M.com semester 2 research methodology for business important notes | TYPES OF RESEARCH

IDOL Mumbai University important questions bank  

M.com Part 1 (sem. 2)

RESEARCH METHODOLOGY FOR BUSINESS

Q.4. TYPES OF RESEARCH

OR

Write a note on:

·        Basic Research

·        Applied Research

·        Descriptive Research

·        Analytical Research

·        Empirical Research

ANS:

1) Basic Research:

Basic or fundamental or pure research is a research approach that is entirely theoretical and aimed at improving or expanding the knowledge-base of a particular field of study. The main motivation in basic research is to expand man’s knowledge, not to create or invent something. There is no obvious commercial value to the discoveries that result from basic research. It does not have direct commercial objective. Eg. “A study on socio-economic status of dwellers of Dharavi area, Mumbai” OR “A study on impact of mobile phone on studies of secondary school children.”

2) Applied Research:

Applied research is designed to solve practical problems of the modern world, rather than acquire knowledge for knowledge sake. In other words, the purpose of applied research is to know more about a certain real-world problem and take steps to solve it. It has direct commercial objective. Researchers in this field try to find immediate solutions to existing problems facing a society or an industrial or business organization. Eg. “Investigating factors that improve worker's productivity.” OR “A study on declining sales of ABC soap.”

3) Descriptive Research:

Descriptive research is a type of research that provides an in-depth description of the situation, phenomenon or population under study. This research is also an appropriate option when researcher does not have any information about the research problem, and primary information gathering is required to establish a hypothesis. The descriptive research provides the answer to the “what” part of a research and does not answer the questions “why”. Researcher has no control over the variables and researcher has to report the actual conditions. For example, an apparel brand that wants to understand the fashion purchasing trends among Mumbai buyers. They will conduct a demographic survey of this region, gather population data and then conduct descriptive research on this demographic segment. The study will then uncover details on “what is the purchasing pattern of Mumbai buyers,” but not cover any investigative information about “why” the patterns exits. Because for the apparel brand trying to break into this market, understanding the nature of their market is the study’s objective.

4) Analytical Research:

Analytical research is a critical evaluation based on information that is available. The researcher makes use of facts or information already available and analyse these to make a critical evaluation of the material. It is primarily concerned with testing hypothesis. It specifies and interprets relationships by analyze the facts or existing information. The analytical research provides the answer to the “why” part of a research. It is usually concerns itself with cause effect relationships. Eg. Explaining why and how US trade balance move in a particular way over time.

5) Conceptual Research:

This research is a type of research that is generally related to abstract idea (existing in thought or as an idea but not having a physical or concrete existence) or concept. It does not involve any practical experiment. This research is generally used by philosophers and thinkers to develop new concepts or reinterpret existing ones.

6) Empirical Research:

Empirical research relies on the observation and experience with hardly any regard for theory and system. Such research is data based, which often comes up with conclusions that can be verified through experiments or observation. For example: A research is being conducted to find out if listening to happy music while working may promote creativity? An experiment is conducted by using a music website survey on a set of audience who are exposed to happy music and another set who are not listening to music at all, and the subjects are then observed. The results derived from such a research will give empirical evidence if it does promote creativity or not.

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