INTRODUCTION TO BUSINESS RESEARCH

What is Business Research?

A systematic Inquiry whose objective is to provide information to solve managerial problems.

Why Study Research?

Research provides you with the knowledge and skills needed for the fast-paced decision-making environment

Why Managers need Better Information

• Global and domestic competition is more vigorous
  
• Organizations are increasingly practicing data mining and data warehousing
  

The Value of Acquiring Research Skills

• To gather more information before selecting a course of action
  
• To do a high-level research study
  
• To understand research design
  
• To evaluate and resolve a current management dilemma
  
• To establish a career as a research specialist
  

Types of Studies Used to do Research

• Reporting
  
• Descriptive
  
• Explanatory
  
• Predictive
  

Exploratory study

• An exploratory study is undertaken when not much is known about the situation at hand, or no information is available on how similar problems or research issues have been solved in the past.
  
• Extensive interviews with many people might have to be undertaken to get a handle on the situation and understand the phenomena.
  
• More rigorous research could then proceed.
  

Exploratory studies are also necessary when some facts are known, but more information is needed for developing a viable theoretical framework

Descriptive study

• Descriptive studies are undertaken to understand the characteristics of organizations that follow certain common practices such as the age, educational level, job status, sex, length of service, and working in the system.
  

Different Styles of Research

(1) Applied Research

(2) Pure Research/Basic Research

What is Good Research?

• Following the standards of the scientific method
  
  • Purpose clearly defined
    
  • Research process detailed
    
  • Research design thoroughly planned
    
  • Limitations frankly revealed
    
  • High ethical standards applied
    

The Manager-Researcher Relationship

• Manager's obligations
  
  • Specify problems
    
  • Provide adequate background information
    
  • Access to company information gatekeepers
    
• Researcher's obligations
  
  • Develop a creative research design
    
  • Provide answers to important business questions
    

Manager-Researcher Conflicts

• Management's limited exposure to research
  
• Manager sees researcher as threat to personal status
  
• Researcher has to consider corporate culture and political situations
  
• Researcher's isolation from managers
  

When Research Should be Avoided

• When information cannot be applied to a critical managerial decision
  
• When managerial decision involves little risk
  
• When management has insufficient resources to conduct a study
  
• When the cost of the study outweighs the level of risk of the decision