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Methods

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21 views

Business_research__Methods_Unit_I

Methods

Uploaded by

Govind Mg
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Business Research Methods

Unit 1 - Introduction
Dr. R. Elangovan
Professor, School of Management SASTRA Deemed
University, SASTRA, Thanjavur -613 401
Emai: [email protected]
Cell: 9443665846
Business Research

Business research is a part of the


business intelligence process. It is
usually conducted to determine
whether a company can succeed in a
new region, to understand its
competitors, or simply select a
marketing approach for a product.
Importance of Business Research
When it comes to the question of why Business Research is important, it has an
essential role to play in varied areas of business. Here are some of the reasons
describing the importance of Business Research:

• It helps businesses gain better insights into their target customer’s preferences,
buying patterns, pain points, as well as demographics.

• Business Research also provides businesses with a detailed overview of their target
markets, what’s in trend, as well as market demand.

• By studying consumers’ buying patterns and preferences as well as market trends


and demands with the help of business research, businesses can effectively and
efficiently curate the best possible plans and strategies accordingly.
• The importance of business research also lies in highlighting the areas where

unnecessary costs can be minimized and those areas in a business which need

more attention and can bring in more customers and hence boost profits.

• Businesses can constantly innovate as per their customers’ preferences and

interests and keep their attention on the brand.

• Business Research also plays the role of a catalyst as it helps businesses thrive in

their markets by capturing all the available opportunities and also meeting the

needs and preferences of their customers.


Importance of Business Research
One of the most effective ways for business research is conducting case

studies. With the motive to understand customer satisfaction,

challenges that usually the customers face while using the product and

hence, providing them with the right solution can be achieved by

analyzing data secured through data secured by case studies. Case

study researchers are conducted in many fields of business that

ultimately aid organizations in improving their products or services.


Types of Research
• Exploratory and Causal Research
• Theoretical and Empirical Research
• Cross-sectional and Time-series Research
Research questions/problems
• Research questions or problems are specific queries
or challenges that guide scholarly investigations,
aiming to fill gaps in existing knowledge or solve
particular issues.
• These questions are foundational elements in
research projects across various fields, such as
science, humanities, social sciences, and engineering.
• They help to focus the study, dictate the
methodology, and shape the direction of inquiry.
Research objectives
• Research objectives are clear, concise statements
that outline the specific goals or purposes of a
research project.
• They define what the researcher aims to achieve
through their study and guide the entire research
process, helping to keep it focused and organized.
• Research objectives break down the broader aims of
the research into manageable, targeted tasks.
Research hypothesis
• A research hypothesis is a specific, clear, and testable
proposition or predictive statement about the
relationship between two or more variables.
• It is typically formulated in the context of research to
explain phenomena by testing a theoretical concept.
• The hypothesis acts as a foundational element that
guides the empirical investigation—it drives the
methods for data collection and analysis, helping
researchers determine the validity of their
predictions or theories.
Characteristics
• Testability: Perhaps the most important characteristic, a hypothesis must be
testable. It should be possible to prove or disprove it through experimentation,
observation, or other forms of empirical investigation. This means the hypothesis
must be formulated in a way that outlines measurable outcomes.

• Specificity: A good hypothesis is specific, clearly defining the variables and the
context in which the relationship between these variables will be examined. This
clarity prevents ambiguity in the data collection and analysis stages.

• Predictability: A hypothesis should make a predictive statement about the


possible outcome of the study. It should specify an expected relationship between
variables, often implying causality or correlation.

• Simplicity: While providing enough detail to guide the research, a hypothesis


should be concise and to the point. It avoids unnecessary complexity that could
obscure the relationship between variables.
• Plausibility: The hypothesis should be logically grounded in the existing
body of knowledge. It should be reasonable and plausible, based on what
is already known in the field. This means it is often derived from a
theoretical framework or from findings of previous research.
• Falsifiability: This is closely linked to testability. For a hypothesis to be
scientific, it must be falsifiable, meaning there must be a potential
outcome or set of outcomes that could prove it false. This characteristic is
fundamental to the philosophy of science, as posited by philosopher Karl
Popper.
• Relevance: The hypothesis should be relevant to the research question
and significant to the field of study. It should address a gap in knowledge
or contribute in some meaningful way to understanding the topic at hand.
Research in an evolutionary
perspective
• Research from an evolutionary perspective involves
studying the changes and adaptations in organisms
over generations, often focusing on how these
changes help organisms survive and reproduce in
their environments.
• This type of research is primarily rooted in
evolutionary biology, a field that uses principles of
genetics, natural selection, and biodiversity to
explain the life processes from this adaptive and
historical viewpoint.
Role of theory in research
• The role of theory in research is fundamental
and multifaceted, serving as a critical
component across all disciplines of scientific
inquiry.
• Theories provide a framework for
understanding, explaining, and predicting
phenomena in the natural and social worlds.
Key roles
• Providing a Framework
• Guiding Research Questions and Hypotheses
• Driving Methodology
• Interpreting Results
• Predicting Outcomes
• Building Knowledge
• Inspiring Further Research
• Facilitating Communication
• Applying Research to Practical Problems
Thank You

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