BUSINESS RESEARCH METHODS

CUROM223

School of Entrepreneurship & Business Sciences

Department of Retail Management
 CUROM223 LECTURERS

• Dr Chikazhe L. lovechikazhe@gmail.com 0773236018

• Miss Murombo C. chamurombo@gmail.com 0785704219
• Mrs Mutaurwa E. emutaurwa@cut.ac.zw 0779735085
• Mr Gudu L. lifegudu@gmail.com 0712974008 / 0772680328
• Mr Gudu C. cgudu@cut.ac.zw 0773265275/0716548360
• Ms Zungunde V. 0783162246
 Lecturers and Departments
• BSROM Retail department – Chikazhe L.
• BSBE Entrepreneurship - Murombo C. & Zungunde V.
• BSCSCM Supply Chain – Gudu L. & Mutaurwa E.
• BSCAC Accounting – Gudu C.
RESEARCH METHODS
CUROM223

Introduction
Outline

• Defining Business Research Methods

• The scientific Approach
• Types of Research
• The research process
 Definition
• Business Research Methods is a careful and diligent study of
an industry or a particular company's business operations,
using investigative techniques to discover facts and develop an
action plan based on the discovered facts.
• Business research is a process of acquiring data/information of
all the areas of business and using such information in solving
problems affecting those businesses.
• Businesses use research methods to help grow their
operations or to solve problems in the company.
What is the main objective of business research?

• The purpose of business research is to gather information in

order to aid business- related decision-making.
• Business research is defined as 'the systematic and objective
process of collecting, recording, analyzing and interpreting
data for aid in solving managerial problems'.
Common business problems/challenges warranting research
Problems that may be researched include:
• Profitability
• Productivity
• Customer Service
• Employee Retention
• Supply chain flexibility, risk, performance etc.
• Product life cycle, product shortage, New product performance,
development, failure, etc.
• Financial crisis
• Change Management
• Marketing – promotion, packaging, pricing, distribution etc.
• Competitive Analysis
• Etc.
 Why do businesses Research?
• Solve your biggest business challenges – poor service quality, low sales, ……….
• Better insight on target customer
• Understand customer behaviour pattern
• Analysis competitors
• Foster better decision making
• Finer Sales forecasting and selling activities
• Introduce new product, you want understand acceptable price, color, size etc.
• Identify potential new customers and understand your existing customers
• Develop new, effective strategies e.g. how to market, price, package etc..
• Prepare for possible business expansion / Identify new business opportunities
Business Research as a Process
• Defining/Identifying the problem affecting the business
1. Develop a research proposal
2. Carry out the actual research by:
• Defining the problem – Topic formulation, background
information, state the problem, come up with objectives, etc
• Review Literature
• Methodology
• Collect and Analyse Data
• Make Conclusions & Recommendations/Implications
The scientific Approach
• The scientific method is the process of objectively
establishing facts through testing and experimentation.

• The basic process involves making an observation, forming

hypotheses, making a prediction, conducting an experiment
and finally analyzing the results.
Types of Research
Basic research Applied research
Purpose: Purpose:
• improve understanding of particular business
• expand knowledge of processes of business
or management problem
and management
• results in solution to problem
• results in universal principles relating to the
• new knowledge limited to problem
process and its relationship to outcomes
• findings of practical relevance and value to
• findings of significance and value to society
manager(s) in organisation(s)
in general

Context: Context:
• undertaken by people based in a variety of
• undertaken by people based in universities
settings, including organisations and universities
• choice of topic and objectives determined
• objectives negotiated with originator
by the researcher
• tight timescales
• flexible timescales
 …..Cont
• Applied research is a research methodology that creates practical
solutions for specific problems.
• This means that applied research is solution-driven while basic
research is knowledge-specific. Thus, Applied research is what we
prefer in business research methods

• Basic research is an approach to research that seeks to expand

knowledge in a field of study.
• Basic research advances fundamental knowledge about the world. It
focuses on creating and refuting or supporting theories that explain
observed phenomena.