BUSINESS RESEARCH

METHODS
Why BRM?
 Cutthroat Competition
 Gain Competitive Edge
 Boost Market Share
 Understand Process/Products/Services/
Customers/Employees/Competition
 Formulate Policies/Strategies/Tactics
 Market Trend, Optimal Product Mix
 Choose Investment Options
Definition
 “Systematic & Objective Process of
Gathering, Recording, Quality Data that
provides information for Business
Decisions”.
Scope
 Functional Problems
 Planning Problems
 Market Research
 Operations Research : Mathematical,
Logical, Analytical, Optimal Solutions
 Motivational Research
 Demand Forecasting, PPC, Investment
Options, Locational Decisions
 BASIC
TYPES OF RESEARCH
 Focused
 Expand Knowledge
 Problem Identification
 Interpretations
 Facts
 Principles
 APPLIED
 Application of
Knowledge to
 Theory/Principles
 Analysis : Success,
Failure, Problem Solving
 Problem Solving

 New Knowledge
 Logical Interpretations
& Prove Theory
 TYPES OF RESEARCH

BASIC APPLIED
e. g. e.g.
Consumer behavior Unrest among employees
Consumer awareness Industrial Sickness
Develop alternative
solutions

Methodology : 1. Observation
2. Hypothesis
3. Analysis
4. Interpretation
5. Conclusions
 BRM & DECISION MAKING

1. Problem Identification
2. Opportunity Identification
 The Process of Decision Making
Identify and define the problem
Revise
Develop alternative solutions

Evaluate alternative solutions

Revise

Certainty Risk Uncertainty

conditions conditions conditions

Select alternative
Revise
Implement decision

Control and evaluate

Problem Identification – An
Example
 Entry in Foreign Market
 Fashion Trends
 Brand Awareness
 Perception
 Potential Employees
 Competitors
 Advertisement
Evaluating Alternatives – Examples
 3 Ad campaigns  3 Locations
 Likeability  Market
 Memorability  Raw Materials
 Attentiveness  Labour
 Believability  Logistics
 Govt. Subsidies
 Local Area
 Infrastructure
Factors Influencing BMR
1. Time : Whether to conduct BMR? Competitors
strategy, Regulatory changes, Market
environment, Company operations, e.g. TATA
entry --- MUL lowered prices
2. Resources Availability: Budget, HR may lead
to INACCURATE results due to small sample
size, Cheaper methods
3. Nature of Information: Avoid Past research
4. Cost vs. Benefits
 BMR & GLOBALISATION
 Associated with market growth opportunity
 New creative/innovative approaches for
International Marketing
 Use Technological Advances
 Traditional North America, Europe, Japan
are saturated
 Upcoming China, Latin America,
Southeast Asia
 BMR & GLOBALISATION
 Some International Markets do not have
Infrastructure, Research Instruments,
 Innovative BMR tools required : Videotaping,
Focus Group, Views/Preferences/Cultural
Aspects, Projective Techniques: Picture
Completion, Analogies, Metaphors
 Computer Assisted Telephonic Interviewing
(CATI), CAPI & Internet tools are effective,
faster & Cheaper
 SOURCES OF DATA
 Primary: Surveys, Interviews,
Questionnaire, Observations, Tabulation,
Internet

 Secondary: Published data, Magazines,

Journals, Company Records, Directories,
Internet
 CHAPTER 2

BUSINESS RESEARCH PLANNING

 Steps in BRP
1. Identify problem / Opportunity
2. Planning Research Designs
3. Research Methods
4. Sampling
5. Data Collection
6. Evaluate
7. Research Reports
1. Identify problem / Opportunity
 Macro-environment e.g. mobile with
WAVE PROTECTION, LCD TV
 Broad Problem : Declining Sales
EXPLORATORY RESEARCH
 Understand the Problem / Opportunity
 Ask set of questions
 Informal process
 Evaluate existing studies
 Expert discussions
 Analyse situations
 What information and how to research ?
Problem definition
 Objective
 Statement
 Presumption e.g.
 ‘Is ICFAI course very tough?’
 The contribution of employee varies according to
the variation in the abilities and skills of a
person”
 ‘Do customers perceive radiations from cell
phone to be hazardous?’
Hypothesis
 Not for every question
 Not vague
 Based on presumptions e.g. ‘ Why sales of
ACs go up in winter?’
 The sales go up due to off season discounts.
 Sales of mobiles is higher in youth from
urban area (geographic lifestyle)
 Cost Benefit Analysis
2. Planning Research Designs
 What?
 Where?
 When?
 How?
 Information
 Time
 Budget
 Data sources
3. Research Methods
 Surveys – Respondents, questionnaire,
primary data, In person, e-mail
 Experiment – Cause and Effect
relationship, Test marketing
 Secondary data – Mathematical models
 Observation – Shopping pattern, Queue
Discipline, Workload measurement.
 Limitations – several factors cannot be
assessed
4. Sampling
 Population
 Characteristics
 E.g. – consumption of diesel, vehicles /
gensets / boilers
 Sample size – bigger – precision
 Probability sampling – Cross section of
every element
 Non probability – no cross section
5. Data Collection
 Surveys – pre testing on small sample
 Main study
 Observation
6. Evaluate
 Formats
 Statistic techniques
 Editing
 Coding data
 Analysis
 Research reports
7. Research Reports
 Oral
 Written format
 Executive summary
 Introduction
 Objectives
 Scope of study
 Methodology
 Limitations
 Data analysis
 Findings
 Conclusions
 Recommendations