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7/31/2019 BRM PowerPoint

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Business Research


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Business research is defined as the

systematic and objective process ofgathering, recording and analyzing

data for aid in making business

decisions.


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Business Research

Research information is neither intuitive nor

haphazardly gathered.

Data Collection cannot be initiated abruptly

Business research must be objective

Detached and impersonal rather than biased

It facilitates the managerial decision processfor all aspects of a business.


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Information Reduces Uncertainty

Helps focus decision making

I dont know

if weshould

offer on-site

child care?


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Intuitive information

Business research

Systematic and objective investigation


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Business research methods enable an organization to obtain information

that helps it in decision making. The business research process starts with

a Management dilemma. The management dilemma is generally a

symptom of the actual problem/ opportunity..

Examples

1. Rising costs.

2. Declining sales.

3. Decline in rankings in a survey

4. A large number of product defects.

5. An increasing number of written and telephonic complaints regarding a

service etc.


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FUNCTIONS

TO PROVIDE INFORMATIONAL & ANALYTICAL

INPUTS FOR EFFECTIVE :

EVALUATION OF PAST BUSINESS RESULTS

CONTROL OF PRESENT BUSINESS / MANAGERIAL

OPERATIONS

PLANNING OF FUTURE BUSINESS / MANAGERIAL

ACTIVITIES


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USEFUL IN ALL FOUR PHASES OF

ADMINISTRATIVE PROCESS

SETTING GOALS & SELECTING STRATEGIES

DEVELOPING BUSINESS PLANS

PUTTING PLANS INTO ACTIONS

EVALUATING THEIR EFFECTIVENESS


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OBJECTIVES

DECISION MAKING

PROJECT

POLICY

CONTROLLING

ENVIRONMENTAL

MARKET

PRODUCT DEVELOPMENT

CUSTOMER SATISFACTION

PROFIT

PROMOTIONAL

CORPORATE IMAGE OBJECTIVES


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FEATURES OF A GOOD RESEARCH

PURPOSE WELL DEFINED & RELEVANT

SYSTEMATIC & PLANNED APPROACH

OBJECTIVITY & HIGH ETHICAL STANDARD

CO-ORDINATION OF DATA COLLECTION & DATA

ANALYSIS ACTIVITIES

ADEQUATE ANALYSIS

FINDINGS PRESENTED & CONCLUSIONS JUSTIFIED CONTROLLING OF RESEARCH


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Basic research

Applied research

Business Research Types


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Basic Research

Attempts to expand the limits of knowledge.

Not directly involved in the solution to a

pragmatic problem.


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Basic Research Example

Is executive success correlated with high need

for achievement?

Are members of highly cohesive work groups

more satisfied than members of less cohesive

work groups?

Do consumers experience cognitive

dissonance in low-involvement situations?


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Applied Research Conducted when a decision must be made

about a specific real-life problem


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Applied Research Examples

Should McDonalds add Italian pasta dinners to

its menu?

Business research told McDonalds it should

not

Should Procter & Gamble add a high-priced

home teeth bleaching kit to its product line?

Research showed Crest Whitestrips would sell

well at a retail price of $44


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Stages In The Research Process

Problem Discovery and Problem Definition

Research Design

Sampling

Data Gathering

Data Processing and Analysis

Conclusions And Report


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Determining When to Conduct

Business Research

Time constraints

Availability of data

Nature of the decision

Benefits versus costs


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Is sufficient time

available before

a managerial

decision

must be made?

Is the infor-

mation already

on hand

inadequate

for makingthe decision?

Is the decision

of considerable

strategic

or tactical

importance?

Does the value

of the research

information

exceed the cost

of conductingresearch?

Conducting

Business

Research

Do Not Conduct Business Research

Time ConstraintsAvailability of Data

Nature of the DecisionBenefitsvs. Costs

Yes YesYesYes

No No No No

Determining When to Conduct

Business Research


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Value versus Costs

Potential Value of a Business Research Effort

Should Exceed Its Estimated Costs


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Value

Decreaseduncertainty

Increased likelihoodof a correct decisionImproved businessperformance andresulting higherprofits

Costs

ResearchexpendituresDelay of business

decision andpossible disclosureof information torivalsPossible erroneousresearch results

Value Should Exceed

Estimated Costs


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Major Topics for Research in Business

General Business Conditions and Corporate Research

Financial and Accounting Research

Management and Organizational Behavior Research

Sales and Marketing Research

Information Systems Research

Corporate Responsibility Research

Production

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