What is Business Research?

A systematic Inquiry whose objective is to provide information to solve managerial problems. Research is simply the process of finding solutions to a problem after a thorough study and analysis of the situation and data. Research methods provide the knowledge and skills to solve the problems and meet the challenges of a fast-paced decision- making environment.
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Why Study Research?

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

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Why Managers need Better Information

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

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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

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Types of Studies Used to do Research

Reporting Descriptive Explanatory Predictive

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Steps in conducting Business Research:

How the research industry works: 1 Problem Identification 2 Statement of Desired Goal or outcome 3 Research Evidence and Hard Data 4 Outcome 5 Identification of possible Cause 6 Proposed Solution

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Different Styles of Research

Applied Research is research done with the intention of applying the results of the findings to solve specific problems being experienced in the organization. For example, a particular product may not be selling well and the manager might want to find the reason for this in order to take corrective action.

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Pure Research/Basic Research

is research done mainly to increase the understanding of certain problems that commonly occur in organization settings.

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What is Good Research?

Following the standards of the scientific method

y Purpose clearly defined y Research process detailed y Research design thoroughly

planned y Limitations frankly revealed y High ethical standards applied

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What is Good Research? (cont.)

Following the standards of the scientific method (cont.)

y Adequate analysis for decision-

makers needs y Findings presented unambiguously y Conclusions justified y Researchers experience reflected
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The Manager-Researcher Relationship

Managers obligations
y Specify problems y Provide adequate background information y Access to company information gatekeepers

Researchers obligations
y Develop a creative research design y Provide answers to important business

questions

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Manager-Researcher Conflicts
Managements limited exposure to research Manager sees researcher as threat to personal status Researcher has to consider corporate culture and political situations Researchers isolation from managers

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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

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