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Business Research Methods

Research for Business Decisions

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What is Research ?

a systematic search for information

collection and analysis of data to aiddecision making in business

intellectual investigation

scientific method of gathering information

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Reducing the uncertainty element

Scientific method of minimizingelements of uncertainty that result

from lack of information whiletaking business decisions.

By doing so it reduces the danger ofmaking a wrong choice betweenalternative courses of action.

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Scientific Method

Scientific vs nonscientific method:

objectivity, accuracy, rigor, continuityempirical testability through observation,

experiments and experience

Traits of scientific method:Validity & ReliabilityDeductive & Inductive Reasoning

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Oliver Wendell Holmes [1809 1894]

There are one-story intellects, two-story intellects, and

three-story intellects with skylights.

All fact collectors with no aim beyond their facts areone-story men.

Two-story men compare, reason and generalize, using laborsof the fact collectors as well as their own.

Three-story men idealize, imagine, and predict. Their bestilluminations come from above through the skylight.

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Visible Trends

Research is becoming more insight-seeking

more multi-disciplinary

Extensively used in BPM & BPR & EquityResearch

Predictive Analytics is rapidly growing

Research process is integrating withdecision making in businesses

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The Research Process

1. Problem formulation

2. Research Design

3. Design of Data Collection Methods & Forms

4. Design ofSample & Collection of Data

5. Analysis, Interpretation & Reporting

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The Research Report

Contents1. Executive Summary

2. Background

3. Objectives

4. Methodology

5. Findings

6. Conclusion

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Formulating the Problem

Ascertain decision makers objectives

Understand the background of theproblem

Isolate and identify the problem ratherthan its symptoms

Determine the unit of analysis

Determine the relevant variables State the research questions

[hypotheses] and research objectives

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Problem Formulation

Business Decision Problem

Research Problem

Research Question

List of Information Required

Objective Setting: broad & specific

Hypothesis formulation

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Shopping List 1 Shopping List 2

1 lbs. hamburger

2 loaves wonder bread

Bunch of carrots

1 can Rumfords baking

powder

Maxwell House coffee

(drip ground)

2 can Del Monte peaches

5 lbs. potatoes

1 lbs. hamburger

2 loaves wonder bread

Bunch of carrots

1 can Rumfords baking

powder

Nescafe instant coffee

2 can Del Monte peaches

5 lbs. potatoes

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Findings

List 1 List 2Maxwell House Nescafe

4% 48%

12% 48%

16% 4%

0% 16%

Lazy

Fails to plan householdpurchases and schedules well

Thrifty

Not a good wife

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Sample Output

Ariel Concentrate - Chennai

0

5

10

15

20

25

30

35

Week

A Cut-t u

a e Cut-t u

Me a e Cut-t u

A Spe

Sha e M

Ma ket Sha e

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Share of Mind

Share of Mind

0

5

10

15

20

25

30

Week

Arie

Henko

Surf U ra

Tide

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Positioning ShareDriving Variable for Ariel

Positioning Share

0

5

10

15

20

25

30

35

W k

Share ofM

S ain Removal

Shining Clothes

High Tech

V M

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in a lighter vein

A market researcher drafted by the Army was at the firing range.At the range, he was given some instruction, a rifle, and 50rounds of ammo. He fired 10 shots at the target. The reportcame from the target area that all attempts had completely

missed the target. He fired 10 more, with the same result.

The researcher looked at his weapon, and then at the target. Helooked at the weapon again, and then at the target again. Hethen put his finger over the end of the rifle barrel and squeezedthe trigger with his other hand. The end of his finger was blown

off, whereupon he yelled toward the target area: "It's leavinghere just fine, the trouble must be at your end!"