BUSINESS RESEARCH METHODS (sub code:BA 927)
1.1 MEANING OF RESEARCH
Research refers to a search for knowledge. Research is an art of scientific investigation. The Advanced Learner‟s Dictionary of Current English lays down the meaning of research as, “a careful investigation or inquiry specially through search for new facts in any branch of knowledge”.
1.1.1 SOME DEFINITIONS
Redman and Mory define research as a,” Systematized effort to gain new knowledge”. Some people consider research as a movement, a movement from the known to the unknown. According t Clifford woody, research comprises defining and redefining problems, formulating hypothesis or suggested solutions collecting, organising and evaluating data, making deductions and reaching conclusions; to determine whether they fit the formulating hypothesis.
1.2 OBJECTIVES OF RESEARCH
1. To gain familiarity with a phenomenon or to achieve new insights into it. (exploratory or formulative research studies)
2. To describe accurately the characteristics of a particular individual, situation or a group. (descriptive research)
3. To determine the frequency with which something occurs or with which it is associated with something else. (studies with this object known as diagnostic research) 4. To test a hypothesis of a causal relationship between variables. (such studies are known as hypothesis testing research)
1.3 TYPES OF RESEARCH
It is imperative that a marketer has to have a broad understanding of the various types of research, in general. There are eleven types of research depending on whether it is primarily “fundamental” or “applied” in nature. They are as follows: 1. Applied research, also known as decisional research, use existing knowledge as an aid to the solution of some given problem or set of problems.
2. Fundamental research, frequently called basic or pure research, seeks to extend the boundaries of knowledge in a given area with no necessary immediate application to existing problems.
3. Futuristic research: Futures research is the systematic study of possible future conditions. It includes analysis of how those conditions might change as a result of the implementation of policies and actions, and the consequences of these policies and actions. 4. Descriptive research includes surveys and fact-finding enquiries of different kinds. It tries to discover answers to the questions who, what, when and sometimes how. Here the researcher attempts to describe or define a subject, often by creating a profile of a group of probl ems,
people, or events. The major purpose of descriptive research is description of the state of affairs as it exists at present
5. Explanatory research: Explanatory research goes beyond description and attempts to explain the reasons for the phenomenon that the descriptive research only observed. The research would use theories or at least hypothesis to account for the forces that caused a certain phenomenon to occur.
6. Predictive research: If we can provide a plausible explanation for an event after it has occurred, it is desirable to be able to predict when and in what situations the event will occur. This research is just as rooted in theory as explanation. This research calls for a high order of inference making. In business research, prediction is found in studies conducted to evaluate specific courses of action or to forecast current and future values. 7. Analytical research: The researcher has to use facts or information already available, and analyse these to make a critical evaluation of the material. 8. Quantitative research: Quantitative research is based on the measurement of quantity or amount. It is applicable to phenomena that can be expressed in terms of quantity. 9. Qualitative research: It is concerned with qualitative phenomenon (i.e.) phenomena relating to or involving quality or kind. This type of research aims at discovering the underlying motives and desires, using in depth...
Please join StudyMode to read the full document