RESEARCH_METHODOLOGY.docx - Research Methodology DCOM408\/DMGT404 Copyright \u00a9 2012 U Bhojanna All rights reserved Produced Printed by EXCEL BOOKS

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Unformatted text preview: Research Methodology DCOM408/DMGT404 Copyright © 2012 U. Bhojanna All rights reserved Produced & Printed by EXCEL BOOKS PRIVATE LIMITED A-45, Naraina, Phase-I, New Delhi-110028 for Lovely Professional University Phagwara SYLLABUS Research Methodology Objectives: The general objective of this course is to introduce students to methods of research. The specific objectives are: To develop understanding of the fundamental theoretical ideas and logic of research; To develop understanding of the issues involved in planning, designing, executing, evaluating and reporting research; To introduce students to many of the technical aspects of how to do empirical research using some of the main data collection and analysis techniques. DCOM408 RESEARCH METHODOLOGY Sr. No. Description 1 An Introduction to Research: Meaning, Process, Defining, Research Problem: Selection, Understanding, Necessity of defined problem, Research Design , need and types of Research Design 2 Sampling Design: Steps of Sampling design, Characteristics of good Sampling Design, Different types of Sampling Design. 3 Measurement and Scaling Technique: Tools of Sound Measurement, Techniques Of Developing Measurement Tools, Scaling meaning and Important Scaling Techniques 4 Data Collection: Primary ( Interview, Observation and Questionnaire and Collection of Secondary Data 5 Data Analysis-1: Measure for Central Tendency, Dispersion 6 Data Analysis-2: Correlation And Regression Analysis , Time series and index number 7 Hypothesis Testing: Hypothesis Definition and Formulation, t test , z test , ANOVA 8 Multivariate Analysis-1: Classification, Important Methods of Factor analysis, factor analysis , rotation in Factor Analysis, overview of cluster analysis 9 Multivariate Analysis-2: Discriminant analysis, multi-dimensional scaling, conjoint analysis 10 Report Writing: Technique and Precaution of Interpretation, Significance of Report Writing, Layout and Types of Report DMGT404 RESEARCH METHODOLOGY Description " # #$ %& $ #$ '!'( () *#+ '!+# , '(!& ')'#$(#% (*#+' #-&' !" $ ($( **' $ # %$ # &" . 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' ( * $ + ( ( ",( * . / CONTENTS Unit 1: Introduction to Research 1 Unit 2: Research Problem 17 Unit 3: Research Design 25 Unit 4: Sampling Design 56 Unit 5: Measurement and Scaling Techniques 81 Unit 6: Primary Data and Questionnaire 102 Unit 7: Secondary Data 125 Unit 8: Descriptive Statistics 135 Unit 9: Correlation and Regression 164 Unit 10: Time Series 201 Unit 11: Index Numbers 231 Unit 12: Hypothesis Testing 254 Unit 13: Multivariate Analysis 280 Unit 14: Report Writing 302 Statistical Tables 319 Unit 1: Introduction to Research Unit 1: Introduction to Research Notes TS es tion ning of Business Research 1 Research Objectives 2 Marketing Research ning Research earch Process 1 Problem Formulation 2 Evaluate the Cost of Research 3 Preparing a List of Needed Information 4 Decision on Research Design 5 Select the Sample Types 6 Determine the Sample Size 7 Organize the Fieldwork 8 Analyze the Data and Report Preparation s of Research 1 Exploratory Research 2 Descriptive Research 3 Applied Research 4 Pure/Fundamental Research or Basic Research 5 Conceptual Research 6 Causal Research 7 Historical Research 8 Ex-post Facto Research 9 Action Research 10 Evaluation Research 11 Library Research mmary words ew Questions her Readings Objectives LOVELY PROFESSIONAL UNIVERSITY 1 Research Methodology Notes After studying this unit, you will be able to: Recognize the meaning and objectives of research Define research in the expression of different authors Generalize the Process of research Differentiate between different types of research Introduction Research means technical and organized search for relevant information on a particular topic. It is defined as an academic activity that involves identifying the research problem, formulating a hypothesis, collecting and analyzing data and reaching specific conclusions in the form of solutions or general theories. The primary objective of research is to find solutions for problems in a methodical and systematic way. A research depends on the field in which the research work is performed. Various types of researches can be done for different fields, like fundamental research for identifying the important principles of the research field and applied research for solving an immediate problem. However, all these researches primarily follow two approaches, quantitative and qualitative. The quantitative approach focuses on the quantity of the data obtained from the research, while the qualitative approach is concerned with the quality of the obtained data. 1.1 Meaning of Business Research Business research is a systematic and objective process of gathering, recording and analyzing data for aid in making business decisions. Business research comes within the purview of social science research. Social science research refers to research conducted by social scientists (primarily within sociology and social psychology), but also within other disciplines such as social policy, human geography, political science, social anthropology and education. Sociologists and other social scientists study diverse things: from census data on hundreds of thousands of human beings, through the in-depth analysis of the life of a single important person to monitoring what is happening on a street today-or what was happening a few hundred years ago. Social scientists use many different methods in order to describe, explore and understand social life. Social methods can generally be subdivided into two broad categories. Quantitative methods are concerned with attempts to quantify social phenomena and collect and analyze numerical data, and focus on the links among a smaller number of attributes across many cases. Qualitative methods, on the other hand, emphasize personal experiences and interpretation over quantification, are more concerned with understanding the meaning of social phenomena and focus on links among a larger number of attributes across relatively few cases. While very different in many aspects, both qualitative and quantitative approaches involve a systematic interaction between theories and data. 1.1.1 Research Objectives Research in common man's language refers to "search for Knowledge". Research is an art of scientific investigation. It is also a systematic design, collection, analysis and reporting the findings & solutions for the marketing problem of a company. Research is required because of the following reasons: 1. 2 To identify and find solutions to the problems LOVELY PROFESSIONAL UNIVERSITY Unit 1: Introduction to Research Notes 2. To help making decisions 3. To develop new concepts 4. To find alternate strategies 1. To Identify and Find Solutions to the Problem: To understand the problem in depth Example: "Why is that demand for a product is falling"? "Why is there a business fluctuation once in three years"? By identifying the problem as above, it is easy to collect the relevant data to solve the problem. 2. To Help making Decisions: Example: Should we maintain the advertising budget same as last year? Research will answer this question. 3. To Find Alternative Strategies: Should we follow pull strategy or push strategy to promote the product. 4. To Develop New Concepts: Example: CRM, Horizontal Marketing, MLM, etc. 1.1.2 Marketing Research Marketing research is an important part of overall business research. Systematic collection and analysis of data relating to sale and distribution of financial products and services is called marketing research. Market research is an early step in the marketing process, and includes an analysis of market demand for a new product, or for existing products, as well as appropriate methods of distributing those products. Techniques in market research include telephone polling and focus group interviews to determine customer attitudes, pricing sensitivity, and willingness to use delivery alternatives. Marketing research, or market research, is a form of business research and is generally divided into two categories: consumer market research and businessto-business (B2B) market research, which was previously known as industrial marketing research. Consumer marketing research studies the buying habits of individual people while businessto-business marketing research investigates the markets for products sold by one business to another. Did u know? Most large banks have their own market research departments that evaluate not only products, but their Brick and Mortar branch banking networks through which most banking products are sold. Self Assessment Fill in the blanks: 1. Business research comes within the purview of ...................... research. 2. ...................... Market research, which was previously known as industrial marketing research. LOVELY PROFESSIONAL UNIVERSITY 3 Research Methodology 3. Notes ...................... methods are concerned with attempts to quantify social phenomena and collect and analyse numerical data. 1.2 Defining Research Various authors and management gurus have defined research in different ways. Usually a research is said to begin with a question or a problem. The purpose of research is to find solutions through the application of systematic and scientific methods. Thus, research is a systematic approach to purposeful investigation. Some of the proposed definitions of research are: According to Redman and Mory, research is a systematised effort to gain new knowledge. According to Clifford Woody, research comprises defining and redefining problems, formulating hypotheses or suggesting solutions; collecting, organising and evaluating data; making deductions and reaching conclusions; and at last carefully testing the conclusions to determine whether they agree with the formulated hypothesis or not. D. Slesinger and M. Stephenson in the Encyclopedia of Social Sciences define research as: 'the manipulation of things, concepts or symbols for the purpose of generalising to extend, correct or verify knowledge, whether that knowledge aids in construction of theory or in the practice of an art.' Self Assessment Fill in the blanks: 4. The purpose of research is to find solutions through the application of ...................... and ...................... methods. 5. Research is a systematised effort to gain ...................... 6. Research is a systematic approach to ...................... investigation. 1.3 Research Process Until the sixteenth century, human inquiry was primarily based on introspection. The way to know things was to turn inward and use logic to seek the truth. This paradigm had endured for a millennium and was a well-established conceptual framework for understanding the world. The seeker of knowledge was an integral part of the inquiry process. A profound change occurred during the sixteenth and seventeenth centuries. The Scientific Revolution was born. Objectivity became a critical component of the new scientific method. The investigator was an observer, rather than a participant in the inquiry process. A mechanistic view of the universe evolved. We believed that we could understand the whole by performing an examination of the individual parts. Experimentation and deduction became the tools of the scholar. For two hundred years, the new paradigm slowly evolved to become part of the reality framework of society. The research process is a step-by-step process of developing a research paper. As you progress from one step to the next, it is commonly necessary to backup, revise, add additional material or even change your topic completely. This will depend on what you discover during your research. There are many reasons for adjusting your plan. For example, you may find that your topic is too broad and needs to be 4 LOVELY PROFESSIONAL UNIVERSITY Unit 1: Introduction to Research narrowed, sufficient information resources may not be available, what you learn may not support your thesis, or the size of the project does not fit the requirements. Notes Notes The research process itself involves identifying, locating, assessing, analyzing, and then developing and expressing your ideas. These are the same skills you will need outside the academic world when you write a report or proposal for your boss. There are nine steps in the research process, that can be followed while designing a research project. They are as follows: 1. Formulate the problem 2. Evaluate the cost of research 3. Prepare the list of information 4. Research design decision 5. Data collection 6. Select the sample type 7. Determine the sample size 8. Organize the field work 9. Analyze the data and report preparation Defining the research problem and formulation of hypothesis are the hardest steps in the research process. 1.3.1 Problem Formulation Problem formulation is the key to research process. For a researcher, problem formulation means converting the management problem to a research problem. In order to attain clarity, the MR manager and researcher must articulate clearly so that perfect understanding of each others is achieved. While problem is being formulated, the following should be taken into account: 1. Determine the objective of the study 2. Consider various environment factors 3. Nature of the problem 4. State the alternative 1. Determine the objective: Objective may be general or specific. General - Would like to know, how effective was the advertising campaign. The above looks like a statement with objective. In reality, it is far from it. There are two ways of finding out the objectives precisely. (a) The researcher should clarify with the MR manager "What effective means". Does effective mean, awareness or does it refer to sales increase or does it mean, it has improved the knowledge of the audience, or the perception of audience about the product. In each of the above circumstances, the questions to be asked from audience varies (b) Another way to find objectives is to find out from the MR LOVELY PROFESSIONAL UNIVERSITY 5 Research Methodology Notes Manager, "What action will be taken, given the specified outcome of the study.” Example: If research finding is that, the previous advertisement by the company was indeed ineffective, what course of action the company intends to take (a) Increase the budget for the next Ad (b) Use different appeal (c) Change the media (d) Go to a new agency. Caution: If objectives are proper, research questions will be precise. However we should remember that objectives, do undergo a change. 2. Consider environmental factors: Environmental factors influence the outcome of the research and the decision. Therefore, the researcher must help the client to identify the environmental factors that are relevant. Example: Assume that the company wants to introduce a new product like Iced tea or frozen green peas or ready to eat chapathis. The following are the environmental factors to be considered: (a) Purchasing habit of consumers. (b) Presently, who are the other competitors in the market with same or similar product. (c) What is the perception of the people about the other products of the company, with respect to price, image of the company. (d) Size of the market and target audience. All the above factors could influence the decision. Therefore researcher must work very closely with his client. 3. Nature of the problem: By understanding the nature of the problem, the researcher can collect relevant data and help suggesting a suitable solution. Every problem is related to either one or more variable. Before starting the data collection, a preliminary investigation of the problem is necessary, for better understanding of the problem. Initial investigation could be, by using focus group of consumers or sales representatives. If focus group is carried out with consumers, some of the following question will help the researcher to understand the problem better: 4. (a) Did the customer ever included this company's product in his mental map? (b) If the customer is not buying the companies product, the reasons for the same. (c) Why did the customer go to the competitor? (d) Is the researcher contacting the right target audience? State the alternatives: It is better for the researcher to generate as many alternatives as possible during problem formulation hypothesis. Example: Whether to introduce a Sachet form of packaging with a view to increase sales. The hypothesis will state that, acceptance of the sachet by the 6 LOVELY PROFESSIONAL UNIVERSITY Unit 1: Introduction to Research customer will increase the sales by 20%. Thereafter, the test marketing will be conducted before deciding whether to introduce sachet or not. Therefore for every alternative, a hypothesis is to be developed. Notes 1.3.2 Evaluate the Cost of Research There are several methods to establish the value of research. Some of them are (1) Bayesian approach (2) Simple saving method (3) Return on investment (4) Cost benefit approach etc. Example: Company 'X' wants to launch a product. The company's intuitive feeling is that, the product failure possibilities is 35%. However, if research is conducted and appropriate data is gathered, the chances of failure can be reduced to 30%. Company also has calculated, that the loss would be 3,00,000 if product fails. The company has received a quote from MR agency. The cost of research is 75,000. The question is "Should the company spend this money to conduct research?" Solution: Loss without research = 3,00,000 × 0.35 = 1,05,000 Loss with research = 3,00,000 × 0.30 = 90,000 Value of research information = 1,05,000 – 90,000 = 15,000 Since the value of information namely 15000 is lower than the cost of research 75,000, conducting research is not recommended. 1.3.3 Preparing a List of Needed Information Assume that company 'X' wants to introduce a new product (Tea powder). Before introducing it, the product has to be test marketed. The company needs to know the extent of competition, price and quality acceptance from the market. In this context, following are the list of information required. 1. Total demand and company sales: Example: What is the overall industry demand? What is the share of the competitor? The above information will help the management to estimate overall share and its own shares, in the market. 2. Distribution coverage: Example: (a) Availability of products at different outlets. (b) Effect of shelf display on sales. 3. Market awareness, attitude and usage: LOVELY PROFESSIONAL UNIVERSITY 7 Research Methodology Notes Example: "What percentage of target population are aware of firm's product"? "Do customers know about the product"? "What is the customers' attitude towards the product"? "What percentage of customers repurchased the product"? 4. Marketing expenditure: Example: "What has been the marketing expenditure"? "How much was spent on promotion"? 5. Competitors marketing expenditure: Example: "How much competitor spent, to market a similar product"? 1.3.4 Decision on Research Design 1. Should the research be exploratory or conclusive? Exploratory research: Example: "Causes for decline in sales of a specific company's product in a specific territory under a specific salesman". The researcher may explore all possibilities why sales in falling? (a) Faulty product planning (b) Higher price (c) Less discount (d) Less availability (e) Inefficient advertising/salesmanship (f) Poor quality of salesmanship (g) less awareness Not all factors are responsible for decline in sales. Conclusive research: Narrow down the option. Only one or two factors are responsible for decline in sales. Therefore zero down, and use judgment and past experience. 2. Who should be interviewed for collecting data? If the study is undertaken to determine whether, children influence the brand, for ready to eat cereal (corn flakes) purchased by their parents. The researcher must decide...
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