RESEARCH METHODOLOGY

1. RESEARCH METHODOLOGY (Business Research Methods) Week 1 MBA III (Research Methodology)

2. How This Course Will Be Conducted • Comprehensive introduction to Research Methodology (Business Research Methods) • Knowledge acquisition الاكتساب and application of subject matter to real-life situations • Course literature • Use of multimedia visual aids (MS PowerPoint slides) • Reference to case studies when desirable • Encouragement of questions, comments and constructive criticism النقد from course participants • Analytical and critical thinking, inquisitiveness الفضول as well as common sense from course participants also expected MBA III (Research Methodology)

3. Introduction to research methodology Research Terminology and the Scientific Method Designing and implementing a research project Ethics in Research Types of Research Measurements in Research Course Highlights • Primary and Secondary Data • Analyzing primary and secondary data (quantitative techniques) • Communicating Research Results • Undertaking Research Project by the course participants

4. What is Business Research? • Business Research may be defined as the “systematic and objective process of gathering, recording and analyzing data for aid in making business decisions” (Zikmund, Business Research Methods, 2002, p. 6) • Systematicness and Objectivity are its distinguishing features of Business Research, which is important tool for managers and decision-makers in corporate and non-corporate organizations

5. When is Business Research Used? Typically, business research methods are used in situations of uncertainty, that is, when decision-makers face two or more courses of action and seek to select the best possible alternative under the circumstances. Business Research is hence aimed at improving the quality of decision-making which, in turn, benefits the organization and helps ensure its continuity and efficiency

6. Typical Users of Business Research Methods • Businesses and Corporations • Public-Sector Agencies • Consulting Firms الشركات • Research Institutes • Non-Governmental Organizations NGO • Non-Profit Organizations • Independent Researchers and Consultants

7. Common Business Research Methods & Techniques • Surveys • Interviews • Observation • Experiments • Archival and Historical Data • Qualitative Analysis • Quantitative Analysis

8. General Business Conditions and Corporate Research Short- & Long-Range Forecasting Business and Industry Trends الإتّجاهات Global Environments Inflation and Pricing Plant and Warehouse Location Fields Where Business Research is Often Used – (1) • Management and Organizational Behaviour Research • Total Quality Management • Morale and Job Satisfaction • Leadership Style • Employee Productivity • Organizational Effectiveness • Structural issues • Absenteeism الغياب and turnover • Organizational Climate

9. Financial and Accounting Research Forecasts of financial interest rate trends توقعات اتجاهات أسعار الفائدة المالية Stock السهم,bond السّند and commodity السلعة value predictions capital formation alternativesبدائل تكوين رأس المال mergers and acquisitions عمليات الاندماج والاستحواذ risk-return trade-offs المخاطر والعوائد المقايضات portfolio analysis impact of taxes تأثير الضرائب research on financial institutions expected rate of return المعدل المتوقع للعائد capital asset pricing models نماذج تسعير الأصول الرأسمالية credit risk مخاطر الائتمان cost analysis تحليل التكاليف Fields Where Business Research is Often Used – (2)

10. Sales and Marketing Research Market Potentials إمكانات السوق Market Share سوق الاسهم Market segmentation تجزئة السوق Market characteristics Sales Analysis Establishment of sales quotas تحديد حصص المبيعات Distribution channels New product concepts مفاهيم Test markets أسواق الاختبار Advertising research Buyer behaviour Customer satisfaction Website visitation rates معدلات زيارة الموقع Fields Where Business Research is Often Used – (3)

11. Information Systems Research Knowledge and information needs assessment معرفة ومعلومات تقييم الاحتياجات Computer information system use and evaluation استخدام نظام المعلومات الحاسوبية والتقييم Technical suppot satisfaction Database analysis تحليل قاعدة البيانات Data mining استخراج البيانات Enterprise resource planning systems نظم تخطيط موارد المؤسسات Customer relationship management systems نظم إدارة علاقات العملاء Fields Where Business Research is Often Used – (4)

12. Corporate Responsibility Research بحوث مسؤولية الشركات Ecological Impact الأثر البيئي Legal Constraints on advertising and promotion القيود القانونية على الإعلان والترويج Sex, age and racial discrimination / worker equity الجنس والعمر والتمييز العنصري / عامل الإنصاف Social values and ethics القيم الاجتماعية والأخلاق Fields Where Business Research is Often Used – (5)

13. A firm شركة wants to produce and market a new product but first wants to ascertain if there is a potential consumer demand for this product in markets x, y and z a multinational firm شركة متعددة الجنسيات wants to establish a production facility in another country after determining its technical and economic feasibility A government agency wants to ascertain the satisfaction level of its employees, the causes for any possible discontent استياء, and propose a scheme for enhancing this level A financial institution wants to invest in commodities السلع and commissions a study to determine the past trends and forecast future returns in a portfolio of commodities تحديد الاتجاهات السابقة وتوقعات العوائد المستقبلية في مجموعة من السلع The CEO of a firm wants to undertake a SWOT-Analysis as part of his plan to redefine his organization’s priorities Selected Examples of Real-Life Situations in Which Business Research Methods are Used

14. SWOT Analysis SWOT analysis (alternatively SWOT Matrix) is a structured planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture مغامرة. A SWOT analysis can be carried out for a product, place, industry or person. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieving that objective.

15. Basic and Applied Research Basic Researchaims to expand the frontiers الحدودof science and knowledge by verifying or disproving بطلان the acceptability of a given theory or attempting to discover more about a certain concept (non-specificity) Applied Researchfocuses on a real-life problem or situation with a view to helping reach a decision how to deal with it (Specificity)

16. Science has been defined as “the methodological and systematic approach to acquisition اكتساب of new knowledge” (Geoffrey Marcyzk, David DeMatteo, David Festinger, Essentials of Research Design and Methodology, John Wiley & Sons, 2005, p. 4). The scientific method, which has evolved since the 13th century, concerns the set of tools, techniques and procedures used by basic and applied researchers to analyze and understand phenomena and prove or disprove prior conceptions. Science and the Scientific Method

17. The Essence جوهر of the Scientific Method Characteristics of the Scientific Method Objectivity Systematic Analysis Logical Interpretation of Results Elements of the Scientific Method Empirical Approach Observations Questions Hypotheses Experiments Analysis Conclusion Replication الإستنساخ General Laws Basic Research Scientific Method Applied Research Information or Ideas for alternative Courses of action

18. The Value of Business Research for Managers–(1) Reduction of uncertainty and improvement in the quality of decision-making with several consequent advantages (e.g. strategic, operational) and benefits for organizations Business Research Methods can be employed in each of the following four stages: • Identification of problems and/or opportunities Useful for strategy planning, analysis of internal and external organizational environment

19. The Value of Business Research for Managers – (2) (2) Diagnosing and Assessment of problems and/or opportunities Its purpose is to gain insight into the underlying reasons and causes for the situation. If there is a problem, it asks what happened and why? If there is an opportunity, it seeks to explore, clarify and refine the nature of the opportunity and, in the case of multiple opportunities, seeks to set priorities (3) Selection and Implementation تطبيق of Courses of Action After alternative courses of action have been determined, selection of the best possible course.

20. The Value of Business Research for Managers – (3) An important consideration is the quality of forecasting which is an essential tool of research (4) Evaluating the Course of Action Business Research Methods are used after a course of action has been implemented in order to determine whether activities have been properly implemented and have accomplished what they intended to do

21. The Value of Business Research for Managers – (4) Evaluation Research – It is the formal objective measurement and evaluation project or program has achieved its goal of the extent which an activity, and the factors which influence performance. It is also the formal objective measurement and evaluation of the extent to which on-going activities, projects or programs are meeting their goals (performance-monitoring research) Examples of performance-monitoring research: • Are railway passengers satisfied with the level of service the railway company is providing? If not, then research may need to be undertaken to ascertain the reasons for customer dissatisfaction and propose corrective measures • What are the trends الإتّجاهات in retail and wholesale sector? Can research suggest new ways to improve efficiency in purchase transactions?

22. When Should Business Research be Undertaken? Is sufficient time available? NO Yes Is information adequate? Do not undertake Business Research Yes High importance of decision? Yes Research benefits greater than costs? Undertake Business Research

23. Value and Costs of Undertaking Business Research VALUE COSTS Decreased Uncertainty Higher Likelihood of Correct Decisions Better Business performance Higher Profits Better Reputation Research Costs Delay in Making Business Decisions Disclosure of Information to Rivals المنافسون Possibility of Error

24. Blend خليط of information, experience and in-sights that provides a framework that can be thoughtfully بشكل مدروس evaluated when assessing new information or evaluating relevant situations KNOWLEDGE Determination of relationship amongst data with a view to facilitating understanding of the phenomena, their relationships and decision-making (e.g. past and predicted future sales trends) INFORMATION DATA Measurements of phenomena (e.g. sales statistics of a department store) The Building Blocks of Research

25. Demands on Data & Information • Relevance to the problem or situation at hand • Must be available in a timely manner to the right person (manager or decision-maker) • Completeness • Accuracy • Accessibility سهولة المنال • Affordability • Ability into decision-support systemالقدرة في نظام دعم القرار

26. Global Information Support Systems A Global Information System may be defined as “ an organized collection of computer hardware, communication equipment, software, data, and personnel designed to capture, store, update, manipulate, analyze, and immediately display information about worldwide business activities” A Global Information System is a tool for providing past, current and projected information on internal operations and external activity. It organizes and integrates يكاملdata from production, operations, marketing, finance, accounting and other business functions

27. Decision-Support System • A computer-based system that helps decision makers confront problems through direct interaction with databases and analytical software programs • The purpose of a decision support system is to store data and transform them into organized information that is easily accessible to decision-makers • Decision-Support Systems are integrated متكامل in Global Information Systems. They are aimed usually for assisting managers and decision-makers in specific organizational business units (e.g. divisions, departments and functional areas) by providing organized and adaptable information

28. Databases & Software • Databases are collections of raw data which have been arranged in a logical manner and which can be stored and processed electronically • Software are programs that allow complex operations to be undertaken on data and which give information for managers and decision-makers • Data Warehousing & Data Mining مخازن البيانات واستخراج البيانات

29. Data and Information Sources for Business Researchers – (1) • Internal Records Example: Data about costs, shipments, inventory الجرد, sales, and other aspects of regular operations which are collected from various functional areas of an organization • Proprietary Business Research Example: New data and information from projects which are undertaken to study specific company problems • Business intelligence Systems Example: Information about nonrecurring غير رجوع developments in the external business environment stemming الإستئصالfrom a network of sources and regular procedures

30. Data and Information Sources for Business Researchers – (2) • On-Line Databases Examples: PROQUEST, INFOTRAC, DIALOG, LEXIS-NEXIS, Dow Jones News Retrieval Services, CompuStat • Internet Examples: World Wide Web search engines (Google, Yahoo, Altavista, Lycos, Excite etc.) • All Other Sources Examples: Research Institutions, Libraries, Books, Journals, Periodicals, Newspapers, Chambers of Commerce and Industry

31. Business Research in the International Context Business Research is being increasingly applied in an international context in the wake of globalization and the consequent freedom of movement of the resources of labor, capital and information of businesses and corporations: • Frame overseas market potential • Joint ventures and relocating production lines overseas • work considerations for investment and trade (e.g. culture, legal environment, security, physical infrastructure, availability and quality of human resources, logistics, political stability, trade and investment incentives)

32. Data and Information Sources for Business Researchers (Pakistan) • Federal and provincial ministries of commerce, industries and production • Federal, provincial and city Chambers of Commerce and Industry • State Bank, local and foreign banking institutions • Stock Exchanges • National Investment Board • Export Promotion Bureau • Manufacturers, Traders and Exporters Associations • Research Institutes (e.g. Institute of Development Economics) • Newspapers and Magazines • Business and Trade Directories • Internet

33. Business Recorder(www.brecorder.com)