Introduction to Business Research, Research methods vs. Methodology.

Types of research –
Descriptive vs. Analytical, Applied vs. Fundamental, Quantitative vs. Qualitative, Conceptual
vs. Empirical, concept of applied and basic research process, criteria of good research.
Defining and formulating the research problem, it’s identification and importance.
Identification of research gap. Importance of literature review in defining a problem. Sources
of Literature review. Conceptual meaning of basic terms like monograph, patents, research
databases, web as a source, online and offline resources. Hypothesis, it’s types and
formulation. Research Design: Exploratory, Descriptive and Experimental.
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Introduction to Business Research

Business research is a systematic and objective process of gathering, recording, and analyzing
data for aiding business decisions. It aims to identify business opportunities and problems,
generate and refine business strategies, and enhance overall business performance.

Research Methods vs. Methodology

 Research Methods: The specific techniques or procedures used to gather and analyze
data. Examples include surveys, experiments, observations, and case studies.
 Methodology: The overall approach and rationale guiding the choice and use of
particular research methods. It includes the theoretical analysis of the methods applied
to a field of study.

Types of Research

1. Descriptive vs. Analytical

o Descriptive Research: Involves describing the characteristics of a population
or phenomenon. It does not answer questions about how/when/why the
characteristics occurred. Examples include market research surveys and case
studies.
o Analytical Research: Involves understanding the relationship between
different variables. It often involves hypothesis testing and the use of
statistical tools.
2. Applied vs. Fundamental
o Applied Research: Conducted to solve practical problems and improve the
quality of life. It is often action-oriented and specific to a certain business or
industry.
o Fundamental (Basic) Research: Conducted to expand knowledge and
understand fundamental principles without a specific practical application in
mind.
3. Quantitative vs. Qualitative
o Quantitative Research: Involves the collection and analysis of numerical
data to identify patterns, relationships, or trends. Common methods include
surveys, experiments, and secondary data analysis.
o Qualitative Research: Involves the collection and analysis of non-numerical
data to understand concepts, opinions, or experiences. Methods include
interviews, focus groups, and content analysis.
4. Conceptual vs. Empirical
 o Conceptual Research: Based on theories and ideas. It is more abstract and
involves thinking about possible relationships and principles.
o Empirical Research: Based on observed and measured phenomena. It derives
knowledge from actual experience rather than from theory.

Concept of Applied and Basic Research Process

 Applied Research Process: Involves identifying a problem, designing a study to

address the problem, collecting data, analyzing the data, and implementing solutions.
 Basic Research Process: Involves identifying a research question, conducting a
literature review, formulating hypotheses, designing an experiment, collecting data,
analyzing results, and drawing conclusions.

Criteria of Good Research

1. Clarity: The research problem and objectives should be clearly defined.

2. Reliability: The research methods should yield consistent results.
3. Validity: The research should accurately measure what it intends to measure.
4. Generalizability: The findings should be applicable to other settings.
5. Ethics: The research should adhere to ethical standards, ensuring no harm to
participants.

Defining and Formulating the Research Problem

Identification and Importance:

 A well-defined research problem sets the direction for the study.

 It involves specifying the research questions, objectives, and scope.
 The identification process includes understanding the context, reviewing literature,
and consulting with stakeholders.

Identification of Research Gap:

 Involves finding areas where little or no research has been done.

 Helps in advancing knowledge and addressing unexplored issues.

Importance of Literature Review in Defining a Problem

 Provides a background and context for the research problem.

 Helps in identifying gaps in existing research.
 Guides the development of research questions and hypotheses.
 Sources for literature review include academic journals, books, conference papers,
and credible online resources.

Conceptual Meaning of Basic Terms

 Monograph: A detailed written study of a single specialized subject.

 Patents: Legal documents granting the right to exclude others from making, using, or
selling an invention.
  Research Databases: Digital collections of academic journals, articles, and other
research materials.
 Web as a Source: Utilizes online resources for information gathering, including
academic and professional websites.
 Online and Offline Resources: Include digital and physical libraries, journals, and
other information repositories.

Hypothesis: Its Types and Formulation

 Hypothesis: A tentative statement predicting a relationship between variables.

 Types of Hypotheses:
o Null Hypothesis (H0): No relationship between variables.
o Alternative Hypothesis (H1): A relationship exists between variables.
 Formulation: Derived from the research problem, literature review, and theoretical
framework.

Research Design

1. Exploratory: Aimed at exploring the research problem without having a clear

hypothesis. Often involves qualitative methods.
2. Descriptive: Aimed at describing the characteristics of a population or phenomenon.
Often involves surveys and observational methods.
3. Experimental: Involves manipulating one variable to determine its effect on another
variable. Often involves controlled environments and random assignment.

4o
Types of data; primary and secondary, Data Collection methods, Research Applications of
Primary and Secondary Data, it’s benefits and drawbacks, Qualitative and quantitative
methods of data collection; Observation Method, Interview method, Content Analysis, Focus
Group analysis, Questionnaire Methods, Projective Techniques, Questionnaire Designing:
Criteria for questionnaire Designing, Types of Questionnaire, Questionnaire Design
Procedure, Determining the types of question: Open –ended Questions, Close- ended
Questions, Criteria for Question Designing, Physical Characteristic of the Questionnaire:
Pilot Testing of the Questionnaire, Administering the Questionnaire. Measurement and
Scaling: Types of Measurement Scale, Attitude, Classification of Scale: Single item vs
Multiple Item Scale, Comparative vs Non-Comparative Scales, Measurement error, Criteria
for Good Measurement.
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Types of Data: Primary and Secondary

Primary Data:

 Definition: Data collected firsthand for a specific research purpose.

 Methods of Collection: Surveys, interviews, experiments, observations.
 Benefits: Specific to the research needs, up-to-date, and reliable.
 Drawbacks: Time-consuming, expensive, and may require extensive resources.

Secondary Data:
  Definition: Data that was collected by someone else for a different purpose.
 Sources: Academic journals, government reports, industry statistics, online databases.
 Benefits: Cost-effective, time-saving, and often readily available.
 Drawbacks: May not be specific to the current research needs, potentially outdated,
and sometimes of questionable reliability.

Data Collection Methods

Qualitative Methods:

 Observation Method: Involves watching and recording behaviors and events in their
natural setting.
o Benefits: Provides in-depth insights, natural settings enhance validity.
o Drawbacks: Can be subjective, time-consuming, and may not be
generalizable.
 Interview Method: Involves direct, face-to-face, telephone, or online conversations
to gather detailed information.
o Benefits: Allows for in-depth understanding, flexibility in questioning.
o Drawbacks: Can be biased, time-consuming, and requires skilled
interviewers.
 Content Analysis: Involves analyzing textual, visual, or audio content to understand
themes and patterns.
o Benefits: Non-intrusive, can handle large volumes of data.
o Drawbacks: Time-consuming, requires expertise in coding and interpretation.
 Focus Group Analysis: Involves guided discussions with a group of people to
explore their perceptions and opinions.
o Benefits: Provides diverse perspectives, interactive and dynamic.
o Drawbacks: May be dominated by certain participants, not generalizable.
 Projective Techniques: Involves presenting ambiguous stimuli to participants to
reveal their subconscious thoughts and feelings.
o Benefits: Can uncover hidden attitudes and motivations.
o Drawbacks: Interpretation can be subjective, less structured.

Quantitative Methods:

 Questionnaire Methods: Involves structured questions to collect quantifiable data.

o Benefits: Can reach a large audience, standardized data collection, easy to
analyze.
o Drawbacks: May have low response rates, limited depth of responses.

Questionnaire Designing

Criteria for Questionnaire Designing:

 Clarity: Questions should be clear and unambiguous.

 Relevance: Each question should be relevant to the research objectives.
 Conciseness: Questions should be brief and to the point.
 Neutrality: Questions should be neutral to avoid leading respondents.
Types of Questionnaire:

 Structured: Consists of pre-determined questions with fixed response options.

 Unstructured: Open-ended questions allowing for free-form responses.

Questionnaire Design Procedure:

1. Define Objectives: Clearly outline the purpose of the questionnaire.

2. Identify Information Needs: Determine the specific information required.
3. Draft Questions: Develop questions based on the information needs.
4. Organize Questions: Arrange questions in a logical sequence.
5. Pre-test: Conduct a pilot test to identify and rectify issues.
6. Finalize: Revise based on pilot test feedback and finalize the questionnaire.

Types of Questions:

 Open-ended Questions: Allow respondents to answer in their own words.

o Benefits: Provide rich, detailed responses.
o Drawbacks: Difficult to analyze and quantify.
 Close-ended Questions: Provide specific response options.
o Benefits: Easy to analyze, suitable for statistical analysis.
o Drawbacks: May limit the depth of responses.

Physical Characteristics of the Questionnaire:

 Layout: Should be visually appealing and easy to follow.

 Length: Should be concise to maintain respondent interest.
 Instructions: Clear instructions should be provided for each section.

Pilot Testing of the Questionnaire:

 Involves testing the questionnaire on a small sample to identify and correct issues
before full-scale administration.

Administering the Questionnaire:

 Distribution: Can be distributed via mail, online, or in person.

 Collection: Methods for collecting completed questionnaires should be planned in
advance.

Measurement and Scaling

Types of Measurement Scales:

 Nominal Scale: Categorizes data without any order (e.g., gender, nationality).
 Ordinal Scale: Categorizes data with a meaningful order but no fixed intervals (e.g.,
rankings).
 Interval Scale: Ordered data with equal intervals but no true zero point (e.g.,
temperature).
  Ratio Scale: Ordered data with equal intervals and a true zero point (e.g., weight,
height).

Attitude Measurement:

 Attitude scales are used to measure the attitudes and opinions of respondents.

Classification of Scales:

 Single-item Scale: Measures a variable with one item.

 Multiple-item Scale: Measures a variable with multiple items.
 Comparative Scale: Respondents compare one item against another.
 Non-Comparative Scale: Respondents evaluate each item independently.

Measurement Error:

 Refers to the difference between the observed value and the true value.
 Sources: Respondent error, instrument error, and situational factors.

Criteria for Good Measurement:

 Reliability: Consistency of the measurement over time.

 Validity: The extent to which the measurement accurately represents the concept
being measured.
 Sensitivity: The ability of the measurement to detect differences.
 Practicality: The ease of administering and interpreting the measurement.

By understanding these concepts, researchers can design and conduct effective business
research, ensuring reliable and valid results that can inform strategic business decisions.

4o
Sampling Consideration: Sampling Concepts, Sample vs Census, Sampling vs Non-Sampling
Error, Sampling Design, Probability Sampling Design: Simple random Sampling with
replacement, Simple Random Sampling without Replacement, systematic Sampling,
Stratified Random Sampling, Cluster Sampling, Non-Probability Sampling Design:
Convenience sampling, Judgmental Sampling, Snowball Sampling, Quota Sampling.
Determination of Sample Size, Data Processing: Fieldwork validation, Data Editing, Coding,
Classification and tabulation of Data, Statistical Software packages: MS Excel, Systems for
Statistical Analysis, SPSS, Univariate and Bivariate Analysis of Data: Descriptive vs
Inferential Analysis, Descriptive Analysis of Univariate Data: Missing Data, Analysis of
Multiple Responses, Analysis of ordinal Scaled Questions, Grouping Large Data Sets,
Testing of Hypothesis: Concepts and Steps, Use of SPSS in testing Hypothesis concerning
means, Tests Concerning Population Proportion. Analysis of Variance Techniques-
Completely Randomized Design in a one – way ANOVA (Use of SPSS), Randomized Block
Design in Two –way ANOVA (Use of SPSS), Z-Test, t-Test, F-Test. Non Parametric tests:
Advantages and Disadvantages of Non –Parametric Tests, Chi-square tests: Application of
Chi Square , Use of SPSS in the Chi- Square Analysis, Run Test for Randomness: Use of
SPSS in Conducting a Run Test, One – Sample Sign Test, Two-Sample Sign Test
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Sampling Considerations

Sampling Concepts:

 Sample: A subset of the population selected for study.

 Census: A study that involves collecting data from every member of the population.
 Sampling Error: The difference between the sample results and the actual population
parameters.
 Non-Sampling Error: Errors not related to the sampling process, such as
measurement errors, data processing errors, or non-response errors.

Sampling Design:

 Probability Sampling: Each member of the population has a known, non-zero chance
of being selected.
o Simple Random Sampling with Replacement (SRSWR): Each member can
be selected more than once.
o Simple Random Sampling without Replacement (SRSWOR): Each
member can be selected only once.
o Systematic Sampling: Every nth member of the population is selected after a
random start.
o Stratified Random Sampling: The population is divided into strata, and a
random sample is taken from each stratum.
o Cluster Sampling: The population is divided into clusters, some clusters are
randomly selected, and all members of selected clusters are studied.
 Non-Probability Sampling: Members are selected based on non-random criteria.
o Convenience Sampling: Selecting individuals who are easily accessible.
o Judgmental Sampling: Selecting individuals based on the researcher’s
judgment.
o Snowball Sampling: Existing study subjects recruit future subjects among
their acquaintances.
o Quota Sampling: Ensuring certain characteristics are represented by setting
quotas for specific groups.

Determination of Sample Size:

 Factors to consider include the research objectives, population size, margin of error,
confidence level, and variability within the population.

Data Processing

Fieldwork Validation: Checking the accuracy and completeness of data collected in the
field.

Data Editing: Reviewing and adjusting data for errors and inconsistencies.

Coding: Assigning numerical or other symbols to data categories for efficient analysis.

Classification and Tabulation of Data: Organizing data into tables for easier analysis.
Statistical Software Packages

 MS Excel: Widely used for data entry, basic analysis, and visualization.
 SPSS (Statistical Package for the Social Sciences): Comprehensive software for
data management, statistical analysis, and graphical representation.

Univariate and Bivariate Analysis of Data

Descriptive vs. Inferential Analysis:

 Descriptive Analysis: Summarizing and describing the features of a data set.

 Inferential Analysis: Making predictions or inferences about a population based on a
sample.

Descriptive Analysis of Univariate Data:

 Missing Data: Identifying and handling missing values.

 Analysis of Multiple Responses: Handling questions allowing multiple answers.
 Analysis of Ordinal Scaled Questions: Analyzing data with a natural order but no
fixed intervals.
 Grouping Large Data Sets: Creating summary statistics for large data sets.

Hypothesis Testing

Concepts and Steps:

1. State the Hypotheses: Formulate the null and alternative hypotheses.

2. Select the Significance Level: Typically 0.05 or 0.01.
3. Choose the Test Statistic: Based on the type of data and hypothesis.
4. Determine the Decision Rule: Based on the significance level and test statistic.
5. Collect and Analyze Data: Perform the test and make a decision.

Use of SPSS in Testing Hypotheses:

 Concerning Means: t-tests (one-sample, independent samples, paired samples).

 Concerning Population Proportion: Z-tests.

Analysis of Variance Techniques

Completely Randomized Design in One-way ANOVA (Use of SPSS):

 Analyzing the differences between the means of three or more independent groups.

Randomized Block Design in Two-way ANOVA (Use of SPSS):

 Examining the influence of two categorical independent variables on a dependent

variable, controlling for the variability within blocks.

Z-Test, t-Test, F-Test

  Z-Test: Used when the sample size is large (n > 30) and the population variance is
known.
 t-Test: Used when the sample size is small (n ≤ 30) and the population variance is
unknown.
 F-Test: Used to compare two variances and often applied in ANOVA.

Non-Parametric Tests

Advantages: Do not assume a specific distribution, suitable for ordinal and nominal data, and
can be used with small sample sizes.

Disadvantages: Generally less powerful than parametric tests when the assumptions of
parametric tests are met.

Chi-square Tests:

 Application: Testing relationships between categorical variables.

 Use of SPSS: Conducting Chi-square tests for independence and goodness of fit.

Run Test for Randomness:

 Testing the randomness of a sequence of observations.

One-Sample Sign Test and Two-Sample Sign Test:

 One-Sample Sign Test: Comparing the median of a single sample to a known value.
 Two-Sample Sign Test: Comparing the medians of two related samples.

By understanding these sampling considerations, data processing methods, and statistical

techniques, researchers can design robust studies, accurately analyze data, and draw valid
conclusions.

4o
Correlation: Quantitative Estimate of a Linear Correlation, Testing the of Significance of the
Correlation Coefficient, Regression Analysis and its interpretation in Management: Testing
of Significance of Regression Parameters, Goodness of Fit of Regression Equation. Uses of
Regression Analysis in prediction, Use of SPSS in the Simple Linear Regression Model,
Multiple Regression Model, Dummy Variables in Regression Analysis, Applications of
Regression Analysis in Research for various functional areas of management.
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Correlation

Quantitative Estimate of a Linear Correlation:

 The correlation coefficient (often denoted by rrr) measures the strength and direction
of the linear relationship between two quantitative variables.
 It ranges from -1 to 1, where:
o r=1r = 1r=1: Perfect positive correlation
o r=−1r = -1r=−1: Perfect negative correlation
 o r=0r = 0r=0: No correlation

Testing the Significance of the Correlation Coefficient:

 The significance of the correlation coefficient can be tested using hypothesis testing,
typically with the Pearson correlation coefficient (r).
 The null hypothesis states that the population correlation coefficient is equal to zero.
 The test statistic follows a t-distribution with n−2n - 2n−2 degrees of freedom.

Regression Analysis

Interpretation in Management:

 Regression analysis helps in understanding the relationship between a dependent

variable and one or more independent variables.
 It is used in management to identify factors influencing business outcomes, predict
future trends, and optimize decision-making processes.

Testing of Significance of Regression Parameters:

 In simple linear regression, the significance of the regression parameters (slope and
intercept) is tested using hypothesis testing.
 The null hypothesis states that the population slope (or intercept) is equal to zero.

Goodness of Fit of Regression Equation:

 The goodness of fit measures how well the regression model fits the observed data.
 Common measures include the coefficient of determination (R2R^2R2), which
represents the proportion of variance explained by the model.

Uses of Regression Analysis in Prediction:

 Regression analysis can be used to predict future values of the dependent variable
based on the values of the independent variables.
 Predictive models can assist in forecasting sales, demand, market trends, and other
business outcomes.

Use of SPSS in Regression Analysis:

 SPSS (Statistical Package for the Social Sciences) provides tools for conducting
various types of regression analysis, including simple linear regression and multiple
regression.
 It allows researchers to estimate regression coefficients, test hypotheses, assess model
fit, and generate diagnostic statistics.

Multiple Regression Model:

 Multiple regression extends simple linear regression to analyze the relationship

between a dependent variable and two or more independent variables simultaneously.
  It enables the exploration of complex relationships and the identification of the
relative importance of different predictors.

Dummy Variables in Regression Analysis:

 Dummy variables are used to represent categorical variables in regression analysis.

 They encode categorical information into numerical values (0 or 1) to include them in
regression models.

Applications of Regression Analysis in Research for Various Functional Areas of

Management:

 Marketing: Predicting sales based on advertising expenditure, market demographics,

and product features.
 Finance: Analyzing factors influencing stock prices, interest rates, and investment
returns.
 Operations: Predicting production output based on input variables such as labor,
materials, and technology.
 Human Resources: Assessing the impact of training programs, employee satisfaction,
and performance on organizational outcomes.

By leveraging regression analysis, managers can make informed decisions, optimize resource
allocation, and improve business performance across various functional areas.

3.5
Report writing and Presentation of results: Need for Effective Documentation, Importance of
Report writing, Types of research reports: Brief reports, Detailed reports, Technical Reports,
Business Reports, Report Preparation, Report Structure: Preliminary Section, Main Report,
Interpretation of Results and suggested recommendation, Limitation of the study, End notes,
Report Writing: Report Formulation Guidelines for Effective Documentation, Presenting
Tabular Data, Visual Representation- graphs Research Briefings: Oral Presentation.
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Report Writing and Presentation of Results

Need for Effective Documentation:

 Effective documentation ensures that research findings are accurately recorded and
communicated to stakeholders.
 It provides a reference for future analysis, decision-making, and replication of the
study.
 Well-documented reports enhance transparency and accountability in research
processes.

Importance of Report Writing:

 Report writing is essential for summarizing research findings, analysis, and

conclusions in a structured and coherent manner.
 It facilitates communication of complex ideas and data to diverse audiences, including
stakeholders, decision-makers, and other researchers.
  Clear and concise reports help in understanding the implications of the research and
guiding future actions.

Types of Research Reports:

 Brief Reports: Concise summaries of research findings, suitable for quick

dissemination and initial review.
 Detailed Reports: Comprehensive documents providing in-depth analysis and
interpretation of research results.
 Technical Reports: Focus on detailed methodologies, data analysis techniques, and
technical aspects of the research.
 Business Reports: Tailored to address specific business needs and objectives, often
including recommendations for strategic decision-making.

Report Preparation:

 Define Objectives: Clarify the purpose and scope of the report.

 Gather and Analyze Data: Collect relevant information and analyze data using
appropriate methods.
 Structure the Report: Organize the report into sections, including preliminary, main,
and concluding sections.
 Interpret Results and Suggest Recommendations: Provide insights into the
implications of the findings and propose actionable recommendations.
 Acknowledge Limitations: Identify any limitations or constraints that may affect the
validity or generalizability of the study.
 Include End Notes: Provide citations, references, and additional information for
further reading.

Report Structure:

 Preliminary Section: Includes title page, executive summary, table of contents, and
list of figures/tables.
 Main Report: Divided into sections such as introduction, methodology, results,
discussion, and conclusion.
 Interpretation of Results and Suggested Recommendations: Provides insights into
the significance of the findings and proposes actionable recommendations.
 Limitation of the Study: Acknowledges any constraints, biases, or limitations that
may impact the validity of the research.
 End Notes: Includes citations, references, and additional information for further
reading.

Report Writing:

 Report Formulation Guidelines for Effective Documentation: Follow a clear and

logical structure, use concise language, and provide evidence to support claims.
 Presenting Tabular Data: Use tables to present numerical data clearly and
systematically, with appropriate headings and labels.
 Visual Representation - Graphs: Utilize graphs and charts to visually represent
trends, patterns, and relationships in the data, making complex information more
accessible.
Research Briefings - Oral Presentation:

 Oral presentations provide an opportunity to summarize key findings, highlight

important insights, and engage with the audience.
 Effective communication skills, such as clear articulation, engaging delivery, and
visual aids, enhance the impact of research briefings.

By following these principles and guidelines, researchers can effectively document their
findings, communicate results to various stakeholders, and contribute to informed decision-
making and knowledge dissemination.

3.5