Business Research Methods: An Introduction 1

Business Research Methods:

An Introduction
Business Research Methods: An Introduction 2
Learning Objectives
Upon completion of this chapter, you will be able to:

Understand the difference between basic and applied research
Define business research
Understand the roadmap to learn business research methods
Learn how business research methods can be used as a decision
making tool by the managers
Understand the business research process
Get a preliminary idea about the use of software for data
preparation and data analysis
Business Research Methods: An Introduction 3
Introduction
Business researchers systematically collect, compile, analyze,
and interpret data to provide quality information based on
which a decision maker will be able to take a decision in an
optimum manner.
Conducting research to deal with any problem is a scientific,
systematic, and interlinked exercise, which requires sound
experience and knowledge.
Business Research Methods: An Introduction 4
Difference Between Basic and
Applied Research
Basic research is generally not related to a specific problem and
its findings cannot be immediately applied.
Applied research directly addresses the problem at hand.
Applied research is launched by the firm, agency, or individual
facing a specific problem.
Business Research Methods: An Introduction 5
Defining Business Research
Business research method is a systematic and scientific
procedure of data collection, compilation, analysis,
interpretation, and implication pertaining to any business
problem.
Business research is defined as the systematic and objective
process of gathering, recording, and analyzing data for aid in
making business decisions (Zikmund, 2007).
Cooper and Schindler (2009) define business research as a
systematic enquiry that provides information to guide
managerial decisions.
Business Research Methods: An Introduction 6
Roadmap to Learn Business
Research Methods
Business Research Methods: An Introduction 7
Business Research Methods:
A Decision Making Tool in the
Hands of Management
Decision making is always a crucial part of any organizational
functioning.
In the field of business research, this valuable information is
obtained using the following interrelated steps:
1. Problem or opportunity identification
2. Diagnosing the problem or opportunity
3. Executing business research to explore the solutions
4. Implement presented solutions
5. Evaluate the effectiveness of decision making
Business Research Methods: An Introduction 8
1. Problem or Opportunity Identification
Any delay in problem identification and solution implementation;
and the opportunity identification and encashment may become
harmful to the organization.
Business Research Methods: An Introduction 9
2. Diagnosing the Problem or Opportunity
Organizations present these problems or opportunity scenarios
to business researchers.
Business researchers actually diagnose the problem or
opportunity.
Diagnosing involves exploring the situation to have a better
insight about the situation.

Business Research Methods: An Introduction 10
After the identification and diagnosis of the problem, business
researchers systematically conduct research to present a
solution.
3. Executing Business Research to
Explore the Solution
Business Research Methods: An Introduction 11
Business researchers conduct research in consultation with the
decision makers of the concerned organization. The findings are
presented to the decision maker and he or she analyzes these
findings in the light of his or her decision range.
4. Implement Presented Solution
Business Research Methods: An Introduction 12
After taking a decision, its effectiveness is examined. This is
sometimes referred to as evaluation research.
5. Evaluate the Effectiveness of
Decision Making
Business Research Methods: An Introduction 13
Use of Software in Data
Preparation and Analysis
Nowadays, it is irrational to deal with data preparation and
analysis without the use of existing statistical software.
This section focuses on introducing three widely used software
programs. They are MS Excel (2007), Minitab, and SPSS (17).
Business Research Methods: An Introduction 14
Use of Software in Data
Preparation and Analysis
..\Excel 2007.xlsx
..\SPPS 17.sav
..\Minitab 15.MPJ