Introduction:
The importance of a research proposal in management decision-making was discussed in the chapter research proposal. The research process starts once the research proposal has been approved . The process beings with the definition of the research problem and ends with the final reporting of the results to the decision marker. The involvement of the decision-marker is essential in almost all the steps excepting a few which involve pure research and analysis.
Research Process Steps:
These steps are interdependent and simulations, though they are treated here as if they were sequential.
Thus the steps given here only indicative of the possible major steps that can be taken in a marketing research project and do not represent the exact sequence of the steps that are taken. This sequence varies for one problem to another.
1. Defining the Research Problem:
Problem identification in a research project is like choosing the destination for a journey. A research project without identifying the right problem is as meaningless as a journey without a destination. A problem as presented to the researcher is only a tentative problem and it is just a statement of the problem of perceived by the decision maker. It may not be the real problem in most cases, and it is the duty of the researcher to identify it correctly.
2. Cost/Value analysis of the Information:
The major cost constraints in marketing research are time and money. These costs are justified only by the value of the information, which is the result of the research. The decision maker depends on research for some additional information that can reduce the uncertainty about the situation. But the additional data does not have any value if it is not supplied in time. So the time factor is important in research. Thus time can be considered a major resource for marketing research.
3. Selection of the Data Collection method:
A researcher can use two types of data, data exclusively collected for the current problem:
secondary data collected for some other purpose and which is useful in the present research. In an exploratory survey, secondary data is used more regularly because of its cost and time advantages, whereas in conclusive research the usage depends upon the case,
4. Selection of the Sample:
Due to this size, it has become impossible to collect information from the entire population of a target market, sampling is used to overcome this problem.
i) population ii)Sampling iii)probability iv)Non probability v)sample size.
5. Selection of the Method of analysis:
A given method of analysis requires a particular data element in a particular format. Since each analytical method requires different data elements , in different forms, it is necessary to determine the analytical method before venturing into data collection. Again, the method of analysis depends on the nature of the sampling process and the data collection method .
6. Estimate the Resources Needed :
The resources needed for research for research are time, finance and personnel. Time and financial requirements are inversely dependent on each other. i.e.,if one likes to reduce financial expenses then the research may take a longer time period, and if one tries to conduct the same research in lesser time period the financial expenses may increase. Researchers need to strike a balance between the use to these two.
7.Prepare the Research Proposal:
A written research proposal puts down on paper the management problem, the research objectives, the research methodology and the resource requirements. This will help the researcher and the decision-maker to be in perfect agreement in each other that the research is on the right track.
8. Data Collection:
Data collection requires trained people for ensuring the validity of research. If a firm's requirement does not warrant a permanent team, it can out store personnel from data collector suppliers. When the firm hires data collectors, it should take care that these hires are well trained.
9. Data Analysis:
Before data collected is analyzed, it needs to be edited, coded and tabulated. Once it is tabulated the data is analyzed using statistical analysis. The results obtained from analysis are interpreted to some extent by the researcher. The rest of the interpretation is done by the decision-maker himself, as he understands the problem situation more clearly than the researcher. The reliability of the analysis estimated by error estimation methods. Once the analysis is done and the interpretation is made, the researcher needs to report the research to the decision-marker.
10. Reporting:
Reporting is the culmination of a research effort. Since it involves communication, one should take care of the factors affecting communication. This means that the report should contain both technical detail and managerial implications. It should consist of an executive summery that mentions the managerial implications. This should be then supplemented by the technical details, so that the decision-marker can refer to them as and when needed. The report should also cover the methodology used in the research.
The importance of a research proposal in management decision-making was discussed in the chapter research proposal. The research process starts once the research proposal has been approved . The process beings with the definition of the research problem and ends with the final reporting of the results to the decision marker. The involvement of the decision-marker is essential in almost all the steps excepting a few which involve pure research and analysis.
Research Process Steps:
These steps are interdependent and simulations, though they are treated here as if they were sequential.
Thus the steps given here only indicative of the possible major steps that can be taken in a marketing research project and do not represent the exact sequence of the steps that are taken. This sequence varies for one problem to another.
1. Defining the Research Problem:
Problem identification in a research project is like choosing the destination for a journey. A research project without identifying the right problem is as meaningless as a journey without a destination. A problem as presented to the researcher is only a tentative problem and it is just a statement of the problem of perceived by the decision maker. It may not be the real problem in most cases, and it is the duty of the researcher to identify it correctly.
2. Cost/Value analysis of the Information:
The major cost constraints in marketing research are time and money. These costs are justified only by the value of the information, which is the result of the research. The decision maker depends on research for some additional information that can reduce the uncertainty about the situation. But the additional data does not have any value if it is not supplied in time. So the time factor is important in research. Thus time can be considered a major resource for marketing research.
3. Selection of the Data Collection method:
A researcher can use two types of data, data exclusively collected for the current problem:
secondary data collected for some other purpose and which is useful in the present research. In an exploratory survey, secondary data is used more regularly because of its cost and time advantages, whereas in conclusive research the usage depends upon the case,
4. Selection of the Sample:
Due to this size, it has become impossible to collect information from the entire population of a target market, sampling is used to overcome this problem.
i) population ii)Sampling iii)probability iv)Non probability v)sample size.
5. Selection of the Method of analysis:
A given method of analysis requires a particular data element in a particular format. Since each analytical method requires different data elements , in different forms, it is necessary to determine the analytical method before venturing into data collection. Again, the method of analysis depends on the nature of the sampling process and the data collection method .
6. Estimate the Resources Needed :
The resources needed for research for research are time, finance and personnel. Time and financial requirements are inversely dependent on each other. i.e.,if one likes to reduce financial expenses then the research may take a longer time period, and if one tries to conduct the same research in lesser time period the financial expenses may increase. Researchers need to strike a balance between the use to these two.
7.Prepare the Research Proposal:
A written research proposal puts down on paper the management problem, the research objectives, the research methodology and the resource requirements. This will help the researcher and the decision-maker to be in perfect agreement in each other that the research is on the right track.
8. Data Collection:
Data collection requires trained people for ensuring the validity of research. If a firm's requirement does not warrant a permanent team, it can out store personnel from data collector suppliers. When the firm hires data collectors, it should take care that these hires are well trained.
9. Data Analysis:
Before data collected is analyzed, it needs to be edited, coded and tabulated. Once it is tabulated the data is analyzed using statistical analysis. The results obtained from analysis are interpreted to some extent by the researcher. The rest of the interpretation is done by the decision-maker himself, as he understands the problem situation more clearly than the researcher. The reliability of the analysis estimated by error estimation methods. Once the analysis is done and the interpretation is made, the researcher needs to report the research to the decision-marker.
10. Reporting:
Reporting is the culmination of a research effort. Since it involves communication, one should take care of the factors affecting communication. This means that the report should contain both technical detail and managerial implications. It should consist of an executive summery that mentions the managerial implications. This should be then supplemented by the technical details, so that the decision-marker can refer to them as and when needed. The report should also cover the methodology used in the research.
