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Research Methods for Business

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  1. Research Methods for Business • Content • Research and Business Research – Definitions • Manager and Researcher – Relationship • Usefulness of Research for Managers • The Hallmarks of Scientific Research Session 2 Dr. K.V. Kannan M.B.A., M.F.T., Ph.D. Senior Faculty, KSRBS, T’gode.

  2. Learning Objectives • Describe what research is and how it is defined • Understand the relationship existing between manager and researcher • Explain why managers should know about research • Explain the hallmarks of scientific research

  3. Business Research “The systematic and objective process of gathering, recording, and analyzing data for making business decisions.” - William G. Zikmund

  4. Manager – Researcher Relationship Researcher should look Manager as a Client

  5. Usefulness of Research for Managers • A manager will be able to know how to differentiate good from bad research • A manager can combine experience with scientific knowledge while making decisions if he or she is familiarized in research Asian Paints – Creating Festivals Boosting the sale with celebrities • Research methods will enable the managers to understand, predict, and control their environment Asian Paints – Catering to customer requirements Chik way of doing things • Knowledge of research and problem-solving processes helps managers to identify problem situations before they get out of control Inflation and FMCGs/FMHGs – 180 ml/230 ml

  6. Usefulness of Research for Managers [Cont..] • Manager will be able to grasp fully what the published empirical research really conveys • Manager will be equipped to take intelligent, educated, calculated risks with known probabilities attached to the success or failure of their decisions R Power & RPL -- $25 per barrel to save $1.1 trillion for India • A manager can get related to hired researchers and consultants more effectively

  7. The Hallmarks of Scientific Research • Purposiveness • Rigor • Testability • Replicability • Precision and Confidence • Objectivity • Generalizability • Parsimony

  8. ? Thank You

  9. Research “It is an organized, systematic, data-based, critical, objective, scientific inquiry or investigation into a specific problem, undertaken with the purpose of finding answers or solutions to it.” - Uma Sekaran

  10. “It is a systematic inquiry that provides information to guide business decisions.” - Donald R. Cooper & Pamela S. Schindler