Research Methods for Business
What is research ? Process of finding solutions to a problem after a thorough study and analysis of the situational factors Business research ? organized, systematic, data-based, critical, objective, scientific inquiry or investigation into spesific problem, undertaken with the purpose of finding solutions or answers to it
Business research Provides the necessary information that guides managers make informed decisions to successfully deal with problems Information provided could be result of careful analysis of data gathered 1st-hand or already available Data : quantitative vs qualitative Examples of research areas in business See Exhibit 1 – page 4
Types of business research Basic / Fundamental / Pure Research Applied Research
Basic / Fundamental / Pure Research Research done chiefly to make a contribution to existing knowledge The findings of research contribute to the building knowledge and understanding of phenomena and problems that occur in the various functional areas of business
Basic / Fundamental / Pure Research They teach us something we didn’t know before Usually later applied in organizational settings for problem solving
Applied Research Research done with the intention of applying the results of the findings to solve spesific problems currently being experienced in an organization Some applied research may have shorter time frame than some basic research Examples of basic and applied reseach : see page 6 - 8
Managers & research Managers w/ knowledge of research have an advantage over those w/o Helps managers to ; Identify and effectively solve minor problems Know how to discriminate good vs bad research Appreciate and be constantly aware of multiple factors Take calculated risks in decision making Prevent possible vested interest Relate effectively with researchers and consultants Combine experience w/ scientific knowledge
Researchers/consultants Internal vs External Advantages and disadvantages : see page 12 - 14
Ethics Code of conduct or expected societal norm of behavior while conducting research (in each step of research process) Journal of Business Ethics and the Business Ethics Quarterly The American Psychological Association guidelines for conducting research, to ensure that organizational research is conducted in an ethical manner and the interest of all concerned are safeguard