business research methodology

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Introduction to Research:

Introduction to Research Research is simply the process of finding solution to a problem after a thorough study and analysis of the situational factors. Managers in organizations constantly engage themselves in studying and analyzing issues and hence are involved in some form of research activity as they make decisions at the workplace. As is well known, sometimes managers make good decisions and problems get solved, sometimes they make poor decisions and the problem persists, and on occasion they make such colossal blunders that the organization gets stuck in the quagmire. The difference between making good decisions and committing blunders lies in how managers go about the decision making process

Crucial Questions:

Crucial Questions Do managers identify where exactly the problem lies? Do they correctly recognize the relevant factors in the situation needing investigation? Do they know what type of information are to be gathered and how? Do they know how to make use of the information so collected and draw appropriate conclusions to make the right decisions? and Finally, do they know how to implement the results of this process to solve the problem? To be a successful manager it is important that we know how to go about making the right decisions by being knowledgeable about the various steps involved in solving problematic issues. Identifying the critical issues, gathering relevant information, analyzing the data in ways that would help decision making, and implementing the right course of action are all facilitated by understanding business research.

Business Research:

Business Research Business research can be described as a systematic and organized effort to investigate a specific problem encountered in the work setting, that needs a solution. It comprises a series of steps designed and executed , with the goal of finding answers to the issues that are of concern to the manager in the work environment To know where the problem areas exist in the organization, and to identify as clearly and specifically as possible, the problems that need to be studied and resolved. To gather information, analyze the data, and determine the factors that are associated with the problem and solve it the necessary corrective measures. This entire process by which we attempt to solve problems is called research. Thus, research involves a series of well-thought-out and carefully executed activities that will enable the manager to know how organizational problems can be solved. Research is an organized, systematic, data-based, critical, objective, scientific enquiry/investigation into a specific problem, undertaken with the purpose of finding answers or solutions to it.

Data/Statistical Information:

Data/Statistical Information Data can be quantitative (as generally gathered through structured questions) or qualitative (as generated from the broad answers to specific questions in interviews, from responses to open ended questions in a questionnaire, or through observation, or from already available information gathered from various sources. Purpose of Research Research can be undertaken for two different purposes. Applied Research: to solve a current problem faced by the manager in the work setting, demanding a timely solution, For example, a particular product may not be selling well and the manager might want to find the reasons for this in order to take corrective action. Basic research: to generate a body of knowledge by trying to comprehend how certain problems that occur in organizations can be solved.

Research in Business:

Research in Business To day’s managers have a growing need to understand scientific findings and incorporate them into the decision making process. They also need to understand better how research is conducted and how good research can be identified. Finally, they should be prepared to carry out research in a more scientific manner. Characteristics of Good Research Purpose clearly identified. Research process detailed. Research design thoroughly planned. High ethical standards applied. Limitation frankly revealed. Adequate analysis for decision maker’s needs. Findings presented unambiguously. Conclusions justified. Researcher’s experience reflected.

Types of Research:

Types of Research Business research is a systematic inquiry that provides information to guide business decisions. It includes reporting as well as descriptive, explanatory and predictive studies. Emphasis is placed on applied rather than pure research i) Reporting; ii) Descriptive; iii) Explanatory; and iv) Predictive Types of Research

Reporting :

Reporting A reporting study may be made only to provide an account or summation of some data or to generate some statistics. A reporting study calls for knowledge and skill with information sources and gatekeepers of information sources. Such a study usually requires little inference or conclusion drawing A descriptive study try to discover answers to the questions who, what, when, where, and sometimes how. The researcher attempts to describe or define a subject, often by creating a profile of a group of problems, people, or events. Such studies may involve the collection and description of data. They may involve relating the interaction of two or more variables Descriptive

Explanatory:

Explanatory An explanatory study attempts to explain the reasons for the phenomenon that the descriptive study only observed. The researcher uses theories or at least hypotheses to account for the forces that caused a certain phenomenon to occur. Predictive If we can provide a plausible explanation for an event after it has occurred, it is desirable to be able to predict when and in what situation the event will occur. A predictive study is just as rooted in theory as explanation. Exploratory When no information exists on some phenomena, surveys are undertaken to find about the various facets of the problem. Survey-based research

Case Study PEL (Pak Electron LTD):

Case Study PEL (Pak Electron LTD) A pioneer electrical goods manufacturer in Pakistan Established in 1956 with collaboration of AEG of Germany. Saigol Group of Companies took over the company in 1978. Company is doing business in two divisions. Major share of business is from power division but increasing investment in Appliances division also….. Vision “To EXCEL IN PROVIDING ENGINEERING GOODS AND SERVICES THROUGH CONTINUOUS IMPROVEMENTS”

MISSION STATEMENT:

MISSION STATEMENT To provide quality products and services to the complete satisfaction of customers and maximize returns for all stakeholders through optimal use of resources. To focus on personal development of human resources to meet future challenges. To promote good governance, corporate values and a safe working environment with a strong sense of social responsibility APPLIANCES DIVISION Appliances Division has the following products: Refrigerators Air Conditioners Microwave Ovens Washing Machines Generators Water Dispensers

Slide 11:

Power Division has the following products: Power Transformer Distribution Transformer Dry-type Transformer Energy Transformer Energy Meter Switchgear Transformer Services APPLIANCES DIVISION MARKETING DEPARTMENT OF PEL MARKETING AD CORPORATE SALES DEPARTMENT CUSTOMER SERVICE DEPARTMENT DISTRIBUTION AND CREDIT CONTROL DEPARMENT HUMAN RESOURCE DEPARTMENT FINANCE DEPARTMENT PROCUREMENT INFORMATION TECHNOLOGY PRODUCTION

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Segment the market according income level and geographically. Target the market of middle class consumers and consumer from sub-urban or rural areas. Positions itself as a high quality brand in less price. Does mass marketing to attract customers. Uses Push strategy mostly in promotion. MARKETING STRETAGY SWOT ANALYSIS Strong Brand Image Strong Dealer Network Market leader in WRAC Monopoly in Power market Number 2 in Appliances Market in Pakistan Strategic Alliance with LG Contract with Government of Punjab Strengths Weaknesses Financial problems Low Satisfaction Level of employees Lack of Advertisement System Variations Lack of Product Range Inappropriate Working of HR Department

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Opportunities Exploration of market in Pakistan Rising population Increase in production Range Export Opportunity Increase in Production Capacity Increasing Investment in power sector Threats Strange Competition Chinese Products Decrease in Pakistani Rupee Value Decreasing Growth Rate in Pakistan Instability of Government Tax Department

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PEST ANALYSIS Political Analysis Pakistan is one of the most vulnerable countries in the world. Very few incentives to manufacturer by the government. The government also increased the minimum wage rate. Economy is facing financial crisis Strong black economy in Pakistan. Unemployment rate has increased from 5.6% to 7.4% GDP growth rate was 2% in 2008-09 A negative 3.3% growth rate in manufacturing Economic Environment Social Environment In Pakistan Air Conditioners are used by upper and middle class People are more prices conscious now a days due to financial crisis Customers have started considering split Air Conditioners as a status symbols More demands of split AC due to energy saving Technological Environment Technology is rapidly changing Companies are in competition to introduce latest technology in its products The use of CFC gases has abolished in refrigerant products

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Achievements First Super brand of Pakistan in home appliances PEL Awarded Health & Environment National Excellence Award-2008 PEL Wins best environmental reporting award PEL awarded 6 th annual environment excellence Award-2009 New Knowledge Learned Patience is very important in deal. How to work individual as well as in groups under relaxed and stressful environment. Lings, as anger can lose your customer. To increase your sales and stay in competition with top brands it is necessary to keep your dealers happy by giving them incentives. Working of production plant of PEL products (Air Conditioners, Refrigerators) by visiting the production site.

Slide 16:

Recommendations Adopt a true decentralized organization setup which gives all employees to take part in decision making. The company should have a strong marketing information system to make proper forecasts. The company should announce two holidays (Saturday & Sunday) in week. Make sure proper functioning of HR department. More allocation of budget to its marketing department. More focus on the Pull strategy in its promotion mix Shorten its cash conversion cycle Should also focus on direct selling of its products to its customers. Should constantly add technology in its product and systems Should speed up its delivery process by establishing expand its stores in areas of high demands

Slide 17:

Conclusion PEL has great strengths and opportunities Should takes risk and go to other markets Management philosophy is the hurdle in the progress of the company Take the advantage of today’s media power to capture market Future of PEL is very bright as it is grabbing opportunities and has the potential to compete with challenges

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