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Meaning of research;
Types of research-Exploratory research,
Conclusive research;
The process of research;
Research applications in social and business
sciences;
Features of a Good research study.
Research methodology
Definition-
● The process used to collect information and
data for the purpose of making business
decisions.
● The methodology may include publication
research, interviews, surveys and other
research techniques, and could include both
present and historical information.
Research methodology
Research in common refers to a search for knowledge.
● It is a careful investigation or inquiry specially through search
for new facts in any branch of knowledge.
Research refers to the systematic method consisting of-
enunciating the problem
● formulating a hypothesis
● collecting the facts or data
● analysing the facts
● reaching certain conclusions either in the form of
solutions(s) towards the concerned problem
● or in certain generalisations for some theoretical
formulation.
● In the mid-1980s, the Coca-Cola Company made a
decision to introduce a new beverage product.
● A new product dubbed “New Coke” was
developed that was sweeter than the original-
formula Coke.
● Almost 200,000 blind product taste tests were
conducted in the United States, and more than
one-half of the participants favored New Coke over
both the original formula and Pepsi.
● The new product was introduced and the original
formula was withdrawn from the market. This
turned out to be a big mistake! Eventually, the
company reintroduced the original formula as Coke
Classic and tried to market the two products
simultaneously.
● Ultimately, New Coke was withdrawn from the
market.
● What went wrong?
● Two things stand out.
● First, there was a flaw in the market research taste tests that
were conducted: They assumed that taste was the deciding
factor in consumer purchase behavior.
● Consumers were not told that only one product would be
marketed. Thus, they were not asked whether they would give
up the original formula for New Coke.
● Second, no one realized the symbolic value and emotional
involvement people had with the original Coke.
● The bottom line on this is that relevant variables that would
affect the problem solution were not included in the research.
● So what’s the lesson?
● Market research matters.When done correctly you gain
decision making power. If done incorrectly, it could end up
costing your company millions.
Objectives
● To determine the frequency with which something occurs
or with which it is associated with something else (studies
with this object in view are known as diagnostic research
studies)
● To test a hypothesis of a causal relationship between
variables (such studies are known as hypothesis-testing
research studies).
Types of Research
● 1 Quantitative vs qualitative
● 2 Descriptive vs analytical
● 3 Applied vs fundamental
● 4 Conceptual vs emprical
● 5 Field vs lab
● 6 One time vs longitudinal
● 7 Exploratory or conclusive
1. Qualitative research