introduction to business research

DR.V.VEERA BALAJI KUMAR BHMS., M PHIL (PSYCH)

Introduction to Business Research

INTRODUCTION

INTRODUCTION

DEFINITION

Business research can be defined as a systematic and objective process of gatheringgathering, recordingrecording and analyzing data analyzing data that provides information to guide business decisions.

Scope of Business Research

To solve operational and planning problems in conducting businesses. Marketing Problems Financial problems HR problems Manufacturing problems

Scope of Business Research

Major forms of research: Market research: understand the marketplace. to

develop business policies and market strategies Operations research: uses mathematical, logical-

analytical methods to understand operational problems. To forecast demand, optimizing production and find best investment options.

Motivational research: Analyzing the reasons and motives behind people’s behaviour ( consumerconsumer as well as employeeemployee)

Basic Research and Applied Research

Two major forms of research:Basic research Basic research : a focused, systematic study to

discover new knowledge or expand existing one. Understanding consumer buying process Examining consumer learning process

Applied researchApplied research: used to answer a specific determine why something failed or succeeded. Evaluating the impact of training program or employee

Performance Examining consumer response to direct marketing

programs.

Role of Business Research in Decision-Making

Problem/Opportunity Identification

Scanning & monitoring business environment – internal and external

Identifying Opportunities & threatsUnderstand market trends

An Indian Apparel company entering US

Identify fashion trendsBrand awareness about the

companyPerception of company

among potential employeesExamining competitors

characteristicsUnderstanding American

consumer behaviour

Problem/Opportunity Prioritization and Selection

Impossible to address the all problems at one time

Prioritization Based on 1. Influence of the problem 2. Time factorGather info about the problem – underlying

causes clarity of the situationIdentify right opportunities

Problem/Opportunity Resolution

Way to resolve the problemWay to make use of the opportunity

PROBLEM RESOLUTION : 2 steps Developing alternatives - brainstorming Evaluating alternatives – on the basis of certain

criteria

Factors Affecting Business Research

Time Constraint, Availability of Resources, Nature of Information Sought, Benefits versus Cost

Globalization and Business Research

LPG eraFormation of regional trading blocksMaintaining international qualityR&DChina monitor - cygnus research consultants.Innovative tools

Computer assisted telephone interviewing Computer assisted personal interviewing

WTO – Industry research

Business Research and the Internet

Primary Research, Collected directly from respondents Using mail questionnaires, schedules, direct

interviews Focus group studies Online – advantages and disadvantages

Secondary Research Collected by some other person or orgaganization Already existing data – internet, industry reports Faster, economical and reliable (?)