Business Research

Prashanta Sharma
Professor
Deptt of Commere
 Business research

Business Research is defined as

the systematic and objective
process of generating information
for aid in making business
decisions.
 Business research
• Business research is a field of practical study in
which a company obtains data and analyzes it in
order to better manage the company. Business
research can include financial data, consumer
feedback, product research and competitive
analysis. Executives and managers who use
business research methods are able to better
understand their company, the position it holds
in the market and how to improve that position.
 Nature of Business Research
• Detached and impersonal rather than biased
• Managerial decision process
• Information Reduces Uncertainty
• Applied Research
• Business Research is increasingly global in 21 st
century
• Information Technology, Internet: Surveys on
Web sites
• Cross-functional teams
 Nature of Business Research
• Value versus Costs:Potential Value of a Business
Research Effort Should Exceed Its Estimated Costs
• TQM: A business philosophy that embodies the belief
that the management process must focus on integrating
customer-driven quality throughout the organization
• Performance-monitoring Research
• Scientific Method of Evaluating Concept:The analysis
and interpretation of empirical evidence (facts from
observation or experimentation) to confirm or
disprove prior conceptions.
• Financial Data
 Major Topics for Research in Business
• General Business Conditions and Corporate
Research
• Financial and Accounting Research
• Management and Organizational Behavior
Research
• Sales and Marketing Research
• Information Systems Research
• Corporate Responsibility Research
 Major Topics for Research in Business
• Consumer Feedback
• Product Research: Technological Advancement,
improved customer service, Raw Material, Labour
• Distribution channels
• Competitive Analysis
• Industry Data
 Importance
• what potential customers want
• development of better products and services
• what your competition is doing
• spot marketplace.
• To Develop Distribution Channel
• How your departments are performing
• To Revise Management Policy
• To understand the industry (trend)as a whole
• Help to ensure CSR
• Overall efficiency
 (STEPS FOR BR)
Determining When to Conduct Business
Availability of Data
Research Benefits vs.
Time Constraints Nature of the Decision Costs
Is the infor- Does the value
Is sufficient time Is the decision Conducting
Yes mation already Yes Yes of the research Yes
available before of considerable
a managerial
on hand
strategic
information Business
inadequate exceed the cost
decision
for making
or tactical
of conducting Research
must be made? importance?
the decision? research?

No No No No

Do Not Conduct Business Research

 Determining When to Conduct Business
Research
• Time constraints
• Availability of data
• Nature of the decision
• Benefits versus costs
 Business Research
• Research information is neither intuitive nor
haphazardly gathered.
• Literally, research (re-search) -“search again”
• Business research must be objective
• Detached and impersonal rather than biased
• It facilitates the managerial decision process
for all aspects of a business.
 I don’t know
if we
Information should
offer on-site
Reduces child care?

Uncertainty
 Applied Research Examples
• Should McDonalds add Italian pasta dinners
to its menu?
• Business research told McDonald’s it should
not?
• Should Procter & Gamble add a high-priced
home teeth bleaching kit to its product line?
• Research showed Crest Whitestrips would sell
well at a retail price of $44
 Global Research
• Business Research is increasingly global
• Market knowledge is essential
• A.C. Nielsen - more that 67% international
business
 Business Research in the 21st Century
• Increased globalization
• Growth of the Internet and other information
technologies
 Cross-functional Teams
• Cross-functional teams are composed of
individuals from various organizational
departments such as engineering, production,
finance, and marketing who share a common
purpose.
 Major Topics for Research in Business
• General Business Conditions and Corporate Research
• Financial and Accounting Research
• Management and Organizational Behavior Research
• Sales and Marketing Research
• Information Systems Research
• Corporate Responsibility Research
 Major Topics for Research in Business
• General Business Conditions and Corporate Research
• Financial and Accounting Research
• Management and Organizational Behavior Research
• Sales and Marketing Research
• Information Systems Research
• Corporate Responsibility Research
 Value versus Costs
• Potential Value of a Business Research Effort
Should Exceed Its Estimated Costs
 Determining When to Conduct
Business Research
Availability of Data Benefits vs.
Time Constraints Nature of the Decision Costs
Is the infor- Does the value
Is sufficient time Is the decision Conducting
Yes mation already Yes Yes of the research Yes
available before of considerable
a managerial
on hand
strategic
information Business
inadequate exceed the cost
decision
for making
or tactical
of conducting Research
must be made? importance?
the decision? research?

No No No No

Do Not Conduct Business Research

 Determining When to Conduct Business
Research
• Time constraints
• Availability of data
• Nature of the decision
• Benefits versus costs
Total Quality Management (TQM)
• A business philosophy that embodies the
belief that the management process must
focus on integrating customer-driven quality
throughout the organization.
Performance-monitoring Research
• Research that regularly provides feedback for
evaluation and control
• Indicates things are or are not going as
planned
• Research may be required to explain why
something “went wrong”
Performance-monitoring Research
• Research that regularly provides feedback for
evaluation and control
• Indicates things are or are not going as
planned
• Research may be required to explain why
something “went wrong”
Performance-monitoring Research
• Research that regularly provides feedback for
evaluation and control
• Indicates things are or are not going as
planned
• Research may be required to explain why
something “went wrong”
The Decision-making Process Associated with the
Development and Implementation of a Strategy

• Identifying problems and opportunities

• Diagnosis and assessment
• Selecting and implementing a course of action
• Evaluating the course of action
“It ain’t the things we don’t know that gets us
in trouble. It’s the things we know that ain’t
so.”

Artemus Ward
 Scientific Method
• The analysis and interpretation of empirical
evidence (facts from observation or
experimentation) to confirm or disprove prior
conceptions.
 Global Business Research
• General information about country - economic
conditions and political climate
• Cultural and consumer factors
• Market and competitive conditions - demand
estimation
 The Internet
Is Transforming Society
• Time is collapsing.
• Distance is no longer an obstacle.
• Crossing oceans is only a mouse click away.
• People are connected 24 hours a day, seven
days a week.
• "Instantaneous" has a new meaning.
 Internet Research
• Seeking facts and figures about an issue
• Surveys on Web sites
• Business research is defined as the systematic
and objective process of generating
information for aid in making business
decisions.