SUBMITTED TO : SUBMITTED BY:

Mr. Ravinder Saroha

Nikhil Parmar (509)

Meaning of Research
Research in common mans language refers to search for knowledge. Research is simply the process of finding solution to a problem after a complete study and analysis of the situational factors. It is purposeful investigation, which provides structure for decision making.

Research is required because of the following reasons

To identify and find solutions to the problems. To help making decisions. To develop new concepts. To find alternate strategies.

Characteristics
Systematic approach - each step must on your
investigation be so planned that leads to the next step.

Objectivity true research should have pre-planned

objective , to the decision making problem.

Relevancy It should be according to the objective &

information required for.

Nature
1. Objective & Logical It strives to be objective & logical for
applying every possible test to validate the procedure employed, the data collected and the conclusion reached.

2. Futuristic It emphasises on development of generalisation,

principle of theories that will help in predicting the future occurrences.

3. Courage It some times requires courage. 4. Solve the problem - It is directed towards the solution of
the problem . it may attempt to answer a question to determine the relation between two or more variables.
cont..

5. Experiences It is based on observable experiences. 6. Recording & Reporting It carefully recorded and
reported.

7. Expertise It requires expertise, as the researcher knows

what is already known about the problem & how others have investigated it.

8. Collection of Data It involves gathering new data from

primary sources or usin existing data for new purpose.

9. Accuracy Research demands accurate descriptions.

Objectives of research
All researchers aims at finding answer to questions by applying certain scientific procedures. It investigates the truth, which is hidden and tries to find solution to existing problem which have not been discovered yet. Different research studies have different purposes depending on nature and type of research. Generally , it includes: To investigate a subject. To collect a data regarding a problem. To conduct logical and objective study. To conduct a systematic inquiry of the subject. For carefully recording , reporting and presenting the facts.

Types of research
Applied v/s Fundamental :
Appiled research aims at finding a solution for a immediate problem. Fundamental research is concerned with formulation of theory. Descriptive research includes surveys and facts finding enquiries of different kinds. Like frequencies or preferences. Analytical research uses the facts and information already available and analysis to make a evaluation. Quantitative research is based on the measurement of quantity or amount and applies some form of statistical analysis. Qualitative research is important in behavioural sciences where it analysis the various factors which motivate the people to behave in aparticular manner. Cont..

Descriptive v/s Analytical :

Quantitative v/s Qualitative :

 Conceptual v/s Empirical :Conceptual research is related

to some abstract ideas of theory. And is used by various philosophers and thinkers to develop new concept. Empirical research relies on experience or observations. It comes up with some conclusions which are verified by observation or experiment. We can also call it an experiment type of research.

Historical Research :
any research which makes use of observation based on past events is known as Historical Research.

Significance of research in Business Decision Making

3 factors which increases the interest in research to business decision making are: Managers increased need for more and better information. Availability of improved Techniques & Tools to meet the need. Information overload.
Cont..

Major key areas in which research plays a key role in making effective decisions
A. Marketing
here research studies following variables :

1. 2. 3. 4. 5. 6.

Demand Forecasting Consumer Buying Behaviour Measuring Advertising Effectiveness Media Selection For Advertisement Product Positioning Product Potential

Cont..

Marketing reasearch involves :

Product Research Design & Price. Market Characteristic Research Qualitative : Loyality ,
Buying Behaviour .

Size of Market Market potential , area, etc. Competitive position and trend research. Sales research Analysis of sales record. Distribution Channel Research . Advertising and Promotion Research testing and
evaluating promotional programme.

New Product Launching and Product Positioning . Cont..

B. Production

Research helps to decide in the field of production on : What, How , When and For Whom to produce ? Product Development. Cost Reduction. Work Simplification. Inventory Control. Profitability index , etc.

Cont..

C. Materials
This department uses research to create suitable policies regarding : Where ,How much ,When , At What price to buy?

D. Human Resource Development

This department studies HRD for: Wages Rates Incentive Schemes Cost of Living Employee Turnover Ratio Performance Appraisal