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Business Research Methods
Business Research Methods
Business Research Methods
Business research is important for a number of reasons. First, it can help businesses
to make better decisions. By understanding the market, the competition, and the
needs of customers, businesses can make more informed decisions about their
products, services, and strategies.
The objectives of business research can vary depending on the specific needs of the
business. However, some common objectives of business research include:
1. Define the problem or research question. What do you want to know? What is
the purpose of your research?
2. Review the literature. What have other researchers found on this topic? This
will help you to understand the current state of knowledge and identify any
gaps in research.
3. Develop a research design. How will you collect and analyze your data? This
will depend on the nature of your research question and the available
resources.
4. Collect data. This may involve conducting surveys, interviews, experiments, or
observations.
5. Analyze data. This involves using statistical or qualitative methods to make
sense of your data.
6. Interpret findings. What do your findings mean? How do they answer your
research question?
7. Write a research report. This should clearly communicate your findings and
their implications.
The research process is not always linear, and you may need to go back and forth
between steps as you gather more information and refine your ideas. However,
following these steps will help you to conduct a rigorous and systematic research
project.
The research process can be challenging, but it is also a rewarding way to learn
about the world. By following these steps, you can conduct a rigorous and
systematic research project that will help you to answer your research question and
make a contribution to knowledge.
❖ The research ‘onion’: Philosophies, Approach, Methodological
choices, Strategy, Time Horizons, Technique and Procedures
The research onion is a model that helps researchers to think about the different
layers of their research methodology. The different layers are:
• Research philosophies: These are the underlying beliefs about the nature of
reality and knowledge that guide the research. There are three main research
philosophies: positivism, interpretivism, and pragmatism.
• Approaches: These are the broader methods that researchers use to collect
and analyze data. There are two main approaches: quantitative and
qualitative.
• Methodological choices: These are the specific methods that researchers use
within a particular approach. For example, within the quantitative approach,
researchers might choose to use a survey, experiment, or observational study.
• Research strategy: This is the plan for how the research will be conducted. It
includes the research questions, the data collection methods, the data
analysis methods, and the ethical considerations.
• Time horizons: These are the points in time at which data will be collected. For
example, a cross-sectional study collects data at one point in time, while a
longitudinal study collects data at multiple points in time.
• Techniques and procedures: These are the specific procedures that
researchers use to collect and analyze data. For example, within a survey,
researchers might use a Likert scale or open-ended questions.
The research onion is a useful tool for thinking about the different layers of research
methodology and how they are interrelated. By considering all of these layers,
researchers can develop a more comprehensive and rigorous research design.
A research proposal is a document that outlines the research that you plan to
conduct. It is typically written for a professor or other academic advisor, but it
can also be used to apply for funding or to present your research to a wider
audience.
The elements of a research proposal vary depending on the discipline and the
specific requirements of the institution or organization that you are submitting it to.
However, there are some common elements that are typically included:
• Title: The title should be clear and concise, and it should accurately reflect the
content of the proposal.
• Introduction: The introduction should provide an overview of the research
topic, the research problem, and the purpose of the study.
• Literature review: The literature review should discuss the current state of
knowledge on the research topic. It should identify the gaps in knowledge that
your research will address.
• Research questions: The research questions should be specific and
answerable. They should provide the focus for the rest of the research
proposal.
• Research design: The research design should describe the methods that you
will use to collect and analyze data.
• Timeline and budget: The timeline and budget should provide a realistic
estimate of the resources that you will need to complete your research.
• Ethical considerations: The ethical considerations should address any
potential ethical issues that may arise during the course of your research.
By considering these factors, you can evaluate a research proposal and determine
whether it is well-written and feasible
Does it have a clear title, abstract, introduction, methods, results, and conclusion
sections?
• Literature Review:
Does the proposal provide a comprehensive review of existing literature in the field?
• Methodology:
• References:
UNIT-2
Select Your Topic: Define the scope and focus of your literature review. What specific
aspect of the topic are you exploring?
Search for Sources: Conduct a thorough search using academic databases,
journals, books, and reputable online sources. Keep detailed records of the sources
you find.
Categorize Sources: Organize your sources into categories or themes. Identify key
concepts and trends in the literature.
Write the Review: Summarize and synthesize the findings from each source. Discuss
the main ideas, methodologies, and key findings. Highlight gaps, contradictions, and
areas of agreement.
Annotated Bibliography:
What is it: An annotated bibliography is a list of sources with brief summaries and
evaluations of each source.
Purpose: It helps you keep track of sources, evaluate their relevance, and provide a
quick overview of each source's content and quality.
Annotations: Include a concise summary of the source, an evaluation of its credibility,
and its relevance to your research topic.
Introduction to Meta-Analysis:
Concept: Research design is the blueprint or plan that outlines how a research
study will be conducted. It encompasses the overall structure, methodology, and
procedures of the research, including data collection and analysis.
Here is a table summarizing the key differences between qualitative and quantitative
research:
Feature Qualitative research Quantitative research
Underlying The world is subjective and that The world is objective and that there
assumptions people's experiences are shaped by is a single reality that can be studied
their own perspectives. through scientific methods.
Data analysis
Thematic analysis, content analysis Statistical analysis
methods
Can provide rich insights into Can be used to test hypotheses and
Strengths people's experiences and make inferences about large
perspectives. populations.
Focus Groups: Focus groups bring together a small group of participants to discuss
a specific topic. They are led by a moderator who encourages open discussion, and
they can reveal a range of perspectives and insights.
Market Research: Businesses use descriptive research to gain insights into market
trends, consumer preferences, and competitive landscapes.
For example, a researcher might hypothesize that there is a relationship between the
amount of sleep a person gets and their academic performance. The null hypothesis
would be that there is no relationship between the amount of sleep a person gets
and their academic performance. The alternative hypothesis would be that there is a
positive relationship between the amount of sleep a person gets and their academic
performance.
The level of significance is the probability of rejecting the null hypothesis when it is
actually true. The standard level of significance is 0.05, which means that there is a
5% chance of rejecting the null hypothesis when it is actually true.
To test a hypothesis, researchers collect data and then use statistical methods to
analyze the data. If the results of the analysis are statistically significant, then the
researcher can reject the null hypothesis and accept the alternative hypothesis.
UNIT-3
•
Nominal, Ordinal, Interval, and Ratio scales
Nominal, ordinal, interval, and ratio are four levels of measurement in statistics. They
are used to describe the type of information recorded within the values of your
variables. Variables take on different values in your data set. For example, you can
measure height, gender, and class ranking. Each of these variables uses a distinct
level of measurement.
• Ordinal scale is a level of measurement that allows you to rank data in order.
However, the intervals between the ranks are not equal. For example, a
survey question that asks respondents to rate their satisfaction with a product
on a scale of 1 to 5 is an ordinal scale. The rating of 1 is better than the rating
of 2, but the difference between 1 and 2 is not the same as the difference
between 4 and 5.
• Interval scale is a level of measurement that allows you to rank data in order
and the intervals between the ranks are equal. However, the scale does not
have a natural zero point. For example, temperature is measured on an
interval scale. The difference between 10 degrees Celsius and 20 degrees
Celsius is the same as the difference between 20 degrees Celsius and 30
degrees Celsius. However, there is no natural zero point for temperature.
• Ratio scale is the highest level of measurement. It allows you to rank data in
order, the intervals between the ranks are equal, and there is a natural zero
point. For example, weight is measured on a ratio scale. The difference
between 10 kilograms and 20 kilograms is the same as the difference
between 20 kilograms and 30 kilograms. There is also a natural zero point for
weight, which is 0 kilograms.
The level of measurement that you choose for your variables will depend on the type
of data that you are collecting and the statistical analyses that you want to perform.
• Here is a table summarizing the key differences between the four levels of
measurement:
Level of
Description measurement Example
Rating scales are a type of scale used to measure people's attitudes, beliefs, or
opinions. They are typically used in surveys and questionnaires. There are many
different types of rating scales, but some of the most common ones include:
• Likert scales: Likert scales are the most common type of rating scale. They
consist of a series of statements, and respondents are asked to indicate their
agreement or disagreement with each statement on a scale of 1 to 5, 1 to 7,
or 1 to 10.
• Constant sum scales: Constant sum scales are used to measure the relative
importance of different items. Respondents are given a fixed number of
points, and they are asked to distribute the points among the items in a way
that reflects their relative importance.
Primary data is data that is collected for the first time, specifically for the research
being conducted. It is collected by the researcher directly from the source. For
example, a researcher may conduct a survey to collect primary data about people's
attitudes towards a particular issue.
Secondary data is data that has already been collected by someone else. It can be
found in a variety of sources, such as government reports, academic journals, and
company databases. Secondary data is often used to supplement primary data or to
provide background information for a research project.
Parametric data is data that is assumed to be normally distributed. This means that
the data is bell-shaped and that the mean, median, and mode are all equal.
Parametric data can be analyzed using a variety of statistical tests, such as t-tests
and ANOVA.
Non-parametric data is data that is not normally distributed. This means that the
data does not have a bell-shaped curve and that the mean, median, and mode may
not be equal. Non-parametric data can be analyzed using a variety of statistical
tests, such as the Mann-Whitney U test and the Kruskal-Wallis test.
Secondary data Data that has already been collected by someone else.
Parametric data
Non-
parametric data Data that is not normally distributed.
❖ Methods of collecting secondary data: Searching World Wide Web
for data, edatabases, books, journals, periodicals. Issues to be
considered for secondary data, sufficiency, adequacy, reliability,
consistency.
Here are some of the most common methods of collecting secondary data:
• Searching the World Wide Web: The World Wide Web is a vast resource of
information, and it can be a great place to start your search for secondary
data. However, it is important to be aware of the limitations of web-based
data, such as the potential for bias and inaccuracy.
• Electronic databases: There are many electronic databases that contain
secondary data, such as academic journals, government reports, and
company financial statements. These databases can be a great way to find
data that is relevant to your research question.
• Books: Books can be a valuable source of secondary data, especially if you
are looking for historical or in-depth information. However, it is important to be
aware of the age of the data, as it may not be up-to-date.
• Journals: Journals are a good source of secondary data, as they typically
contain peer-reviewed articles that have been published by experts in the
field. However, it is important to be aware of the journal's reputation, as some
journals are more reputable than others.
• Periodicals: Periodicals are a good source of up-to-date secondary data, as
they are published on a regular basis. However, it is important to be aware of
the periodical's bias, as some periodicals may have a particular viewpoint.
Here are some of the issues that should be considered when using secondary data:
Google Forms: Google Forms is a free online tool that can be used to create
and administer surveys. Google Forms is a user-friendly tool that can be used
to collect data from a large number of people.
UNIT-5
❖ Data Analysis: Editing, Coding, Univariate analysis - Tabular
representation of data, frequency tables, construction offrequency
distributions and their analysis.
Data Editing: This step involves reviewing and cleaning the raw data to
identify and correct any errors or inconsistencies. This may include dealing
with missing values, outliers, and data entry errors. The goal is to ensure that
the data is accurate and reliable for analysis.
Bar Chart
Use to compare discrete categories or groups.
Good for showing the frequency, count, or percentage of different categories.
Not suitable for displaying continuous data.
Pie Charts:
Use to show the parts of a whole, especially when you want to emphasize the
contribution of each category to the whole.
Limited to a small number of categories to avoid clutter.
Histograms:
Ideal for displaying the distribution of continuous data.
Shows the frequency or probability of data falling into specific bins or
intervals.
Candlestick Charts:
Primarily used in financial analysis to represent stock price movements over
time.
Shows opening, closing, high, and low prices for a given period.
Box Plots (Box-and-Whisker Plots):
Helpful for displaying the summary statistics and distribution of a dataset,
including outliers.
Provides information about the median, quartiles, and potential outliers.
Scatter Plots:
Used to visualize the relationship between two continuous variables.
Helps identify patterns, correlations, or clusters in the data.
Cross Tabulations: This technique is used to examine the relationship between two
categorical variables. It creates a contingency table that displays the frequency
distribution of the variables and helps identify patterns or associations.
Introduction to SPSS:
SPSS (Statistical Package for the Social Sciences) is a software program
used for statistical analysis and data management. It provides a user-friendly
interface for performing various statistical analyses.
Launch SPSS.
Create a new dataset or open an existing one.
Enter your data into the spreadsheet view, with variables in columns and
cases in rows.
Define variable properties (e.g., variable name, data type) in the "Variable
View."
Descriptive Statistics:
One-way ANOVA:
Title Page:
Abstract:
Table of Contents:
A list of sections and subsections with page numbers for easy navigation.
List of Figures and Tables (if applicable):
Enumerates the figures and tables used in the report with corresponding page
numbers.
Introduction:
Literature Review:
A review of relevant literature and previous research on the topic.
Methodology:
Explanation of the research methods, data collection, and analysis
techniques.
Results:
Discussion:
Interpretation of the results, their implications, and a comparison with existing
literature.
Conclusion:
Summary of the key findings and their relevance to the research objectives.
Recommendations (if applicable):
Suggestions for further research or practical recommendations based on the
findings.
References:
A list of all sources cited in the report, following a specific citation style (e.g.,
APA, MLA).