The object of study, or the reconstruction of the facts that will give an explanation for a witnessed event that at first glance may seem problematic, is intimately related to the pursuit of knowledge. Seeking explanations and gratifying our curiosity is a very human trait. Now, let’s discuss research.
Research: What Is It?
Research is the methodical examination of data using scientific methods to address a specific issue or research problem. “Research is a systematic inquiry to describe, explain, predict, and control the observed phenomenon,” states American sociologist Earl Robert Babbie. Both deductive and inductive procedures are used.
While deductive approaches confirm the observed event, inductive methods investigate a witnessed event. Qualitative research is typically connected with inductive methodologies, while quantitative analysis is more frequently associated with deductive methods.
The goal of conducting research is to:
-} Determine new and prospective clients.
-} Recognize current clients
-} Establish realistic objectives.
-} Create effective market strategy.
-} Take care of business issues
-} Assemble a plan for business expansion
-} Find fresh commercial prospects
What qualities does research possess?
1.] In order to collect reliable data, good research employs a methodical methodology.Observations and conclusions must be made with a code of conduct and ethics in mind for researchers.
2.] Based on logical reasoning, the analysis applies both deductive and inductive techniques.
3.] Real-time information and data come from firsthand observations made in unaltered environments.
4.] Every piece of data is thoroughly examined to ensure that no anomalies are connected to it.
5.] It makes it easier to come up with new queries. Extant data facilitates the development of new research avenues.
6.] It is analytical and makes use of all the information at hand to ensure that the conclusion is clear.
7.] One of the most important parts of research is accuracy. The data needs to be precise and up to date. For instance, labs offer a regulated setting for data collection. The instruments utilized, the tools’ calibrations, and the outcome of the experiment are all used to gauge accuracy.
What does research aim to achieve?
There are three primary goals:
1.] Exploratory: As the name implies, exploratory investigations are carried out by researchers to investigate a set of questions. It’s possible that the data and solutions don’t provide a resolution to the apparent issue. It is started in order to address novel issues that have never been investigated previously. The groundwork for more conclusive data collecting and analysis is laid by this exploratory data analysis approach.
2.]Descriptive: It emphasizes using data collection to increase understanding of current challenges. Research that uses descriptive methods explains how a sample population behaves. The study only needs one variable to be conducted. Descriptive studies have three main goals: to describe, explain, and validate the results. Consider a study done to determine whether or not 21st-century top management executives have a moral claim to a sizeable portion of the profits made by their companies.
3.] Explanatory: Research on causality, also known as explanatory research, is carried out to determine the effects of particular modifications to currently accepted practices. Conducting experiments is the most widely used method. Take a research project, for instance, to find out how rebranding affects consumer loyalty.
To help with comprehension, consider the following comparative comparison chart:
| Exploratory Research | Descriptive Research | Explanatory Research | |
| Approach used | Unstructured | Structured | Highly structured |
| Conducted through | Asking questions | Asking questions | By using hypotheses. |
| Time | Early stages of decision making | Later stages of decision making | Later stages of decision making |
It starts with selecting an acceptable research methodology and posing pertinent questions. Once you have gathered information to answer your questions, you can evaluate the results or observations to make logical deductions.
In market research and consumer studies, the more detailed your questions are, the more accurate the results will be. By thoroughly gathering customer data through surveys and questionnaires, you can gain crucial insights into how consumers perceive your business and what products they require. Using this information, you may strategically position your firm by using it to inform your marketing strategy selections.
Managing your research data in a single, centralized data repository and using a research repository as your organization’s single source of truth can help you make sense of your study and gain insights more quickly.
Research Methodologies and Examples
Qualitative techniques
Open-ended inquiries are typically used in conversational methods of data collection in qualitative research. In essence, the responses gathered are not numerical. This approach facilitates a researcher’s comprehension of participants’ thoughts and the reasons behind their opinions.
Qualitative approaches come in several forms.
1.] One-to-one Interview
2.]Focus Groups
3.]Ethnographic studies
4.]Text Analysis
5.]Case Study
Methods that are quantitative
Numerical techniques work with quantifiable forms and numbers. It looks at events or data in a methodical manner. It provides justifications for links between quantifiable factors in order to regulate, predict, or explain a phenomenon.
Quantitative technique types consist of:
1.] Survey investigation
2.]Descriptive study
3.]Research using correlations
Recall that information is only important and helpful if it is reliable, accurate, and valid. Erroneous outcomes may result in a decline in sales and client attrition.
It is crucial to guarantee that your information is:
-} Valid: well-reasoned, rational, exacting, and unbiased.
-} Accurate: devoid of mistakes and including all necessary information.
-} Reliable: Similar findings can be obtained by other researchers conducting comparable research.
-} Timely: current and gathered in a suitable amount of time.
-} Comprehensive: has all the information required to back up your business decisions.
8 Guidelines for reliable research
1.]List the primary challenges, problems, opportunities, and trends that you see. Each one should have a sentence summarizing it.
2.]Note the frequency with which each of the major conclusions occurs.
3.]Sort your findings into a list according to frequency of occurrence.
4.]Analyze a list of the SWOT analysis’s strengths, weaknesses, opportunities, and threats.
5.]Write up your study’s conclusions and suggestions.
6.]Implement your plans.
7.]Look for any holes in the data, and if required, think about conducting more research.
8.]Make time to go over the results and think about effective ways to evaluate and analyze them.
Before drawing any study-related conclusions, go over your objectives. Recall how the steps you have taken and the information you have acquired have assisted in providing answers to your queries. Consider whether the information your analysis provided helped you identify your conclusions and suggestions.