BUSINESS RESEARCH PROCESS & APPLICATIONS
Q1)Outline and describe the steps in the business research process. How is it used in business applications?
Answer: Business Research is a systematic and objective gathering, recording and analyzing of data about problems relating to any phenomenon affecting the business.
Basic Approaches of Research
- Deductive Approach
- Inductive Approach
Steps Involved in a research process are:
- Problem Formulation: This is the stage where business problem is formed. The problem is stated in two ways:
- Managerial Problem: The problem confronting the decision maker. It asks what the decision maker needs to do.
- Research problem: A problem that entails determining what information is needed and how it can be obtained in the most feasible way
- Determination of Research Design: The research design outlines the approach towards determining the results of the research. There are two designs basically followed:
- Exploratory research is one type of research design which has as its primary objective the provision of insight and the comprehension of the problem situation confronted by the researcher.
- Conclusive research is one type of research designed to assist the decision maker in determining, evaluating and selecting best course of action in a given situation. It is of two types: Descriptive research & Causal research.
- Designing the data collection method & forms: This step involves data collection methods like survey or Focus interviews etc
- Sampling: This step involves
- Determine sample Frame: Depends on target population chosen.
- Determining Sampling technique: Probability or non-probability
- Determining Sample size
- Data Collection: This stage involves data collection based on designed data collection method
- Analysis & Interpretation of Data: this may involve three types of analysis
- Univariate Analysis: t test, z test etc
- Bivariate Analysis: Anova
- Multi Variate Analysis
- Preparation of Research Report: This step involves documenting and presenting the research findings
Q2)Define independent and dependent variables and their relationship. Utilizing what you identify as appropriate independent and dependent variables create first a functional model then a theoretical model of the demand for pizza at a pizza restaurant. (Remember, functional can be of the form a = f(b,c,d,e). Theoretical follows the format a = alpha + B1 (b) + B2 (c) + B3 (d) + B4 (e).
Answer:Two types are variable are defined as:
Dependent Variable:Adependent variable is a variable dependent on another variable: the independent variable. In simple terms, the independent variable is said to affect, the dependent variable
Independent Variable:Anindependent variable is that variable which is presumed to affect or determine a dependent variable. It can be changed as required, and its values do not represent a problem requiring explanation in an analysis, but are taken simply as given.
Relation between dependent and Independent variable: The wages of an employee depend on the time worked. Time is the independent variable that varies among employees, and the wages are calculated directly from the total time worked. Thus wages are dependent on time worked.
Functional model : The demand for pizza at a pizza restaurant could depend on
Price (p) : Higher price lesser the demand and vice-versa.
Ingredients(i): Low fat and healthy ingredients will push demand.
Ambience (m): Good ambience will cause a person to spend more time and thus order more and frequently.
Appeal of Pizza(a): The look and overall appeal of pizza.
Service(s): Time to deliver a pizza with correct order is important factor.
Cleanliness and hygiene(h): This too will attract more customers
Variety(v): More variety in both veg and non-veg pizza will add customer base.
So functional model could be written as
Demand of pizza (d)= F(p,i,m,a,s,h,v)
Theoretical demand can be expressed as:
Demand of pizza = Constant –k1(p) + k2(i) + k3(m) + k4(a)+ k5(s) + k6(h)+ k7(v)
Q3) Discuss the nature and role of the “Internet” in the business research process. Be sure to relate to both the negatives and positives of using the Internet as a research tool.
Answer:Internet serves as an extensive source of secondary information. It provides access to various data sources like:
- Abstracting and indexing databases
- Books/ online bookstores
- Citation databases
- Conferences, exhibitions, fairs
- Courseware, tutorials, guides
- Digital collections
The advantages of using Internet as a information source are:
- Access to large volume and variety of information.
- Saves time and cost of searching information
- Many types of data are hard to find elsewhere like a telephone directory
- Online copy of paid researches is cheaper than the hard copies. These are freely available on internet
The disadvantages of using Internet as an information source are:
- The information requires filtering and selective gathering. Many links are mere advertisements. Avoidance of advertisements is called ‘Organic Search’.
- To get proper information one should know various tips and techniques of searching through keywords.
- The data from most of the sources is unreliable and cannot be verified easily
- Many websites ask for creating accounts before allowing any data sharing. Thus it makes search quite cumbersome.
Q4). You work for a new bank. Your bank recently started operations and offers banking services exclusively online in a competitive market. Design a survey to collect what you consider to be relevant data for management to use in making successful operational and marketing decisions. You are limited to 5 questions in your survey. The survey will be administered through the customers online access.
Answer: A survey to collect what you consider to be relevant data for management to use in making successful operational and marketing decisions could be
Q1. How frequently you use internet?
- Twice in a week
Q2. How much safe according to you online banking is?
- Very safe
- Very Risky
Q3.Which online service you think is more user- friendly?
- Internet banking
- Telephone banking
- ATM Services
Q4. What type of Banking would you do over the Internet?
- Personal Banking
- Business Transactions
Q5. Of our Internet Banking features which would you use most? Make as many selections as you wish.:
- Inter Account Funds Transfer
- Bill Payments from Savings/DDA
- Balance on Savings/DDA/Term Deposits/Loans
- Stop and Hold Inquiries on Savings/DDA
Q5.Please write a literature review on- How would the omission of number and letter grades throughout undergraduate courses (with the exception of semester grades) affect a student’s approach toward learning?
When grades are made mandatory at lower levels of education students tend to read and learn to earn better grades. At this stage they are not mature enough to understand that they should focus of the quality and content of learning rather than grades. Therefore they are forced to study through grading system. This is a case of punishment reward theory.
There are several classroom applications of both theories. This author feels that
both methods are appropriate at all ages. However, more discipline, acknowledgment,
and recognition (not so much “object” rewards) would be appropriate in the younger
years. At that age, the child’s mind is less developed and less capable of logical thought.
As the youth grows, gains independence, and wants to be treated as an adult, the behavior
modification should come through logical consequences rather than punishment or
The drawbacks of rewards and punishments are that, in a democratic society, the children
desire equality and respect. Often with teenagers, in particular, the use of rewards or
punishments is not effective in behavior modification, and can cause the opposite effect –
rebellion. This approach is based on the idea that one person can change another person.
Many psychologists agree that while it may be possible “to coerce someone into
temporary compliance, but change comes from internal motivation” (Marshall, 1998).
The use of natural and logical consequences for behavior modification can have
its drawbacks as well. If it is used with a child that is not developmentally at the stage of
understanding for the concept, then it will have no effect.
1.Azoulay, D. (Spring 1999). Encouragement and Logical Consequences versus Rewards
and Punishment: A Reexamination [Electronic Version]. Journal of Individual
Psychology, 55(1), 91-99.
2.Dinkemeyer, D., Jr., Losoncy, L. (1996). The skills of encouragement: Bringing out the
best in yourself and others. Delray Beach, FL: St. Lucie Press.
3.Marshall, M. (May 1998). Empower–Rather Than Overpower [Electronic Version].
Teacher Magazine, 17(37), 32-36.