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RESEARCH
METHODOLOGY
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What is Research?
Defining Research Research Is the SystematicApproach Towards Purposeful
Investigation Through Formulation ofHypothesis,Collection ofData on Relevant Variables,Analysis and Interpretation ofResults and Reaching Conclusion Either in the Form of a Solutionor Certain Generalization.
Business Research may be defined as the systematic and objectiveprocess of gathering, recording and analyzing data for aid in makingbusiness decisions (Zikmund, Business Research Methods, 2002, p. 6)
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Why Research ?
To identify and define opportunities and
problems.
To define, monitor, and refine strategies.
To define, monitor, and refine tactics.
To improve our understanding of the various
fields of management
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Whats the Difference Between Method and
Methodology?
Method:Techniques for gathering evidence
The various ways of proceeding ingathering information
Methodology:The underlying theory and
analysis of how research
does or should proceed,
often influenced bydiscipline
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Good Research Requires:
The scope and limitations of the work to be clearly defined.
The process to be clearly explained so that it can be
reproduced and verified by other researchers.
A thoroughly planned design that is as objective as possible.
Highly ethical standards are applied.
All limitations are documented.
Data be adequately analyzed and explained.
All findings are presented unambiguously and all conclusionsbe justified by sufficient evidence.
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Cont
Objectivity:It must answer the research question.
Control: It shall ensure adequate control overindependent variable
Generalisability: It should have same result whenapplied in identical applications
Free from Personal Bias: It must be free from personalbias.
Systematic: It must have various interrelated steps thatlead another step.
Reproducible:It must give approximately the same
result when applied to population having similarcharacteristics.
Validity and reliability
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Fields Where Business Research is Often
Used- scope
Financial and Accounting Research
Forecasts of financial interest rate trends,
Stock,bond and commodity valuepredictions
capital formation alternatives
mergers and acquisitions
risk-return trade-offs
portfolio analysis
impact of taxesresearch on financial institutions
expected rate of return
capital asset pricing models
credit risk
cost analysis
General Business
Conditions and
Corporate Research
Short- & Long-Range
Forecasting,Business and Industry
Trends
Global Environments
Inflation and Pricing
Plant and Warehouse
LocationAcquisitions
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Cont.
Management and Organizational
Behaviour Research
Total Quality Management Morale and Job Satisfaction
Leadership Style Employee Productivity Organizational Effectiveness Structural ssues Absenteeism and turnover Organizational Climate
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Types of Research Studies
Basic Research aims to expand the frontiers of science and knowledge by verifying ordisproving the acceptability of a given theory or attempting to discover more about a certainconcept (non-specificity)
Example: How does motivation affect employee performance?
Applied Research focusses on a real-life problem or situation with a view to helping reach a
decision how to deal with it (Specificity)
Example: Should Corporation X adopt a paperless office environment?
Descriptive Research: or (Ex Post)- a fact finding approach generalizing a cross- sectionalstudy of the present situation. For example, a study on problems of industrial relations in
India with an inter disciplinary approach which is classified under conclusiveresearch. It states the situation as they are. Researcher has no control over variables.
Eg:- frequency of shopping
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Historical Research :aresearch on past social forces which have shaped the present. For
example, to study the present state of Indian labor we may research on past historical forces.
Formulative or Exploratory Research:aresearchwhich investigate any problem
with suitable hypothesis. It is particularly important for clarification of any concept and
throwing new light for further research on principles of developing hypothesis and its testing
with statistical tools.
Experimental Research or Empirical Research: a research which enable us to
quantify the findings, to apply the statistical and mathematical tools and to measure the
results thus quantified. It is also quantified under conclusive research. It relies on
experience or observation alone without due regards for systems and theory.
Ex-Post Facto Research : an empirical enquiry for situation that have already
occurred. For example market failure of a product if studied or researched later may be
categorized under ex- post research.
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Case Study Approach: a research particularly initiated at
micro level. For example study of particular industrial unit, study
of some banking units etc,
Survey Research: a research which involve study of
population or sample based on some questionnaire to
find out intended characteristics
Evaluation Research: a research which is directed to
study or evaluate the performance of any programs/projects
that have already been implemented.
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Comparison of Scientific and Non-Scientific Method of
Research
Basis Scientific Method Non-scientific Method
Objectivity It is more objective It may have chances of subjectivity
Degree ofAccuracy
It is highly precise where quantitativeconcept can be defined and measuredeffectively.
It is comparatively lessdegree of preciseness
Continuing and
Exhaustive
It takes cognizance of the existing
knowledge and helps in accumulation ofsystematic knowledge which is continuousand unending
The same is always not
true in every situation
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Science and the Scientific Method
Science has been defined as the methodological and systematic
approach to acquisition of new knowledge (Geoffrey Marcyzk, David
DeMatteo, David Festinger, Essentials of Research Design and
Methodology, John Wiley & Sons, 2005, p. 4)
The scientific method, which has evolved since the 13th century,
concerns the set of tools, techniques and procedures used by basic
and applied researchers to analyze and understand phenomena
and prove or disprove prior conceptions
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The Essence of the Scientific Method
Characteristics of the Scientific Method
Objectivity
Systematic Analysis
Logical Interpretation of Results
Elements of the
Scientific Method
Empirical Approach
Observations
Questions
Hypotheses
Experiments
AnalysisConclusion
Replication
Basic
Research
Applied
ResearchS
cie
ntif ic
Me
tho
d
Information or
Ideas for alternative
Courses of action
General Laws
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The Value of Business Research for
Managers
Reduction of uncertainty and improvement
in the quality of decision-making with
several consequent advantages (e.g.
strategic, operational) and benefits fororganizations
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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
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The Problem Definition Process
DiscussionwithDecision Maker(s)
InterviewswithExperts
SecondaryDataAnalysis
QualitativeResearch
Management Decision Problem
Marketing Research Problem
Tasks Involved
Environmental Context of the Problem
Step I: Problem Definition
Step II: Approach to the Problem
Objective/TheoreticalFoundations
ResearchQuestions
Hypotheses
Step III: Research Design
AnalyticalModel: Verbal,Graphical,Mathematical
SpecificationofInformationNeeded
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Management Decision Problem
Vs. Marketing Research ProblemManagement Decision Problem Marketing Research Problem
Should a new product be To determine consumer preferences
introduced? and purchase intentions for the
proposed new product
Should the advertising To determine the effectiveness
campaign be changed? of the current advertising
campaign
Should the price of the To determine the price elasticitybrand be increased? of demand and the impact on sales
and profits of various levels of price changes
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Management Decision Problem
Vs. Marketing Research Problem
Management
Decision Problem
Asks what decision
makers are supposeto do
Action oriented
Focuses onsymptoms.
Marketing Research
Problem
Asks what
information isneeded and how it
should be obtained.
Information oriented
Focuses on
underlying causes.
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Definition of the Research
Problem Every research should adhere to two basic
rules while formulating the problem
statement.
1. Allow researcher to obtain all the
information needed to address the
management decision problem.
2. It should guide the researcher inproceeding with the project.
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Researcher makes two common
errors in problem definition
Either the research problem is defined too
broadly or too narrowly
The likelihood of committing either type of
error in problem definition can be reduced
by stating the marketing research problem
in broad general terms and identifying its
specific components.
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Marketing ResearchProblem
BroadStatement
SpecificComponents
Broad statement- is the
initial statement of the
marketing research problem
that provides an appropriate
perspective on the problem.
Specific Components- it
focuses on the key aspects
of the problem and provide
clear guidelines on how to
proceed further.
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Components of an Approach
Objective/Theoretical Framework
Analytical Model
Research Questions
Hypotheses
Specification of the Information Needed
Objective/Theoretical Framework
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Objective/Theoretical Framework
A research should be based on objective
evidence and supported by theory
A theory is a conceptual scheme based on
foundational statements axioms.
Objective evidence- is gathered by
compiling relevant findings from
secondary sources.
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The Role of Theory in Applied
ResearchResearch Task Role of Theory1. Conceptualizing
and identifying
key variables
Provides a conceptual foundation and understanding of the basic processes
underlying the problem situation. These processes will suggest key dependent
and independent variables.
2. Operationalizing
key variables
Theoretical constructs (variables) can suggest independent and dependent
variables naturally occurring in the real world.
3. Selecting a
research design
Causal or associative relationships suggested by the theory mayindicate whether
a causal or descriptive design should be adopted.
4. Selecting a
sample
The theoretical framework may be useful in defining the population and
suggesting variables for qualifying respondents, imposing quotas, or stratifying
the population .
5. Analyzing and
interpreting data
The theoretical framework (and the models, research questions and hypothese
based on it) guide the selection of a data analysis strategy and the interpretati
of results .
6. Integrating
findings
The findings obtained in the research project can be interpreted in the light of
previous research and integrated with the existing body of knowledge.
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Ananalytical modelis a set of variables and
their interrelationships designed to represent, in
whole or in part, some real system or process.
These models can have various forms such asgraphical model, verbal model and mathematical
model.
These models compliment each other and help
the researcher identify relevant research
question and hypothesis.
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Development of Research
Questions and Hypotheses
Components of the
Research Questions
Hypotheses
Objective/TheoreticalFrameworkAnalyticalModel
Marketing Research Problem
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Research questions(RQs) are refinedstatements of the specific components of
the problem.
Ahypothesis(H) is an unprovenstatement or proposition about a factor or
phenomenon that is of interest to theresearcher. Often, a hypothesis is a
possible answer to the research question
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Hypothesis goes beyond the research questions
because they are statements of relationship and
or propositions rather than merely questions to
which answers are sought. Whereas research questions are interrogative,
hypothesis are declarative and can be tested
empirically
An important role of hypothesis is to suggest
variables to be included in research design.
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Examples
RQ: Do the customers of shoppers stop exhibit store loyalty?
The following hypothesis is formulated in relation to research questionon store loyalty.
H1: Customers who are store-loyal are less knowledgeable aboutthe shopping environment.
H2: Store-loyal customers are more risk-averse than are non-loyalcustomers.
These hypothesis guided the research by ensuring that variablesmeasuring knowledge of the shopping environment and propensityto tale risk were included in the research design.