Notes of Business Research Methods Class Wise

Business Research Methods

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Notes of Business Research Methods Class Wise Book author: Donald R Cooper

Teacher: SIR ABDUL SAMAD

1st class Why research is conducted? When there is a problem or if there is an opportunity in the market or in any other particular we conduct a research to explore the opportunity or to solve that problem. Definition: “A systematic, scientific, organized inquiry that provides information to managerial decision makers” Systematic: identify the problem and proceeds step by step Scientific: The difference is verifiable, results of research be verifiable. There is the confidence of the decision. Difference between confidence and decision P (7080) =80% it interprets that I am 80% sure that the average marks of class in a particular subject will between 70 and 80. This statement is precise and differentiable and testable P (0100) =100% it interprets that I am 100% sure that the marks of the students in a particular subject are between 0 and 100. This statement is not precise because it is obvious that the marks of students will in between 0andf 100 The level of confidence must not be very wide and it also must not be too short. Types of Research •

Exploratory research: the research which is conducted to explore the problem is called exploratory research in which the hypothesis or level of confidence is defined. PREPARED BY: MUHAMMAD IRFAN MBA 2ND SEMESTER FEDERAL URDU UNIVERSITY

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Descriptive research: one variable is involved in this type of research, the problem is studied in details and depth and the surveys are conducted.

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Causal research: the study of cause and its effects is called the causal research e.g. the effect of rise in the price of a commodity on its sales, the effect of advertising on the sales etc.

2nd class What is the difference between market intelligence and market research? Market intelligence is the continuous process of getting knowledge and information. Market research is the problem based study conducted by the professional individuals. There is some software available in the market to help the management or decision makers. They are the artificial intelligent decision making. DSS (decision support system) This is an artificial system in which the information is saved BIS (business intelligence system) This will tell the management whether the research should be conducted or not.

Strategy Strategy is the means of achieving long terms objectives. Following are the some characteristics of a strategy: Long terms objectives are to be achieved Competitiveness Sustainability: it brings self regulation For example: the Federal University was facing some problems in the admission process the management made a strategy and set a standard that all the students intending to take admission in the university will go through a aptitude test. This strategy gave the university an edge over its competitor’s universities and it made the system sustainable it brought regulation because it set a minimum standard PREPARED BY: MUHAMMAD IRFAN MBA 2ND SEMESTER FEDERAL URDU UNIVERSITY

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Tactics Specific ways to achieve some organizational objectives For example our yearly sales are Rs100, 000 and we want to increase our sales to Rs 10, 00,000 per year. For this purpose and the target we will break our strategy into different parts or ways suppose for the first year we will try to achieve the target of increased sales of 200000 for the 2nd year we will increase our sales target and make some adjustments in the strategy to achieve these specific ways to achieve a some objectives are called the Tactics.

3rd class What is a good research? Following are some characteristics of a good research •

Purpose clearly defined: the purpose of research should be clearly defined that for what purpose the research is conducted whether it is problem based or it is opportunity based.

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Research process detailed: the research process is the complete design of the research it will be discussed in the details in the proceedings.

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Research design thoroughly planned: research design is the complete frame of the research that what will be area of studies what will be the size of population what will be the sample size which probability technique will be used etc.

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Limitations should be frankly revealed: all the researches are not for all the purposes there are some limitations boundaries or confines for which the research is fruitful. These limitations like time, geography, and area should be discussed or discovered in the research.

What is pure/basic research and applied research? Basic research: PREPARED BY: MUHAMMAD IRFAN MBA 2ND SEMESTER FEDERAL URDU UNIVERSITY

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Business Research Methods

The research for academic purpose is the pure or basic research. Normally this type of research is conducted by the students or teachers of the universities and educational institutions. Some research journal publish the pure or basic research in their editions they have the editorial board of research which check the authenticity of the research. Some universities release their own journals on weekly or monthly basis and publish the research of students and the teachers. Applied research The research conducted for a specific purpose, brand, company or situation is called the applied research. For example if a research is conducted in the KFC regarding the increasing waiters turnover it will be called applied research because there is a specific purpose, company and specific situation. 4th class Chapter#2

Thinking like researchers

Deduction and induction; In our daily life and research we argue before going or reaching a conclusions this topic is related to give arguments Deduction: Deduction has a strong bond between reason and conclusion in the process of deduction the purpose is to be concluded. We generalize specific things in deductions Reason#1  Man is mortal (statement)  Kashif is a man  Kashif is mortal (conclusion) Induction: In the process of induction we stimulate the thing from specific to general e.g.  Company spent one million dollars on promotion PREPARED BY: MUHAMMAD IRFAN MBA 2ND SEMESTER FEDERAL URDU UNIVERSITY

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 Sales did not increased  Promotion campaign was ineffective (conclusion)

Class assignment: How can induction and deduction can be used together in business research give examples of induction and deduction. 5th class What is concept and construct? Concept: Generally accepted meanings of anything, idea or object are concept. Construct: Constructs are those concepts which you need to define they are highly abstract in nature. What are operational definitions and normal definitions? Operational definitions: Those definitions which are used for specific purpose or in the research are called the operational definitions Normal definitions: Normally used definitions and synonymous used to understand.

6th class Variables Types of variables; •

Discrete variables and continuous variables PREPARED BY: MUHAMMAD IRFAN MBA 2ND SEMESTER FEDERAL URDU UNIVERSITY

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Discrete: countable variables e.g. number of students in a class Continuous: measurable variables e.g. height and weight •

Dependent and independent variables In the law of demand’ Dependent: quantity demanded is dependent Independent: price is independent

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Extraneous variables Assumptions which are supposed constant

Chapter#3

The research process

7th class

Management dilemma It is an issue or problem faced by the management of an organization. For example decline in the sales is an issue and problem for the management. Management question Formatting an issue into a question is management question. The question asked by the management about the problem or the question raised by the management of the organization. E.g. why sales are declining? How can we increase sales? Research questions To answer the management questions the researcher need the answers of some other questions. First researcher will check the management question if the question is rightly PREPARED BY: MUHAMMAD IRFAN MBA 2ND SEMESTER FEDERAL URDU UNIVERSITY

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Business Research Methods

asked regarding the dilemma then he will do the exploratory research to explore the problem. E.g. production department doing well’ Distribution is proper’ Marketing department doing well Measurement question: Those questions which are designed to answer the research questions.

Assignment#1: Develop management dilemma management question and research question Assignment#2 search a research article of own interest and study the article, viva will be conducted after approval of the article.

8th class: Research process: Discover management dilemma Define management question Research questions Research proposal PREPARED BY: MUHAMMAD IRFAN MBA 2ND SEMESTER FEDERAL URDU UNIVERSITY

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Research design methodology Data collection and presentation Data analysis and interpretation Reporting the findings Management decision

Favored technique syndrome: It says that one researcher is expert in different fields either he is good in interviews or questionnaire. Some times he favors that technique in which he is good.

Chapter#4

Research Proposal

9th class Research proposal is an offer given by the organization intending to conduct a research. RFP (request for proposal) is required to conduct a research tendered notice is an example of RFP. Let’s suppose if the government wants a research that how the country can get rid of beggars Government will issue a tendered notice. Research proposal is required in both types of researches internal research and external research. Can the research be submitted without a research proposal? Yes it can be submitted to the organization if the researcher thinks that the organization can perform well he will research and submit to the org. Contents of the research proposal •

Problem statement: What is the actually problems that is going to be solved. How well the problem or proposal is understood. PREPARED BY: MUHAMMAD IRFAN MBA 2ND SEMESTER FEDERAL URDU UNIVERSITY

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Objectives of the study: Why the research is conducted. What is the objective of the research? Objectives should be carefully described those objectives should be set which the research can meet. For example a research was conducted on the environment friendly products. The objective of the research is the products which are friendly for the environment.

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Literature review: In the literature review all the research material is studied about the topic or area you selected for the research. It is useless to find the same things which have already been found by the others. How good you the studied the literature will make your research more authentic. It is a time consuming process

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Research design/ methodology What is the procedure of data collection whether primary data is collected or secondary? What will be the sample, what will be the size, what probability technique will be used?

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Importance of study What is the importance of study you have done? How the study is important for others

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Limitations It must be mentioned in the proposal that what are the limitations of the study. Its geographical limitations time limitations should be frankly revealed.

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Schedule: Sometimes the research is based on the launch of the new product then mention the schedule of research also mention the time when the research will be submitted.

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Reference/ Bibliography Material which is sighted in the research is called Reference Material which is studied but not sighted in the research is called Bibliography PREPARED BY: MUHAMMAD IRFAN MBA 2ND SEMESTER FEDERAL URDU UNIVERSITY

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Business Research Methods There are different methods of sighting the reference but the most preferred is Harvard method.

10th class The research design The research of every researcher will be slightly different from others because everyone will be using a different research design. Some will be using questionnaire technique some interview and different probability techniques. It is basically the research structure most technical and activity based area. Types of research design

Degree to which research questions Exploratory research are defined/ refined Formal study Purpose of the research

Descriptive Causal

Method of data collection

Monitoring Communication

Power of the research to produce effects Experimental on variables under study Exposfacto( no control on variables)

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Based on time limitations

Cross sectional longitude

Chapter 12

Measurement

11th class In measurement we measure variable that vary from time to time person to person and place to place. We will specify measurement to questionnaire to make it simple to understand. Characteristics of measurement: Following are the characteristics of measurement scales Classification Q. No1 which brand you prefer more a) Pepsi b) Coke c) Sprite d) Fanta In the above mentioned example the brands have been classified. Order At what extent you are satisfied with Pepsi? a) Highly satisfied b) Satisfied c) Neutral d) Dissatisfied PREPARED BY: MUHAMMAD IRFAN MBA 2ND SEMESTER FEDERAL URDU UNIVERSITY

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e) Highly dissatisfied

There is an order in the statement highly satisfied is greater than then satisfied and so on. Equal distance What is current temperature? a) 10-20 b) 20-30 c) 30-40 d) 40-50 Absolute origin What is your age? a) 10-20 b) 20-30 c) 30-40 d) 40-50

As compared to the temperature there is an absolute origin in the age because the age can not be negative as the temperature

Measurement scales on the basis of characteristics Classification ----------------------------------------------------------------Nominal scale Classification + order------------------------------------------------------Ordinal scale Classification + order + equal distance-------------------------------Interval scale Classification + order + equal distance + absolute origin---------Ratio scale

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12th class What kind of statistical tools can be applied on the measurement scale? We apply statistical tools to measurement son that we can come to a conclusion. Nominal scale: mode can be applied on nominal scale because due to the classification of the data we can easily find that which number is mostly repeated. Ordinal scale: we can apply mode plus median to this scale because the data given in the question is arranged in an order. If we assign codes to the given data now we can mean median and median of the data. Interval scale: mean median and mode can be applied to this scale of measurement Ratio scale: all the statistical tools which can be applied to the previous three scales are all applicable to the ratio scale with some additional tools because all the four characteristics of measurement scale are found in this scale.\

Assignment#3 submit a research proposal latest on November 12

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