Solutions to Assignments
MCO-03 -
Research Methodology and Statistical Analysis
Question No. 1
What is meant by business research process? What are the various stages / aspects involved in the research process?
Business research is a process of acquiring detailed information of all the areas of business and using such Business research is one of the most effective ways to understand customers, the market and competitors. Such research helps companies to understand the demand and supply of the market. Using such research will help businesses reduce costs, and create solutions or products that are targeted to the demand in the market and the correct audience.
Business research is the first step that any business owner needs to set up his business, to survive or to excel in the market. The main reason why such research is of utmost importance is that it helps businesses to grow in terms of revenue, market share and brand value. in maximizing the sales and profit of the business. Such a study helps companies determine which product/service is most profitable or in demand. In simple words, it can be stated as the acquisition of information or knowledge for professional or commercial purpose to determine opportunities and goals for a business.
In-house business research can enable senior management to build an effective team or train or mentor when needed. Business research enables the company to track its competitors and hence can give you the upper hand to stay ahead of them. Failures can be avoided by conducting such research as it can give the researcher an idea if the time is right to launch its product/solution and also if the audience is right. It will help understand the brand value and measure customer satisfaction which is essential to continuously innovate and meet customer demands. This will help the company grow its revenue and market share. Business research also helps recruit ideal candidates for various roles in the company. By conducting such research a company can carry out a SWOT analysis, i.e. understand the strengths, weaknesses, opportunities, and threats. With the help of this information, wise decisions can be made to ensure business success.
Business research can be done for anything and everything. In general, when people speak about business research it means asking research questions to know where the money can be spent to increase sales, profits or market share. Such research is critical to make wise and informed decisions.
For example: A mobile company wants to launch a new model in the market. But they are not aware of what are the dimensions of a mobile that are in most demand. Hence, the company conducts a business research using various methods to gather information and the same is then evaluated and conclusions are drawn, as to what dimensions are most in-demand, This will enable the researcher to make wise decisions to position his phone at the right price in the market and hence acquire a larger market share.
The five (5) steps in the research process are:
Step 1 – Locating and Defining Issues or Problems
This step focuses on uncovering the nature and boundaries of a situation or question that needs to be answered or studied. In defining the issues or problems, the researcher should take into account the purpose of the study, the relevant background information, what information is needed, and how it will be used in decision making.
Step 2 – Designing the Research Project
This step is focused on creating a research plan or overall approach on how you are going to solve the issue or problem identified. A research plan or approach is a framework or blueprint for conducting a research project. It details the procedures necessary for obtaining the required information, and its purpose is to design a study that will test the hypotheses of interest, determine possible answers to the research questions, and provide the information needed for decision making.
The research design involves the following steps:
Step 1: Conduct secondary data analysis
Step 2: Do qualitative research
Step 3: Determine methods of collecting quantitative data (survey, observation, and experimentation)
Step 4: Determine the definition of the information needed
Step 5: Determine measurement and scaling procedures
Step 6: Design questionnaire
Step 7: Sampling process and sample size
Step 8: Plan of data analysis
Step 3 – Collecting Data
This step revolved around obtaining the information that you will need to solve the issue or problem identified. Data collection can involve experiments, observations, personal interviewing (in-home, mall intercept, or computer-assisted personal interviewing), from an office by telephone (telephone or computer-assisted telephone interviewing), or through the mail (traditional mail and mail panel surveys with recruited households).
Data collection techniques can include:
- Interviews: Asking people questions about their known information
- Observations: collecting data without asking questions.
- Questionnaires: Ask questions among a group of people
- Focus Groups: Interviewing and observing a group of people
- Documents and Records: old fashion research
Step 4 – Interpreting Research Data
Interpreting research data: This step is focused on examining the data and coming up with a conclusion that solves the problem.
Start by organizing your finding and the information you have collected from Step 3. Then create a rough draft of your finding, recommendations, and conclusion. The rough draft will help you get your thoughts organized. The final step is to polish the draft into your final research finding. You will most likely revise the draft as many times before the final product is ready for Step 5.
Step 5 – Report Research Findings
The final step is to report the research findings to those who need the data to make decisions. The findings should be presented in a comprehensible format so that they can be readily used in the decision-making process. In addition, an oral presentation should be made to management using tables, figures, and graphs to enhance clarity and impact.
Research Reporting Formats:
- Formal Paper
- Published Article
- PowerPoint Presentation
- Audio or Video
- Spreadsheet
