The Research Process

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Lecture 2. THE RESEARCH PROCESS:
AN OVERVIEW
BUSINESS RESEARCH ETHICS

DEFINITION OF RESEARCH
• Business research is a systematic and objective process of gathering, recording, and analyzing data for making business decisions
• Business research is the application of the scientific method in searching for the truth about business phenomena PURPOSE OF RESEARCH
• Business research generates necessary qualitative and quantitative information for managerial problem-solving and decision-making activities
• Decision making is the process of resolving a problem or choosing among alternative opportunities
• The keys to decision making are
• Recognizing the nature of the problem or opportunity
• Identifying how much information is available
• Determining what information is needed DECISION MAKING
• Decision making is the process of resolving a problem or choosing among alternative opportunities
• The keys to decision making are
– Recognizing the nature of the problem or opportunity
– Identifying how much information is available
– Determining what information is needed

Certainty-Uncertainty-Ambiguity
Every decision-making situation can be classified on the scale from complete certainty to absolute ambiguity
Business research produces information to reduce uncertainty

Stages in Research Process
• The stages overlap chronologically and are functionally inter-related
• This process is often non-linear, with forward and backward linkages
• A number of alternatives are available at each stage of the research
• The road taken by a researcher depends on the research objectives and the available resources Step 1: Establish the Need for Business Research
• When is business research NOT needed?
– The information is already available
– Decisions must be made now
– We can’t afford research
– Costs outweigh the value of business research
Step 2: Define the

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