Business Research: Definition and Meaning

 Business research is systematic process of gathering, analyzing, recording,

observing, examining and evaluating of information and data related to issues
in business.
 Business research includes the analysis and evaluation of imperative area of
business.
 Business research is very much important and significant for the number of
people such as businessman, investors, customers, students studying business,
business researchers and entrepreneur.
 business research also helps to provides valuable information and insights
decision makers so as to organization enable to take appropriate decision and
thereby enhance their business performance.
 Business Research: Definition and Meaning

 Business research also helps to identify the potential of markets, needs of each
and how theses needs can be met.
 Business research needs to be done in order to gain of knowledge about the
particular subjects so that the right decision can be made about it and better
strategies can be formulated.
 Business research helps to find out most profitable product for business as well
as stay tuned to the latest consumer demand.
 In customer research, there is examining, evaluating and analysis of costumers’
requirement, expectations, feelings and experience on using of company
products.
 Area Of Conducting The Business Research

 Cost analysis
 Customer analysis
 Technology analysis
 Production methods and techniques
 Target analysis
 Location analysis
 Turn around analysis
 Identify trends in markets
 SWOT analysis
 Threats analysis
 Why study the business research?

There are having number of purpose, use and important of business

research.
 Helps to take decision about whether or not to enter into particular business.
 Helps to examine possibilities of the business to extend in geographical area,
potential demand, scope for product and cost of production.
 To find out the new marketing strategies.
 To explore the new market for new products.
 To identify the opportunities and gap in the market. To understand the price,
quantity and market share of competitors.
 To develop the more effective strategies for growth and development.
 To develop the more effective strategies for growth and development of the
firm.
 Components Of The Research

There are four components of the research.

1. Researcher: One who conduct the
research.
2. Research Sponsor: One who pay for the
research.
3. Research Participation: One who relies to questions.
4. Research Consumer: One who use the findings of the
research.
 Concept of Theory: Deductive and Inductive

While pursuing any research study, it is important to identify the appropriate nature of research
approach to be used. There are mainly two types of research approaches/ theories which allows to
explain, interpret, defend, challenges and explore which are deductive and inductive research approach.

Deductive Research Approach

 It is called as top-down approach.

 Starts with the general theory or hypotheses which is tested by the specific observation or experiments.
 Researcher tests the hypotheses through the collected data and observation.
 If the collected evidence does not support to hypothesis, the theory may need to revise or discard.
 It is often associated with the quantitative research methods and is used to test existing theories or
hypotheses.
 Inductive Research Approach

 The inductive research approach is a bottom-up research method where research starts with specific
observations or data and move to broader generalizations and theories.
 In the inductive research approach, researcher analyses individual observations and patterns to develop
a tentitative hypotheses or theories.
 This method is common in qualitative research where the goal is to generate new theories or insights
based on the collected data.
 Inductive reasoning allows researchers to explore new areas of study and develop original theories that
can then be further tested using deductive methods.
 Scientific Research Enquiry
 Scientific research inquiry helps to determine the accuracy and truthiness of the results which is based on the factual
and truth information, observation and experiments.
 Research inquiry is process of systematic and scientific inquiry of some field of knowledge that is based on the
sufficient relevant information which is analyzed and utilized in order to answer the question or solve a problem.
 It's a form of problem-solving that involves: Using what's already known, Thinking critically, Reasoning carefully, and
Building new scientific knowledge.
 The scientific method is a process that involves the following steps:
 Define a question to investigate
 Make predictions
 Gather data
 Analyze the data
 Draw conclusions
 A key part of the scientific method is the hypothesis, which is an assumption made based on some evidence. A
hypothesis is a plausible explanation for a question that must be testable and directly answer the question.
 Characteristics of the Scientific Methods

There are having various characteristics of scientific methods.

 It is a systematic and critical investigation into a phenomenon.
 It adopts the scientific methods.
 It is well defined. (clearly define the research problem with objectives and
research design in place).
 It is objective and logical.
 It is based on experience and evidence.
 Research aims to find answers to questions and solutions to problems.
 Research is based on the factual observations, quantified and recorded
data.
 Research Methods Vs Research Methodology
Research Methods:
 Research methods refers to various tools, techniques and processes used in
collection and analysis of the data and gain new information in order to better
understanding the research problem.
 Determines the types of data to be collected and analyzed.
 For example:
 Surveys,
 experiments,
 interviews
 observation.
 Business Research: Definition and Meaning

Research Methodology:
 Research methodology is the process of identifying, selecting, analyzing, and processing
information about a topic.
 Concerned with the overall strategy and framework of research
 Deals with the theoretical and philosophical underpinnings
There are having different types of research methodology which are based on
the qualitative, quantitative and mixed methods.
1. Qualitative Method:
In this method, there are using quantitative data as well as using of various
statistical methods in order to analysis of the data. It also helps to interpret the
relationship between or among the variables.
2. Qualitative Method:
In this methods, researcher uses non-numerical data in order to establishment
of patterns. Analysis of data is based on the language, images and observation.
3. Mixed Method:
Combines both quantitative and qualitative methods. This allows researchers to
validate findings, explain unexpected results, and verify if the results are complementary
 Research Methods Vs Research Methodology

 Research method focuses on the various techniques, tools and process used in data collection, while
research methodology refers to overall strategy and framework of research investigation.
 Research method involves specific procedures and steps to obtain information, whereas research
methodology guides the researcher in selecting appropriate research methods.
 Research method determines the type of data to be collected and analyzed, while research methodology
provides a systematic approach to conducting research.
 Examples of research methods include surveys, experiments, interviews, and observations, while research
methodology encompasses qualitative, quantitative, and mixed methods.
 Research method describes the process of data collection and analysis, whereas research methodology
relates to the theoretical and philosophical underpinnings of research.

Continuous……..
 Research Methods Vs Research Methodology

 Research method is more concrete and tangible, focusing on the practical aspects of research,
while research methodology is more abstract and conceptual, focusing on the theoretical aspects.
 Research method is a subset of research methodology, which encompasses the entire research
process.
 Research method is specific to a particular research project or study, while research methodology is
applicable across different research projects and studies.
 Research method determines the reliability and validity of research findings, whereas research
methodology determines the overall validity and soundness of research.
 Research method is concerned with the tools and techniques employed, while research
methodology focuses on the framework and approach utilized in the research process.
 Business Research: Definition and Meaning

In conclusion, the scope of research methodology is wider than that of research methods. It is an
important tool in a researcher’s tool bag. Hence, research methodology, refers not only to the research methods but also
to the logic behind the methods used in a given research study. In short, research is closely related to finding, selecting,
structuring and solving problems.
 What is Research Process? Steps involved in research process.

The research process or methodology is approach to the entire study. It is

the master plan. Irrespective of the research being conducted, there are several
fundamental stages one as to go through. Since research is a scientific process, it can
be carried out systematically in sequence of steps as described.
 Steps Involved In Research Process:
1. Defining The Research Problems:
 Every research begins with the research questions.
 Intellectual curiosity is base and foundation of the research investigation.
o Research problem find out through the previous literature review, shortlisting of
the new research topics, present problems of society and improvement of
process, operational and management etc.
 Research problem should be significance, feasible and originality.
 What is Research Process? Steps involved in research process.

2. Statement Of The Research Objectives:

 Setting of objectives and their goals are one of the most important and significant step of research process.
 Research objectives should be reflection of research problems as well as aligning with the research problem.
 It explain the what are the researcher aims and goals to achieve through the research?
3. Review of literature:
 it is very much important in order to find out the research gap, understand the previous and current research,
find out the future scope of present research investigation.
 Researcher takes review of previous literature such as books, journals, articles, published data, reports,
conference, proceeding, newspaper, magazines etc.
4. Formulation of hypotheses:
 Hypothesis of research investigation is based on the previous literature review, observations, experience and
beliefs about the research problems.
 What is Research Process? Steps involved in research process.

5. Research Design:
 Once the objectives of research is clearly defined and identified. Then, very next step is to prepare
the research design which is the blue print of the research investigation.
 It provides proper guideline for data collection, selection of research approach, determining the
sample design and design of experiment.
Research design should be covering following points….
 which research methods are using or adopting?
 How many samples are selected for present research investigation?
 What are the sources of primary data as well as secondary data?
 What are the tools using for collection of primary data?
 Which sample selection method has been adopted?
 Which statistical methods are using for analysis of data?
 What is Research Process? Steps involved in research process.

6. Sampling:
 Sampling is one of the most important and very significant step of research process where research
has been selected some samples from population for study in order to save some time, money,
energy and efforts.
 There are using various sample selection methods according to requirement.
7. Collection of the Data:
 Researcher is using primary data as well as secondary data according to requirement of the data.
 Researcher is using various tools for collection of the primary data such as schedule, questionnaire
and interview methods.
 Secondary data has been collected through the various articles, journals, books, thesis, reports,
newspaper (Published data) as well as unpublished data.
 What is Research Process? Steps involved in research process.

9. Analysis of Data and Testing of Hypothesis:

 After collection of the, various statistical methods and hypothesis testing has been used by research
in order to analysis and summarization of the results.
 First the data should be processed to make it suitable for analysis. The bulk data should be
compressed into a few manageable groups and tables for further analysis. This can be done using ..
 Feeding
 Coding
 Classification
 Tabulation
 Hypothesis Testing: researcher should check if the facts support the hypothesis or happen to be
contrary.
 What is Research Process? Steps involved in research process.

9. Interpretation Of The Results:

 In interpretation, the researcher presents an explanation in a systematic manner.
 Research results must have relevance for the decision to be made.
 Generalization of the results and draws inferences.
 Given the recommendations on the basis of results.
 Given the conclusion.
10. Report writing:
 This is the concluding or last step of research, where the researcher has to prepare the report of
what study has been done.
What is Research Process? Steps involved in research process.
What is Research Process? Steps involved in research process.
What is Research Process? Steps involved in research process.
What is Research Process? Steps involved in research process.
What is Research Process? Steps involved in research process.