rmb 2011-13 batch lectures
TRANSCRIPT
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Business Research Methods
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When Columbia PicturesIndustries, Inc., wasplanning the
promotion for itsnew movieStarman, ithad to decidehowmuch to spend for advertising the movie andwhen theadvertising shouldoccur.
"One of Columbia's biggestmarketing weaknessesin thepast wasto spend toomuch in advertising its films .... It
now carefullytracks the effects of its spendingin twice-a-week polls of moviegoers.
"(Columbia's marketing vice-president) believesthat amovie thatopens nationally like Starman shouldbe knownby at least60% of the publicby opening day. In the weeksbeforesuch a movie's release, his departmenttracksawareness ofthe film-by region, agegroup, and gender. Ifawareness builds fasterthan expected, Columbiacuts backits promotion .... If itdoesn't pickup fastenough, spendingis increased.
Situation I :Adv. Decision
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Situation II: Adv. Decision
The A&Pfood store chain introduced a new nationwideadvertising
campaign to show consumers itsstores were clean, were staffedbyfriendly employees, and were wellstocked withfresh food offeredat valueprices.
"These commercialsare the product of a varietyof surprisingly extensivemotivationalresearch techniques .... Consumers wereshown a simplesketch of a woman aboutto enter a supermarket. They wereasked what
the woman wasthinking and how she felt. In another test, subjects wereshown photographs of people, toldthey depicted both A&Pcustomers andthose who shopped elsewhere, and were then asked to separatethepictures into twogroups and explain why. Some subjects were alsoaskedto imagine A&Pas a person: Is ita man or a woman; what kind ofworkdoes he or she do?
"The results were not the stuff ofhappy A&Pmarketing conferences. Thetests showed that consumers considered supermarket shopping to bedrudgery and that the A&Pchain, in particular, wasseen as agrandmother who isa bitcorny and behind the times. Perhaps worse, itsstores were considered moreexpensive and less efficientthan thecompetition's."
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Situation III
Althoughthe United Statesrepresents the largest travelmarketin the world, only 2 percent ofthe country's travelers go toCanada for vacations. To learn why so fewAmerican travelersvisitCanada, the Canadian tourism bureau interviewed 9,000Americans who vacationed regularly. What emerged fromthesehour-long, in-home interviews was" ... the general perception ofCanada as clean, safe, and dull, withimmense stretches ofwilderness broken up by citiesthat closed down at 5 PM. Atypicalcomment was, 'Canada doesn't present itselfas anexciting place, witha lot of activity like New York .... or Californiaforthe craziness. There's nothing I can identify withCanada. It's
just. ... Canada.'" What resulted fromthe research wasa $14 million advertising
campaign " .... tojazzup Canada's publicpersona. Out went themoose and the mountains and in camethe nightclubs,Broadway-type theaters, OldWorld architecture, French citiesand sports opportunities."
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Situation IV: Adv. Decision Diet Rite had less than a 1 percent market share, which was much
smallerthan either Diet Coke orDietPepsi. "DietRite had triedads that pushed taste, lower price, even its low calorie content, buthad notfoundan effective way to distinguish the productfrom its
powerful competitors'. It was looking foran emotional hook.
"SoDiet Rite's agency ... began by interviewing dozens ofwomen
who were dieters. The interviewers, clinical psychologists,reported that these women were convinced their bodies wereunattractive, or they used food fora substitutefora balanced
family life, or they were raisedin homes wherefood was usedas apunishmentor reward.All saidtheyfelt dieting was difficultandmade themfeel more vulnerable.
"On the basis ofthese interviews (the agency) recommended thattheDietRite campaign not show gorgeous & slim women becausewomen with poor self-images couldnot relate to them. The agencyalso decided that viewers would empathize with other dieters whoappeared vulnerable and hardworking."
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Situation V: New Product
Development When the CampbellSoup Co. first developed
JuiceWorks, a line of fruit juices for children,
" ... 200 students in elementary schoolsinNew Jersey helped Campbell developthenew drinksby tasting and rating them. Onscorecards filledwith drawings of faces, the
children gavethe early samples lowmarks-alot of frownsand children holding their nosesand signaling thumbs down. Campbellmodifiedthe recipesuntil the scores
improved."
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Introduction to Research
Research is the process of finding solutions toa problem after a thorough study and
analysis of the situational factors
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Business Research
Is defined as unbiased, structured andsequential method of enquiry, directed towards
a clear implicit or explicit business objective.
This enquiry might lead to validating theexisting postulates or arriving at new theories
and methods.
It is used to understand the market trends. To find out the optimal marketing mix, devise
effective HR policies, or to find the best
investment options and many more.
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SituationA domestic hearing-aid Co. is not able to keep above the red line and has
identified inventory management in the company as probably one of the
areas that needs to be refurbished. You take stocks of existing shipping,storing and delivery operations and find that you are losing out-of-stock
conditions at your end. You track this down to a faulty inventory reporting
system, where the data about stock is provided for a cycle of 40 days.
A small impromptu survey with retailers stocking your products and the
pathology labs recommending your products confirms your observations.
You study the latest inventory management techniques available. You
isolate three different practices and work out the feasibility of
implementing each one of them in the company.
The one that seems to be most cost and time effective is the one you chooseand develop an inventory model which you implement for the base hearing
aids. You realize you have a probable winner on hand. You prepare a
report on the proposed inventory management model with cost
implications to the management.
What do you observe here? 9
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Basic Research
Basic research refers to focused systematicstudy or investigation undertaken to discovernew knowledge and establish facts or
principles in a particular field. It is primarily aimed at gathering knowledge.
Eg: Understanding the consumer buying process
Examining the consumer learning process.
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Applied Research
It refers to investigation undertaken to discover the
applications and uses of theories, knowledge andprinciples in actual work or solving problems.
It is used to answer a specific question, determine whysomething failed or succeeded, solve a specific problem.
For eg:
Evaluating the impact of a training program onemployee performance
Examining consumer response to direct marketingprograms
Identifying the reasons why product did not work wellin market, when it had worked in test market.
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Some more types of research..
Exploratory research is a type of research conducted
for a problem that has not been clearly defined. Often
relies on secondary research.
Descriptive & Analytical research
Quantitative & Qualitative research
Conceptual & Empirical research
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Why is it important for managers to know
about research?
Solve problems
Decision making tool
Competition
Risk
Investment
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Why Business/Marketing Research
has evolved and grown
Managers are separated from their final consumers.
They need information from their final consumers.
Target Market
Product & Services
Price
Distribution
Promotion
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What is Marketing Research
.is the process of designing, gathering, analyzing, andreporting information that may be used to solve aspecific marketing problem. (Burns & Bush)
is the function that links the consumer, customer,and public to the marketer through informationinformation used to identify and define marketingopportunities and problems; generate, refine, andevaluate marketing actions; monitor marketing
performance; and improve the understanding ofmarketing as a process. (AMA)
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Research applications in marketing
Market & consumer analysis
Product research
Pricing research
Promotional research
Place research
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Research applications in finance
Asset pricing, capital markets and corporate finance
Financial derivatives and credit risk modeling research
Market-based accounting research
Auditing and accountability
Other areas: financial forecasting, behavioural finance,
volatility analysis
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Research applications in
human resourcesTraining & development studies
Selection and staffing studies
Performance appraisaldesign and evaluation
Organization planning and development
Incentive and benefits studies
Emerging areascritical factor analysis, employerbranding studies
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Research applications in
production & operations management
Operation planning and design
Demand forecasting and demand estimation
Process planning
Project management and maintenance effectiveness
studies
Logistics and supply chain-design and evaluation
Quality estimations and assurance studies
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Market Research during different phases of
administrative process
Evaluating the plans effectiveness
Putting the plan in action
Developing a plan
Setting goals and Establishing strategies Phase I
Phase II
Phase III
Phase IV
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Factors affecting Business Research
Time constraint
Availability of resources
Nature of information sought
Benefits versus costs
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Business Research Process
Problem & Objective Formulation
Research Proposal & Hypotheses Formulation
Research Design & Methods
Select sample procedure
Data collection
Analysis & interpretation of data
Research Report
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Problem Formulation
Research Problem refers to some difficulty which is impacting
towards negativity on the business or Management and requiresbest solution.
Components of research problem are:
1) There must be some objective to attain.2) There must be alternative means for obtaining the objective, i.e.,
there must be more than one problem which can lead togeneration of objective.
3) There must be some doubt in the mind of researcher as to the
selection of alternative. i.e. researcher must know that whichproblem is effecting more to the business.
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Establishing the objective
After defining the problem, next stage is of establishing the objective.
Defining of Objective is the most critical stage, as whole research is to
be conducted to the objective.
Example: the scope for bringing about lasting changes in attitude by
means of training programs.
(Problem: prior to objective that Projects are not completing on timeor conflict level is increasing)
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Sources of Problem
1) Reading: reading critical articles related to the problemscenario.
2) Experience: Experienced researchers can understand the
scenario and can formulate problems easily.
3) Exposure to field situations: Researcher has to visit field andsometimes has to do internship to understand the market
closely and practically.
4) Consultation to experts: discuss scenario to Experts and
Business executives. Business executives interacts more tocustomers so can understand market easily.
5) Brainstorming: discussing among the group about the case.
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Process of Identification of Problem
1) Selecting the discipline: Specify in which discipline research is to
be done. Like: Marketing, Finance, HR, Operations, Economics
etc
2) Particular aspects of the selected subject: Here concentration is
more into the area of discipline which has been specified.
3) Identification of two or more specific topics in the selected
broad area: This stage requires grasp of the area and awareness
about the related problems and work which already has been done.
(Sources of problem can be used on this stage)
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Criteria of Selection
Internal Criteria
Researchers interest
Researchers competence
Researchers own resources
External Criteria
Researchability: Problem should be researchable
Importance & Urgency
Novelty or Originality
Feasibility
Usefulness and Social relevance
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Management Research Question Hierarchy
Discover the Management Dilemma
Discover the Management Question
Discover the Research Question
Refine the
Research Question ExplorationExploration
Stage 1 of Research Process
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Formulating the Research Question
Discover
ManagementDilemma
Identify symptoms rather
than problems
Exploration
Review published sources and interview
information to understand true dilemma.
Discover
Management
Question
Using collected exploratory
nformation to word the dilemma into question
Exploration
Clarify the possible management action that
might be taken to solve the dilemma.
Define
Research
Questions
Several management questions may be taken here.
Each question is an alternative action that may be used to
solve the dilemma
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The Research Question: MindWriter
Discover
ManagementDilemma
An increasing number of letters
and phone complaints about
postpurchase service.
Exploration
Employee shortages, Tech-line operator training,
Uneven courier performance, Parts shortages,Inconsistent repair servicing,
Product damage during repair,
Product damage during Shipping,
Packaging and handling
Discover
Management
Question
What should be done to improve the
Complete Care program for MindWriter
product repairs and servicing?
Exploration
Service manager, Call center manager,
Independent package company account
executive
Research
Questions
Should the tech-support operator be given more intensive training
Should ABC Courier Service be replaced by an air-transport service
Should the repair diagnostic and repair sequencing operations be
Modified
Should metropolitan repair centers be established to complement or
Re lace in-factor re air facilities
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Selecting between specific alternatives
under consideration
Using Typical Research and then results
will tell about the research question out of
available questions Research from the past behavior and
including some Quantitative techniques to
research further. (Decision tree analysis)
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Research Proposal
Research Proposal is a blue print for conducting and controlling
research. It is considered as a research plan to serve as a mean ofcommunication between the researcher and the research supporter.
Purpose of Research Proposal
Need of theparticular research
Beneficiaries of research
Kind of data to be collected and the means
Type of analysis that will be done
Duration, facilities, and funds required to carry out the research
Credentials of the proposals
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The Content of Research Proposal
Executive Summary
Research Questions & Objectives
Literature Review
Hypotheses Generation
Importance/Benefits of the Study
Research Design/Method
Time scale and Budget
Data Analysis
Bibliography and Appendices