Module 1

Research Methodology

INTRODUCTION TO RESEARCH
• Research is an art of scientific investigation.
• Research is systematized efforts to gain new
knowledge.
• Management Research is an unbiased, structure
and sequential method of enquiry, directed towards
a clear implicit or explicit business objective. This
enquiry might lead to validating the existing
postulates or arriving at new theories and models.
What is Research?
➢ A careful investigation for new facts in any
branch of knowledge
➢ Redman and Mory: Research is a systematic
effort to gain new knowledge
What is 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.
Why do research?
➢ Desire to get a research degree along with its
consequential benefits
➢ Desire to face the challenge in solving the
unsolved problems
➢ Desire to get intellectual joy of doing some
creative work
➢ Desire to be of service to society
➢ Desire to get respectability
➢ Directives of government, employment
conditions etc.

Choose a subject
• Based on an idea
• Based on your experience
• Based on your reading
• Originality
The important features of a research design
➢ A plan
• Specify the sources & types of information
relevant to the research problem
➢ A strategy
• Which approach will be used for gathering and
analyzing the data
➢ The time and budgets
• Most studies are done under these two
constraints
CHARACTERISTICS OF RESEARCH
➢ Systematic- All steps must be inter related- one
to another
➢ Logical- Agreeing with the principles of logic
➢ Empirical-Conclusions should be based on
evidences/observations
➢ Objectivity- It must answer the research
questions
➢ Replicable- reproducible
➢ Transmittable
➢ Quality control- Accurate measurements
➢ All well designed and conducted research has
potential application

Define Your objectives

• Try to keep these simple
• The more variables the more difficult
• Use the opportunity
• Get help at this stage
Senior colleagues
Experienced researchers
Types of research
From the Viewpoint of Application
Research can be classified based on its application
or purpose. Pure research is conducted for the sake
of knowledge while applied research is conducted
to solve a specific problem or answer a practical
question
1. Pure Research
 Sake of Knowledge
Pure research is conducted for the sake of
knowledge and not for any particular application. It
seeks to expand our understanding of various topics
and phenomena.
 Exploratory in Nature
Pure research is often exploratory in nature and
seeks to discover new information and insights
about a particular topic. It aims to fill the gaps in
our understanding.
  Examples of Pure Research
Examples of pure research include studies on the
origins of the universe, the structure of the human
brain.

2. Applied Research
 Definition of Applied Research
Applied research is a type of research that is
conducted to solve a specific problem or answer a
practical question.
 Fields of Applied Research
Applied research is often used in engineering,
medicine, and business to solve real-world
problems and create new products or services.
 Examples of Applied Research
Examples of applied research include studies on the
effectiveness of a new drug, the impact of a new marketing
strategy, or the development of a new technology.
Types of Research from the Viewpoint of Objective
1. Descriptive Research
Descriptive research seeks to describe a
particular phenomenon or population with the
aim of providing a detailed picture of the
subject under investigation.
 Definition of Descriptive Research
Descriptive research is a type of research that aims
to describe a particular phenomenon or population.
It is often used in fields such as sociology or
psychology to capture information about a specific
group of people or behavior.
 Surveys in Descriptive Research
Surveys are a common method of descriptive
research used to capture information about a
particular population. They often involve asking
questions to a group of people to gather data on
their opinions, attitudes, or behaviors.
  Observational Studies in Descriptive Research
Observational studies are another type of
descriptive research used to capture information
about a particular behavior or group of people.
They involve observing people in their natural
environment and recording their behaviors or
interactions.

2. Exploratory Research
Exploratory research seeks to get a better
understanding of a particular topic by gathering
information and insights that can be used to
develop hypotheses for further investigation.
 Purpose of Exploratory Research
Exploratory research is used to gain insights and a
better understanding of a particular topic. It is often
used in cases where little is known about the
subject, and the goal is to generate ideas or
hypotheses
  Methods of Conducting Exploratory Research
Focus groups, case studies, and interviews are some
of the methods used to conduct exploratory
research. The goal is to identify patterns or themes
in a particular population or behavior.

3. Correlational Research
Correlational research is conducted to
determine if there is a relationship between
two variables, with the aim of identifying any
patterns or correlations that may exist.
 Definition of Correlational Research
Correlational research is used to determine if there
is a relationship between two variables. This type of
research is often used in fields such as medicine or
education.

 
  Examples of Correlational Research
Examples of Correlational research include studies
that aim to determine if there is a relationship
between smoking and lung cancer or between class
size and academic achievement.

4. Explanatory Research
Explanatory research seeks to determine the
cause-and-effect relationship between two
variables, with the aim of providing a deeper
understanding of the subject under
investigation.
Explanatory research aims to determine the
cause-and-effect relationship between two
variables. It is often used to test hypotheses or
theories that seek to establish a causal
relationship between two variables.
Types of Research from the Viewpoint of Enquiry
Mode
1. Qualitative Research
 Qualitative research is an exploratory research
method aimed at gaining an in- depth
understanding of a particular phenomenon or
population. It uses non- numerical data such as
interviews, observations, and case studies.
In-depth Understanding
- Qualitative research seeks to gain an in-
depth understanding of a particular
phenomenon or population. It involves
exploring and interpreting subjective
experiences and meanings.
Research Fields
- Qualitative research is often used in fields
such as anthropology, sociology, or
psychology to explore complex social
phenomena and human behavior.
 Qualitative Research Methods
- Qualitative research methods include
interviews, focus groups, and
ethnographic studies, among others.
These methods provide rich, detailed data
that can help researchers develop a
deeper understanding of the research
subject.

2. Quantitative Research
 Quantitative research is a research method that
aims to measure and analyze data using
statistical methods. It uses numerical data such
as surveys and experiments.
Statistical Methods
- Quantitative research relies on statistical
methods to measure and analyze data.
This helps researchers draw conclusions
and make decisions based on numerical
evidence.
Fields of Application
- Quantitative research is used in many
fields, including economics, business,
engineering, and social sciences. It allows
researchers to collect and analyze large
amounts of numerical data to draw
conclusions and make predictions.
Examples of Quantitative Research
- Examples of quantitative research include
experiments or surveys that aim to collect
and analyze numerical data. This data can
be used to test hypotheses, measure
relationships, or make predictions.
3. Mixed Methods Research
 Mixed methods research combines both
quantitative and qualitative approaches to gain
a more complete understanding of a particular
topic. It uses both numerical and non-numerical
data in its research design.
Combining Quantitative and Qualitative
Approaches
- Mixed methods research combines both
quantitative and qualitative approaches
to gain a more complete understanding of
a particular topic, leveraging the
strengths of each approach to provide a
more comprehensive view of the issue.
Increasing Validity and Reliability
- Combining quantitative and qualitative
approaches in mixed methods research
can increase the validity and reliability of
the study, providing a more robust and
comprehensive analysis of the issue.
Criteria of a good research /What is a good
research?
• Purpose clearly defined
• Research process detailed
• Research design thoroughly planned
• High ethical standards applied
• Limitations frankly revealed
• Analysis adequate for decision makers need
• Findings presented unambiguously
In other words, Good research should be
systematic, logical(inductive & deductive
reasoning), empirical(related to real life
situations), replicable.
Research applications in finance
Auditing and accountability
Market-based accounting research
financial forecasting
Research based on stock markets
Researches on bank and their liquidity
positions
Researches on capital structure
Research applications in human resources
➢Training & development studies
➢Selection and staffing studies
➢Performance appraisal– design and
evaluation
➢Organization planning and development
➢Incentive and benefits studies
Research applications in marketing
 Market & consumer analysis
 Product research
 Pricing research
 Promotional research
 Place research