Table of Contents
Decision making is a group affair and there are different types of participation in the decision-making process (Yang, 2015). At this level, where an individual has the final say, there is a detailed consultation and discussion before the chief executive makes a final decision. The fact is that the foremost decision-maker may have all the information about the election and its consequences, but he must make the decision in the light of his own ability to process this information and implement it and motivate others. Accept it. Hierarchy means a graded organization of several successive stages and levels. Simon says every organization has certain goals. To achieve that goal it divides its tasks into different units and sub-units. But this range of goals or pyramid is not perfectly organized or integrated into any real behavior. Some combinations need to be achieved in reality, without which no goal can be achieved. In the contemporary business world, numerous organizations have layers and layers of pecking orders where choices are made at the top and given to the workers (Giordano, 2014). This prompts authoritative structures that are vertically profound and on a level plane wide. An important point is whether the above decisions are fully realistic; taking into account the many layers that must be passed through when they reach the bottom. Of course, it depends on the type of organization, because bureaucratic structures have a tendency not to implement decisions due to vested interests and inertia. The second is important because laziness due to the nature of the organizational setup prevents many bureaucracies from implementing decisions (Piercy, 2016). The idea of benefit focuses or cost focuses is particularly valuable to consider in situations where dynamic decision making is decentralized. For example, companies such as Citigroup divide their operations into regions and make decisions at each regional level according to their areas of operation.
Business Research Process with an example -
It is a cycle of procuring nitty-gritty data of the apparent multitude of zones of business and utilizing such data in augmenting the deals and benefits. This cycle is fundamentally used to recognize the key region of progress and make a remedial move by breaking down the gathered information and business center skills (Gupta, 2012). It includes hardly any theory during the cycles which are to be approved. Let's look at the business research process with an example of an imaginary FMCG company which is manufacturing potato chips at the moment.
Step 1 - Define objective
The company has seen tremendous success in the past 15 years. Past 2 years they have seen flat growth and they are considering different ways to improve the top line. They have come up with an objective to achieve the goal.
The company wants to expand its product portfolio by adding one more snack.
Step 2 - Determine the Research design
A company doesn't know which snack should be introduced in the portfolio; they have decided to check the market need. They want to leverage the brand name with the existing customer base and want them to purchase the new product as well (Creswell, 2014).
They decided to conduct primary market research by talking to 1000 people across 10 states and want to understand their preference for snacks. The company hired a research firm to do the same.
Step 3 - Design and prepare research instrument
The research firm has decided to meet 1000 people personally while they are purchasing snacks from the local store. They come up with a list of stores in each state where they can find that target audience easily and conduct primary research.
The questionnaire has been designed as per the company's requirement which has about 20 questions consisting of interviewee's demographic details and snack preferences.
Step 4 - Sampling and data collection
The research firm has conducted primary research with 1000 people in 10 states by personally interviewing them. The data sheets have been collected and the data has been put into MS Excel for better understanding.
Step 5 - Analyze the data
Now as the company has all the data of 1000 people, they have started looking at it. (Considering own data point for an example) Data shows that 70% of the interviewees who are in the age group of 25 to 40 prefer nachos over any other snack while they are enjoying their lunch/dinner. These people are also into the same target audience who are consuming potato chips of the current brand (Billups, 2019).
Step 6 - Take action
As you can see, the mandate is clear and people prefer to have nachos. Also, the company can see that the existing manufacturing facilities can be used to produce Nachos without incurring additional capital investments; the company has decided to launch its Nachos brand. Another benefit is the company can use the same distribution channels to sell nachos in the market.
These are a few steps that are to be used for the business research process. Important steps are data analysis and action-taking.
Types of Asymmetrical Casual Relationship (Brians, 2016):
When a change in an independent variable brings the change in another dependent variable then this sort of relationship will be called an asymmetrical relationship. There are 3 types of relationships that are being discussed below.
i) Property behavior:When someone's actions get affected due to the change in the concerned property then this relationship is "Property behavior relationship". For example, Society surrounding consumer buying pattern
ii) Disposition behavior: When someone behavior gets affected due to happen of a specified moment or after particular circumstances, then this relationship will be "Disposition behavior relationship" For example when a bank target a potential to get the bank account opened and when that customer gets the account opened then bank behavior changes. This relates to a selected style of relationship where human behavior is impacted in certain ways (Peters, Janzing and Schölkopf, 2017).
iii) Stimulus-response: When a particular event or happening of a particular situation leads to change in the relationship. This marks the occurrence of an occurrence as a response to certain changes. For instance, effective re-branding initiatives may have positive implications for the degree of sales. For example, the Successful implementation of upgraded engines in the car can get sales increased.
There are 3 types of interview format for Qualitative data i.e. Structured Interviews, Unstructured Interview, and Semi-Structured Interviews:
1) Structured Interviews:
These interviews strictly guide the interviewer to complete the interview with the specified protocol. It is very rigid. The questions mentioned in the lists are asked to the participants only. So, there are no opportunities to question and explore topics based on the answers given by the participants (Durivage and Pettersen, 2008). These interviews are in the form of expedient interviewing and will follow the proper approach to gather the correct information.
2) Unstructured Interviews:
These are interviews just like a normal conversation, concerning the agenda of the interview. As the name says, these interviews do not have a form that interviewers use as these interviews have less number of questions as they incline more towards normal conversation with the specific goal to reach on (Strauss and Corbin, 2014). For completing the agenda, interviewers conduct the interview by building a rapport and making the participant comfortable due to which there is a 100% chance of the participants providing the truthful information.
3) Semi-Structured Interviews:
These interviews use an interview protocol to guide the researcher or interviewer through the interview process. It is flexible and often a guided conversation between the interviewer and the participant. It does maintain some structure hence it consists of both open and close-ended questions for probing the additional details from the participant (Evans, 2016). In this interview, the interviewer does not feel the need to conduct a lot of rounds for assessing the participant as all necessary information can be asked to the participant. To fill this gap, the next question must be asked to the participant to ensure if he is providing truthful information.
a) Validity refers to the degree of accuracy with which a method measures the phenomenon it was intended to measure. For example, a scale that is off by says 5 pounds would measure your weight in excess of 5 pounds thereby being an invalid tool for measuring weight (Cizek, 2020). Practicalityis an attribute of measuring instruments that can be estimated regarding convenience, economy, and interpretability. A practical tool means it’s economic, convenient, and interpreted. For example, a questionnaire with illustrated examples and clear instructions is more effective and easy to complete than a questionnaire that lacks these features. Reliability refers to the extent to which data collection techniques or analysis procedures will yield consistent results (Medhurst and Nicolle, 2014). For example, a thermometer is a reliable tool for measuring temperature as it would give the same consistent results every time it is used.
b) Content and construct are the two types of validity that support the GRE Program. Content validity means that the test measures appropriate content while construct means the test measures the abilities/skills required. For example, measuring human intelligence or emotional levels, both being concepts supported by theories (Matthews and Saklofske, 2014).
Criterion validity is also called concrete reality; it refers to a test's correlation with a tangible outcome. Content validity refers to the extent to which the instrument provides adequate coverage of the topic under study (Kanya, 2018). For example, a math exam given to students should actually cover all topics taught in the course and not include irrelevant material like biology questions. For example, an interviewee taking a test during the interview for the employer to be able to tell how well he/she will do in the job. If high scores translate to high job performance, the test is said to have criterion validity.
a) The graph explains how the globalization has hardly been hit due to COVID 19 pandemic.
Different countries have blocked their flight due to the pandemic leading to a sharp decline in the passengers between the year 2019 and 2020 as per the Australia case.
The effect of the pandemic on other countries has been plotted with respect to Australia.
a) Central limit theorem - is a statistical theory which states that if you have a population with mean μ and standard deviation σ and take sufficiently large random samples from the population with replacement, then the distribution of the sample means will be approximately normally distributed (Illowsky, Dean and Holmes, 2018). For example, if one flips a coin severally, the probability of getting a certain number of heads will approach a normal distribution.
b) Confidence intervalis a range of values we are reasonably sure our actual value lays. An example is an average height. The confidence interval refers to a range of values we are sure our true value lies within. For example, instead of 8 as the mean, you will get (7,9), 7 being the lower estimate and 9 being the upper (Meeker, Escobar and Hahn, 2017).
c) Confidence levelrefers to the long-term rate of success of the method, meaning how of the interval in question will capture the parameters of interest, for example, a 95% confidence level means that if the test were repeated, the data would match that of the entire population 95% of the time.
d) Interval estimateestimates a parameter using a range of values instead of a single number. For example - If the mean falls between 50 and 100, the interval estimate would be (50< µ< 100) (Illowsky, Dean and Holmes, 2018).
c) Point estimate- the process of finding an approximate value of some parameter—such as the mean (average)—of a population from random samples of a population. (Meeker, Escobar and Hahn, 2017).
Billups, F. D. 2019. Qualitative Data Collection Tools: Design, Development, and Applications. United States: SAGE Publications.
Brians, C. L. 2016. Empirical Political Analysis. United States: Taylor & Francis.
Cizek, G. J. 2020. Validity: An Integrated Approach to Test Score Meaning and Use. United Kingdom: Taylor & Francis.
Creswell, J. W. 2014. Research Design: Qualitative, Quantitative, and Mixed Methods Approaches. United States: SAGE Publications.
Durivage, A. and Pettersen, N. 2008. The Structured Interview: Enhancing Staff Selection. Canada: Chicago Review Press Incorporated DBA Independent Pub Group.
Evans, C. 2017. Analysing Semi-Structured Interviews Using Thematic Analysis: Exploring Voluntary Civic Participation Among Adults. United Kingdom: Sage Publications Limited.
Giordano, A. D. 2014. Performing Information Governance: A Step-by-step Guide to Making Information Governance Work. United States: Pearson Education.
Gupta, H. 2012. Business Research Methods. India: Tata McGraw Hill Education.
Illowsky, B., Dean, S. and Holmes, A. 2018. Introductory Business Statistics. Hong Kong: Samurai Media Limited.
Kanya, G. L. W. 2018. Investigating the Criterion Validity of Contingent Valuation-willingness to Pay Methods. United Kingdom: Brunel University London.
Matthews, G. and Saklofske, D. H. 2014. Measures of Personality and Social Psychological Constructs. Netherlands: Elsevier Science.
Medhurst, F. and Nicolle, R. 2014. Practicality, How to Acquire It: Mental Efficiency Series V6. United States: Literary Licensing, LLC.
Meeker, W. Q., Escobar, L. A. and Hahn, G. J. 2017. Statistical Intervals: A Guide for Practitioners and Researchers. Germany: Wiley.
Peters, J., Janzing, D. and Schölkopf, B. 2017. Elements of Causal Inference: Foundations and Learning Algorithms. United Kingdom: MIT Press.
Piercy, N. 2014. Marketing Organisation (RLE Marketing). United Kingdom: Taylor & Francis.
Strauss, A. and Corbin, J. 2014. Basics of Qualitative Research: Techniques and Procedures for Developing Grounded Theory. United States: SAGE Publications.
Yang, V. 2015. The Information Process: A Model and Hierarchy. (n.p.): Lulu Publishing Services.
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