Please enable JavaScript.
Coggle requires JavaScript to display documents.
CHAPTER 1: Introduction to Business Research - Coggle Diagram
CHAPTER 1: Introduction to Business Research
1.1 Importance of Business Research
To stay competitive in the market.
Accurately identify or understand its customers.
Scrutinize its rivals in the industry
Analyze and emulate key strategies
Keep abreast on all aspects of the business
1.2 Scope of Business Research
problems may occur in any areas of business.
no clear demarcation on the classification of problems on the basis of areas.
integration of problems related to two and more areas.
external environment facing the business.
1.3 What is Research
intellectual application of the investigation of a matter.
used for discovering, interpreting and development of methods and systems for the advancement in human knowledge.
1.4 Defining Business Research
An organized, systematic, data-based, critical, objective, scientific enquiry or investigation into a specific problem, undertaken with the purpose of finding answers and solutions to it.
Steps
First stage: Problem identification
Second stage: Gather the relevant information
Third stage: Critically analyze the information
Fourth stage: solution to the existing problem
1.5 Types of Business Research
Basic Research
Primary objective of the advancement of knowledge and the theoretical formulation understanding.
Not undertaken to solve any specific problem.
Foundation for further often applied research.
Applied Research
Use knowledge (research findings) for practical concern
Solve a current problem faced by the organization in the work setting.
Application of known theories to the actual operational field.
1.6 Managerial Value of Business Research
to make right decisions in timely manner.
well informed and up-to-date in their own area of specialization.
recent developments in particular industries.
understand, predict and control the environment of the organization.
1.7 When is Business Research Needed?
The manager’s decision as to whether or not research should be conducted for a problem encountered in the organization depends on various factors.
Availability of data
Nature of decision
Time constraints
Benefits vs Cost
1.8 Ethical Consideration in Research
Respondents
target respondents who provide information.
information collected should not be misused for any other purpose.
Participation is voluntarily.
Confidentiality of the replies.
Not to embarrass respondents/ informants
Researcher & Team Members
design a project that is safe to everyone involved
Impartial and unbiased to accurately record all necessary data
Sponsor
honestly assess their capabilities.
research must be conducted in a professional manner with scientific systematic and organized approach.
research project/results will remain confidential.
submit the research report to the sponsoring company at the specified time agreed.