Descriptive Research vs. Causal Exploratory Research: Begins with broad questions, and aims to explore and understand Descriptive Research: Focuses on measuring and describing variables or conditions. Causal Research: Explains the cause-and-effect relationship between variables. Steps in Business Research: 1. Identifying the problem or opportunity 2. Conducting a literature review 3. Designing the research. 4. Data collection. 5. Data analysis 6. Interpretation and reporting Making decisions and recommendations. Key takeaways: Business research is essential for success in today’s competitive environment. The use of both qualitative and quantitative methods ensures comprehensive insights Research plays a critical role in guiding marketing management decisions
