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Transcript of business research process
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• The business research process involves a series of steps that systematically investigates a problem or an opportunity facing the organization.
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Problem Discoveryand Definition
ResearchDesign
Sampling
DataGathering
Data Processingand Analysis
Conclusions andReport
Discovery andDefinition
and so on
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Exploratory Research
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SecondarySecondary((historicalhistorical))
DataData
PilotPilotStudyStudy
ExperienceExperienceSurveySurvey
CaseCaseStudyStudy
ExploratoryExploratoryResearchResearch
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If you do not know where you are going,any road will take you there.
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• A statement based on some presumptions about existence of a relationship between two or more variables
• that can be tested • (proven/refuted)• by empirical data
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• Makes the research question clearer to the researcher• RQ e.g. “Why are the sales of refrigerators going up in winter?”
• Hypothesis “The sales of refrigerators is going up in winter because of off-season discounts.”• AN INTELLIGENT GUESS
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• The costs incurred on obtaining the needed information are compared with the benefits accruing to the organization.
• If costs < benefits than it is better to halt the research.
• To ensure that the required information does not already exist.
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• Master plan• Based on the research objectives• Framework for action• Specifies methods and procedures• Time line of the research• Budget allocation• Sampling process• Appropriate measurement techniques
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• Surveys – employing questionnaire• Experiments – to establish cause-effect
relationship. Manipulating variables.• Secondary data – already existing data• Observation – merely observation without
interrruption of observers
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POPULATIONPOPULATION
SAMPLESAMPLESample: Sample: subsetsubsetof a larger population.of a larger population.• Sample should trulySample should truly represent the populationrepresent the population for which the results will for which the results will be applied.be applied.
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• Who is to be sampled?• How large a sample?• How will sample units be selected?• Avoid Sampling error. e.g. TV - future sales
potential• Sampling types:– Probability sampling – Non-probability sampling
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Data Processing and Analysis
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• Effective communication of the research findings
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• Major phase• Oral or written– Objectives – Summary of research design– Major findings – Conclusions– Limitations and recommendations
• Lucid and concise• Historical document – future reference