Business Research Process

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The research process consists of a series of steps necessary to carry out the research efficiently & effectively. The research process may vary based on the types of research. But in general, The research process may involve the following sequential steps-

  1. Problem Definition: The first step in the Business Research Process Is to choose a problem to investigate. Problem is concise and well-defined.
  2. Literature survey: Literature survey is especially important because it obviates the need to re-invent the wheel for every new research question.
  3. Developing of working hypothesis: Hypothesis should be developed. It provides directions to research.
  4. Research design: It is the most important task because research design is the conceptual framework within which research is conducted. It is a blue print of for collection, measurement & analysis of data.
  5. Determining sample design: Sample is the representative part of population.
  6. Data Collection: After determining the sample design, the researcher needs to collect data. Data can be collected from different sources. We can classify the data into two types in Business Research Process. They are-
    • Primary Data: Primary data can be collected either through experiment or through survey.
    • Secondary Data: Secondary data mean data that are already available.
  7. Data processing & analysis: Data analysis is the application of reasoning to understand the data that have been gathered In its simplest form, analysis may involve determining patterns and summarizing the relevant details revealed in the investigation.
  8. Testing hypothesis: After analyzing the data as stated above, the researcher is an a position to test the hypotheses, if any, he had formulated earlier.
  9. Generalizations & interpretation: If a hypothesis is tested and upheld several times, it may be possible for the researcher to arrive at generalization and interpretation.
  10. Preparing the research report: Finally, the researcher has to prepare the report of what has been done by him.

Formulating the research problem:

There are two types of Business Research Process problems. At the terribly start the investigator should single out the matter he needs to review. at first, the matter could also be declared during a broad general method and so the ambiguities if any, regarding the matter, be resolved.

Then the feasibleness of a selected resolution must be thought about before an operating formulation of the matter will come upon.
The formulation of a general topic into a specific research problem constitutes the first step in a scientific inquiry. Essentially two steps are involved in formulating the research problem such as:

  • Understanding the problem
  • Rephrasing the problem

By understanding and rephrasing the problem, the researchers try to formulate the research problem and make success solution.

Literature Review:

After defining the research problem the next step in the research process is to make an extensive literature review. In This stage, the researcher needs to review previous studies that have been made on the problem or topic defined by the researcher.

An extensive literature view helps the researcher to define the problem clearly and provides guidelines regarding how to conduct the study. This also makes the justification of the topic undertaken by the researcher. Good library management can contribute a lot in this regard.

Developing Working Hypothesis:

After an intensive literature survey, analysis ought to state in clear terms the operating hypothesis or hypotheses. The operating hypothesis is a tentative assumption created so as to extend and check its logical or empirical consequences. Working hypotheses are developed by using the following approaches:-

  1. Discussions with colleagues and experts about the problem, its origin and the objectives for getting its solution.
  2. Examination of data and records.
  3. Review of similar studies in the area of similar problems.
  4. Exploratory personal investigation that involves original field interviews on a restricted scale with interested parties and people.

What is research Design?

A research design is a plan of the suggested research work. The decision regarding what, where, when, how, what means regarding the study constitutes research design. This is the most difficult and formidable task in the research process.

At the same time; it is the most important task because research design is the conceptual framework within which research is conducted. It is a blueprint for the collection, measurement & analysis of data. A good research design tries to answer the following questions:

  1. What is the study about?
  2. Why is the study being made?
  3. Where will the study be carried out?
  4. What is the scope of the study?
  5. What types of data is required?
  6. Where can the required data be found?
  7. What periods of time will the study include?
  8. What will be the approx. expenditure?
  9. What will be the sample design?
  10. In what style will the report be prepared?
  11. What will be the methodology for research?
  12. What techniques of data collection will be used?
  13. How will the data be analys?

Determining Sample Design:

The sample is the representative part of the Population. All the things into consideration in any field of inquiry represent a ‘universe’ or ‘population’. A complete enumeration of all the items in the ‘population’ is known as census inquiry.

It can be presumed that in such an inquiry when all the items are covered no element of chances is left and the highest accuracy is obtained. But in practice, it may not be true.

The research worker should decide the means of choosing a sample of what’s popularly called the sample style. In different words, a sample style may be a definite setup determined before any date is literally collected for getting a sample from a given population.

Sample design can be of two types:

Samples are either likelihood samples or non-probability samples. With probability samples, each element has a known probability of being included in the sample. But the node-probability sample doesn’t enable the scientist to work out this likelihood.

Probability samples are those based on simple random sampling, systematic sampling, stratified sampling, cluster/area sampling, whereas non-probability samples are those based on convenience sampling, judgment sampling, and quota sampling techniques.

Data Collection:

After determining the sample design, the researcher needs to collect data. Data can be collected from different sources. We can classify the data into two types:

  1. Primary Data: Primary information may be collected either through experiment or through a survey. If the man of science conducts associate degree experiment, the reality contained in his hypothesis.
  2. Secondary Data: Secondary Data mean data that are already available. When the investigator utilizes secondary information, then he should inspect numerous sources from wherever he will acquire them. during this case he’s never confronted with the issues that area unit typically related to the gathering of original information. Secondary information might either be revealed information or unpublished information. Usually published data are available in:
    • Various publication of the central, state area unit native governments.
    • Various publication of foreign governments or international bodies and their subsidiary organizations.
    • Technical and trade journals.
    • Books, magazines and newspapers.
    • Reports and publications of various associations connected with business, industry, banks and stock exchanges etc.
    • Reports ready by analysis students, universities, economists etc. in several fields and documents and different sources of printed info.
    • Public records and statistics history

The sources of unpublished data are many. They may be found in diaries, letters, unpublished biographies and autobiographies and conjointly could also be accessible with students and analysis staff, trade associations, labor bureaus, and alternative public/private people and organizations.

Data Processing & Analysis:

After the fieldwork has been completed, the data must be converted into a format that will answer the manager’s questions. This is a part of the data processing and analysis stage. Here, the information content will be determined from the raw data.

Data processing generally begins with editing and coding the data. Editing involves checking the data collection forms for omissions, legibility, and consistency in the classification.

Before knowledge may be tabulated, pregnant classes and character symbols should be established for teams of responses. The rules for interpreting, categorizing, recording, and transferring the data to the data storage media are called codes.

The coding process facilities computer and had tabulation. If computer analysis is to be used, the data are entered into the computer and verified. Computer-assisted (online) interviewing is an example of the impact of technological change on the research process. Telephone interviewers, seated at computer terminals, read survey questions displayed on the monitor.

The interviewer asked the question and then types in the respondent’s answer. Thus, answers are collected and processed into the computer at the same time, eliminating intermediate steps that could introduce errors.

Data Analysis:

Data analysis is that the application of reasoning to know the information that is gathered. In its simplest form, the analysis may involve determining consistent patterns and summarizing the relevant details revealed in the investigation.

The appropriate analytical technique for knowledge analysis is determined by management’s info necessities, the characteristics of the analysis style, and also the nature of the information gathered. Statistical analysis may range from prettying simple frequency distribution to more complex multivariate analyses approaches, such as multiple regression.

Preparing the Research Report:

Finally, the research has to make a report of what has been done by him. Writing of report must be done great cake keeping in view the following:

  1. The layout of the report should be as follows:
    • The preliminary pages.
    • The main text, and
    • The end matter.
  2. The main text of the report should have the following parts:
    • Introduction: It should contain a clean statement of the objective of the research and an interpretation of the methodology accepted in accomplishing the research.Summary of findings: After introduction there would appear a statement of findings and recommendations in not-technical language.
    • Main report: The primary body of the report should be presented in logical sequence and broken-down into easily identifiable sections.
    • Conclusion: Towards the end of the main text researcher should again put down the results of this research clearly and precisely. In fact, it is the final summing up of the report.
  3. Report should be written in a concise.
  4. Charts and illustrations in the main report should be used clearly.
  5. Calculated confidence limits must be mentioned.

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