Introduction to Business

Research
• Research implies search again.
• Research is a scientific and objective process
of gathering, recording and analyzing data for
aid in decision making in the desired field of
enquiry.
• If it is in the field of sociology it is termed as
‘Social Research’ and if it is in the business
termed as ‘Business research’.
 Types of Research
• Basic(Pure) research: refers to a systematic study or
investigation undertaken to discover new knowledge
or interpretations and establish facts or principles in a
particular field.
• Ex-Examining the consumer buying process, to verify
the Maslow’s need hierarchy theory.
• Applied Research:Reserch undertaken to answer the
questions about specific problems, determine why
something failed or succeeded.Ex- to learn the
reasons for profit declining etc.
 Role of BR
• The key objective of any business research is to provide accurate , relevant , and
timely information to the top management, so that they can make effective
decisions.
• The business decision making process in an organization goes through these stages:
• Problem/Opportunity identification:
Business research is used as an scanning activity to provide information about what
is occurring within an organization or in its environment.
• Problem/Opportunity (diagnosis and assessment)
Managers need to specify the factors causing the situation. If opportunity exists
they need to explore, clarify and set the priorities.
• Proper Implementation of the course of action
• Evaluating the course of action:
To take feed back and exercise the feedback for improvement in the course of
action
 Marketing Research

• Product Research: Assessment of suitability of goods with respect to design and price.
• Market Characteristics Research (Qualitative): Who uses the product? Relationship
between buyer and user, buying motive, how a product is used, analysis of consumption
rates, units in which product is purchased, customs and habits affecting the use of a
product, consumer attitudes, shopping habits of consumers, brand loyalty, research of
special consumer groups, survey of local markets, basic economic analysis of the
consumer market, etc.
• Size of Market (Quantitative): Market potential, total sales quota, territorial sales quota,
quota for individuals, concentration of sales and advertising efforts; appraisal of
efficiency, etc.
• Competitive position and Trends Research
• Sales Research: Analysis of sales records.
• Distribution Research: Channels of distribution, distribution costs.
• Advertising and Promotion Research: Testing and evaluating, advertising and promotion
• New product launching and Product Positioning.
 Human Resource Development

• Human Resource Development department uses

research to study
• wage rates
• incentive schemes
• cost of living
• employee turnover rates
• employment trends
• performance appraisal
• manpower planning.
 Finance
• Research tools are applied effectively for
studies involving:
• Financial Forecasting
• Portfolio revision
• Technical Analysis
• To know the impact of different variables on
profit
 Steps in Research
• Identifying and Defining the
problem/opportunity
• Planning the research design(master plan)
• Selecting a research method
• Selecting a sampling procedure
• Data collection
• Evaluating the data
• Preparing and presenting the research report