Unit 1: Research: Fundamentals and Terminology

INTRODUCTION

Definition of business research: systematic enquiry, Investigation, process of gathering, recording and
analyzing data for the business decision purpose.

Scope of Business research: all types of business problem from product design to sell.

Basic research and applied research

Basic Research Applied Research

Basic Research is carried out for the sake of increasing Applied research is generally
1 knowledge, such as how and why a specific reaction occurs and carried out to solve a problem. Or
what the properties of a substance are. investigation and solve problem.
2 Also Known as fundamental research or pure research
Objective of both is different, but basic research tolls are same
3
for both

Scientific Method of research: collecting or gathering the data and analysing it.
 Define problem
 Defining concept
 Research objective
 Building hypothesis : A proposal intended to explain certain facts or observations
 Testing theories

Terms associated with business research

Theory: a theory is a coherent (Capable of thinking and expressing yourself in a clear and consistent manner)
set of certain proposition used a principle of explanation of the apparent of certain.

Parameters for undertaking Business Research.

A manager has to make a choice considering various parameters to decide whether research is required or
not.
 Time Constraint: research needs sufficient time and decision to take urgently.
 Availability of Data: data is required for decision. Gather the loose data.
 Nature of decision:
 Benefit vs cost: it is important of benefit and cost.
Approaches to Business Research:
 Deductive Approach:
 Inductive Approach:

Research Project vs research Program: research is ongoing process.

Research Project Research Program

It is individual research to particular researcher. He It refers firm’s overall plan to utilize business
has to complete the task in time period. research
Research project conducting only management It is broader concept. beginning from what is need
research. for research.
What is a good research?
Characteristics of the scientific method are as following:
 Purpose clear defined.
 Research process detailed.
 Research design thoroughly planning.
 High ethical standard applied.
 Limitation frankly revealed. (make visible)
 Analysis adequate for decision maker’s need: sufficient to the purpose.
 Finding presented unambiguously.(uniquely)
 Conclusions justified
 Researcher’s experience reflected

UNIT 2 Importance of research in management decision.