Business Research Methods: Understanding the Process and Types, Lecture notes of Business Research Methods for Managers

Download Business Research Methods: Understanding the Process and Types and more Lecture notes Business Research Methods for Managers in PDF only on Docsity! Business Research Methods Ijaz Hussain Shah (PhD Scholar) 0300-9696127 ijaz3014@gmail.com M.Com (III)(B.B.A IV) University of Central Punjab (PGC), Sahiwal Course Objective • Enhance your –understanding, –knowledge and –skills enough to • teach • conduct a business research project and •publish Business research is the systematic and objective process of generating information for aid in making business decisions. It is the application of scientific method in searching the truth about business phenomena and includes defining business opportunities and problems, generating and evaluating alternative course of action and monitoring employee and organizational performance Business Research Defined The Role of Business Research • The value of information in decision-making • For managers research is to provide knowledge regarding organization, the market, the economy, or another area of uncertainty • A finance manger may ask, will the environment for long-term financing be better two years from now? • An HR manger may ask, what kind of training is necessary for production employees? Or what is the reason for company’s high turnover? • A marketing manager may ask, How can I monitor my retail sales and trade activities?, when can we open another unit in DHA? These questions require info about environment, employees, customers response to executive decisions--research Business Research • Research information is neither intuitive nor haphazardly gathered. • Literally, research (re-search) -“search again” • Business research must be objective • Detached and impersonal rather than biased • It facilitates the managerial decision process for all aspects of a business. Basic Research • Attempts to expand the limits of knowledge. • Not directly involved in the solution to a pragmatic problem. • Example • Is executive success correlated with high need for achievement? • Are members of highly cohesive work groups more satisfied than members of less cohesive work groups? • Do consumers experience Subjective disagreement (intellectual thinking ability) in low-involvement situations? Applied Research • Conducted when a decision must be made about a specific real-life problem • Example • Should McDonalds add Italian pasta dinners to its menu? • Business research told McDonald’s it should not? • Should Procter & Gamble add a high-priced home teeth bleaching kit to its product line? • Research showed KFC Zinger Burger would sell well at a retail price of Rs.350 In Pakistan. Scientific Method • The analysis and interpretation of empirical evidence (facts from observation or experimentation) to confirm or disprove prior conceptions. • A way to use knowledge and evidence to reach objective conclusions about the real world Nature of Business and Management Research • Knowledge from Other Discipline. • Research and personal advantages. • Research must have practical implementation. Is sufficient time available before a managerial decision must be made? Is the infor- mation already on hand inadequate for making the decision? Is the decision of considerable strategic or tactical importance? Does the value of the research information exceed the cost of conducting research? Conducting Business Research Do Not Conduct Business Research Time Constraints Availability of Data Nature of the Decision Benefits vs. Costs Yes YesYesYes No No No No Determining When to Conduct Business Research Major Topics for Business Research • General Business Conditions and Corporate Research • Financial and Accounting Research • Management and Organizational Behavior Research • Sales and Marketing Research • Information Systems Research • Corporate Responsibility Research • Cross-functional-- Teams are composed of individuals from various organizational departments such as engineering, production, finance, and marketing who share a common purpose Problem Discovery And Definition • First step • Problem, opportunity, or monitor operations • Discovery before definition • Problem means management problem “The formulation of the problem is often more essential than its solution” Albert Einstein https://www.turnitin.com * Class ID VE SIs * Enrollment key 123456