Business Research may acquiring, analyzing, synthesizing, be defined as the and disseminating relevant “systematic and objective business data, information, and process of gathering, insights to decision makers in recording and analyzing ways that mobile the data for aid in making organization to take appropriate business decisions” business actions that, in turn, (Sigmund, Business maximize business performance Research Methods, 2002, p. Advanced Research Method (kaki Rasher’) 8/6/2012 More definitions 0 Research is the process of 0 An organized, systematic, Research involves critical, objective, scientific inquiry or investigation into a specific problem, undertaken with the propose of finding answers or solutions to it. Finding solutions to a problem after a thorough study and analysis of the situational factors.
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Objectivity Precision Verification Parsimonious Explanation Empiricism Logical Reasoning 3 Advanced Research Method (Kaki Rasher’) 4 Fields Where Business Research is Often Used – (1) Typical Users of Business Research Methods Businesses and Corporations 0 Public-sector Agencies 0 Consulting Firms 0 Research Institutes 0 Non-Governmental Organizations 0 Non-profit Organizations Independent Researchers and Consultants 5 Advanced Research Method (Kaki Rasher’) 8/6/2012 General Business Conditions and Corporate Research Short- & Long-Range Forecasting, Business and Industry Trends Global Environments Inflation and Pricing Plant and Warehouse Location Acquisitions Management and Organizational Behavior Research 6 Financial and Accounting Research Total Quality Management Morale and Job Satisfaction Leadership Style Employee
Productivity Organizational Effectiveness Structural issues Absenteeism and turnover Organizational Climate Advanced Research Method (Kaki Arachnids) Forecasts of financial interest rate trends, Stock,bond and commodity value predictions capital formation alternatives mergers and acquisitions risk-return trade- offs portfolio analysis impact of taxes research on financial institutions expected rate of return capital asset pricing models credit risk cost analysis Fields Where Business Research is Often Used – (2) Sales and Marketing Research Information Systems Research Selected Examples of Real-Life Situations in Which Business Research Methods are Used 0 A firm wants to produce and market a new product but first wants to Market Potentials Market Share Market segmentation Market characteristics Sales Analysis Establishment of sales quotas Distribution channels New product concepts Test markets Advertising research Buyer behavior Customer satisfaction Website visitation rates Knowledgeand information needs assessment Computer information system use and evaluation Technical support satisfaction Database analysis Data mining Enterprise resource planning systems Customer relationship management systems
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Usually it is implemented by the recommendations of the researcher and its results are refined further. Example: Will the flexi hours reduce the absenteeism atSCABIES? Evaluation Research focuses n evaluating a situation or practice like a project or any plan. It tries to find the success on a given parameters. Example: How much successful is the new marketing plan of P&G in promoting the company as CARS organization?? 1 1 Advanced Research Method (kaki Arachnids) 8/6/2012 Determining When to Conduct Business Research Availability of Data Benefits Time Constraints Nature of the Decision vs.. Costs Is sufficient time available before a managerial decision must be made? Yes Is the information already on hand inadequate for making the decision?
Yes Is the decision Yes of considerable strategic or tactical importance? Does the value of the research Yes information exceed the cost of conducting research? Conducting Business Research No Do Not Conduct Business Research Value and Costs of Undertaking Business ResearchSee More on Marketing