Business Research Methods

1. Business Research Methods Dr. N.SHANKAR Associate Professor

2. Research In common language, Research refers to “Search for Knowledge”. It is an art of scientific investigation. It is also a systematic design, collection, analysis and the reporting the findings and solutions for the marketing problems of a company. Research is required because of the following reasons: • To identify and find solutions to the problems • To help making decisions: • To develop new concepts • To find alternate strategies

3. BRM • 1. To identify and find solutions to the problems • Understand the problem in depth. By identifying the problem precisely it is easy to collect the relevant data to solve the problem. • Ex: Why Demand for a particular product is falling? • 2. To help making decisions: • Research provides answers to certain decisions. • Ex: Is the same advertising budget maintained? • 3. To develop new concepts: • Ex: Horizontal Marketing, MLM etc. • 4. To find alternate strategies • Ex: Should we follow pull strategy or push strategy to promote the product?

4. Business Research Introduction • Business research is a means of providing management with information. • The main purpose is to reduce uncertainty at the time when business strategy is being planned, and to monitor performance after the strategy has been implemented. • It has crucial role in aiding decision making, by ensuring continuous flow of data or information. • The information collected from business research and its contribution to decision making, depends largely on the nature of the problem. • If the problem is not correctly defined the information collected can go waste or may be irrelevant. • Any approach to designing a research project therefore should start from defining the problem carefully.

5. Few questions must be assured Few questions must be assured before one conducts research: 1. What information will aid decision making? 2. What are we going to do with this information? 3. How should we collect this information? 4. What are we going to measure? 5. How should we analyze results? 6. How much should we spend on the entire research process?

6. cost and value of information It is important to consider the cost and value of information that may be obtained before going in for research. The management also has to weigh upon the outcome of not using research, against the likely results of using it and therefore should address the following questions: 1. What decision are we faced with? 2. What are the implications of taking wrong decisions? 3. What is the risk of taking a wrong decision based on available information? 4. How can we justify the decision without collecting data?

7. Concept • Business research is intended to find out things about business matters in a systematic way. • The purpose is to advance knowledge and increase understanding by providing procedures that help managers to solve business problems. • The most notable twenty-first century business environment characteristics are: a fast-changing global market place and the need for cost-effective, accurate information and timely decision-making. • Management has to take decisions in an uncertain environment that is influenced by many factors. • Business research aims to provide management with information that can serve as a basis for sound decision-making. • Research Methodology provides a tool for management to meet the information requirements of key decision-makers. • Business research methods can provide management with reliable information if data are collected in a scientific manner. • Through research, new knowledge is discovered that aids management in finding solutions to specific business problems. This requires the development of an effective research process.

8. Meaning • Business research refers to any type of researching done when starting or running any kind of business. • For example, starting any type of business requires research into the target customer and the competition to create a business plan. • Conducting business market research in existing businesses is helpful in keeping in touch with consumer demand. • Small business research begins with researching an idea and a name and continues with research based on customer demand and other businesses offering similar products or services. • All business research is done to learn information that could make the company more successful. • The task of business research is to generate accurate information for use in decision making. • The emphasis of business research is on shifting decision makers from intuitive information gathering to systematic and objective investigation.

9. Definition ToMcDaniel and Gates “Business research is the planning, collection and analysis of data relevant to business decision-making and the communication of the result in this analysis to management”. In the words of John W Best, “Research is the systematic and objective analysis and recording of controlled observations that may lead to the development of generalizations, principles, or theories, resulting in prediction and possibly ultimate control of events”.

10. Nature or Characteristics of Business Research • Covering business region • Judging problem • Flexible • Deciding how to produce the product • Promoting Business

11. Nature or Characteristics of Business Research 1. Promoting Business The aim of any business research is how to better promote the business in an economically sound manner and to increase the businesses net profit, exposure and ensure its continuity. 2. Covering business region It includes all the regions in which the business operates, locally and internationally. Example: Setting-up a hotel means knowing local conditions such as attractions and competing establishments but also problems such as crime or obtaining supplies. 3. Judging problem One of the natures of business research is judging local problems of the environment in which our establishment is going to operate.

12. 4. Flexible Another characteristic of business research objectives is flexibility. The research may be programmed for one area and then something shows-up. If that “something” is pertinent, it should be investigated and included in the research. Research is discovering new things and factors, it should not be easily sidetracked but it also should not be inflexible. 5. Deciding how to produce the product Business research should include the use of the internet. If the business is manufacturing a specific product, look at the market size and options on how to produce the product. This is part of knowing who is competitor , but slightly different as it helps to best determine how to produce the product.

13. Scope of business research • Production and producing Methods • Personal and Industrial Relations • Purchasing and Inventory • Financing, Investment and credit • Market, the consumer and Marketing procedure • Economic conditions and Tendencies • Public and Government Relations

14. 1. Production and producing Methods: • Business research is used in production cost analysis, time and motion studies, machine depreciation and obsolescence; production stabilization. • 2. Personal and Industrial Relations • It is used in Aptitude and attitude tests, fatigue studies, wage employment, and retirement plans, employee organizations and activities, death and sickness disability benefit plans, and group insurance. • 3. Purchasing and Inventory • It is used for sources and prices of materials, purchasing methods and procedures, inventory control and storage. • 4. Financing, Investment and credit: • It is used for financial methods and operations, budget planning, investment of reserves divided policies, credit sources and costs.

15. 5. Market, the consumer and Marketing procedure • It is used for Market potentials, trading areas and sales quotas, distribution channels, distribution cost, price policies and competition, credit and collection, advertising, warehousing and transportation, consumer identity and attitudes. • 6. Economic conditions and Tendencies • It is used for Measurement and forecast of economic and business conditions, general price structure and price movements; trade and production changes; rates of return on investments and of profits on sales, national income estimates, taxation. • 7. Public and Government Relations • It is used for Relation of concern and its industry to public weal; public attitudes, exchange of information with government agencies; regulations by statute and administrative order.

16. Need of Business Research: A manager faced with two or more possible courses of action faces the initial decision of whether or not research should be conducted. The determination of the need for research centers on: • Time Constraints • Availability of Data • Nature of the Decision • Benefit versus Costs

17. Time Constraints: • Systematic Research doing takes time. In many instances, management concludes that because a decision must be made immediately, there will be no time for research. • As a result, decisions are sometimes made without adequate information or thorough understanding of the situation. • Although such rapid decision-making is not ideal, sometimes the urgency of a situation precludes the use of research. • 2. Availability of Data: • Often Managers already possess enough information to make sound decisions with no business research. When they lack adequate information, however, research must be considered. • Managers must ask themselves if the research will provide the information needed to answer the basic questions about a decision. • Furthermore if a potential source of data exists, managers will want to know, how much it will cost to obtain the data. If the data cannot be obtained, research cannot be conducted.

18. 3. Nature of the Decision: • The value of business research will depend on the nature of the managerial decision to be made. A routine tactical decision that does not require a substantial investment may not seem to warrant a substantial expenditure for research. For example, a computer company must update its operator’s instruction manual when it makes minor product modifications. • The research cost of determining the proper wording to use in updating the manual is likely to be too high for such a minor decision. • The nature of the decision is not totally independent of the next issue to be considered, the benefits versus the costs of the research. • In general, however the more strategically or tactically important the business decision, the more likely it is that research will be conducted.

19. Benefit versus Costs: • Conducting research activities to obtain these benefits requires expenditure, thus there are both costs and benefits in conducting business research. • In any decision-making situation, managers must identify alternative courses of action, then weigh the value of each alternating against its cost. It is useful to think of business research as an investment alternative. • When deciding whether to make a decision without research or to postpone the decision in order to conduct research, managers should ask, • Will the pay-off or rate of return be worth the investment? • Will the information gained by business research improve the quality of the decision to an extent sufficient to warrant the expenditure? And • Is the proposed research expenditure the best use of available funds?

20. Types of Business Researches Basically it is of four types. They are, • Marketing Research: • Market Research: • Product Research • Advertising Research:

21. 1. Marketing Research: Consumer Research or Marketing Research includes a form of applied sociological study, which concentrates on understanding the behaviors, whims and preferences, mainly current and future of consumers in a market based economy. 2. Market Research: Market research has a broad scope and includes all aspects of the business environment. It asks questions about competitors, market structure, government regulations, economic trends, technological advances and numerous other factors that make up the business environment. Sometimes the term refers more particularly to the financial analysis of companies, industries or sectors. In this case, financial analysts usually carry out the research and provide the results to investment advisors and potential investors.

22. 3. Product Research: This looks at what products can be produced with available technology, and what new product innovations near-future technology can develop. 4. Advertising Research It attempts to assess the likely impact of an advertising campaign in advance, and also measure the success of a recent campaign.

23. Significance or Importance of Business Research The prime managerial value of business research is that it reduces uncertainty by providing information that improves the decision-making process. This process associated with the development and implementation of a strategy involves four interrelated stages. • Identifying problems or opportunities • Diagnosing and Assessing Problems or Opportunities • Selecting and Implementing a course of Action • Evaluating the course of Action:

24. 1. Identifying problems or opportunities: • Business research can help managers to plan strategies by determining the nature of situations or by identifying the existence of problems or opportunities present in the organization. • It can be used as a scanning activity to provide information about what is occurring with an organization or in its environment. • The mere description of some social or economic activity may familiarize managers with organizational and environmental occurrences and help them to understand a situation. • 2. Diagnosing and Assessing Problems or Opportunities • After an organization recognizes a problem or identifies a potential opportunity, an important aspect of business research is the provision of diagnostic information that clarifies the situation. • Managers need to gain insight about the underlying factors causing the situation. • If there is a problem, they need to specify what happened and why. If an opportunity exists they may need to explore, clarify and refine the nature of the opportunity. • If multiple opportunities exist research may be conducted to set priorities. • Quantitative or qualitative investigations may help managers to better understand what alternative courses of action are practical

25. 3. Selecting and implementing a Course of Action • After the alternative courses of action have been clearly identified business research is often conducted to obtain specific information that will aid in evaluating the alternatives and in selecting the best course of action. • Opportunities may be evaluated through the use of various performance criteria. For example, estimates of market potential allow managers to evaluate the revenue that will be generated by each of the possible opportunities. • A good forecast supplied by business researchers is among the most useful pieces of planning information a manager can have. 4. Evaluating the course of Action • After a course of action has been implemented, business research may serve as a tool to inform managers whether planned activities were properly executed and whether they accomplished what they were expected to accomplish. • Evaluation research is formal, objective measurement and appraisal of the extent to which a given activity, project or program has achieved its objectives. • In addition to measuring the extent to which completed programs achieved their objectives or whether continuing programs are presently performing as projected, evaluation research may provide information about the major factors influencing the observed performance levels. • Performance-Monitoring research is a specific type of evaluation research that regularly perhaps routinely provides feedback for the evaluation and control of recurring business activity.

26. Types of Research

27. Types of Research On the basis of Intent 1. Pure 2. Applied research 3. Descriptive research 4. Exploratory research 5. Diagnostic Research 6. Conceptual research 7. Action research 8. Evaluation research

28. 1. Pure Research • Pure research is also called as fundamental research. This is conducted with view for the sake of the knowledge having no intention of its application. • This study is conducted for generalized which will help us to form certain theory. • In pure research if study is conducted to assess human behavior, it may provide us generalization in relation to normal human behavior. • Pure research offer solutions to many practical problems. It helps us to find out various crucial factors. It develops many alternative solutions. 2. Applied research • Applied research is carried out when any real-life problem or social problem requires immediate solution which can be helpful in policy formulation by the concerned agency. This is considered problem oriented and action directed activity in which immediate and practical results are required. • There is vast scope for applied research in the field of technology, management, commerce and economics, as it contributes to the development of new facts or testing of new theory. • Applied research can put theory to the test, it may add to conceptual clarification and integrate previous existing theories.

29. 3. Descriptive research: • Descriptive research is termed as Ex-post-facto research. • This type of research is mainly concerned with description of facts only. • It is an expiration of state of affairs as they exists. This includes surveys and facts findings enquiries. • The main important aspect of this type of the study is that researcher has no control on the variables under investigation; he can only describe things as they exist and discover the causes. 4. Exploratory Research or Formulative research: • It helps us to investigate any problem with suitable hypothesis. • This research on social science is particularly important for clarification of any concept and throwing new light for further research on principles of developing hypothesis and its testing with statistical tools.

30. 5. Diagnostic Research This is similar to descriptive study but with a different focus. It is directed towards discovering what is happening, why is it happening/ and what can be done about. It aims at identifying the causes of a problem and the possible solutions for it • Purpose: A diagnostic study may also be concerned with discovering and testing whether certain variables are associated, e.g., are persons hailing from rural areas more suitable for managing the rural branches of banks? Do more villagers than city-voters vote for a particular party? • Requirements: Both descriptive and diagnostic studies share common requirements, viz., prior knowledge of the problem, its thorough formulation, clear-cut definition of the given population, adequate methods for collecting accurate information, precise measurement of variables, statistical analysis and test of significance. As the aim is to obtain complete and accurate information about a given situation/phenomenon, the research design must make much more provision for protection against bias than is required in an exploratory study. Moreover, the amount of work involved is considerable and so concern with economy of research effort is extremely important.

31. 6. Conceptual Research: Conceptual research is conducted by the thinkers and philosophers for developing new theories or for reinterpreting old one. In this type of research the researcher should collect the data to prove or disapprove his hypothesis. The various ideologies are examples of conceptual research. 7. Action Research: When researcher is conducted for the survey in a single workplace, than action research is commonly used in such cases. The focus in action research is given in improving working practices. The action research has practical purpose and it is directed towards organizational changes in managerial set-up. The action research theories are valid through practice, rather than applied independently to practice. It is conducted through direct action. In action research is conducted in various phases like, base line survey, systematic action and periodical assessment. 8. Evaluation Research This is an example of applied research. This research is conducted to find out how well a planned programme is implemented. Therefore, evaluation research deals with evaluating the performance or assessment of a project. Example: “Rural Employment Programme Evaluation” or “Success of Midday Meal Programme”.

32. II. On the basis of nature of data Quantitative research and Qualitative research • It denotes to methods that generate data comprising of numbers. This research is conducted for the measurement of quantity and it is applicable to the work which can be expressed in terms of quantity only. • Qualitative research relates to quality involved in assessment. It generates the data that is verbal. Assessment of human behavior is a qualitative research. • It is difficult to find out which research is quantitative and which one is qualitative. There are four main methods for these types of research work namely – interview, questionnaires, observations and documents analysis. On the basis of their explanation none of this can be exclusively labeled as quantitative or qualitative. Accordingly the labels of quantitative and qualitative should be applied to data rather than to methods. • Motivation research is important type of qualitative research, which is conducted to assess the motive or desire of human behavior. Likewise Opinion research is also qualitative research conducted to know how people feel about particular subject.

33. III. On the basis of methods of study 1. Analytical Research It relates to critical evaluation of the existing facts and information which is used in order to draw certain conclusions. 2. Empirical Research Empirical research is based on observation or experience without due regards to theories. In this type of research working hypothesis is provided and then data is collected to prove or disprove this. Researcher here sets up the design for desired results. 3. Formalized Research When hypothesis is tested in the research study it is known as formalised research.

34. 4. Survey Research A survey is conducted with an object to understand specific aspect in defined population. Usually the population in study is so large that the access to all the elements is impossible. Therefore sample taken from the population will make it possible to draw the conclusions regarding population. The purpose of the survey is to understand phenomena by identifying influencing factors. Survey are normally conducted through questionnaires but sometimes interview method is used to collect necessary information. The method of conducting survey may also be applied to analyzing large data files in an organization by using sample form. Survey method is widely accepted for following reasons. 1. Greater amount of objectivity 2. Greater reality in findings and conclusions. 3. It is most scientific method for obtaining data and dependable result. 4. Direct observation of the population has possibility of getting accurate results. 5. Survey is extensively used in all the areas for its merit.

35. 5. Case study • It is very difficult to define, when the phenomena under investigation are not readily form its context in such situation case study becomes appropriate. It is characterized by in-depth study of organization. It is a concept and intensive study of business situation. • Case study is method of investigation for exploring a live situation it is a in-depth study of situation as whole. It is in the form of qualitative and quantitative analysis where careful observation of situation is done. • A case study uses various methods for collecting information may be in form of interview, questionnaires, observation and documentary analysis. By this, wide variety of relevant dta is collected. • A case is report containing facts and opinions expressed by the people. The cases are designed to acclimatize the situation to participant. This provides the description of the decision taken in particular situation. 6. Field Investigation • The field investigation is conducted in the assessment of actual situations. The results in this type of work is more realistic. In order to have these results accuracy is required to be maintained by making selection of proper sample. In field investigation it is very difficult to control variables and informants in the field. 7. Library Research • When secondary data is reliable enough to be used for drawing conclusions than library research is very useful. This type of research is based on the assessment of the data available from books, periodicals and journals available in the library. • The observations and conclusions drawn in these cases may be bias if data is not used carefully. As this is only compilation of available data it is not considered as actual research work. If systematic investigation is made it can also be very useful research study.

36. Exploratory Research • The major emphasis in exploratory research is on converting broad, vague problem statements into small, precise sub-problem statements which is done in order to formulate specific hypothesis. • The hypothesis is a statement that specifies, “how two or more variables are related?” In the early stages of research, we usually lack from sufficient understanding of the problem to formulate a specific hypothesis. Further, there are often several tentative explanations. • Example: “Sales are down because our prices are too high”, “Our dealers or sales representatives are not doing a good job”, “Our advertisement is weak” and so on. • In this scenario, very little information is available to point out, what is the actual cause of the problem. • We can say that the major purpose of exploratory research is to identify the problem more specifically. Therefore, exploratory study is used in the initial stages of research.

37. Causal Research • Causal research refers to the existence of a cause and effect relationship. • This research provides evidence that suggests whether a cause and effect relationship exists or does not exist. • It describes whether an independent variable directly influences the behavior of a dependent variable. • This can be explained with an example. Suppose managers at a hospital want to know the extent to which advertising creates revenue for hospitals, they can go in for causal research. • This information will enable them to decide how much money to allocate towards advertising for hospitals.

38. Cross- Sectional Research • A cross-sectional study is concerned with a sample of elements from a given population. Thus, it may deal with households, dealers, retail stores, or other entities. • Data on a number of characteristics from the sample elements are collected and analysed. The cross-sectional study is the most frequently used descriptive design in marketing research. • Cross-sectional design involves the collection of information from any given sample of population elements only once. • They may be either single cross-sectional or multiple cross-sectional. In single cross-sectional designs, only one sample of respondents is drawn from the target population and information is obtained from this sample only once. • These designs are also called sample survey research designs. Time Series Research • Time-series design is an additional evaluation research design type. This design type entails measurements made over a fixed time period, such as the study of traffic accident rates before and after the lowering of the speed limit in an area.

39. Research Questions • A research question is the hypothesis of choice that best states the objective of the research study. It is a more specific management question that must be answered. It may be more than one question, or just one. • A research process that answers this more specific question provides the manager with the information necessary to make the direction he or she is facing. Fine tuning the research question • The term fine-tuning might seem to be an odd usage for research, but it creates an image that most researchers come to recognize. Fine-tuning the question is precisely what a skilful practitioner must do after the exploration is complete. • At this point, a clearer picture of the management and research questions begins to emerge. After a preliminary review of the literature, a brief exploratory study, or both the project begins to crystallize in one of two ways: • 1. It is apparent the question has been answered and the process is finished. • 2. A question different from the one originally addressed has appeared. • The research question does not have to be materially different, but it will have evolved in some fashion. This is not cause for discouragement. • The refined research questions will have better focus and will move the research forward with more clarity than the initially formulated questions.

40. In addition to fine-tuning the original question, other research question-related activities should be addressed in this phase to enhance the direction of the project: • Examine the concepts and constructs to be used in the study. Are they satisfactorily defined? Have operational definitions been employed where appropriate? • Review the research questions with the intent of breaking them down into specific second and third level question. • If hypotheses are used, be certain they meet the quality tests. • Determine what evidence must be collected to answer the various questions and hypotheses. • Set the scope of the study by stating what not a part of the research question is. This will establish a boundary to separate contiguous problems from the primary objective. When the characteristics or plausible causes of the problem are well defined and the research question is clearly states, it is possible to deduce the essential sub questions that will guide the project planning at this stage of the research process. However, if the research question is somewhat or very poorly defined, the researcher will need further exploration and question revision to refine the original question and generate the material for constructing investigative questions.

41. Investigative Questions: • Investigative questions are questions the researcher must answer to satisfactorily arrive at a conclusion about the research question. • To formulate them, the researcher takes a general research question and breaks it into more specific questions about which to gather data. • This fractionating process can continue down through several levels of increasing specificity. • Investigative questions should be included in the research proposal, for they guide the development of the research design. They are the foundation for creating the research data collection instrument. In developing your list of investigative questions, include: • Performance considerations (like the relative costs of the options, the speed of packing serviced lap-tops and the condition of test laptops packaged with different materials). • Attitudinal issues (like perceived service quality), • Behavioral issues (like employees’ ease of use in packing with the considered materials).

42. Measurement Questions • Measurement questions should be outlined by completion of the project-planning activities but usually await pilot testing for refinement. • There are two types of measurement questions: predesigned, pretested questions and custom-designed questions. • Predesigned measurement questions are questions that have been formulated and tested by previous researchers, are recorded in the literature, and may be applied literally or be adapted for the project at hand. Some studies lend themselves to the use of these readily available measurement devices. This provides enhanced validity and can reduce the cost of the project. • More often however, the measurement questions should be custom-tailored to the investigative questions. The resources for this task will be the collective insights from all the activities in the research process completed to this point, particularly insights from exploration.Later, during pilot testing of the data collection instrument(s) these custom-designed questions will be refined. • In surveys, measurement questions are the questions we actually ask the respondents. They appear on the questionnaire. In an observation study, measurement questions are the observations researchers must record about each subject studied.

43. Research Problems • The entire research activity is based on the proper identification of the research problem. Unless the researcher diagnoses the problem correctly no appropriate solution can be provided. • Therefore research activities form a cycle which starts with identification of research problem and ends on the solution to the problem. It means research problem is an axis, where a whole research activity revolves. This research problem will speak out the aims and objectives of the research work. • Research problem is the situation that causes researcher to feel confused. It is the demarcation of the problem area within the context of the problem situation. It is the problem situation which may give rise to research problem. • The researcher who is conducting research study experiences some difficulties in relations to solutions to be sought. Therefore sources usually contribute to identification, selection and formulation of the research problem. • The research problem forms a cycle, as research start with problem and ends on the problem. The problem arises on account of difficulties in research faced by the researchers and he has definite objectives to be attended by the research. • As there are various alternative available for research and researcher has to opt for one. In this case he is totally undecided about selection of the alternatives.

44. In precise • A research problem refers to some difficulty which an organization faces and wishes to obtain a solution for the same. • While doing research, defining the problem is very important because “problem clearly stated is half-solved”. This shows how important it is to “define the problem correctly”. • While defining the problem, it should be noted that definition should be ambiguous. If the problem defining is ambiguous, then the researcher will not know “what data is to be collected” or “What technique is to be used” etc.

45. Need of defining a problem: The definition of a problem serves the following purposes: 1. The definition of a problem sets the direction of the study. 2. The definition reveals the methodology or procedure of the study. 3. The definition helps the researcher to control subjectivity or biases of the researcher. 4. The definition of the problem suggests and specifies the variables to be taken-up into the investigation through a problem involved into so many variables. 5. The definition makes the researcher work practicable.

46. Components of a Research Problem • There must be an individual or a group, which has some difficulty or the problem. • There must be some objective to be attained at. If one wants nothing, one cannot have a problem. • There must be alternative means for obtaining the objectives one wished to attain. This means that there must be at least two means available to a researcher for if he has no choice of means, he cannot have a problem. • There must remain some doubt in the mind of as researcher with regard to the selection of alternatives. This means that research must answer the question concerning the relative efficiency of the possible alternatives. • There must be some environment(s) to which the difficulty pertains. • Thus, a research problem is one, which requires a researcher to find out the best solution for the given problem, i.e., to find out by which course of action the objective can be attained optimally in the context of a given environment.

47. Criteria for selecting Research Problem Researcher should take utmost care in selecting research problem. It should be his independent thinking in relation to the problem. The necessary guidance can be sought to work out the problem and following facts must be given due consideration while selecting research problem. • The subjects which are overdone and on which sufficient work has already been conducted in particular area should be normally avoided by the researcher. It will be very difficult to throw new light on such type of the topics. • There are certain topics which are controversial in nature and in spite of our all efforts no purposeful conclusions can be drawn. • While selecting research problem, the problem which is very narrow or very vague should be avoided for the purpose of the study. • Whatever subject is selected for the study must have the resources available, which should be within the reach of the researcher. • Selection of research problems require due consideration for time, training and cost involved in the research project. • No research problem should be selected without having primary study of the subject.

48. Identification of the problem The desire to solve research problem or to know more about the fact is the main motivation for which the research study is conducted. Therefore it is necessary for researchers to identify the research problem. The identification of research problem can be classified as under a. Conceptual Problem: This type of problem can be solved by creative thinking for the problem. b. Empirical Problem: This type of problems can be solved by inductive reasoning, which should be based on the observation made. c. Logical Problem: This problem can be solved by deductive methods. Now it is very clear from the above expiation of the fact that identification of the research problem means clear and accurate assessment of the research problem. In order to solve the research problem.

49. Selection of the Research Problem: • The problem which is selected on specific rational helps us to complete the project in stipulated time period and within the prescribed financial outlay. In order to boost up the moral of the researcher proper selection of the problem is essential. • The factors which requires due consideration for selecting research problems are stated as below: 1. Interest of the researcher: The interest of the researcher is the main factor while selecting problem. It is the attitude, spirit and dedication of the researcher towards his research study, that will generate the interest in the research study. Therefore the personal interest of the researcher is very much essential in any of the research study. 2. Importance of the topic of the study Topic selected for the study should not only be socially relevant but it must be useful for the society. It should be having the reference to the practical field. The results of this type of social relevant study will be used by the concerned individual or group of the individuals. 3. Avoid the selection of the monotonous problem The researcher should avoid to use monotonous problem for the purpose of the research study. Such topic for the research may not be able to generate solution for utility of the subject matter. Therefore there should be novelty of ideas in the subject so as to have the proper utility of the research study.

50. Research Problems in Management/ Types of Business Problems Encountered by Researchers: • Business executives in each of eh functional areas of management, viz, marketing, production, finance and personnel are confronted with several interacting decision-making problems in their day-to-day operation. Many of these problems demand a systematic research which will aid the executives to take optimal and effective decisions. Marketing: Different research topics studied under marketing management are: • 1. Product identification • 2. Demand-supply analysis • 3. Market Segmentation • 4. Pricing • 5. Design of advertisements Production: • 1. Forecasting • 2. Inventory control • 3. Line of balance • 4. Project management • 5. Modern production system design, like JIT, computer integrated manufacturing, flexible manufacturing, agile manufacturing, logistics management, total quality management etc.