Dr Princy Francis: 2021-06-13

Monday, June 14, 2021

7_Types of Business Research_Part2

Exploratory Research

· Used to investigate a problem which is not clearly defined.
· Conducted to have a better understanding of the existing problem, but will not provide conclusive results.
· It is a preliminary stage of study
· Concerned with the discovery of the new facts.
· Carried out with the purpose of gaining familiarity with a particular topic or to gain insight into unexplored areas.
· Start this research with a general idea to identify issues that can be the focus for future research
· Used to answer the questions like what, why and how.
· Helps to figure out the best research design, data collection methods and choice of subjects

· Eg, Podcast curvey research can be used to collect feedback about the podcast consumption metrics from existing listeners as well as the other podcast listeners who are not subscribed the particular channel. This helps the author of the podcast create the more attracted and creative content that will gain a large audience.

Descriptive Research

· Carried out with the objective of describing a particular situation, event or an individual.
· Aims at studying the express characteristics of a problem.(what is the problem? -where does it arises? – when does it happen? – how does it arise? – Who is behind the problem?
· If the research is undertaken about the events that have already taken place, it is called ex-post facto research

Causal Research

· Aims at identifying the cause-and-effect relationship between variables
· It deals with “why “questions

Analytical Research

· The researcher uses facts or information already available and analyses them to make critical examination of the material.
· These are generally ex-post facto studies or post-mortem studies
· Analyse data in detail and examining relationship from various angles and perspectives.
· Generally used for measuring variables, comparing groups and examining association between factors.

Theoretical Research

· Theory based
· Used to increase the number of theories that help to explain the characteristics of the business world.

Conceptual Research

· Related to some abstract ideas or theory.
· Generally used by philosophers and thinkers to develop new concepts or to interpret existing ones.

Empirical Research

· Any research where conclusions of the study is strictly drawn from empirical evidence and therefore Verifiable evidence.
· Empirical evidence is the evidence that directly observe and get from our own senses.
· It is primary data-based research coming up with the conclusions capable of being verified by observation or experiment. Observation, Survey, Interview (Data based)
· Based on experience (Reality)
· Also known as experimental research.
· The researcher has to first set up a hypothesis or guess as to the probable results

· Eg, A research is being conducted to find out if listening to happy music tune while studying may increase concentration? An experiment is conducted by using a survey among a set of students who are exposed to happy music tune and another set who are not listening to any tune and the subjects are then observed. The result derived from such a research will give empirical evidence if it does promote concentration or not.

Simulation Research

• It involves the creation of an artificial environment which is very similar to the real environment.

• Thereafter, within this artificial environment the variables are manipulated and studied.

• Eg, in order to study the consumer’s spending behaviour, he can be given Rs1,000 and his buying behaviour can be recorded in an outlet as very similar to an actual retail environment.

• Permits to observe the dynamic behaviour of the consumer under controlled conditions.

Quantitative Research

· It is applicable to phenomena that are measurable so that they can be expressed in terms of quantity

Qualitative Research

· Concerned with qualitative phenomenon.
· Designed to find out how people feel or what they think about a particular subject.

6_Types of Business Research_Part1 Basic Research and applied Research

Basic Research

• Research for the sake of enhancing knowledge/ developing theories by discovering generalisation and principles without any intention to apply it in practice.

• Known as pure or fundamental research

• It is done to develop theories and generalisations.

Applied Research

• Need based research having high practical relevance.

• The basic aim of such research is to find solutions to the problems being faced by the society, government or the business

• Since it is specific in nature, is result oriented and is driven by a clear aim

• Utilizes principles made by fundamental research to know the problems with best possible manner

• Another form of applied research is action research. The difference between applied and action research is that the former may be taken by a researcher to find the results for a problem being faced by a third party.

• However, action researcher has a condition attached that the researcher is also the practitioner. Hence action research is being undertaken by a researcher to improve upon his own practices.