Class notes HBAF 3112:RESEARCH METHODOLOGY Research Methods for Business Students
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HBAF 3112:RESEARCH METHODOLOGY
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HBAF 3112:RESEARCH METHODOLOGY
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Research Methods for Business Students
It explains the meaning of research and gives the detailed process of carrying out research and how to come up with a detailed proposal and report after conducting a study
Research Methods For Business Students, 8th Edition Solution Manual by Mark Saunders, Philip Lewis, Verified Chapters 1 - 14, Complete Newest Version
SOLUTION MANUAL Research Methods For Business Students 8th Edition Mark Saunders, Philip Lewis Chapters 1 - 14, Complete
Solution Manual For Research Methods For Business Students, 8th Edition by Mark Saunders, Philip Lewis, Verified Chapters 1 - 14, Complete Newest Version
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RESEARCH METHODOLOGY
INTRODUCTION
Definition of Research:
Research is a careful inquiry or examination to discover new information or relationship and
to expand or verify existing relationships. It may also be defined as the process of arriving at
a dependable solution to a problem through planned and systematic collection, analysis and
interpretation of data. From an academic perspective, Research is an approach to study by
which through a careful and thorough investigation of ascertainable facts bearing upon a
clearly defined problem, a student seeks to contribute to the pool of knowledge available to
mankind.
Business Research
Is a systematic and organized effort to investigate a specific problem encountered in the work
setting that need a solution. For example, on organizational outcomes (such as sales, market
share, profits, growth and effectiveness), high turnover of employees, poor performance of
the employees, just in time systems, production efficiencies , brand loyalty, product life cycle,
product innovation, customer complaints, new product development, Cost of capital
,Valuation of firms, Investment decisions etc.
It comprises a series of steps designed and executed with the goal of finding answers to the
issues that are of concern to the manager in the work environment. Students preparing to
manage businesses and public organizations in all functional areas need training in a
disciplined process of conducting an inquiry of a management dilemma that requires a
management decision.
Objectives of Research
The general objective of research is to discover answers to questions by applying scientific
procedures. In the other words, the main aim of research is to find out truth which is hidden
and has not yet been discovered. Although every research study has its own specific objectives,
research objectives may be broadly grouped as to:-
1 | RM
, • Gain familiarity: to gain familiarity with or new insights into a phenomenon
(i.e. formulative research studies);
• Portray characteristics: to accurately portray the characteristics of a particular
individual, group, or a situation (i.e. descriptive research studies);
• Analyse: to analyze the frequency with which something occurs (i.e., diagnostic
research studies); and
• Examine: to examine a hypothesis of a causal relationship between two variables (i.e.
hypothesis-testing research studies).
Purposes of Research
• To discover new knowledge. Deals with the discovery of new facts, their correct
interpretation and practical application.
• To describe a phenomenon or situation e.g. thorough the description of an event in
terms of size, shape, age, weight, colour, change over time and height for accurate
identification as well as learning about the customers.
• To enable explanation of a phenomenon is the ability to estimate phenomenon A, given
B. e.g.
i) Why crime rate is increasing in Nairobi.
ii) Why many people live below the poverty line in Kenya.
iii) Why customers are complaining about our products and services.
Explanation involves accurate observation and measurement of a phenomenon through
description, prediction of its occurrence and observation of the factors that cause its occurrence
with certainty and accuracy.
• To enable prediction using a model e.g. predicting future sales, profit, market share,
costs.
• To enable control is concerned with the ability to regulate the phenomenon under study as
in majority scientific experiments. Phenomenon is manipulated to exert control e.g. to
control production costs, to minimize wastages etc.
• To develop a theory about relationship between variables e.g. the theory of demand
states that price and demand of a normal product have an inverse relationship. This
involves formulation of concepts, laws and generalizations about a given phenomenon.
• To confirm or validate existing theories (or to falsify existing theories).
2 | RM
,Importance of Research Knowledge to Business Managers
Research:
• Enables a manager to identify and clearly define a problem.
• Promotes exploration of existing knowledge.
• Leads to explanation of a phenomenon or situation.
• Enables optimum decisions to be made on the basis of tested information.
• Enables a manager to relate productively with research.
Management and Research
Research knowledge is of significance to managers. The managers with knowledge of research
have an advantage over those without. Although they may not be involved in any major
research, managers must understand, predict and control events that are dysfunctional to the
organization.
• They should be able to identify and solve minor problems in the work setting.
• They should be able to relate to hired researchers and consultants effectively
• Know how to discriminate good research studies from poor research studies
• Take calculated risk in decision making.
• Prevent possible vested interests from exercising their influence in a situation.
• Combine experience with scientific knowledge while making decisions.
• Look at available information in sophisticated and creative ways in the fast – paced
global environment in which business exist.
Summary
• To research is to carry out a diligent inquiry or a critical examination of a given
phenomenon
• It implies exhaustive study, investigation, or experimentation following some logical
sequence.
• It also involves critical analyses of existing conclusions, or theories with regards to newly
discovered facts.
• The immediate purpose of research is to discover the unknown so that one or more of the
following may be done.
▪ State the unknown.
3 | RM
, ▪ Describe the unknown.
▪ Make predictions relating to the unknown.
4 | RM
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