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BRM Unit 1

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14 views12 pages

BRM Unit 1

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Unknown
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© © All Rights Reserved
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BUSINESS

RESEACH
METHODOLOGY
(UNIT 1)
DR. DEEPAK KUMAR
Defining Business Research Methodology
• Business research methodology refers to the systematic
process of collecting, analyzing, and interpreting data to
inform business decisions. It involves a range of
techniques and tools that are used to gather information
about markets, customers, competitors, and other factors
that impact business performance.

• What sets business research methodology apart from


other research methods is its focus on practical
applications. Unlike academic research, which is often
conducted for the sake of knowledge alone, business
research is aimed at solving real-world problems and
improving business outcomes.

• This means that business research methodology is highly


relevant to today's competitive market, where companies
must constantly adapt and innovate to stay ahead.
Types of Business Research Methodology

• Business research methodology can be broadly categorized into two


types: qualitative research and quantitative research. Qualitative
research is exploratory in nature and aims to understand the
underlying reasons, opinions, and motivations behind a particular
phenomenon. This type of research is often conducted through
methods like focus groups, interviews, and case studies. On the other
hand, quantitative research involves the use of numerical data to
measure and analyze variables. This type of research is often
conducted through surveys, experiments, and statistical analysis.

• To illustrate the difference between qualitative and quantitative


research, consider the example of a restaurant owner who wants to
improve customer satisfaction. The owner could conduct qualitative
research by conducting focus groups with customers to understand
their opinions and preferences. Alternatively, the owner could conduct
quantitative research by sending out a survey to all customers asking
them to rate various aspects of their dining experience on a scale of 1-
10. Both methods have their advantages and disadvantages, and the
choice of method will depend on the research question and available
resources.
Benefits of Business Research Methodology

• Using business research methodology can lead to making informed


decisions that can help your company succeed in today's competitive
market. By gathering and analyzing data, you can identify market
trends, customer preferences, and potential growth opportunities.

• In addition, business research methodology can help improve customer


satisfaction by providing valuable insights into their needs and
preferences. This information can be used to develop new products or
services, improve existing ones, and create targeted marketing
campaigns.

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