Unit I Introduction for Business Research MCOM sem 4 Delhi University
Unit I Introduction for Business Research MCOM sem 4 Delhi University – Business research is defined as the systematic and objective process of generating information for aid in business decisions.Learning the role research plays in the decision-making process benefits both the manager and the researcher. Managers need to be able to evaluate research results and use the information to make appropriate decisions.
Unit I Introduction for Business Research MCOM sem 4 Delhi University
Unit I Introduction for Business Research MCOM sem 4 Delhi University contains following Topics.
Unit I Introduction to Business Research: Meaning and role of business research; Business research and scientific method; Scope of business research; Organisation of business research: Outsourcing and in-house research; Business research process: An overview; Ethics in business research.
Meaning and role of business research
Business research fulfills the manager’s need for knowledge of the organization, the market, the economy, or other area of uncertainty. It helps the manager predict how individuals, markets, organizational units, or other entities will respond to his business decisions.The emphasis of business research is to shift decision-makers from risky intuitive decisions to decisions based on systematic and objective investigations.A business researcher conducting research may be referred to as a “marketing researcher,” an “organizational researcher,” a “director of financial research,” or one of many other titles.
Business research and scientific method
Scope of business research
Business research is described as the systematic and objective procedure for producing information for help in making business decisions.
Why is Research needed / Important / Necessary?
Organisation of business research
Unit I Introduction for Business Research MCOM sem 4 Delhi University – It is tempting to believe that if an organisation is running smoothly with good profits and an excellent team of professionals, it will continue to function in the same capacity. But sadly that is not the case. Constant enhancement and development of the business and the team are essential to surpass others in the market and have a competitive edge. This is largely possible through research.
Research is not restricted only to medical and science fields but is an important aspect of any organisation – big or small. A company consists of people and it is this team that steers the course of the business. Businesses succeed or fail based on the decisions taken by these people in the organisation. At the same time, most managers also need access to facts and figures about the organisation’s performance, markets, financial aspects to continually enhance the business and the quality of their products. Many organisations in industries like pharmaceuticals have a full fledged research and development division with quality control to ensure quality of product and invention of new products.
Importance of Research in Business Management
Unit I Introduction for Business Research MCOM sem 4 Delhi University – A business research program is surely a preferred way for businesses to train and educate their managers and other staff members in a vast array of different fields. Business research can relate to economics, business strategy and ethics, in fact, anything associated with modern business and trade.
1. Testing of new products. Business research tests the possible success of fresh products. Businesses need to know what kinds of services and products consumers want before they produce them. Research will reduce risk – Research can help design a new product or service, figuring out what is needed and ensure that the development of a product is highly targeted towards demand.
2. Guaranteeing adequate distribution. Businesses can also use research to guarantee sufficient distribution of their products. For instance, a consumer products’ company might want to speak with merchants about the various brands they offer. The outcomes of the business research can help managers decide where they need to increase their product distribution.
3. In-house research is required for professional and self development of the workers through training and mentoring. Organisational research and analysis would also be needed for assessment of performance management, process reengineering, departmental assessment and well-being of staff members.
4. Undertaking research can help a company avoid future failure. Carrying out research can also help a business determine whether now is the right time to expand into another town or whether it needs to apply for a new loan. It may also help a small business decide if a process should be altered or if more needs to be done to meet the requirements of the customer base.
Outsourcing and in-house research
Unit I Introduction for Business Research MCOM sem 4 Delhi University – If you’re thinking of undertaking market research it can be tricky trying to decide whether to outsource the work or do it in house – either designing your own research program or hiring new staff to support a research department. It can be tricky trying to decide which avenue will end up being most profitable as each has its own merits and potential pitfalls. The debate is multi-faceted and we thought it would be helpful to look at the pros and cons of in-house and outsourced market research.
These days, it’s not uncommon for organizations that once relied heavily on outsourced market research to re‑think that practice. There are four primary reasons why you might be driven to consider bringing some, even most, of your market research processes in-house:
- Feasibility. There are over 50 online survey platforms alone, plus a plethora of social media listening tools, text analytics programs, and more. By streamlining many once time-intensive tasks, these tools make it feasible to do research in‑house.
- Responsiveness. There’s an ever-increasing pressure on the market research department to deliver customer and market insights faster. Often, this can be done more quickly in‑house, rather than going through a purchase process for each new project.
- Security. In organizations that are driven by innovation — especially those related to technology and other proprietary intellectual property — there can be a concern about information security. While not implying any unethical behavior, some companies prefer to avoid working with market research companies that also work for their competitors.
- Cost. In some cases, it can be less expensive to do research in‑house. Out-sourcing to a market research company adds sales commissions and project management fees, and data collection costs often include a mark-up. By handling market research in‑house, you can avoid some of that extra cost.
The Pros and Cons Of hiring IN-HOUSE VS. OUTSOURCING
Unit I Introduction for Business Research MCOM sem 4 Delhi University – Here are some of the pros and cons of in-house hiring and outsourcing to help you make the decision that’s right for your business.
The Pros of In-House Hiring
- Face-to-face conversations can offer more engagement between employees on the same project, which may help propel progress. These in-person discussions can help create new energy, which sometimes leads to bigger ideas. Some of the best ideas at Wakanow surfaced this way.
- Being able to offer a salary and room for growth can make in-house hires less of a flight risk. These employees may also be more vested in the long-term voice of the company.
- Intellectual property may be more likely to remain confidential. You can also have employees sign a non-compete contract, which can prevent them from taking ideas if they leave the company.
- Technical solutions may be resolved faster. In-house talent can direct all attention to a problem that must be fixed quickly, whereas a freelancer may finish a task based on prior commitments using a first come, first served system.
- Outside investors tend to show more interest and provide higher valuations to in-house technology and marketing teams. This can be great for companies looking to amp up growth and that need some additional funding for goals like hiring more talent.
The Cons of In-House Hiring
- Finding quality talent can be tough, especially in smaller cities. Most of the top talent may already be employed.
- Top employees may expect medical and dental benefits, and most likely a 401(k) plan match. Remember these costs can get quite high, whereas you just pay a flat rate to a freelancer.
- Finding, interviewing and negotiating can take time, and if an employee departs, the process begins again. Onboarding new employees, including training, can be expensive.
The Pros of Outsourcing
- Most freelancers are pros at a very targeted discipline, such as web design, content creation or paid search media.
- It can take much less time to find talent, due to agencies like Upwork and Freelancer. This means projects may get completed quicker, and the product can possibly reach the market faster.
- Outsourcing can be ideal for short-term projects, in which talent is only needed for the completion of a one-off project.
- Finding talent from anywhere in the world can allow you to use dollar arbitrage to take advantage of different prices across different markets.
The Cons of Outsourcing
- Intellectual property may have the risk of being exposed. Try to garner some insights on the talent you freelance. Sites like LinkedIn and Facebook may make it easier to gain insights into who you hire.
- Fake freelance profiles can exaggerate talent. Check into freelancers through social media channels and review/rating systems. Try to avoid working with someone who doesn’t have ratings or can’t be found online.
- Different physical locations can have different styles regarding design, engineering and content creation. A freelancer in the U.K. may have a much different idea than a California-based freelancer. Try to choose talent with experience in your country and area.
- Communication gaps can be likely. Freelancers work in different time zones and have different types of schedules. Be wary of some of the more creative talent, like writers or developers. The best usually take the most time.
- Freelancers can get quite expensive. Some of the highest rated software engineers, for instance, can cost up to $300 per hour based on the scope of the product.
- Some freelancers can increase the length of a project depending on other higher paying projects. The higher-paying jobs will most likely be the ones that are completed first.
Business research process
Unit I Introduction for Business Research MCOM sem 4 Delhi University – The business research process entails learning everything possible about a company's customers, competitors and the industry. The major objectives of the process are determining what products or services to offer, which customers are most likely to buy them, where to sell them and how to price and promote them.
Following are the main steps in social or business research process.
- Selection of Research Problem
- Extensive Literature Survey
- Making Hypothesis
- Preparing the Research Design
- Data collection
- Data Analysis
- Hypothesis Testing
- Generalization and Interpretation
- Preparation of Report
Selection of Research Problem
Unit I Introduction for Business Research MCOM sem 4 Delhi University – The selection of topic for research is a difficult job. When we select a title or research statement, then other activities would be easy to perform. So, for the understanding thoroughly the problem it must have to discuss with colleagues, friend, experts and teachers. The research topic or problem should be practical, relatively important, feasible, ethically and politically acceptable.
Literature Review or Extensive Literature Survey
Unit I Introduction for Business Research MCOM sem 4 Delhi University – After the selection of research problem, the second step is that of literature mostly connected with the topics. The availability of the literature may bring ease in the research. For this purpose academic journals, conference and govt. reports and library must be studied.
Unit I Introduction for Business Research MCOM sem 4 Delhi University – The development of hypothesis is a technical work depends on the researcher experience. The hypothesis is to draw the positive & negative cause and effect aspects of a problem. Hypothesis narrows down the area of a research and keep a researcher on the right path.
Preparing the Research Design
Unit I Introduction for Business Research MCOM sem 4 Delhi University – After the formulation of the problem and creating hypothesis for it, research Design is to prepare by the researcher. It may draw the conceptual structure of the problem. Any type of research design may be made, depend on the nature and purpose of the study. Daring R. Design the information about sources, skill, time and finance is taken into consideration.
The researcher must design a sample. It is a plan for taking its respondents from a specific areas or universe. The sample may be of two types:
- Probability Sampling
- Non-probability Sampling
Data collection is the most important work, is researcher. The collection of information must be containing on facts which is from the following two types of researcher.
Primary Data Collection: Primary data may be from the following.
Secondary data collection: it has the following categories:
- Review of literature
- Official and non-official reports
- Library approach
When data is collected, it is forwarded for analysis which is the most technical job. Data analysis may be divided into two main categories.
Data Processing: it is sub-divided into the following.
Data editing, Data coding, Data classification, Data tabulation, Data presentation, Data measurement
Data Exposition: Date Exposition has the following sub-categories.
Description, Explanation, Narration, Conclusion/Findings, Recommendations/Suggestions
Research data is then forwarded to test the hypothesis. Do the hypothesis are related to the facts or not? To find the answer the process of testing hypothesis is undertaken which may result in accepting or rejecting the hypothesis.
Generalization and Interpretation
The acceptable hypothesis is possible for researcher to arrival at the process of generalization or to make & theory. Some types of research has no hypothesis for which researcher depends upon on theory which is known as interpretation.
Preparation of Report
A researcher should prepare a report for which he has done is his work. He must keep in his mind the following points:
Report Design in Primary Stages
The report should carry a title, brief introduction of the problem and background followed by acknowledgement. There should be a table of contents, grapes and charts.
Main Text of the Report
It should contain objectives, hypothesis, explanations and methodology of the research. It must be divided into chapters and every chapter explains separate title in which summary of the findings should be enlisted. The last section would be clearly of conclusions to show the main theme of the R-study.
Closing the Report
After the preparation of report, the last step in business research process contains of bibliography, references, appendices, index and maps or charts for illustration. For this purpose the information should more clearer.