UNIT I
1) Research
Research is the careful consideration of study regarding a
particular concern or problem using scientific methods.
According to the American sociologist Earl Robert Babbie,
“research is a systematic inquiry to describe, explain, predict,
and control the observed phenomenon. It involves inductive and
deductive methods.”
Research is conducted with a purpose to:
Identify potential and new customers
Understand existing customers
Set pragmatic goals
Develop productive market strategies
Address business challenges
Put together a business expansion plan
Identify new business opportunities
Characteristics of research;
1. Good research follows a systematic approach to capture accurate
data. Researchers need to practice ethics and a code of conduct
while making observations or drawing conclusions.
2. The analysis is based on logical reasoning and involves both
inductive and deductive methods.
3. Real-time data and knowledge are derived from actual
observations in natural settings.
4. There is an in-depth analysis of all data collected so that there
are no anomalies associated with it.
5. It creates a path for generating new questions. Existing data
helps create more research opportunities.
6. It is analytical and uses all the available data so that there is no
ambiguity in inference.
7. Accuracy is one of the most critical aspects of research. The
information must be accurate and correct. For example,
laboratories provide a controlled environment to collect data.
Accuracy is measured in the instruments used, the calibrations
of instruments or tools, and the experiment’s final result.
Three main purposes of research;
Exploratory: As the name suggests, researchers
conduct exploratory studies to explore a group of questions. The
answers and analytics may not offer a conclusion to the
perceived problem. It is undertaken to handle new problem areas
that haven’t been explored before. This exploratory process lays
the foundation for more conclusive data collection and analysis.
Descriptive: It focuses on expanding knowledge on current
issues through a process of data collection. Descriptive
research describe the behavior of a sample population. Only one
variable is required to conduct the study. The three primary
purposes of descriptive studies are describing, explaining, and
validating the findings. For example, a study conducted to know
if top-level management leaders in the 21st century possess the
moral right to receive a considerable sum of money from the
company profit.
Explanatory: Causal or explanatory research is conducted to
understand the impact of specific changes in existing standard
procedures. Running experiments is the most popular form. For
example, a study that is conducted to understand the effect of
rebranding on customer loyalty.
2) Types of research methods
Qualitative methods
Qualitative research is a method that collects data using
conversational methods, usually open-ended questions.
The responses collected are essentially non-numerical.
This method helps a researcher understand what
participants think and why they think in a particular way.
Types of qualitative methods include:
o One-to-one Interview
o Focus Groups
o Ethnographic studies
o Text Analysis
o Case Study
Quantitative methods
Quantitative methods deal with numbers and
measurable forms. It uses a systematic way of
investigating events or data. It answers questions to justify
relationships with measurable variables to either explain,
predict, or control a phenomenon.
Types of quantitative methods;
o Survey research
o Descriptive research
o Correlational research
It is essential to ensure that your data is:
o Valid – founded, logical, rigorous, and impartial.
o Accurate – free of errors and including required details.
o Reliable – other people who investigate in the same way can
produce similar results.
o Timely – current and collected within an appropriate time
frame.
o Complete – includes all the data you need to support your
business decisions.
