Business Research Methods

Business research is a process of acquiring detailed information of all the areas of

business and using such information in maximizing the sales and profit of the business.
Such a study helps companies determine which product/service is most profitable or in
demand. In simple words, it can be stated as acquisition of information or knowledge for
professional or commercial purpose to determine opportunities and goals for a
business.
Research is defined as a careful consideration of study regarding a particular concern
or a problem using scientific methods. According to the American sociologist Earl
Robert Babbie, “Research is a systematic inquiry to describe, explain, predict and
control the observed phenomenon. Research involves inductive and deductive
methods.”

Types of Research
Basic Research: Basic research is mostly conducted to enhance knowledge. It
covers fundamental aspects of research. The main motivation of this research is
knowledge expansion. It is a non-commercial research and doesn’t facilitate in creating
or inventing anything. For example, an experiment is a good example of basic research.

Applied Research: Applied research focuses on analyzing and solving real-life

problems. This type of research refers to the study that helps solve practical problems
using scientific methods. This research plays an important role in solving issues that
impact the overall well-being of humans. For example, finding a specific cure for a
disease.

Problem Oriented Research: As the name suggests, problem-oriented research is

conducted to understand the exact nature of the problem to find out relevant solutions.
The term “problem” refers to having issues or two thoughts while making any decisions.

For e.g Revenue of a car company has decreased by 12% in the last year. The
following could be the probable causes: There is no optimum production, poor quality of
a product, no advertising, economic conditions etc.

Problem Solving Research: This type of research is conducted by companies to

understand and resolve their own problems. The problem-solving research uses applied
research to find solutions to the existing problems.

Qualitative Research: Qualitative research is a process that is about inquiry that helps
in-depth understanding of the problems or issues in their natural settings. This is a non-
statistical research method. Qualitative research is heavily dependent on the experience
of the researchers and the questions used to probe the sample. The sample size is
usually restricted to 6-10 people in a sample. Open-ended questions are asked in a
manner that one question leads to another.

Quantitative Research: Qualitative research is a structured way of collecting data and

analyzing it to draw conclusions. Unlike qualitative research, this research method uses
a computational, statistical and similar method to collect and analyze data. Quantitative
data is all about numbers.

Criteria’s of Good Research

1. One of the important characteristics of a good research is that the purpose of the
research is clearly defined. A research study with clearly defined purpose finds a
wider acceptance and acknowledgement within the research community.
2. Second important characteristic of a good research is that the research method
should be defined in a clear manner with sufficient detail. This will allow the
repetition of the study in future for further advancement, while maintaining the
continuity of what has been done in the past.
3. The third thing to remember is that any limitations and assumptions made by the
researcher during the course of the study should be clearly highlighted in the
research. This will support the findings of the research study, in case someone
tries to validate the study findings.
4. The fourth thing to remember is that, as far as possible, the research design
should be planned in a way that the results generated are as objective as
possible. This will provide an easier understanding about the findings of the
research.
5. Another thing to be considered by the researcher is that there should be
sufficient data to investigate the research topic. And the researcher should
carefully check the reliability and validity of the data.
6. Further, in order to deliver a good research, a researcher should confine the
conclusions to those justified by the data.
7. Lastly, a good research depends a great deal on the integrity and commitment of
the researcher.

Comparison between Survey and Experiment

 BASIS FOR SURVEY EXPERIMENT
COMPARISON

Meaning Survey refers to a technique of Experiment implies a

gathering information regarding a scientific procedure wherein
variable under study, from the the factor under study is
respondents of the population. isolated to test hypothesis.

Used in Descriptive Research Experimental Research

Samples Large Relatively small

Suitable for Social and Behavioral sciences Physical and natural sciences

Example of Field research Laboratory research

Data collection Observation, interview, Through several readings of

questionnaire, case study etc. experiment.

Key Differences Between Survey and Experiment

The differences between survey and experiment can be drawn clearly on the following
grounds:

1. A technique of gathering information regarding a variable under study, from the

respondents of the population, is called survey. A scientific procedure wherein
the factor under study is isolated to test hypothesis is called an experiment.
2. Surveys are performed when the research is of descriptive nature, whereas in
the case of experiments are conducted in experimental research.
3. The survey samples are large as the response rate is low, especially when the
survey is conducted through mailed questionnaire. On the other hand, samples
required in the case of experiments is relatively small.
4. Surveys are considered suitable for social and behavioral science. As against
this, experiments are an important characteristic of physical and natural
sciences.
5. Field research refers to the research conducted outside the laboratory or
workplace. Surveys are the best example of field research. On the contrary,
 Experiment is an example of laboratory research. A laboratory research is
nothing but research carried on inside the room equipped with scientific tools and
equipment.
6. In surveys, the data collection methods employed can either be observation,
interview, questionnaire, or case study. As opposed to experiment, the data is
obtained through several readings of the experiment.

Conclusion
While survey studies the possible relationship between data and unknown variable,
experiments determine the relationship. Further, Correlation analysis is vital in surveys,
as in social and business surveys, the interest of the researcher rests in understanding
and controlling relationships between variables. Unlike experiments, where casual
analysis is significant.