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“BUSINESS RESEARCH

METHODS" ---- OVER


VIEW
 The task of business research is to generate
accurate information for use in decision making.
The emphasis of business research is on shifting
decision makers from intuitive information
gathering to systematic and objective
investigation.
 It is defined as the systematic and objective

process of gathering, recording, and analyzing


data for aid in making business decisions.
One reason for conducting research is to develop
and evaluate concepts and theories, and basic-or
pure-research attempts to expand the limits of
knowledge.

For example,
Consider this basic research conducted
at a university. Academic researchers investigated
whether an individual’s perception that he or she
was doing well on a task would have any influence
on future performance.
It is conducted when decision must be
made about a specific real-life problem. Applied
research encompasses or to make decisions about a
particular course of action or policy.

For example,
Organization contemplation a paperless
office and a networking system of the company’s
personal computer may conduct research to learn
the amount of time its employee spends at personal
computer in an average week.
The prime managerial value of business
research is that it reduces uncertainty by providing
information that improves the decision making
process. The decision making process associated
with the development and implementation of a
strategy involves four interrelated stages:
 Identifying problems or opportunities
 Diagnosing and assessing problems or
opportunities
 Selecting and implementing a course of action
 Evaluating the course of action
 Evaluation research
 Performance monitoring research
Planning purpose.
In Decision Making.
In HR Department.
Marketing research.
Time Constraints.
Availability Of Data.
Nature Of Decision.
Benefits V/s cost.
DETERMINANTS OF BUSINESS
RESEARCH

IN IS THE
DEOS THE Y
IS THE VALUE OF THE
SUFFICIENT INFORMATION
DECISION OF RESEARCH E
TIME ALREADY ON CONDUCT
AVAILABLE HAND
CONSIDERABLE
STRATEGIC
INFORMATION
EXCEED THE
S BUSINESS
BEFORE A INADEQUATE RESEARCH
OR TACTICAL COST OF
MANAGERIA FOR MAKING
IMPORTANCE CONDUCTING
DECISION
L DECISION RESEARCH

NO
BUSINESS RESEARCH SHOULD NOT BE CONDUCTED
General Business condition & Corporate
Research.
Financial & Accounting Research.
Management & Organizational Behavior
Research.
Sales & Marketing Research.
Information System Research.
Corporate Responsibility research.
Business Research in the 21st Century

How might a Non Profit Organisation use the


Business Research?

Role of Research in Business Decision


Making stage of the decision making Process
Business Research in 21st Century
 Business Research has been strongly
influenced by two major trends in
business……
1. Increased Globalisation and
2. Rapid growth of Internet and other
information technologies
GLOBAL BUSINESS RESEARCH
 Business research has become increasingly global
and will become more so in the 21st century.
 Some companies have extensive international
business research operations.
Forexample
 Upjohn conducts business research in 160 different
countries.
 A. C.Nielsen International, with its television
ratings, is the world’s largest business research
company. Two-third of its business comes from out-
sides the United States.
 Companies that conduct business in foreign
countries must understand the nature of those
particular markets and judge whether they require
customized strategies.
For examples: 15 nations of the European Union
share a single formal market.
Business research shows that European do
not share identical tastes for many consumer
products. Business researchers have found no such
thing as a typical European consumer; language,
religion, climate, and centuries of tradition divide
the nations of the European Union
 Scantel Research ,a British firm that advises on
colour preferences, found inexplicable differences
in European’s preferences concerning medicines.

For ex:-The French prefer to pop purple pills,


but the English and Dutch favor white ones.
Consumers in all three countries dislikes bright red
capsules, which are big sellers in the United States.
Growth of the Internet
 The internet is transforming society.
 Time is collapsing.
 Distance is no longer an obstacle.
 Crossing oceans requires only a mouse click.
 People are connected 24 hours a day, 7 days a week.
 Allows users access information and documents from
distant sources
 It has certainly changed the way of millions of people
think about getting and distributing information as
obtaining and communicating information is the essence
of business research.
How might a Non Profit Organisation use Business
Research?
 A Non Profit Organisation is any organisation that does
not aim at making profits and also is not a public body.
For Ex:- Education institutes, temple management,
hospital management, etc.
 NPO’s use Business Research as they are unfamiliar
with marketing concepts.
 It’ s important that these organisations understand that
marketing is more than just the old sense of making
sale or obtaining a donation.
Non profit Organisation might use
Business Research to…
 Define the target
 Determine the desired outcome of their marketing
efforts
 Develop public relations strategy
 Develop and maintain a professional Internet
presence by creating a Website
 Research and maintain prospect and customer
databases
 Show and advertise the results and objectives
that the organisation achieves
 Always actively search for alliance with other
organisations, commerce, advertising media
and business.
Role of Business Research in decision
making stages of the decision making
process
 An increasing amount of attention is being
devoted to the decision –making process of
business managers, customers and
employees.
 Research, being a fact, finding process,
profoundly influences business decisions.
 Choosing that course of action which is most
effective in attaining the goals of the
organization.
 Research not only provides facts and figures in
support of such business decisions, but enables one
to choose a measuring rod to judge the effectiveness
of each decision.
 It the simplest model that predicts outcomes
reasonably well and is consistent with effective action
on his part in management problem.
 A quantitative treatment with some degree of success
with the help of operations research, irrespective of
functional distinctions.
 Conclusions drawn are logical analysis. Logically
derived solution are useful to identical problems.
 This may be the reason why executives and business
professionals consider research and research findings a boon in
their problem –solving process.
 Research , is the very core of managing a business economically.
 Research in management is, broadly, a systematic activity
directed towards investigating managerial or business problems.
 Results in an invention or a discovery of management tools for
problem-solving and decision- making.
 It can be a detailed investigation of the existing problem,
practices or processes.
Research suggest that customers go through a five –
stage decision –making process in any purchase.
 Need recognition & problem awareness
 Information search
 Evaluation of alternatives
 Purchase
 Post- purchase evaluation
Contents
Research/Marketing Research
Objectives Of Research
Role Of Research
Meaning Of Research

It’s the scientific method of


systematically gathering, recording
and analyzing data important to
advertisers.
Market Research
Vs.
Marketing Research
Market research and marketing research
are often confused. 'Market' research is simply
research into a specific market. It is a very
narrow concept. 'Marketing' research is much
broader. It not only includes 'market' research,
but also areas such as research into new
products, or modes of distribution such as via
the Internet.
Definition Of Marketing
Research
 "Marketing research is the function that links the
consumer, customer, and public to the marketer
through information - information used to identify
and define marketing opportunities and problems;
generate, refine, and evaluate marketing actions;
monitor marketing performance; and improve
understanding of marketing as a process. Marketing
research specifies the information required to
address these issues, designs the methods for
collecting information, manages and implements the
data collection process, analyzes, and
communicates the findings and their implications.“
 American Marketing association
Cont….d
"Marketing research is about
researching the whole of a
company's marketing process."
 Palmer (2000).
The Marketing Research
Process
 Define the problem.
 How will you collect the data that you will
analyze to solve your problem?
 Select a sampling method.
 How will we analyze any data collected?
 Decide upon a budget and a timeframe.
 Gain approval.
Cont..d
 Collectthe data.
 Conduct the analysis.
 Check for errors.
 Write your final report.
Objectives
 Identify and define all of the major
elements of marketing.
 Explain the components of the marketing
mix and product mix.
 Define products and services and identify
the marketing elements that differentiate
them.
 Explain the product life cycle.
 Explain the need for marketing advantage and
its impact on business success.
 Explain market segmentation, market
positioning, sales forecasting and market
forecasting; their impact on marketing
efficiencies; and their integration into the
strategic market planning process.
 Describe the various approaches to
product/service pricing and discuss the
development of pricing strategy.
 Explain the relationship between marketing
and marketing research in a typical business.
 Explain the difference between a consumer and an
organizational buyer in terms of behavior and impact
on marketing programs.
 Discuss product accessibility, explain marketing
channels, name several typical channels for both
consumer products and business products, and
explain what is meant by channel conflict.
 Discuss the various ways to create customer
awareness.
 Discuss how customer service and customer
satisfaction affect the various elements of marketing.
 Explain the differences and opportunities associated
with domestic and international marketing.
 Discuss the societal and ethical dimensions of
marketing.
 Describe the role of the marketing professional in
the corporate environment.
 Apply marketing concepts and practices in
marketing decision-making.
Role of Research
 Identifyingproblems or opportunities
 Diagnosis and assessment
 Selecting and implementing a course
of action
 Evaluating a course of action
 Evaluation
 Performance monitoring
TYPES OF RESEARCH
NEED FOR MARKET RESEARCH
IMPORTANCE OF MARKET RESEARCH
TYPES OF RESEARCH:

 Exploratory Research
 Descriptive Research
 Applied Research
 Fundamental Research
 Conceptual Research
 Casual Research
 HistoricalResearch
 Ex-post Facto Research
 Action Research
 Library Research
NEED FOR MARKET RESEARCH:

 Decision making tool


 Facilities large scale production
 To determine the pattern of consumption
 Complex market
 Problem solving
 Distribution
 Sales promotion
IMPORTANCE OF MARKET RESEARCH:

 Research is used in several fields of applied


economics, whether related to business or to
the economy.
 Research provides the basis for nearly all
government policies in our economic system.
 Research has its special significance in
solving various problems.
 Research is equally important for social
scientists in studying social relationship and
in seeking answers to various social problem.
CRITERIA OF A GOOD RESEARCH
PROBLEMS ENCOUNTERED BY
RESEARCHERS IN INDIA
APPLICATIONS OF MARKET
RESEARCH
CRITERIA OF A GOOD
RESEARCH

 Clearly defined and common concepts


be used
 Described in sufficient detail

 Carefully planned

 Complete frankness

 Sufficiently adequate

 Conclusions should be confined

 Greater confidence in research should


be warranted
PROBLEMS ENCOUNTERED
BY RESEARCHERS IN INDIA.
 The lack of a scientific training
 Insufficient interaction

 Research studies overlapped

 Inter-departmental rivalries

 Library management is unsatisfactory

 The problem of conceptualization


APPLICATIONS OF MARKET
RESEARCH

 Pricing Research
 Product Research

 Positioning Research

 Customer Satisfaction Research

 Branding Research

 Advertising Research

 Sales Analysis