BUSINESS RESEARCH

METHODOLOGY
 MEANING OF RESEARCH
● Research in common parlance refers to a search for knowledge.
● 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.”
● “Research” may be defined as the systematic and objective analyze and recording of
controlled observation that may lead to the developments or generalizations,
principles or theories, resulting in prediction and possibility ultimate control of
events”.
● Research is, thus, an original contribution to the existing stock of knowledge making
for its advancement. It is the pursuit of truth with the help of study, observation,
comparison and experiment.
 OBJECTIVES OF RESEARCH

● To gain familiarity with a phenomenon or to achieve new

insights into it.
● To portray accurately the characteristics of a particular
individual, situation or a group.
● To determine the frequency with which something occurs or
with which it is associated with something else.
● To test a hypothesis of a causal relationship between variables.
 TYPES OF RESEARCH
1. DESCRIPTIVE vs ANALYTICAL
➔ DESCRIPTIVE RESEARCH- The major purpose of descriptive research is
description of the state of affairs as it exists at present. It includes surveys and fact-
finding enquiries of different kinds. The main characteristic of this method is that the
researcher has no control over the variables; he can only report what has happened
or what is happening. The methods of research utilized in descriptive research are
survey methods of all kinds, including comparative and correlational methods.

➔ ANALYTICAL RESEARCH- The researcher has to use facts or information already

available, and analyze these to make a critical evaluation of the material
 TYPES OF RESEARCH
2. APPLIED vs FUNDAMENTAL
➔ APPLIED RESEARCH- It aims at finding a solution for an immediate problem
facing a society or an industrial/business organisation. EXAMPLE- Research to
identify social, economic or political trends that may affect a particular institution
or the copy research or the marketing research or evaluation research are examples of
applied research.

➔ FUNDAMENTAL RESEARCH- It is mainly concerned with generalisations and

with the formulation of a theory. EXAMPLE- Research concerning some natural
phenomenon or relating to pure mathematics are examples of fundamental research.
 TYPES OF RESEARCH
3. QUANTITATIVE vs QUALITATIVE
➔ QUANTITATIVE RESEARCH - Quantitative research is based on the measurement of quantity
or amount. Quantitative research relies on structured tools such as surveys, polls, or questionnaires
to gather quantitative data. Using such structured methods helps collect in-depth and actionable
numerical data from the survey respondents, making it easier to perform data analysis.

➔ QUALITATIVE RESEARCH- It is concerned with qualitative phenomenon, i.e., phenomena

relating to or involving quality or kind. EXAMPLE- when we are interested in investigating the
reasons for human behaviour (i.e., why people think or do certain things), we quite often talk of
‘Motivation Research’, an important type of qualitative research. This type of research aims at
discovering the underlying motives and desires, using in depth interviews for the purpose.
 TYPES OF RESEARCH
4. CONCEPTUAL vs EMPIRICAL
➔ CONCEPTUAL RESEARCH- Conceptual research is that related to some abstract idea(s)
or theory. It is generally used by philosophers and thinkers to develop new concepts or to
reinterpret existing ones.

➔ EMPIRICAL RESEARCH- Empirical research relies on experience or observation alone,

often without due regard for system and theory. It is data-based research, coming up with
conclusions which are capable of being verified by observation or experiment. In such a
research, the researcher must first provide himself with a working hypothesis or guess as to
the probable results. He then works to get enough facts (data) to prove or disprove his
hypothesis.
 TYPES OF RESEARCH
5. OTHER TYPES OF RESEARCH
➔ ONE TIME vs LONGITUDINAL RESEARCH- In one time, the research is confined to
a single time-period, whereas in the latter case the research is carried on over several time-
periods.
➔ EXPLORATORY RESEARCH- It is conducted to explore the possibilities of doing a
particular project. It is used to split the broad and vague problem into smaller, more
precise sub problem statements, in the form of specific hypothesis.
➔ HISTORICAL RESEARCH- Following this approach a researcher would collect past
data for his research. A scholar using this approach has to depend on libraries for
referring to the magazines or periodicals for collecting data. This approach alone is
relevant in certain types of research work. For examples to understand the trend in India’s
exports. One has to collect the export data for a period of say 20 years and them analyze it.
 SIGNIFICANCE OF RESEARCH
● Research inculcates scientific and inductive thinking and it promotes the
development of logical habits of thinking and organisation.
● The role of research in several fields of applied economics, whether related to
business or to the economy as a whole, has greatly increased in modern
times.
● Research provides the basis for nearly all government policies in our
economic system.
● Research has its special significance in solving various operational and
planning problems of business and industry.
● Research is equally important for social scientists in studying social
relationships and in seeking answers to various social problems.
RESEARCH PROCESS
 RESEARCH PROCESS
➢ Formulating the research problem: At the very outset the researcher must single out the
problem he wants to study, i.e., he must decide the general area of interest or aspect of a
subject-matter that he would like to inquire into. Initially the problem may be stated in a
broad general way and then the ambiguities, if any, relating to the problem be resolved.
➢ Extensive literature survey: The earlier studies, if any, which are similar to the study in
hand should be carefully studied. Academic journals, conference proceedings, government
reports, books etc., must be tapped depending on the nature of the problem.
➢ Development of working hypotheses: Working hypothesis is tentative assumption made in
order to draw out and test its logical or empirical consequences. They also affect the manner
in which tests must be conducted in the analysis of data and indirectly the quality of data
which is required for the analysis. The role of the hypothesis is to guide the researcher by
delimiting the area of research and to keep him on the right track.
 RESEARCH PROCESS
➢ Preparing the research design: The researcher will be required to prepare a research
design, i.e., he will have to state the conceptual structure within which research would be
conducted. The preparation of such a design facilitates research to be as efficient as possible
yielding maximal information.
➢ Determining sample design: The researcher must decide the way of selecting a sample or
what is popularly known as the sample design. In other words, a sample design is a definite
plan determined before any data are actually collected for obtaining a sample from a given
population. Samples can be either probability samples or non-probability samples.
➢ Collecting the data: There are several ways of collecting the appropriate data which differ
considerably in context of money costs, time and other resources at the disposal of the
researcher. Primary data can be collected either through experiment or through survey.
 RESEARCH PROCESS
➢ Execution of the project: The researcher should see that the project is executed in a
systematic manner and in time. If the survey is to be conducted by means of structured
questionnaires, data can be readily machine-processed. In such a situation, questions as well
as the possible answers may be coded. If the data are to be collected through interviewers,
arrangements should be made for proper selection and training of the interviewers.
➢ Analysis of data: The analysis of data requires a number of closely related operations such
as establishment of categories, the application of these categories to raw data through
coding, tabulation and then drawing statistical inferences. A great deal of data, specially in
large inquiries, is tabulated by computers. Computers not only save time but also make it
possible to study large number of variables affecting a problem simultaneously.
➢ Hypothesis-testing: After analysing the data as stated above, the researcher is in a position
to test the hypotheses, if any, he had formulated earlier. Various tests, such as Chi square
test, t-test, F-test, have been developed by statisticians for the purpose.
 RESEARCH PROCESS
➢ Generalisations and interpretation: : If a hypothesis is tested and upheld several times, it may be
possible for the researcher to arrive at generalisation, i.e., to build a theory. If the researcher had no
hypothesis to start with, he might seek to explain his findings on the basis of some theory. It is known as
interpretation.
➢ Preparation of the report or the thesis: Finally, the researcher has to prepare the report of what has
been done by him. The main text of the report should have the following parts:
1) Introduction: It should contain a clear statement of the objective of the research and an explanation of
the methodology adopted in accomplishing the research. The scope of the study along with various
limitations should as well be stated in this part.
2) Summary of findings: After introduction there would appear a statement of findings and
recommendations in non-technical language. If the findings are extensive, they should be summarised.
3) Main report: The main body of the report should be presented in logical sequence and broken-down
into readily identifiable sections.
4) Conclusion: Towards the end of the main text, researcher should again put down the results of his
research clearly and precisely. In fact, it is the final summing up.
 CRITERIA OF GOOD RESEARCH
● The purpose of the research should be clearly defined and common concepts be used.
● The research procedure used should be described in sufficient detail to permit
another researcher to repeat the research for further advancement, keeping the
continuity of what has already been attained.
● The procedural design of the research should be carefully planned to yield results
that are as objective as possible.
● The researcher should report with complete frankness, flaws in procedural design
and estimate their effects upon the findings.
● The analysis of data should be sufficiently adequate to reveal its significance and the
methods of analysis used should be appropriate. The validity and reliability of the data
should be checked carefully.
● Conclusions should be confined to those justified by the data of the research and
limited to those for which the data provide an adequate basis.
● Greater confidence in research is warranted if the researcher is experienced, has a good
reputation in research and is a person of integrity.
PROBLEMS ENCOUNTERED BY RESEARCHER
● The lack of a scientific training in the methodology of research: Many
researchers take a leap in the dark without knowing research methods. Most of the
work, which goes in the name of research is not methodologically sound. Research
to many researchers and even to their guides, is mostly a scissor and paste job
without any insight shed on the collated materials. The consequence is obvious,
viz., the research results, quite often, do not reflect the reality or realities.
● There is insufficient interaction between the university research departments on one
side and business establishments, government departments and research institutions
on the other side. A great deal of primary data of non-confidential nature
remain untouched/untreated by the researchers for want of proper contacts.
● Research studies overlapping one another are undertaken quite often for want
of adequate information. This results in duplication and fritters away resources.
This problem can be solved by proper compilation and revision, at regular intervals,
of a list of subjects on which and the places where the research is going on.
PROBLEMS ENCOUNTERED BY RESEARCHER
● There does not exist a code of conduct for researchers and inter-university
and interdepartmental rivalries are also quite common. Hence, there is need
for developing a code of conduct for researchers which, if adhered sincerely,
can win over this problem.
● Library management and functioning is not satisfactory at many places and
much of the time and energy of researchers are spent in tracing out the books,
journals, reports, etc., rather than in tracing out relevant material from them.
● There is also the difficulty of timely availability of published data from
various government and other agencies doing this job in our country.
Researcher also faces the problem on account of the fact that the published data
vary quite significantly because of differences in coverage by the concerning
agencies.
● There may, at times, take place the problem of conceptualization and also
problems relating to the process of data collection and related things.