BUSINESS RESEARCH 3. It helps in business decision making.
• Business research is social science research 4. It helps in forecasting demand, production
• Business research is a type of research used to etc.
identify investment opportunities or start of a 5. It helps to formulate policies at government
business or succeeding improvement. levels.
• According to Mc Daniel & Gates, “Business
research is the planning, collection & analysis of SOCIAL RESEARCH
data relevant to business decision making & • Research in social science is called social
communication of the results of this analysis to research
Management”. • Scientific investigation conducted in the field
Features of Business Research of social and behavioural sciences
1. It is a systematic & objective process of • Discovering some facts concealed in a social
gathering, recording & analyzing data for phenomena or some law governing it.
decision making. • Application of scientific method for
2. Business research has a clear objective. understanding, studying and analysing a
3. Business research is multi disciplinary. social life or phenomena
4. It covers all the regions in which the business • To modify, correct and verify the existing the
operates, locally & internationally. knowledge as a system
5. It helps to judge local problems of
the environment. Limitations of Social Research
6. It helps to determine the cost or profitability of (Difficulties in conducting Social Research)
the business. • Social data is based on human behaviour
7. It is flexible in nature which is highly complex and confusing
8. Business research is most often focused on • It is very difficult to establish cause and effect
demand. relationship
Objectives of Business Research: - • Social phenomena is dynamic (changing)
• Subject to prejudices and bias
1. To promote business in an economically sound • Social events are non repetitive – difficult to
manner. verify
2. To ensure future success. • Problem of collecting information – human
3. Gather relevant information for smooth beings are reluctant to disclose information
conduct of business.
4. It helps the manager to identify & solve TYPES OF RESEARCH
problems. 1. Basic Research (Pure/Fundamental/ Theoretical
5. To save time & cost. Research)
6. It facilitate managerial decision making. • Original type of research
Importance of Business Research • Pure research is undertaken for the sake of
knowledge without any intention to apply it
1. To Investors: - Investors would investigate the
past performance, business planning & the into practice.
business owners’ expertise etc before making • Undertaken out of intellectual curiosity
investment. • Attempts to expand the limits of knowledge.
2. To Companies: - Business research helps the • Not directly involved in the solution to a
companies to ensure production of goods & pragmatic problem.
services according to the demand of the Features of Pure Research
consumers - Pure research is the basic research related
Benefits of Business Research with principles, laws or rules.
1. Information for economic planning – Business - It lays the foundation for applied research
research collects information on the economic - The aim of basic research is the attainment of
& social structure of the nation. the knowledge and truth.
2. It helps to solve operational & planning - It tries to find out cause and effect relationship
problems. in social phenomena.
,2. Applied Research (Action Research)
• Applied research is carried on to find solution 5. Causal/Predictive/Experimental Research
to a real life problem requiring an action or • Causal research deals with the why
policy decision. questions.
• Research done with the intention of applying • It is used to obtain evidence of cause &
the results of the findings to solve specific effect relationships.
problems currently being experienced in the • The objective of causal research is to test
organization is called Applied Research. hypotheses about cause and effect
• It is based on the application of theories relationship
Features of Applied Research 6. Diagnostic Research
• It is carried on to find a solution to a real life • Research conducted to identify the causes of
problem. a problem and to find possible solutions
• It is conducted on the basis of application of • It is directed towards what is happening,
theories or models for finding a solution. why it is happening, and what can be done
• It may integrate previously existing knowledge. about it.
3. Exploratory Research (Formulative 7. Case Study
Research) • It is a method of explaining or analysing the
• Exploratory research is an initial research. life of a social unit (such as a person, family,
• It is a preliminary study of a new problem social group, a community, an institution
about which the researcher has little or no etc)
knowledge. • An in-depth or comprehensive analysis of a
• It is similar to doctor’s initial investigation social unit.
of a patient or the FIR prepared by police. • Quantitative and qualitative methods are
• Initial research conducted to clarify and applied
define the nature of a problem
• It is ill structured EXPLORATORY RESEARCH METHODS
• Does not provide conclusive evidence a. Experience Survey.
• Subsequent research expected b. Secondary Data Analysis.
Objectives of Exploratory Research c. Case Study.
d. Pilot Study.
• To generate new ideas.
e. Focus Groups
• To make an exact formulation of the
a. Experience Survey
problem.
It is the method of conducting surveys among
• To gather information for clarifying
the people who have had practical experience with
concepts.
the problem to be studied. It conducts like an
• To increase the researcher’s familiarity with informal discussion and hence there would not be
the problem. any formal questionnaire. However, the researcher
• To clarify concepts may simply have a list of topics to be studied.
• To determine the feasibility of the study b. Secondary Data Analysis
4. Descriptive Research Analysis of secondary data helps to define the
• It is the simplest type of research. business research problem. Secondary sources may
• Descriptive research is a fact finding be both internal & external in character.
investigation. i) Internal Secondary Data: - It refers to the
• it focus on a particular aspect of the problem information that already exists within the
• It is designed to gather descriptive company or unit. E.g. record of sales, budget,
information and provides information for advertisement expense, previous market
formulating more sophisticated studies. research studies etc.
• It aims at identifying various characteristics of ii) External Source of Data: - It refers to
a problem, community or an institution. information which is collected by a source
• It helps in predicting social life and helpful for external to business or unit. It may be public
planning social oriented programmes. or private document. E.g. Govt. publications,
journals, magazines etc.
, Merits of Secondary Data Analysis RESEARCH PROCESS
➢ Secondary data provide an insight to the total • Research is a systematic process which
situation. involves number of steps.
➢ Secondary data provid complementary • There are some variations in the sequence
information. of these steps suggested by different
➢ Secondary data are economical in nature. writers, but there is much similarity among
➢ Secondary data help to save time & cost. their suggestion
Limitations of Secondary Data • The process is not truly linear, moving from
➢ Since these are collected for another purpose, one step to another in an order
these may not be suitable for the study of the • The order of some steps may be changed,
researcher. some steps may be avoided, and some
➢ Since these are collected in past, they may not be steps may carried on simultaneously.
the current information. • Some of these steps may be covered quickly
➢ The analyst is not participating in the planning & and some others may require longer time
execution of the data collection. STEPS IN RESEARCH PROCESS
c. Case Study 1. Tentative selection of the topic or Research
A case study is an in depth comprehensive study problem
of a person, an episode, a process, a situation, a 2. Initial survey of literature
programme, a community, an institution or any other 3. Finalisation of research problem
social unit. It is one of the most popular types of 4. Formulation of the problem
research methods. Its purpose may be to understand 5. Extensive Literature survey
the life cycle of the unit under study or the interaction 6. Formulation of hypotheses
between factors that explain the present status or the 7. Preparation of research design
development over a period of time. 8. Preparation of sample design
d. Pilot Study 9. Collection of data & Execution of the project
A pilot study is a small scale preliminary study 10. Analysis of data
conducted before the main research in order to 11. Testing hypotheses
check the feasibility or to improve the design of the 12. Generalisation and Interpretation
research. It is a mini study before the main study to 13. Preparation of research report/thesis.
eliminate all the bugs. It helps to know the nature
and different aspects of the problem. 1) Tentative selection of the problem
Advantages of the pilot study • The term problem means a question to be
➢ It helps in the selection of respondents. answered or an issue to be examined
➢ Helps to expose the inadequacies of the • First of all the researcher has to select a
questionnaire. problem
➢ It provides necessary training & motivations • In case of Govt orgns, it is suggested by the
for the investigators to carry out the planned administrators or policy makers.
job. 2) Initial survey of Literature
➢ It provides an opportunity to the researcher to
• After selecting the problem, the researcher
build up self confidence.
is required to go through the relevant
e. Focus Group Interviews
literature to bring out a frame of reference
A focus group is a form of qualitative research in
to the work
which a group of people are asked about their
3) Finalisation of research topic
perceptions, opinions, beliefs and attitudes towards
• Researcher has to finalise the topic and has
a product, a service, a concept, an advertisement, an
to represent it in analytical and specific
idea or a package etc
terms
• Problem/topic should not be too wide or
too narrow
4) Formulation of a problem
• Selected problem should be
translated or transformed into a
scientific research question
• Business research is social science research 4. It helps in forecasting demand, production
• Business research is a type of research used to etc.
identify investment opportunities or start of a 5. It helps to formulate policies at government
business or succeeding improvement. levels.
• According to Mc Daniel & Gates, “Business
research is the planning, collection & analysis of SOCIAL RESEARCH
data relevant to business decision making & • Research in social science is called social
communication of the results of this analysis to research
Management”. • Scientific investigation conducted in the field
Features of Business Research of social and behavioural sciences
1. It is a systematic & objective process of • Discovering some facts concealed in a social
gathering, recording & analyzing data for phenomena or some law governing it.
decision making. • Application of scientific method for
2. Business research has a clear objective. understanding, studying and analysing a
3. Business research is multi disciplinary. social life or phenomena
4. It covers all the regions in which the business • To modify, correct and verify the existing the
operates, locally & internationally. knowledge as a system
5. It helps to judge local problems of
the environment. Limitations of Social Research
6. It helps to determine the cost or profitability of (Difficulties in conducting Social Research)
the business. • Social data is based on human behaviour
7. It is flexible in nature which is highly complex and confusing
8. Business research is most often focused on • It is very difficult to establish cause and effect
demand. relationship
Objectives of Business Research: - • Social phenomena is dynamic (changing)
• Subject to prejudices and bias
1. To promote business in an economically sound • Social events are non repetitive – difficult to
manner. verify
2. To ensure future success. • Problem of collecting information – human
3. Gather relevant information for smooth beings are reluctant to disclose information
conduct of business.
4. It helps the manager to identify & solve TYPES OF RESEARCH
problems. 1. Basic Research (Pure/Fundamental/ Theoretical
5. To save time & cost. Research)
6. It facilitate managerial decision making. • Original type of research
Importance of Business Research • Pure research is undertaken for the sake of
knowledge without any intention to apply it
1. To Investors: - Investors would investigate the
past performance, business planning & the into practice.
business owners’ expertise etc before making • Undertaken out of intellectual curiosity
investment. • Attempts to expand the limits of knowledge.
2. To Companies: - Business research helps the • Not directly involved in the solution to a
companies to ensure production of goods & pragmatic problem.
services according to the demand of the Features of Pure Research
consumers - Pure research is the basic research related
Benefits of Business Research with principles, laws or rules.
1. Information for economic planning – Business - It lays the foundation for applied research
research collects information on the economic - The aim of basic research is the attainment of
& social structure of the nation. the knowledge and truth.
2. It helps to solve operational & planning - It tries to find out cause and effect relationship
problems. in social phenomena.
,2. Applied Research (Action Research)
• Applied research is carried on to find solution 5. Causal/Predictive/Experimental Research
to a real life problem requiring an action or • Causal research deals with the why
policy decision. questions.
• Research done with the intention of applying • It is used to obtain evidence of cause &
the results of the findings to solve specific effect relationships.
problems currently being experienced in the • The objective of causal research is to test
organization is called Applied Research. hypotheses about cause and effect
• It is based on the application of theories relationship
Features of Applied Research 6. Diagnostic Research
• It is carried on to find a solution to a real life • Research conducted to identify the causes of
problem. a problem and to find possible solutions
• It is conducted on the basis of application of • It is directed towards what is happening,
theories or models for finding a solution. why it is happening, and what can be done
• It may integrate previously existing knowledge. about it.
3. Exploratory Research (Formulative 7. Case Study
Research) • It is a method of explaining or analysing the
• Exploratory research is an initial research. life of a social unit (such as a person, family,
• It is a preliminary study of a new problem social group, a community, an institution
about which the researcher has little or no etc)
knowledge. • An in-depth or comprehensive analysis of a
• It is similar to doctor’s initial investigation social unit.
of a patient or the FIR prepared by police. • Quantitative and qualitative methods are
• Initial research conducted to clarify and applied
define the nature of a problem
• It is ill structured EXPLORATORY RESEARCH METHODS
• Does not provide conclusive evidence a. Experience Survey.
• Subsequent research expected b. Secondary Data Analysis.
Objectives of Exploratory Research c. Case Study.
d. Pilot Study.
• To generate new ideas.
e. Focus Groups
• To make an exact formulation of the
a. Experience Survey
problem.
It is the method of conducting surveys among
• To gather information for clarifying
the people who have had practical experience with
concepts.
the problem to be studied. It conducts like an
• To increase the researcher’s familiarity with informal discussion and hence there would not be
the problem. any formal questionnaire. However, the researcher
• To clarify concepts may simply have a list of topics to be studied.
• To determine the feasibility of the study b. Secondary Data Analysis
4. Descriptive Research Analysis of secondary data helps to define the
• It is the simplest type of research. business research problem. Secondary sources may
• Descriptive research is a fact finding be both internal & external in character.
investigation. i) Internal Secondary Data: - It refers to the
• it focus on a particular aspect of the problem information that already exists within the
• It is designed to gather descriptive company or unit. E.g. record of sales, budget,
information and provides information for advertisement expense, previous market
formulating more sophisticated studies. research studies etc.
• It aims at identifying various characteristics of ii) External Source of Data: - It refers to
a problem, community or an institution. information which is collected by a source
• It helps in predicting social life and helpful for external to business or unit. It may be public
planning social oriented programmes. or private document. E.g. Govt. publications,
journals, magazines etc.
, Merits of Secondary Data Analysis RESEARCH PROCESS
➢ Secondary data provide an insight to the total • Research is a systematic process which
situation. involves number of steps.
➢ Secondary data provid complementary • There are some variations in the sequence
information. of these steps suggested by different
➢ Secondary data are economical in nature. writers, but there is much similarity among
➢ Secondary data help to save time & cost. their suggestion
Limitations of Secondary Data • The process is not truly linear, moving from
➢ Since these are collected for another purpose, one step to another in an order
these may not be suitable for the study of the • The order of some steps may be changed,
researcher. some steps may be avoided, and some
➢ Since these are collected in past, they may not be steps may carried on simultaneously.
the current information. • Some of these steps may be covered quickly
➢ The analyst is not participating in the planning & and some others may require longer time
execution of the data collection. STEPS IN RESEARCH PROCESS
c. Case Study 1. Tentative selection of the topic or Research
A case study is an in depth comprehensive study problem
of a person, an episode, a process, a situation, a 2. Initial survey of literature
programme, a community, an institution or any other 3. Finalisation of research problem
social unit. It is one of the most popular types of 4. Formulation of the problem
research methods. Its purpose may be to understand 5. Extensive Literature survey
the life cycle of the unit under study or the interaction 6. Formulation of hypotheses
between factors that explain the present status or the 7. Preparation of research design
development over a period of time. 8. Preparation of sample design
d. Pilot Study 9. Collection of data & Execution of the project
A pilot study is a small scale preliminary study 10. Analysis of data
conducted before the main research in order to 11. Testing hypotheses
check the feasibility or to improve the design of the 12. Generalisation and Interpretation
research. It is a mini study before the main study to 13. Preparation of research report/thesis.
eliminate all the bugs. It helps to know the nature
and different aspects of the problem. 1) Tentative selection of the problem
Advantages of the pilot study • The term problem means a question to be
➢ It helps in the selection of respondents. answered or an issue to be examined
➢ Helps to expose the inadequacies of the • First of all the researcher has to select a
questionnaire. problem
➢ It provides necessary training & motivations • In case of Govt orgns, it is suggested by the
for the investigators to carry out the planned administrators or policy makers.
job. 2) Initial survey of Literature
➢ It provides an opportunity to the researcher to
• After selecting the problem, the researcher
build up self confidence.
is required to go through the relevant
e. Focus Group Interviews
literature to bring out a frame of reference
A focus group is a form of qualitative research in
to the work
which a group of people are asked about their
3) Finalisation of research topic
perceptions, opinions, beliefs and attitudes towards
• Researcher has to finalise the topic and has
a product, a service, a concept, an advertisement, an
to represent it in analytical and specific
idea or a package etc
terms
• Problem/topic should not be too wide or
too narrow
4) Formulation of a problem
• Selected problem should be
translated or transformed into a
scientific research question
