Tools and Types of Research in Business Studies

Research is often conducted in the business industry to gauge how the market is doing and predict the economy's future. There are several tools that can help individuals do their business research. From qualitative research and general steps of research to the proper use of questionnaires and ethics, all are helpful in gathering data, forming conclusions based on the evidence collected, and producing honest results. Understanding these tools will be effective in the different fields of business studies.

Introduction

here are different types of research studies conducted to reach an outcome. These include descriptive research, explanatory research, and predictive research. Based on Research Methods for Business and Social Science Students (2014), descriptive research is merely describing occurrences, but does not explain why it is happening.

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It is usually the starting point of a research project. Explanatory research describes occurrences and provides the reason behind it. Finally, predictive research explains behavior while predicting future behaviors caused by changes that have occurred related to a specific phenomenon. All parts of these three research types are practiced today in most research findings.

With business research, it aims to find solutions to the business environment, which typically involves the price of commodity, predicting sales for a particular product, understanding about market behavior, and marketing strategies to achieve a goal (Adams, Raeside, and Khan, 2014). To accomplish this task, researchers use qualitative research, questionnaires, general steps of research, and ethics to organize their study.

Qualitative Research

Historically, most business researchers practiced scientific and quantitative research methods. It was considered the norm, as it allowed people to manipulate observable evidence and evaluate it through the use of quantitative and statistical analysis. Today, qualitative research is also used. Alf Walle (2015), author of Qualitative Research in Business: A Practical Overview, states that qualitative research allows individuals to gather data and analyze its natural setting, wherein it focuses upon people's thoughts, feelings, opinions, and so forth.

There is less manipulation that occurs and more observations that take place using this method. Essentially, it is useful in studying certain behaviors or patterns that preempts motives and goals, which are not directly observed. Commonly, this tool is beneficial in business statistics and making applied decisions. Instead of presenting research as a black and white perspective, researchers can study evidence further and interpret results from their studies (Walle, 2015).

Unfortunately, qualitative research can only do so much. It is impossible to gather data from all populations and guarantee a successful outcome. When dealing with surveys, focus groups, and interviews, there are possibilities of inaccurate responses as well as misrepresentations of thoughts and actions. In some occasions, researchers tend to become personally involved with participants during interviews, which can be time-consuming. Nonetheless, this close contact may often result in an invaluable "insider's view."

Questionnaires

Questionnaires are another tool that individuals may use for conducting business research. According to Waidi (2018), author of "Employment of Questionnaire as Tool for Effective Business Research Outcome: Problems and Challenges," a questionnaire has to be "adequate, simple, focused and related to the subject." This guideline allows one to test hypotheses after formulating questions for a particular study.

By definition, questionnaires are a "systematic list of questions" designed to draw responses and information from people about certain events, their feelings, values, and beliefs (Waidi, 2018). It is often intended for gathering data and information through a set of questions. Usually, this tool is beneficial in helping managers make decisions based on the quality information provided. Through the analysis of information and scientific gathering, market changes can be predicted and can direct an organization towards more profitable activities.

Furthermore, companies are able to gain a better understanding of customers' decisions and buying patterns. However, if questionnaires are improperly managed or poorly prepared, then the results produced might not be effective. The data provided will most likely be unreliable and can hinder researchers in analyzing and predicting market behavior.

Economics Research Process

In terms of economics, there are general steps of research usually followed, as stated by Nicodim Liliana, Duica Mircea, and Manolache Dorin Claudiu in "Research Tools and Steps Used in Economics Science – Theoretical Approach" (2018). The first step is to define an object and form a research question. The second step is to identify the problem and formulate a questionnaire. The third and fourth steps involve empirical observation and interpretation of data and then developing a conclusion.

Lastly, a presentation of research results is shown and open for judgment, potentially suggesting a new research process in case challenging conditions is found. This method is appropriate in identifying possible deficiencies of a research study and can possibly pinpoint key areas that may strengthen it as well. Sadly, it can also be time-consuming and may require a trial and error process to achieve specific results. Still, this is advantageous in the field of economic sciences for real-life situations faced by managers and practitioners, as it guides them to thoroughly examine their research.

Ethics Application

When conducting business research, people must learn to identify the importance of ethics. Several ethical issues arise in value-free research, despite the methods that are used and the context applied. Michelle Wallace and Neroli Sheldon (2018), in their journal article "Business Research Ethics: Participant Observer Perspectives," describe some main areas that highlight a probable risk and compromised principles include: close personal contact with participants, associations of research design and involvement in participants, and troubles of applicants in understanding risks of their research along with the benefits to the participating individual.

By understanding ethics and culture, genuine and better results are produced and aligned with the four principles of ethical conduct the principle of justice, principle of merit, principle of integrity, and principle of respect.

It is important for individuals to ensure that their research process is just and honest. In business, there are possibilities of fraud or false information provided by many companies. To avoid this situation, ethics is practiced. Applying the essence of ethical conducts can create truth and integrity in an individual's work. For example, when doing a random sampling of a specific population, individuals should not select people whom they already know because that goes against the method of random sampling.

By knowing how to recognize risks of conducting research, researchers are able to be more careful with how to present their findings. Ultimately, it will produce a sense of integrity and respect. The only limitation of this tool is that people are not fully aware of their actions at times, which may lead to incorrect methods of conducting their research. They may sometimes get attached with participants of their study unintentionally, possibly producing some kind of bias.

Conclusion

Generally, there are a variety of tools useful in conducting business research. Some of them are frequently found in qualitative research, such as surveys, interviews, and forum groups while others include questionnaires, general steps of research, and proper use of ethics. These tools are all advantageous in collecting information in an appropriate manner and generating positive end-results.

Moreover, they keep researchers consistent with their work by reminding them of what standards need to be followed. Through the use of business research tools, individuals learn to gather evidence efficiently, remain objective, and be more accepting of criticisms concerning their research, hoping to develop an impartial and successful study.

References

• Adams, J., Raeside, R., & Khan, H. A. (2014). Research methods for business and social science students. New Delhi: Sage Publications Pvt. Ltd. Retrieved from https://eds.a.ebscohost.com/eds/detail/detail?vid=1&sid=86854fdc-2513-46d8-a962-d7c2d270789a%40sessionmgr4006&bdata=JnNpdGU9ZWRzLWxpdmU%3d#db=nlebk&AN=784882 on September 08, 2018.
• Liliana, N., Mircea, D., & Claudiu, M. D. (2018). Research tools and steps used in economics science – theoretical approach. Ovidius University Annals: Economic Sciences Series, XVIII(1), 223-226. Retrieved from http://stec.univ-ovidius.ro/html/anale/RO/wp-content/uploads/2018/08/19.pdf on September 08, 2018.
• Waidi, A. A. (2016). Employment of questionnaire as tool for effective business research outcome: Problems and challenges. Global Economic Observer, 4, 136-144. Retrieved from https://eds.b.ebscohost.com/eds/detail/detail?vid=0&sid=ce0d6d7b-12cd-49b0-a5e4-9ad916eea459%40pdc-v-sessmgr05&bdata=JnNpdGU9ZWRzLWxpdmU%3d#AN=edsdoj.0eb4823d16f74170a3c01d60cdccfaa3&db=edsdoj on September 14, 2018.
• Wallace, M., & Sheldon, N. (2015). Business research ethics: Participant observer perspectives. Journal Of Business Ethics, 128(2), 267-277. doi:10.1007/s10551-014-2102-2. Retrieved from https://eds.a.ebscohost.com/eds/detail/detail?vid=5&sid=760bf0a9-0eac-453d-9946-2f9471a74113%40sessionmgr4008&bdata=JnNpdGU9ZWRzLWxpdmU%3d#AN=102059792&db=bth on September 04, 2018.
• Walle, A. H. (2015). Qualitative research in business: A practical overview. Newcastle upon Tyne, United Kingdom: Cambridge Scholars Publishing. Retrieved from https://eds.a.ebscohost.com/eds/detail/detail?vid=1&sid=01b8b2bf-e785-4d7b-886a-ef3916e13cc0%40sessionmgr4010&bdata=JnNpdGU9ZWRzLWxpdmU%3d#AN=1014736&db=nlebk on September 04, 2018.

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