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BBCU001 Business Research Methods Notes

Institution: Mount Kenya University

Course: Bachelor of Business Management

Content Category: Lecture Notes

Posted By: 07407203xx

Document Type: PDF

Number of Pages: 135

Price: KES 150

Views: 307 Downloads: 2

Summary

INTRODUCTION TO RESEARCH:
OBJECTIVES
At the end of the chapter, a student should be able to:
- Understand why research is studied
- Appreciate the value of acquiring research skills
- Define the terms – research and business research
- State and explain the purpose of research
- Explain the nature of scientific research
- Explain what is good research
- Describe the various classes of research
- Describe the various types of research

1.0 Introduction
The managers of tomorrow will need to know more than any managers in history. Research will
be a major contributor to that knowledge. Managers will find knowledge of research methods to
be of value in many situations. Business research has an inherent value to the extent that it helps
the management make better decisions. Interesting information about consumers, employers or
competitors might be pleasant to have but its value is limited if the information cannot be applied
to a critical decision. If a study does not help the management to select more efficient, less risky,
or more profitable alternatives than otherwise would be the case, its use should be questioned.
The important point is that research in a business environment finds its justification in the
contribution it makes to the decision maker’s task and to the bottom line.
At the minimum, one objective of this study material is to make you a more intelligent consumer
of research products prepared by others, as well as be able to do quality research for your own
decisions and those of others to whom you report.
1.1 Why Study Research
The study of research methods provides you with knowledge and skills you need to solve
problems and meet the challenges of a fast-paced decision-making environment. Business
research courses are recognition that students preparing to manage businesses, not-for-profit and
2
public organizations in all functional areas – need training in a disciplined process for conducting
an inquiry related to a management dilemma. These factors stimulate an interest in a scientific
approach to decision making:
- The Manager’s increased need for more and better information
- The availability of improved techniques and tools to meet this need, and
- The resulting information overload if disciplined is not employed in the process
During the last two decades, we have witnessed dramatic changes in the business environment.
Emerging from a historically economic role, the business organization has evolved in response to
the social and political mandates of natural public policy, explosive technology growth, and
continuing innovations in global communications. These changes have created new knowledge
needs for the Manager and new publics to consider when evaluating any decision. Other
knowledgeable demands have arisen from problems with mergers, trade policies, protected
markets, technology transfers, and macroeconomic savings – investment issues.
The trend toward complexity has increased the risk associated with business decisions, making it
more important to have a sound information base. Each of the factors listed below, which
characterize the complex business decision-making environment, demands that managers have
more and better information on which to base decisions:
• There are more variables to consider in every decision.
• More knowledge exists in every field of management
• Global and domestic competition is more vigorous, with many businesses downsizing to refocus on primary competencies, reduce costs and make competitive gains.
• The quality of theories and models to explain tactical and strategic results is improving.
• Government continues to show concern with all aspects of society, becoming increasingly
aggressive in protecting these various publics.
• Workers, shareholders, customers, and the general public are demanding to be included in
company decision-making; they are better informed and more sensitive to their own self
interest than ever before.
• Organizations are increasingly practicing data mining, learning to extract meaningful
knowledge from volumes of data contained within internal databases.
• Computer advances have allowed businesses to create the architecture for data warehousing,
electronic storehouses where vast arrays of collected, integrated data are ready for mining.
• The power and ease of use of today’s computer have given us the capability to analyze data
to deal with today’s complex managerial problems.
• Techniques of quantitative analysis take advantage of increasingly powerful computing
capabilities.
• The number and power of the tools used to conduct research have increased, commensurate
with the growing complexity of business decisions.
...................................

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BBCU001 Business Research Methods Notes

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