Business research methods

Chapter 1 Research in Business

Why Study Business Research? Business research plays an important role in an environment that emphasizes measurement. Return on investment (ROI) is the calculation of the financial return for all business expenditures and it is emphasized more now than ever before. Business research expenditures are increasingly scrutinized for their contribution to ROMI.

Why Study Business Research? Business research provides information to guide business decisions Business research plays an important role in an environment that emphasizes measurement. Return on investment (ROI) is the calculation of the financial return for all business expenditures and it is emphasized more now than ever before. Business research expenditures are increasingly scrutinized for their contribution to ROMI.

Why Study Business Research? Information and competitive advantage Business research plays an important role in an environment that emphasizes measurement. Return on investment (ROI) is the calculation of the financial return for all business expenditures and it is emphasized more now than ever before. Business research expenditures are increasingly scrutinized for their contribution to ROMI.

Business Research Defined Business research is a systematic inquiry that provides information to guide business decisions. The definition, as expanded by that used by the American Marketing Association, is provided in the slide. Ask students to offer examples of types of decision-making situations that could be addressed using business research.

Business Research Defined A process of determining, acquiring, analyzing, synthesizing, and disseminating relevant business data, information, and insights to decision makers in ways that mobilize the organization to take appropriate business actions that, in turn, maximize business performance Business research is a systematic inquiry that provides information to guide business decisions. The definition, as expanded by that used by the American Marketing Association, is provided in the slide. Ask students to offer examples of types of decision-making situations that could be addressed using business research.

Research May Be Unnecessary Can information be applied to a critical decision? Does it improve managerial decision-making? Are sufficient resources available? Business research is only valuable when it helps management make better decisions. A study may be interesting, but if it does not help improve decision-making, its use should be questioned. Research could be appropriate for some problems, but insufficient resources may limit usefulness.

Characteristics of Good Research Exhibit 1-8 presents the characteristics of good business research and also explains what managers should look for in research done by others. You might wish to discuss the concepts here, before you discuss who actually conducts research…or you might want to discuss who conducts research first, followed by this slide to summarize.

Characteristics of Good Research Clearly defined purpose Detailed research process Thoroughly planned design High ethical standards Limitations addressed Adequate analysis Unambiguous presentation Conclusions justified Credentials Exhibit 1-8 presents the characteristics of good business research and also explains what managers should look for in research done by others. You might wish to discuss the concepts here, before you discuss who actually conducts research…or you might want to discuss who conducts research first, followed by this slide to summarize.

Who Conducts Business Research? Internal External Exhibit 1-4 illustrates who conducts business research. First, researchers may be internal or external. Internal researchers are “in-house.” External research suppliers are those available outside of an organization to conduct research.

Eastman Kodak has a world-class research department Eastman Kodak has an internal research department.

Types of Research Studies is any organized inquiry carried out to provide information for solving problems

Types of Research Studies Reporting Study When we summarize or recasting data to achieve a deeper understanding

Types of Research Studies Descriptive Study When we tell how it looks like by asking who, what, when, where and how.

Types of Research Studies Explanatory Study When we explain the reasons, and tell you why it happens

Types of Research Studies Predictive Study When we tell what will happen in the future if certain conditions are satisfied

Select a business problem Decide which type of study you follow Assignment 1 = 5 marks Select a business problem Decide which type of study you follow Ask 3 questions about it Exhibit 1-4 illustrates who conducts business research. First, researchers may be internal or external. Internal researchers are “in-house.” External research suppliers are those available outside of an organization to conduct research.