business research process

• The business research process involves a series of steps that systematically investigates a problem or an opportunity facing the organization.

Problem Discoveryand Definition

ResearchDesign

Sampling

DataGathering

Data Processingand Analysis

Conclusions andReport

Discovery andDefinition

and so on

9

Exploratory Research

SecondarySecondary((historicalhistorical))

DataData

PilotPilotStudyStudy

ExperienceExperienceSurveySurvey

CaseCaseStudyStudy

ExploratoryExploratoryResearchResearch

If you do not know where you are going,any road will take you there.

• A statement based on some presumptions about existence of a relationship between two or more variables

• that can be tested • (proven/refuted)• by empirical data

• Makes the research question clearer to the researcher• RQ e.g. “Why are the sales of refrigerators going up in winter?”

• Hypothesis “The sales of refrigerators is going up in winter because of off-season discounts.”• AN INTELLIGENT GUESS

• The costs incurred on obtaining the needed information are compared with the benefits accruing to the organization.

• If costs < benefits than it is better to halt the research.

• To ensure that the required information does not already exist.

• Master plan• Based on the research objectives• Framework for action• Specifies methods and procedures• Time line of the research• Budget allocation• Sampling process• Appropriate measurement techniques

• Surveys – employing questionnaire• Experiments – to establish cause-effect

relationship. Manipulating variables.• Secondary data – already existing data• Observation – merely observation without

interrruption of observers

POPULATIONPOPULATION

SAMPLESAMPLESample: Sample: subsetsubsetof a larger population.of a larger population.• Sample should trulySample should truly represent the populationrepresent the population for which the results will for which the results will be applied.be applied.

• Who is to be sampled?• How large a sample?• How will sample units be selected?• Avoid Sampling error. e.g. TV - future sales

potential• Sampling types:– Probability sampling – Non-probability sampling

Data Processing and Analysis

• Effective communication of the research findings

• Major phase• Oral or written– Objectives – Summary of research design– Major findings – Conclusions– Limitations and recommendations

• Lucid and concise• Historical document – future reference