GUIDELINES FOR RESEARCH PROJECTS (2)

8/7/2019 GUIDELINES FOR RESEARCH PROJECTS (2)

1/13

Brahm Sharma

GUIDELINES FOR RESEARCH PROJECTS

The value of research is directly proportional to the degree towhich findings are actionable.

Research is a vital component of the strategic marketing and managementprocess. It leads to effective product and service development, bettercommunications, increased sales and more meaningful customer service follow-up. We view market research as part of a holistic marketing and managementprocess where the best decisions are made by smart organizations that set goals,plan strategies, research the unknown, plot courses of action, and equip theirpeople with the skills and knowledge to be a vital part of the process.

We, at WLC College, are committed to equip our students who wouldeventually take up roles in assisting businesses and organizations with theupfront components of strategic decision-making. Research is a vital componentof the strategic marketing and management process. It leads to effective productand service development, better communications, increased sales and moremeaningful customer service follow up.

Finding a Research Topic

Good research depends on a clear question, understanding the context of thequestion, being able to use appropriate methods to answer the question, knowingwhen to stop. Before thinking about how to answer a research question you needto be clear about the topic, the concepts it includes and how they are to bedefined. Finding a suitable topic for research can be difficult. Starting points can

be , discussion with a supervisor or colleagues, discussion using Internet facilitiessuch as electronic mail, discussion groups or mailing lists, further researchneeded sections of journal articles, papers, theses and dissertations in thesubject area of your interest, topic definitions in encyclopedias and "state-of-the-discipline" reviews in the journal literature. In each case, you are looking fortopics where there is doubt and uncertainty, disputed or contradicted statements,topics where evidence is incomplete, lacking, dated topics where evidence from a

1


2/13

study on one community or a group could be compared with evidence from anassociated group.

Research Design & Methodology

The elements of effective research design include the following steps:

I. Steps to Custom ResearchII. Types of StudiesIII. Methodology

I. Steps to Custom Research

There are, normally, the following six steps that lead to design and completion ofscientifically valid studies that have meaningful, real world applications. Theoverall design of a research project is crucial, since it guides and shapes the study.Good research design helps ensure project success.

Step 1: Research Problem Definition

Defining the research problem can be one of the most critical and difficult stepsin market research. Accurately defining the research problem is importantbecause it:

Identifies the scope of issues to be explored Determines the nature of the sample

Structures the questions to be asked of respondents during data collection

Determines the types of analyses required to answer the researchquestions

Ultimately, defining the research problem dictates how useful the study will befor you and your company (client), and how relevant recommendations will befor application in a real world situation.

To ensure the success of every project, begin by working with your targeted

respondents/clients to identify key issues and overall goals of the study. This stepgenerally involves a 1-2 hour brainstorming session to gather detailedinformation on critical issues and questions. Then develop a draft of surveyinstrument to be further refined with additional client input. This informationalso guides the type of analysis that will be required important, so thatquestions are phrased and data collected in appropriate and effective formats.

Various types of issues

2


3/13

Here are a few examples of questions that are frequently encountered throughresearch. Since each research problem has a unique twist depending on thesituation, you will have to customize projects to directly address the relevant keyissues. The research requirements can be varied and diverse. The following

examples are only suggestive /indicative:

Branding and Awareness

What do people really think of the brand, product, or company?

What are their perceptions of the competition?

New Product Development

We are designing a new product, but are unsure which components toinclude.

Which product characteristics are most preferred by our potentialcustomers?

At what price should our new product be introduced to the market?

How much of a market impact can we expect with the introduction of ournew product?

Customer Service

We have noticed a slip in business that may relate to customer serviceissues. Can we pinpoint the problem?

What do people really think of our customer service? What are its

strengths and what are its weaknesses?

Attracting New Customers

How can we increase our share of the market?

What do potential customers really want?

How effective are our current methods of marketing our product?

How can we improve advertising and communications approaches?

Who is our most effective target? What are their identifyingcharacteristics, and how can we best market to them?

Employee Issues

We are having trouble retaining employees. Are there elements ofcompany culture that can be developed to help attract and retain goodpeople?

Our company is about to undergo a major transition. How can weensure that employees' transitions will be smooth and how should wecommunicate to them what is going on?

3


4/13

Step 2: Sampling Strategies

After you have defined your research problem and developed the ideas to betested in a survey, you must decide on the nature and size of your sample.Sampling strategy is crucial to successful research because results gathered fromthe sample are indicative of trends in the total population. Develop a samplingplan for you that is both effective and cost efficient. Ensure results that are validand reliable, and to reduce selection bias or sampling error.

First, define the target of research the population for the study. Thisdefinition most likely includes geographical or regional boundaries, as well

as gender, age, income, or psychographic characteristics. This processensures that the sampled population is the target population.

Second, with your objectives in mind, recommend a sampling approachaimed at producing reliable and valid data, with results that can beconfidently extended to the population of interest. Define the specificsampling strategy, for example a simple random sample, a systematicrandom sample, a stratified random sample, a cluster sample, or anothertype of approach.

Third, determine an appropriate size of the sample by estimating

sampling errors against cost factors. Recommend a sample size to keepsampling error within acceptable limits.

Fourth, locate a list of contacts. You should be familiar with the full rangeof sources of contact lists.

Step 3: Survey Instrument Development

The next step is to design a survey instrument to collect the information youneed, as framed by your particular research problem. The surveys generally

include a variety of question types. Each question is formulated to provideresponses appropriate to the intended type of analysis. In developing yoursurveys, take particular care to minimize bias that can result from improperwording of questions (measurement bias). Use language that is simple andprecise. Also, field-test each and every survey prior to implementation to ensurethat questions are clear and understandable and that the flow of the survey goessmoothly. Some types of questions often included are:

4


5/13

Scalars/ratings to measure levels of importance, satisfaction, or interest

Open-ended questions to gain top-of-mind insights

Multiple choice type questions with prompted responses

Numeric questions designed to gain continuous numeric data

Forced ranking where items are placed in sequence of order or preference

Demographics to retrieve information about the composition of thesample

Psychographics to retrieve information about respondents' values andmotivations.

Step 4: Fielding

For each research problem, recommend the most effective fielding format. Nomatter which type is used, take measures to ensure that data integrity is high onevery project. The following data collection methods may be adopted:

Focus groupsRecommended mainly for qualitative data to help flesh out the issues.

Telephone interviewing

Recommended for most quantitative research projects to reduce sampling biasand ensure collection of high quality data.

Internet/Web surveys

Recommended for target markets with high Internet accessibility and use levels.Very effective for projects where visual props are necessary such as testing websites or with a conjoint analysis approach that tests product preferences.

The expansion of the Internet over the past decade has provided the researcherwith a range of new opportunities for finding information, networking,conducting research, and disseminating research results. Through the use of toolssuch as online focus groups, electronic mail, and online questionnaires, theInternet opens up new possibilities for conducting research. It offers, for exampleshorter timeframes for collecting and recording data: e-mail messages can besaved and analyzed in qualitative data packages, for example, while onlinesurveys can be captured directly into a database the possibility of conductinginterviews and focus groups by e-mail, with related savings in costs and time,new "communities" to serve as the object of social scientific enquiry,opportunities for including mixed multiple media in questionnaires. On the otherhand, these opportunities also raise new challenges for the researcher, such asproblems of sampling, the ethics of conducting research into online communities,physical access and skills required to use the technologies involved, accuracy andreliability of information obtained from online sources, the changed chronologyof interaction resulting from asynchronous communication.

Intercepts

5


6/13

Recommended for projects with extremely specific target samples linked togeographic sites such as malls, restaurants or movies.

Mail out surveys

Recommended only for target samples with extremely high propensities to returnsurveys, for example, older respondents who are loyal members of a specificorganization.

Step 5: Analysis

The researcher should draw from a variety of backgrounds including psychology,marketing, business and anthropology. This diversity would enable you to view

research issues from different angles which lead to collection of richer data andmore creative analysis. Select precisely the right analytical tools to fully addressthe research questions at issue. While analysis procedures are unique to eachstudy, there are some commonalities.

Generally speaking, results are examined question-by-question. Then statisticaltests should be run to reveal significant relationships between variables or otherdata patterns. Incorporate graphs to provide powerful visualizations of the keyfindings. Take time to synthesize results and summarize top conclusions.

A full suite of statistical techniques for analysis may be employed, including:

Chi-square and related tests of association for nominal data

Difference of means tests for integer data

Non-parametric

Exploratory Data Analysis

Analysis of Variance and Covariance

Multivariate Analysis

Conjoint Analysis

Regression analysis

Discriminant analysis

Factor analysis Cluster analysis

Step 6: Application

Application, rather than analysis, is the final step a. Take the research processone crucial step further by synthesizing study findings into a set of actionable

6


7/13

recommendations. Drawing upon your broad expertise in business andmarketing, develop intelligent, creative suggestions for action, and helpformulate realistic implementation plans.

We, at WLC, believe that the value of research is directly proportional tothe degree to which findings are actionable.

II. Types of Studies

The students can adopt a wide range of approaches to market research projects.They should custom design and execute scientifically valid studies that producemeaningful results to clarify issues and identify strategic opportunities for theirtargeted clients. Here are some types of studies they can typically perform:

PROJECT TOPICS

MARKETING

Branding and Awareness

What do people really think of the brand, product, or company?

What are their perceptions of the competition?

New Product Development

We are designing a new product, but are unsure which components toinclude.

Which product characteristics are most preferred by our potential

customers? At what price should our new product be introduced to the market?

How much of a market impact can we expect with the introduction of ournew product?

Customer Service

We have noticed a slip in business that may relate to customer serviceissues. Can we pinpoint the problem?

What do people really think of our customer service? What are itsstrengths and what are its weaknesses?

Attracting New Customers

How can we increase our share of the market?

What do potential customers really want?

How effective are our current methods of marketing our product?

How can we improve advertising and communications approaches?

7


8/13

Who is our most effective target? What are their identifyingcharacteristics, and how can we best market to them?

HR PROJECTS

We are having trouble retaining employees. Are there elements ofcompany culture that can be developed to help attract and retain goodpeople?

Our company is about to undergo a major transition. How can weensure that employees' transitions will be smooth and how should wecommunicate to them what is going on?

HRP for a BPO

Training need analysis for a manufacturing unit

Compensation policy of a insurance company

Recruitment process for an IT company

FINANCE PROJECTS

Project Report on Working Capital ManagementPoints to be covered:IntroductionWorking Capital concept: Types and Need.Cash Management: Factors affecting cash needs, motives for holding cash.

Inventory Management: Need, Types and Techniques.Receivables ManagementData Analysis and Interpretation.Summary of Findings, ConclusionsSuggestions and Recommendations.BibliographyQuestionnaireAnnexure

A Study on Financial Performance of a MNC BankPoints:

Indian Banking SystemBank ProfileResearch DesignData Analysis and Interpretation.Summary of Findings, ConclusionsSuggestions and Recommendations.BibliographyQuestionnaire

8


9/13

Annexure

Analysis of Equities and Mutual Fund:Points:Introduction:

Part A: About the IndustryPart A: About the subjectCompany Profile:Introduction,Objectives, vision, culture and valuesStrategyProduct ProfileCompetitorsResearch Design:Title of the study, Statement of the problem, Objective, Scope, Limitations andMethodology of the Study, Operational definition of the concepts.

Equities and DerivativesPoints:Introduction:Background of the study, statement of the problem, Need and importance of thestudy, Objectives of the ResearchMethodology: Definition of derivatives, prerequisites for derivatives market,Large market capitalization, Liquidity, Clearing house that guarantees trades,Types of Derivatives-Options, Forwards, Futures, Swaps, Derivatives andCommodities derivatives market, Currency and Stock market derivatives.

Credit Risk Management, Market Risk Management &Operational Risk Management

For a Bank.Theoretical Background of the studyNew Basle II Capital Adequacy FrameworkCredit Risk, Market Risk, Operational Risk, Liquidity Risk, Interest Risk.Researched Methodology and LimitationsIndustry and Company Profile.Credit disbursement channel and Types of advances handled by different types ofbranches.Findings, Conclusions, Suggestions and Recommendations.

Other topics which can be considered for projects are as follows,

New Product/Services Development and Feasibility Studies

9


10/13

Image and Advertising Studies

Customer Satisfaction and Preference Studies

Competitive Analysis

Employee Attitudes and Opinions Studies

Business Forecasting/Trend Analyses

Customer Profiling and Identification of Target Markets

New Product/Services Development and Feasibility Studies

Test customer receptiveness to new products, ideas, concepts, and features. In

addition to more traditional approaches, implement the leading edge conjointanalysis tool. This methodology is highly effective in defining optimal featurebundles or best pricing strategies for emerging products and line extensions.

Image and Advertising Studies

Determine the most compelling advertising message, as well as the effectivenessof advertising in various media, critical to successful marketing. In addition,studies of brand recognition, awareness and preference can provide insightsrelevant to product positioning and competitive challenges.

Customer Satisfaction and Preferences Studies

Product or service satisfaction can be measured against customer expectations.Beyond initial findings, results may be used to develop indexes that establishbenchmarks, track performance, and report achievement over time. This type ofstudy could be helpful in establishing performance pay baselines, for example.

Competitive Analyses

Gaining valuable insights on competitors is extremely useful in developingproducts, programs, and services. Design studies that assess customersatisfaction levels, awareness levels, and overall perceptions of competitors.

Pinpointing competitors' weaknesses helps identify market opportunities. Thistype of study is also useful when developing strategic marketing messages thatcan emphasize a products strength over a competitor's weakness, real orperceived.

Employee Attitudes and Opinions Studies

10


11/13

Companies facing organizational changes and challenges can benefit fromresearch on internal issues conducted by an objective outside party. Define issuesobjectively, as well as diplomatically protecting employee confidentiality. Elicitcandid views from study participants, and converting this information to drivemeaningful messages in various communications, training programs, and human

resource initiatives.

Business Forecasting/Trend Analyses

Predicting where markets will move in the future. Companies best prepared forthe future are those who most accurately forecast industry trends. Assess theimpact and potential opportunity of new technologies, use of the Internet, andvarious other factors affecting market niche now and for the future. In addition,use multivariate statistics to analyze data a company has collected over time, toidentify annual and seasonal trends and predict future directions.

Customer Profiling and Identification of Target Markets

Collect the appropriate demographic and psychographic information, and thenapply a suite of statistical methods to discover the characteristics of those withpropensity to buy.

III. Methodology

The students can adopt a wide range of qualitative and quantitative approaches

to collecting and analyzing data. Customized research design, and thorough post-collection analysis is focused on discovery of strategic opportunities. Work closelywith your 'clients' to design, execute, and analyze qualitative and quantitativestudies that produce results that are useful and immediately actionable.

Students conduct, both, qualitative and quantitative types of studies, because webelieve the two approaches are not mutually exclusive. Generally speaking,qualitative research is most appropriate for identifying and fleshing out unknownissues. Quantitative research is most appropriate for testing the issues using asample that is representative of the larger population. Often opt to use the twoapproaches together as complementary parts of a two-phase study.

Qualitative

Qualitative research is directed toward gaining an in-depth understanding ofparticipants perceptions and behavior. Using these qualitative methods, provide

11


12/13

your clients with the kind of detailed understanding possible through less-structured open-ended questioning, extensive probing, and observation ofparticipant behavior. The typical qualitative methodologies would include:

Focus groups

Ethnography

Tele-focus research (unstructured, one-on-one, in-depth interviews withselected respondents)

Elite in-depth Interviews

Quantitative

Quantitative approaches are designed to gather hard data that can be analyzedusing the most advanced statistical methods in the industry. The primaryadvantage offered by most quantitative approaches is that the results of thesestudies can be generalized to the entire target populationsomething qualitative

methods cannot, by themselves, provide. The students can use a variety oftechniques in gathering quantifiable data, including:

Face to face surveys

Telephone surveys

"Secret Shopper" surveys

On-line internet-based surveys

Computer Assisted Personal Interviews (CAPI)

Voice of the Consumer (VOC) panels

Group sessions using the Option Finder Interactive Keypad system

Choice-Based Conjoint Paper and Pencil Administration CAPI Administration On-line Administration

Adaptive Conjoint Analysis On-line Administration CAPI Administration

For typical quantifiable studies, the interview process should be guided andcontrolled to ensure that questions are asked in the same way of everyrespondent. Questions most often include response alternatives or requestscalar/numeric responses. The larger sample sizes typical of quantitative studiesensure that results accurately reflect characteristics of the target population.

An analytic approach to all of your quantifiable studies typically would make useof many of the following:

12


13/13

Chi-square and related tests of association for nominal data

Difference of means tests and exploratory methods appropriate to ratio-level data

Non-parametric alternatives to difference of means tests

Analysis of Variance (ANOVA)

Multivariate Analysis of Variance (MANOVA) Regression Analysis

Multivariate Linear Regression Analysis Multivariate LOGIT, PROBIT

Conjoint analysis Hierarchical Bayesian derivation of point

Estimates (for part-worth values) Price Sensitivity Market Simulations Importance Analysis Utility Analysis

Discriminant analysis Perceptual mapping using

Factor analysis Cluster analysis

Latent Class analysis

Scaling and Multidimensional Scaling

Segmentation modeling using Cluster Analysis CHAID Latent Class Models

Trending and forecasting using ARIMA Survival Analysis

THE PROJECT REPORT HAS TO BE SUBMITTED IN A HARD BACKCOPY FORM OF ATLEAST 50 A4 SIZE PAGES WITH PROPERACKNOWLEDGEMENTS AND REFRENECS AS PER HARVARDREFRENCING SYSTEM AND RESEARCH DATA TO BE PRODUCEDAS AND WHEN ASKED FOR.

_______________________________________________________Your Research Guides and Faculty at WLC College would ensure timely andeffective execution of your Management Research Projects. Best of luck and goodwishes.

13

GUIDELINES FOR RESEARCH PROJECTS (2)

Documents

Transcript of GUIDELINES FOR RESEARCH PROJECTS (2)