The Role of Business Research Methods
Explore the application of scientific methods in business research to provide valid answers, aiding managerial decision-making processes. Learn about applied and basic business research, the scientific method, and the managerial value of business research. Understand when business research is needed based on time constraints, data availability, decision importance, and cost versus benefit analysis.
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Presentation Transcript
The Role of Business Research Chapter 1 Business Research Methods - William G. Zikmund
Business Research Defined Business Research Defined Business research is the application of the scientific method in searching for the truth about business phenomena. Business research is conducted to provide valid and reliable answer(s) to already posed research questions. It facilitates the managerial decision process by providing the intelligence to businesses. Business research information is not intuitive or haphazardly gathered. Literally, research (re-search) means to search again . All findings are tied back to the underlying theory The definition also emphasizes, through reference to the scientific method, that any information generated should be accurate and objective. Note that research is an aid to managerial decision making, never a substitute for it. Sudha Bhagavatheeswaran, Department of Information Technology, SIES College of Arts, Science & Commerce (Autonomous)
Applied and Basic Business Research Applied and Basic Business Research Applied business research specific Basic business research / Pure research - generic The Scientific Method Sudha Bhagavatheeswaran, Department of Information Technology, SIES College of Arts, Science & Commerce (Autonomous)
Managerial Value of Business Research Managerial Value of Business Research Product Oriented Production Oriented Marketing Oriented
Decision Decision Making Process Making Process DIAGNOSING AND ASSESSING PROBLEMS OR OPPORTUNITIES IDENTIFYING PROBLEMS OR OPPORTUNITIES EVALUATING THE COURSE OF ACTION Evaluation Research Performance Research SELECTING AND IMPLEMENTING A COURSE OF ACTION Monitoring Sudha Bhagavatheeswaran, Department of Information Technology, SIES College of Arts, Science & Commerce (Autonomous)
When Is Business Research Needed? When Is Business Research Needed? Is sufficient time available before a decision will be made? Time Constraints 01 Is it feasible to obtain data? Availability of data 02 Is the decision of considerable strategic or tactical importance? Nature of the Decision 03 Does the value of the research information exceed the cost of conducting research? Benefits v/s Costs 04 Sudha Bhagavatheeswaran, Department of Information Technology, SIES College of Arts, Science & Commerce (Autonomous)
When Is Business Research Needed? When Is Business Research Needed?
