Business Research Methods – Introduction

Business Research Methods: An Introduction Business Research Methods

Learning Objectives

Upon completion of this chapter, you will be able to:
Understand the difference between basic and applied research
Define business research
Understand the roadmap to learn business research methods
Learn how business research methods can be used as a decisionmaking tool by the managers
Understand the business research process
Get a preliminary idea about the use of software for datapreparation and data analysis

 Business researchers systematically collect, compile, analyze, and interpret data to provide quality information based on  which a decision maker will be able to take a decision in an optimum manner.
 Conducting research to deal with any problem is a scientific, systematic, and interlinked exercise, which requires sound experience and knowledge.

Difference Between Basic and Applied Research
 Basic research is generally not related to a specific problem and its findings cannot be immediately applied.
 Applied research directly addresses the problem at hand. Applied research is launched by the firm, agency, or individual facing a specific problem. Applied research is done normally to operationalize the discovery of the basic research in a specific firm or industry.

Defining Business Research
 Business research method is a systematic and scientific procedure of data collection, compilation, analysis,  interpretation, and implication pertaining to any business problem.
 Business research is defined as the systematic and objective process of gathering, recording, and analyzing data for aid in making business decisions (Zikmund, 2007).
 Cooper and Schindler (2009) define business research as a systematic enquiry that provides information to guide managerial decisions.

Roadmap to Learn Business Research Methods 

Business Research Methods: A Decision Making Tool in the Hands of Management
 Decision making is always a crucial part of any organizational functioning.
 In the field of business research, this valuable information is obtained using the following interrelated steps:
1. Problem or opportunity identification
2. Diagnosing the problem or opportunity
3. Executing business research to explore the solutions
4. Implement presented solutions
5. Evaluate the effectiveness of decision making

1. Problem or Opportunity Identification
 Any delay in problem identification and solution implementation;  and the opportunity identification and encashment may become harmful to the organization.

2. Diagnosing the Problem or Opportunity
 Organizations present these problems or opportunity scenarios to business researchers.
 Business researchers actually diagnose the problem or opportunity. State the problem in sentences and words that facilitate business research.
 Diagnosing involves exploring the situation to have a better insight about the situation.

3. Executing Business Research to Explore the Solution
 After the identification and diagnosis of the problem, business researchers systematically conduct research to present a solution.

4. Implement Presented Solution
 Business researchers conduct research in consultation with the  decision makers of the concerned organization. The findings are presented to the decision maker and he or she analyzes these findings in the light of his or her decision range.

5. Evaluate the Effectiveness of Decision Making
 After taking a decision, its effectiveness is examined. This is sometimes referred to as evaluation research.

Use of Software in Data Preparation and Analysis
 Nowadays, standard software is available to  deal with data preparation and analysis and the analysis will be ineffective and inefficient if done without  the use of existing statistical software.
 Three widely used software programs:  MS Excel (2007), Minitab®, and SPSS (17).

Use of Software in Data Preparation and Analysis
 Excel 2007.xlsx
 SPPS 17.sav
 Minitab 15.MPJ