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    Business Research Methods

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    SANA ALAM
    Yes, as a manager expanding to new markets, I would conduct research to understand the impact and effectiveness of social media influencers. Specifically, the research would: 1. Assess the reach and engagement levels of local micro-influencers across target regions. 2. Evaluate how influencer marketing has impacted sales for similar products/brands. 3. Identify top influencers to partner with and determine appropriate marketing strategies. The research would help optimize our influencer strategy and budget to maximize sales in the new markets. Understanding influencer dynamics is crucial for successful market expansion. For the bicycle business, research into youth bicycle usage trends would be beneficial before increasing production or investments. The research could: 1

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    Business Research Methods

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    SANA ALAM
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    Yes, as a manager expanding to new markets, I would conduct research to understand the impact and effectiveness of social media influencers. Specifically, the research would: 1. Assess the reach and engagement levels of local micro-influencers across target regions. 2. Evaluate how influencer marketing has impacted sales for similar products/brands. 3. Identify top influencers to partner with and determine appropriate marketing strategies. The research would help optimize our influencer strategy and budget to maximize sales in the new markets. Understanding influencer dynamics is crucial for successful market expansion. For the bicycle business, research into youth bicycle usage trends would be beneficial before increasing production or investments. The research could: 1

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    Yes, as a manager expanding to new markets, I would conduct research to understand the impact and effectiveness of social media influencers. Specifically, the research would: 1. Assess the reach and engagement levels of local micro-influencers across target regions. 2. Evaluate how influencer marketing has impacted sales for similar products/brands. 3. Identify top influencers to partner with and determine appropriate marketing strategies. The research would help optimize our influencer strategy and budget to maximize sales in the new markets. Understanding influencer dynamics is crucial for successful market expansion. For the bicycle business, research into youth bicycle usage trends would be beneficial before increasing production or investments. The research could: 1

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    © All Rights Reserved
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    13 views36 pages

    Business Research Methods

    Uploaded by

    SANA ALAM
    Yes, as a manager expanding to new markets, I would conduct research to understand the impact and effectiveness of social media influencers. Specifically, the research would: 1. Assess the reach and engagement levels of local micro-influencers across target regions. 2. Evaluate how influencer marketing has impacted sales for similar products/brands. 3. Identify top influencers to partner with and determine appropriate marketing strategies. The research would help optimize our influencer strategy and budget to maximize sales in the new markets. Understanding influencer dynamics is crucial for successful market expansion. For the bicycle business, research into youth bicycle usage trends would be beneficial before increasing production or investments. The research could: 1

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    You are on page 1of 36

    SESSION 1-BRM

    Dr. Muhammed Niyas K. P,


    Assistant Professor IT,
    SBM, NMIMS Hyderabad,
    Jadcherla.
    AGENDA
    • Definition of Business Research,

    • Managerial Value,

    • Types of Business Research,

    • Stages in Business Research,


    • A caselet example
    WHY MANAGERS SHOULD KNOW RESEARCH
    METHODOLOGY?

    • To conduct research when required for addressing the business


    problems for enhancing the decision making and organization
    strategic objectives.
    DEFINITION OF BUSINESS RESEARCH

    • Business research is the application of the scientific method in


    searching for the truth about business phenomenon. These activities
    include defining business opportunities and problems, generating
    and evaluating ideas, monitoring performance, and understanding
    the business process.
    “ Researching means re-digging or re-searching a business problem
    again to understand it better on the already available. Ultimately, at
    the end of the day, the discovery from the study is used for policy
    making in the organisation”.
    • An E-commerce company investigating the what mix of list of items is
    to be shown to a customer for increasing the profit.

    • An organization likes to know what is the optimal emotional contents


    that are to be used in the advertisement for increasing the fan
    engagement.
    Reinforcement based recommendation strategy,

    Optimal investment strategy for a business to achieve


    success
    Doing a business research on
    finding the satisfactory elements
    of a business by customers. Then,
    using all these elements for a
    better design of the product.
    EXAMPLE OF JELLY BELLY BEAN BRAND

    • The company conducted a customer survey on improving the delivery


    of already existing sweets. In order to do that, the research was
    focused on collecting the data from customers on their:

    a) likes and dislikes of the product,


    b) what mix of items can be crucial in giving good flavours of taste,
    c) Giving perks and discounts for the customers who respond.
    TYPES OF BUSINESS RESEARCH
    1. BASIC RESEARCH

    • Basic business research is conducted without a specific decision in


    mind, and it usually does not address the needs of a specific
    organization. It explores the limits of knowledge in general, and it
    does not aim at solving a specific problem.
    FOR EXPLORING HOW STRESS AFFECTS
    EMPLOYEES)?
    2. APPLIED RESEARCH
    • Applied research focuses on addressing how a specific decision is
    addressed for an organization.

    • For this kind of research, there are two things: 1. A specific problem
    to address, 2. Addressing a specific business decision.
    EXAMPLES

    1.Applied research to improve an organization’s hiring process.


    2.Applied research to improve workplace efficiency and organizational
    policies.
    3.Applied research to bridge skill gaps in the workplace.
    • Business redesign its strategy to improve its recruitment process. In
    order to do so, they are investigating how the student selection
    procedure should be performed for increasing the intake?

    • A restaurant franchisee likes to know what is the optimal amount of


    an item to be manufactured every day so that there is less wastage of
    food?
    3. Scientific Method

    • It is the way researchers go about using the knowledge and evidence


    to reach objective conclusions about the real world.

    • Research focuses on developing systematic tools and techniques for


    developing inferences for a research problem after analyzing the data.
    STEPS IN SCIENTIFIC RESEARCH

    • Prior knowledge and observation of the problem,


    • Setting up a research hypothesis to address the problem,
    • Hypothesis testing (observation or experimentation),
    • Conclusion (deriving new knowledge about the problem).
    EXAMPLE:

    A company likes to know if the customers of a specific age group buying


    a specific product is highly loyal or not?

    Solu:

    Initially, it is necessary to set up a research hypothesis for addressing


    the problem. A proper data collection method is ensured for collecting
    the necessary data.
    • Exploring the research questions using a proper statistical or
    mathematical tool. Analyzing the results produced by the tool for
    making better inferences with respect to the research question.

    • ANSWER FOR THE QUESTION IS : May be there is high probability that


    the customers who belonging to a specific age group is highly loyal in
    buying a product or not?
    • Outcome of the result helps a company to take better decision.
    MANAGERIAL VALUE
    BUSINESS ORIENTATIONS
    Product oriented firm: Example: The fashion industry makes clothes in styles
    Prioritizes decision making that focus the physical and size that few can adopt.
    product design, trendiness or technical superiority
    Research focuses on technicians and experts in the
    field.
    Production oriented firm: Example: Auto-industry decided to reduce the cost of
    production as low as possible.
    Prioritizes efficiency and effectiveness of the
    production processesses in making decisions Research focus on line employees, engineers,
    accountants. Etc.
    Marketing oriented firm: Well-known hotel chains are designed to address the
    needs of business travellers.
    Focus on how the firm provides value to custmers
    Research focus on customers
    YOPLAIT GO GURT
    • Competitor’s developed a better
    packaging system where the spoon
    is being put forward as a separate
    entity,

    • Yoplait’s market research found out


    that kids prefer to eat without
    spoon, and easiness in carrying is a
    must.

    • Customer’s needs, product


    research, development leads to a
    successful business ooutcome.
    • From a managerial point of view, the outcome of a business research
    helps in better strategy decision-making.

    • Enables Informed decision in decision making process


    FOUR STAGES OF BUSINESS STRATEGY
    DECISION MAKING
    • Identifying problems or opportunities,

    • A manufacturing
    company identifies that
    it has to do many things
    about the waste
    management,
    • Expanding to a new
    market requires better
    understanding of
    market.
    FOUR STAGES OF BUSINESS STRATEGY
    DECISION MAKING (contd…)
    • Diagnosing and assessing problems or opportunities:

    Exploring a problem and why,

    If an opportunity exists, they need to know why and how to rectify it.
    FOUR STAGES OF BUSINESS STRATEGY
    DECISION MAKING (contd…)
    • Selecting and implementing a course of action

    Out of the many alternatives the business provides to you, selecting


    the best alternative solution to a problem is necessary.
    FOUR STAGES OF BUSINESS STRATEGY
    DECISION MAKING (contd…)
    • Evaluating the course of action:

    Evaluation research focuses on formal, objective measurement and


    appraisal of the extent a given activity, project, or program has
    achieved its objectives.

    Performance-monitoring research refers to research that regularly


    sometimes routinely, provides feedback for evaluation and control of
    business activity.
    HARLEY DAVIDSON GOES TO INDIA 2005
    Heavy import
    duty, taxes,
    emission control
    measures on
    India forced
    Harley Davidson
    to withdrew at
    2005.

    Women Kicked
    into Gear, Akron
    Beacon Journal,
    2008
    WHEN IS BUSINESS RESEARCH NEEDED?
    1. Time Constraints

    • For an applied research, it is required to implement the research in


    short span of time,

    Urgency should not have a conflict with the research


    2. Availability of Data

    • Data costs,
    • Utilization of effective data
    NATURE OF DECISION
    • Value of business research is also highly depends on the nature of
    decision to be made,

    • It depends upon whether the business decision helps in a strategic or


    tactical decision
    BENEFITS VERSUS COST

    • Will the money invest on research is worth?


    • Will the information gained by business research improve the quality
    of the managerial decision enough to warrant the expenditure?
    • Is the proposed research expenditure the best use of the available
    funds?
    FLOWCHART FOR CONDUCTING BUSINESS
    RESEARCH

    Textbook reference, Page no: 13


    CASE DISCUSSION
    • As a manager, you observed that there is a significant influences on
    local micro influencers. You are expanding the market to every luke
    and corner of the state, would you rather go for a research to know
    the social media influencer’s effect?

    • Imagine you are a bicycle manager, you observed that there is an


    increase of bicycle among the youth in urban cities. As per the recent
    orders, there is a significant increase among youth in the usage of
    bicycles across the state. Would you prefer to increase the market by
    a research?
    • THANKS

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