BUSINESS RESEARCH METHODS

UNIT 1 CHAPTER 1 RESEARCH: MEANING & SCOPE BY DR. SHANTHI VENKATESH

CONTENT
MEANING DEFINITION CHARACTERISTICS SCOPE & SIGNIFICANCE STEPS IN CONDUCTING RESEARCH CHAPTER QUESTIONS

MEANING
Search for knowledge Inquisitive Instincts leads to research Art of scientific investigation Careful investigation or enquiry specially through search for new facts in any branch of knowledge Nutshell: Scientific Methods which a person / investigator employs for obtaining the knowledge of whatever that is unknown, can be termed as research

DEFINTIONS COMMONLY USED

Business Research is a systematic and objective process of gathering, recording and analyzing data for aid in making business decisions Research comprises defining and redefining problems, formulating hypothesis or suggested solutions; collecting, organizing and evaluating data; making deductions and reaching conclusions; and at last carefully testing the conclusions to determine whether they fit the formulated hypothesis. Research includes any gathering of data, information and facts for the advancement of knowledge.

CHARACTERISTICS
It is directed toward the solution of a problem It emphasises the development of generalisations, principles, or theories that will be helpful in predicting future occurrences. Research demands accurate observation and description. Research involves gathering new data from primary sources or using secondary data for a new purpose. Research requires expertise. Research strives to be objective and logical Research is characterised by patient and unhurried activity It is carefully recorded and reported.

SCOPE & SIGNIFICANCE -BUSINESS RESEARCH

MARKETING
Customer centric Product Planning Product Development Product Life Cycle Mapping Pricing Strategies Competitor Analysis Customer Acquisition and Retention Promotion Planning Sales and Distribution Planning Many others.

HUMAN RESOURCES
Recruitment Planning Job Market Analysis Skill Mapping and Matrices Training Needs Analysis Training Effectiveness Performance Metrics Compensation Structure Appraisal Systems Job Satisfaction Studies Attrition Analysis Many Others

SCOPE & SIGNIFICANCE -BUSINESS RESEARCH

FINANCE
Analysis of Performance Indicators (Ratios) Capital Planning & Budgeting Working Capital Management Market volatility studies Security Analysis & Predictors Analysis of Capital Markets Derivatives Market Studies Portfolio Management Many More

Others
Production Planning TQM Inventory Management Supply Chain Management Logistics Automation Systems Cloud Systems Digital spaces Many More.

STEPS IN CONDUCTING RESEARCH

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Formulating the research problem. Survey and review of literature. Developing hypothesis and clarifying the concepts. Deciding on the research design Defining the population and selecting the sample Collecting data Analysis and interpretation of data. Testing the hypothesis. Conclusions, Implication and recommendations Preparation and submission of report.

CHAPTER QUESTIONS
1. 2. 3. 4. What is Business Research? What are the Characteristics of Research? Explain the importance of Business Research. Discuss research as used in
1. Marketing, 2. Finance, 3. Human Resource and 4. Other Business Areas.

5. Elucidate the various steps in conducting research.