Modern Business Research Methods - Essay Example

BUSINESS RESEARCH METHODS This report is about the business research methods. It covers the important methods, their purpose and when they should be used. This report also highlights the advantages and the limitations of all the methods that are mentioned. The report ends with the conclusion that highlights that manager's objectives are more important in selecting which is the desired method to be used. TABLE OF CONTENTS ABSTRACT 2 HISTORICAL RESEARCH: 4 FOCUS GROUPS: 5 SURVEYS: 6 OBSERVATION: 6 EXPERIMENTAL RESEARCH: 7 CORRELATIONAL RESEARCH: 8 CAUSAL-COMPARATIVE RESEARCH: 8 PILOT STUDY: 9 CONCLUSION: 9 References 10 Today, businesses need information to remain competitive in their markets. Information is required regarding the characteristics of target segments, consumption patterns, economic changes, inflation, to check the viability of potential profitable products etc. through research. Research is all about fact gathering, relating facts with a focus idea, analysis, drawing conclusion and lastly acting and implementing. Over time, with technology emerging new avenues have been developed to collect data; each and every method of research is suited to particular requirements and factors and is used as per the benefit cost analysis of the situation. Some of the commonest of the research methods used are as follows: 1. Historical Research 2. Focus groups 3. Surveys 4. Observation 5. Experimental research 6. Correlational research 7. Causal-Comparative research 8. Pilot study HISTORICAL RESEARCH: Some aspects of the past are studied either by perusing documents of the period or by interviewing individuals who have lived or have experienced during that time. An attempt is then made to study why certain things happened during that time and to explain as to why they happened. The documents that are generally consulted include newspapers, journals and magazines that were published and especially the data government and other private agencies maintain for both commercial and own use. The idea of conducting historical research does not indicate that it is unstructured; in fact, it is systematic process of searching for facts and then using the information to describe, analyse and interpret the past. The purpose of this research is to make people aware of what happened in the past so that they may learn from past failures and successes and to see whether they are applicable to present day problems and issues. It also assists in prediction and testing hypothesis concerning relationships or trends. FOCUS GROUPS: Focus groups are mainly interviews that let open discussion of the topic. They are generally used to develop new ideas. It has an objective and does not generally allow the discussion to deviate from it. People in focus groups openly share their thoughts, feelings, attitudes and ideas on the topic under the discussion. Generally, the focus group consists of 6-10 people at a time and a moderator who is responsible for facilitating the debate. The main advantage of focus group includes that views of many different people are gathered at one place. Since it is less formal than the structured interviews thus participants feel comfortable sharing their perspectives. Some of the drawbacks of focus group include that the views of individual participants are generally influenced by other participants and may indulge in group think. Moreover, it is difficult to gather people in one common location at a time. SURVEYS: This method involves asking the individuals questions which might be open or close ended. Surveys can be orally done or through written questionnaires. It is helpful in gathering primary data through a large number of audiences. The best part of using survey as a method of research is that they can be done face-to-face, via telephone, emails, fax etc. And thus it helps the researcher reach a mass number of respondents to gather information. Surveys can be cross-sectional or longitudinal Surveys are generally done to gather information regarding the target's behavioral patterns, their choices and are also used to study about their attitudes. Surveys are preferred as a common mean since most of its data is easily quantifiable. In oral surveys interviewer might probably have an effect on the respondent where respondent is more likely to reply what he thinks is desired. Generally, people also tend to mark answers that they think are required and not what they actually believe in. In addition, surveys might sometimes become an intrusion in the private time; moods, accidents etc might affect the responses at a particular point in time. The important thing to ensure that questions are clear cut and not misleading. OBSERVATION: Simplest of all, a researcher sees through its eyes what wants is. The researcher can observe the physical actions, behavior, oral expressions, verbal tone and the use of words etc. One limitation of the observation method is people might not actually normally behave that way. And ethically speaking it is considered as intrusion on the private life of individuals as observing might become equivalent of stalking. EXPERIMENTAL RESEARCH: Experiments basically help the researcher in studying the cause and effect relationship between variables. It is normally conducted in the controlled environment where the researcher can influence some variables or the other and keep others constant. The underlying concept behind conducting experiments is that there are both dependent and independent variables respectively; and an effect of one on the other is to be determined. Researchers manipulate the independent variable by treating them and then after the appropriate treatment has been administered for appropriate length of time, researchers observe or measure the groups or variables receiving different treatment to see if they differ. Businesses might use this method to investigate customer behaviour in certain environments that are specially designed and created for the very purpose of the experiment. The drawback of this method is huge cost involved and the hard work in setting up the controlled environment. Experimental research is the most conclusive of scientific methods, because the researcher actually establishes different treatment and studies the effect. Results of this type of research often lead to the most clear cut interpretations. CORRELATIONAL RESEARCH: The purpose of this method is to determine relationship among two or more variables. To find whether they go together or whether one goes due to the other. Limitation associated with this method is that it aims at establishing relationships but does not prove them to be equal or something' and it does not influence any of the variables involved in any sense. It just infers whether the variables under study are positively, negatively related or are not related at all, but the fact that two variables correlate does not necessarily infer that one caused the other. Thus it helps the businesses in the sense that it makes prediction that if relationship of certain magnitude exists between two variables, it becomes possible to predict a score on either variable if score on one of the variable is known. CAUSAL-COMPARATIVE RESEARCH: This method allows researchers to investigate the possibility of causal relationship among variables that cannot, as in experimental research be manipulated. It attempts to determine the cause or consequences of difference that already exist between or among group of individuals. It is normally referred to as "ex-facto" (after the fact) research. This method has some inherent weaknesses that include lack of randomness in sampling and inability to manipulate the independent variable. PILOT STUDY: It is a kind of a feasibility study done on a small scale to gather information prior to a large scale to improve the latter's quality and remove any deficiencies or the loopholes that might remain. As it is small in scope thus it provides limited information but the advantage of conducting this kind of study is that it aims to recognize any adverse effects that the larger scales experiment might bring. The information thus obtained is incorporated into the main study design. CONCLUSION: It is utmost to understand that there is no standard to determine which method of research is to be used. It depends on the managers' own judgment and analysis and also the cost analysis versus the value that the particular method will add to the business. Other factors, such as ease, speed and experience are important. Some of the concerns that need to be resolved include is the type of information needed, accuracy of the research method, nature of audience and their conformation to the method adopted, expertise of personnel hired to conduct research. References 1. Zikmund, W (1999). Business Research Methods. 6th Edition Oklahoma State University 2. McNamara, C (1997). Basic Business Research Methods. Field Guide to Nonprofit Program Design, Marketing and Evaluation and Field Guide to Consulting and Organizational Development., from http://www.managementhelp.org/research/research.htm 3. Sekaran, U Research Methods for Business. Southern Illinois University at Carbondale: 4th Edition 4. Farr, R Business Research. Read More