Why did the researcher break up with the data set?
Because every time they tried to build a relationship, it lacked
significance.
Introduction & Overview of
Research in Business
“re-search”
A search for knowledge
Who here has ever made a bad financial
decision?
•Bought a useless insurance plan
•Invested based on WhatsApp tips
•Took a loan without reading the fine print
•Trusted an app too much
•All of the above
Every bad financial decision is
actually a failed research
problem!!
Bad Decisions Without Research
What do you think happens when businesses skip research?
Share real-life examples where decisions went wrong due to lack of
research (personal or industry examples).
Should we watch the movie : Pushpa 2?
FRIENDS
RECOMMENDATIONS
ONLINE
REVIEWS
MEDIA
SOURCES
Research is an organized and systematic way of finding answers to
questions.
In fact, research is an art of scientific investigation.
Why Research Matters?
• Have you watched the movie Pursuit of Happiness?
• Research is the Pursuit of the truth!
• We are all researchers in some way or the other! Agree??
• Formal research training in research is relatively new
• Business Research was always there and was always a part of trade
and commerce.
What Is Business Research? (In Plain English)
• Business Research is A systematic, data-driven process to:
• Identify a problem
• Understand why it exists
• Test possible solutions
• Reduce decision risk
• Not research:
❌ Googling
❌ Asking one friend
❌ Copy-pasting ChatGPT answers
The 90-Minute Oxygen Crisis
• Context (2:30 AM | Flooded City | ICU on Edge)
You are the Emergency Operations Head of a hospital.
Alert:
• Oxygen supply will run out in 90 minutes
• 32 ICU patients on ventilators
• Roads partially flooded
• Power backup unstable
Reality Check:
If oxygen supply breaks → patients start dying within minutes.
Your Decision (Choose ONE)
• Option A — Nearest Supplier
• Distance: 12 km
• Promised time: 45 mins
• No formal SLA
• Past delays reported
• Informal WhatsApp confirmations
• Option B — Farther Supplier
• Distance: 38 km
• Promised time: 75 mins
• ISO-certified
• Written SLA
• 98% on-time record
• +₹2.5 lakh cost
Question to Class:
Which option do you choose — and WHY?
TWIST #1: The Weather Punch
New Update (10 minutes later):
• Heavy rain intensifies
• Traffic congestion up by 40%
• Police say “movement uncertain”
Data Drop:
• Option A delay probability rises from 35% → 50%
• Option B delay probability rises from 4% → 7%
 Does your decision change?
What variable matters more now — distance or variance?
TWIST #2: The CFO Enters the Chat
CFO calls you:
“Option B is expensive. If we choose it, we’ll exceed emergency budget.
If no one dies, why not save the money?”
New Constraint:
•Hospital cash flow under stress
•Board review scheduled next week
Prompt:
👉 How do you justify a high-cost decision using research?
👉 What data would you present to the Board?
TWIST #3: Partial Failure Scenario
Breaking Update:
• Backup generator flickers
• ICU oxygen consumption increases by 12%
Revised Estimate:
• Oxygen now lasts 78 minutes, not 90
Prompt:
👉 Which option now carries a non-negotiable risk?
👉 Is “average delivery time” still a valid metric?
TWIST #4: Accountability Fallout
Next Morning (Hypothetical):
• Media asking questions
• Families demanding explanations
• Internal audit triggered
Final Question:
👉 Which decision can you defend using evidence, not emotions?
👉 What research artifacts protect you — data, SOPs, SLAs, logs?
What You Actually Learned
•Secondary data analysis
•Risk & probability
•Decision under uncertainty
•Ethics + accountability
•Variance vs mean logic
What is Business Research?
Business Research is a systematic and objective process of
gathering, analyzing, and interpreting information to aid
business decision-making or Solving problems in research.
•Keywords: Systematic, Objective, Data-Driven
Problem
Research
Analysis
Solution
Imagine you Own a Financial Firm…
• You have built a very good name in the market… and started
expansions with new offices…
• Some of your long term customers have complained that the trust is
now going down on the brand given the expansion and with new
employees managing portfolios….
• How would you start solving this problem?
Why is Business Research Important?
• Improves Decision-Making: Reduces uncertainty.
• Identifies Problems and Opportunities: Spot trends, risks, and
market gaps.
• Supports Strategy Development: Helps in planning growth,
marketing, operations, and more.
• Enhances Customer Satisfaction: Research informs product/service
improvements helps Innovate
• Eg: A bank identifies why customers leave by conducting research and
improves customer retention.
Where does research methods knowledge
come in handy in day to day life??
1. Evaluating Information and Media Consumption
In an age of information overload, research methods provide a framework
for discerning credible information from misinformation:
•Identifying Bias: Understanding concepts like sampling bias or conflicts of
interest helps you question the source and presentation of news articles,
social media posts, or advertisements.
•Assessing Evidence: You learn to look for supporting evidence, check the
methodology behind claims (e.g., how a survey was conducted), and
determine if the conclusions are justified by the data presented
•Critical Thinking: This skill set prevents you from falling prey to logical
fallacies, sensationalism, or "fake news," fostering a more informed
worldview.
2. Personal Decision
Making
From major life choices to minor daily decisions, research principles can optimize
outcomes:
•Problem Solving: When faced with a decision (e.g., choosing a new apartment,
buying a car, or selecting a school), you can systematically gather relevant
information, compare options based on objective criteria, and weigh potential
outcomes
•Goal Setting and Tracking: Principles of defining measurable variables and
tracking progress are useful for personal projects, fitness goals, or financial
planning. You can use data (e.g., budget tracking, workout logs) to assess what is
working and adjust your approach.
•Avoiding Confirmation Bias: Recognizing your own tendency to favor
information that confirms your existing beliefs helps you seek out diverse
perspectives and make more balanced choices
3. Professional and Workplace Efficiency
Regardless of career field, strong analytical and systematic thinking are
valuable assets:
•Project Management: Planning a work project involves defining clear
objectives, selecting appropriate methods for data collection (e.g., client
feedback surveys), executing the plan, and evaluating the results—all core
research steps
•Data-Driven Insights: You can better understand and interpret reports,
sales figures, or performance metrics presented in meetings, allowing you to
ask insightful questions and contribute to strategy using evidence rather
than gut feelings alone.
•Communication and Persuasion: When presenting an argument or
proposing a new idea, the ability to structure your case logically and support
it with evidence makes your pitch more persuasive and credible.
4. Everyday Problem Solving and Personal Finance
•Budgeting and Investing: Applying research methods helps you
analyze market trends, compare investment options, and evaluate
financial advice using reliable data rather than hearsay
•Shopping: Researching product reviews effectively means looking
past anecdotal evidence to find patterns and finding reliable third-party
tests or consumer reports.
•Cooking/DIY Projects: These activities often involve
experimentation, following procedures (methodology), observing
outcomes, and adjusting variables (ingredients, techniques) to achieve
a desired result—mirroring the scientific method.
Why Research Is CRITICAL in BIFS
Because BIFS deals with:
• Other people’s money
• Other people’s risk
• Other people’s trust
Bad research =
Financial loss
Regulatory trouble
Reputation damage
Real BIFS Decisions That Use Research
• Should a bank launch BNPL for Gen Z?
• Why are insurance claims getting rejected?
• Is a fintech app losing users or just inactive ones?
• Are customers actually understanding credit scores?
Every one of these starts with a research question.
Case Study: Apple Pay Launch in India
• Problem: Apple wanted to understand mobile payment adoption
rates.
• Research: Conducted surveys on digital payment habits and
competitors.
• Outcome: Successfully designed a launch strategy with features that
met customer needs.
Eg 1 – Market Entry Research (Fintech)
A fintech company wants to expand to rural India.
•Research on the following:
•Market analysis on smartphone adoption and digital literacy.
•Surveys on customer readiness for mobile payments.
•Outcome: Customized products (e.g., UPI integration) and
campaigns led to successful adoption.
Eg. 2 – Customer Sentiment Analysis at an
Insurance Co.
Insurance company observes declining renewals.
•Research and conduct the following:
•Customer interviews, reviews analysis, and satisfaction surveys.
•Outcome: Identified poor claims experience as the root cause.
Improved processes and communication boosted customer
retention.
Takeaway??
• Companies that invest in research gain insights that guide successful
strategies
• Can you think of a company that failed due to lack of research??
• lets see….
Research Scavenger Hunt
o
o
Divide into 10 small groups (4-6 students per group).
Each group needs 1 device (phone/laptop) for searching OR brainstorm as a
team.
Questions for the Scavenger Hunt:
Q1: Find a company that failed due to poor research. What went wrong?
Q2: Find a product or service that succeeded due to strong research. How was
research used?
Q3: What’s the difference between qualitative and quantitative research?
Provide one example for each.
• Groups have 10-12 minutes to research and 2 mins to present
Primary vs secondary data
• Primary and secondary research are two different types of research
methods that are used in the field of academia and market research.
• Both primary and secondary sources can be applied in most studies.
• Primary research is research that is conducted by the individual or
organization themselves. It involves collecting original data through
methods such as surveys, interviews, or experiments. The data
collected through primary research is specific to the research
question and objectives, and is not typically available through other
sources.
Secondary data
• Secondary research, on the other hand, involves the use of existing
data that has already been collected by someone else. This can
include data from government reports, academic journals, or industry
publications. The advantage of secondary research is that it is
typically less time-consuming and less expensive than primary
research, as the data has already been collected. However, the data
may not be as specific or relevant to the research question and
objectives.
Positives
Negatives
Can more directly answer your
research question.
Primary data
Secondary data
Takes significant time and resources
to collectRequires a strong
Researcher has more control over the understanding of how to collect data.
constraints and controls of the data.
Much more convenient and faster to
access.Data can be collected from
various time frames and locations.
No ability to adjust or control how
data is created. Takes longer time to
process and verify as relevant data.
Quantitative vs. Qualitative Research
Quantitative
Qualitative
Data: Numbers, stats, surveys
Data: Words, interviews, focus groups
(Non Numerical)
Tools: Excel, R, Python
Tools: NVivo, thematic analysis
Purpose: Measure & Analyze
Purpose: Explore & Understand
Qualitative Research
• Quantitative research is applicable to phenomena that are
measurable so that they can be expressed in terms of quantity.
• Qualitative research focuses on non-numerical data to understand
experiences, behaviors, and perceptions.
• A researcher uses focus groups to understand patients’ emotional
experiences when receiving a terminal illness diagnosis. Stories and
emotions are analyzed to identify common themes, like fear or hope.
Quantitative Research
• Quantitative research is applicable to phenomena that are
measurable so that they can be expressed in terms of quantity.
• Quantitative research involves numerical data and statistical analysis
to answer research questions.
• Eg: A hospital measures the average wait time for patients in the
emergency department. They use this data to identify peak hours and
allocate resources effectively.
Scenario: We want to understand reasons for
declining insurance claims
• Qualitative: Conduct focus groups discussions (FGD) and In
depth Interviews (IDI’s)to understand frustrations.
•Quantitative: Analyze numerical data on claims processing
time.
Types of Research
On the Basis
of Objectives
On the Basis
of Application
Fundamental/
Basic
Research
On the basis
of Theory
Applied
Research
Theoretical
Exploratory
On the basis
of Time
Dimension
Descriptive
Empirical
Cross
sectional
Research
Longitudinal
Other Types of Business Research
• Exploratory Research: Understand problems (e.g., Why is
customer churn high?)
•Descriptive Research: Describe data (e.g., What are the
customer demographics?)
•Causal Research: Find cause-effect relationships (e.g., Does
ad spending increase sales?).
Types of Research
On the Basis
of Objectives
On the Basis
of
Application
Fundamental/
Basic
Research
On the basis
of Theory
Applied
Research
Theoretical
Exploratory
On the basis
of Time
Dimension
Descriptive
Empirical
Cross
sectional
Research
Longitudinal
Fundamental (or Basic) Research
• What it is: Pure curiosity-driven research. No immediate “so what do we sell?” angle.
It’s about building knowledge.
• Fundamental : Research studies concentrating on some natural phenomenon or
relating to pure mathematics are examples of fundamental research. It aims at some
theoretical conclusions. It may verify the old theory or establish a new one.
• Key question: Why does this happen?
• Example:
• Studying why patients trust doctors of the same gender in telemedicine, without
linking it to platform design yet.
• Understanding how stress biologically affects decision-making.
• Eg. Studying the impact of behavioral biases (e.g., loss aversion, overconfidence) on
individual investment decisions to develop theoretical models in behavioral finance.
• 📌 Think: theory-building, PhD-core, citation gold.
Applied Research
• What it is: Problem-solving research. Directly usable. Boardroom-friendly.
• Applied research is concerned with the solution of particular problems. It aims at finding a
solution for an immediate problem facing a society or an industrial organization. It is
empirical and practical. It is concerned with applied aspects of life.
• Key question: How do we fix this?
• Example:
• Designing a telemedicine interface to improve patient trust and consultation completion.
• Evaluating which hospital branding strategy increases international patient inflow.
• Research to identify social, economic or political trends that may affect a particular
institution
• Eg. A hospital develops a patient flow management system using technology to reduce
waiting times in outpatient departments. Research focuses on the system’s implementation
and effectiveness.
• Eg. A bank develops a predictive model using AI to detect fraudulent transactions in online
banking, helping prevent cyber fraud.
Types of
Research
On the
Basis of
Application
Fundament
al/Basic
Research
On the
Basis of
Objectives
Applied
Research
Theoretical
Exploratory
On the
basis of
Time
Dimension
On the
basis of
Theory
Descriptive
Empirical
Cross
sectional
Research
Longitudina
l
Exploratory Research
• What it is: When you’re low-key confused but curious. Used when
the problem is not clearly defined.
• Key question: What’s going on here?
• Methods: Interviews, focus groups, open-ended surveys.
• Example:
• Exploring why elderly patients hesitate to use home-care services.
• Talking to students to understand why they procrastinate research
proposals.
• 📌 Think: first dates with a research problem.
Exploratory Research
• Exploratory research is conducted when the problem is not well understood. It
aims to explore the issue, gain insights, and define the scope for further research.
• The main objective of using such a research design is to formulate a research
problem for an in-depth or more precise investigation, or for developing a
working hypothesis from an operational aspect.
• Eg: A healthcare startup is exploring why elderly patients avoid home care
services despite needing them. Researchers conduct informal interviews with
patients, families, and doctors to uncover fears or misconceptions, such as lack of
trust or cost concerns.
• Eg: An insurance company explores why rural customers are hesitant to buy
health insurance by conducting focus group discussions and informal interviews.
Descriptive Research
• What it is: You know the problem. Now you want to describe it
clearly with data.
• Key question: How much? How often? Who?
• Methods: Surveys, observation, secondary data.
• Example:
• Describing percentage of patients preferring female doctors across
specialties.
• Mapping usage patterns of health insurance apps among millennials.
Descriptive Research
• Descriptive research includes survey and fact finding enquiries of
different kinds. It describes the state of affairs as it exists at present.
The researcher has no control over the variables . He can only report
what has happened or what is happening.
• Descriptive research is used to describe characteristics, behaviors, or
trends of a specific population or phenomenon. It answers the what,
when, and where questions but not the why.
• Eg: A bank conducts a survey to describe customers' preferences for
digital payment methods, such as UPI, net banking, and mobile
wallets.
Types of Research
On the Basis
of
Application
Fundamenta
l/Basic
Research
On the Basis
of
Objectives
On the basis
of Theory
Applied
Research
Theoretical
Exploratory
On the basis
of Time
Dimension
Descriptive
Empirical
Cross
sectional
Research
Longitudinal
Theoretical Research
• What it is:
Research that develops, extends, or critiques theories. No fresh data
required (sometimes).
• Key question: What should the framework be?
• Example:
• Proposing a new model of digital trust in healthcare.
• Integrating Service-Dominant Logic + Telemedicine into a conceptual
framework.
Conceptual/Theoretical Research
• Conceptual Research: Conceptual research is that related to some abstract
ideas or theory. It is generally used by philosophers and thinkers to develop
new concepts or to interpret existing ones
• Research focused on developing or testing theories.
Eg: A study testing the Capital Asset Pricing Model (CAPM) to understand
the relationship between risk and return for stocks traded in Indian markets.
Eg: Developing a theoretical model to understand customer trust in digital
banking platforms based on factors like perceived security, usability, and
reputation.
Empirical Research
• What it is:
Research based on real-world data. Evidence over vibes.
• Key question: What does the data actually say?
• Methods: Surveys, experiments, interviews, secondary datasets.
• Example:
• Analyzing 286,000 telemedicine consultations to test gender
concordance effects.
• Using NFHS data to assess maternal health coverage gaps.
Empirical Research
• Empirical Research: Empirical research relies on experience or
observation alone. It is data based research coming up with
conclusions capable of being verified by observation or experiment.
• Basically, its research based on real-world data and observations.
• In empirical research, the researcher has to first set up a hypothesis or guess
as to the probable results. He / She then works out to get enough facts to
prove or disprove his/her hypothesis.
• Eg. Analyzing 5 years of stock market data to examine the impact of changes
in repo rates on the performance of banking stocks.
• Eg. Measuring the impact of mobile banking on customer satisfaction by
surveying 500 customers across 10 banks.
Clear Difference between the 2
Theoretical Research
Empirical Research
Focuses on abstract concepts, theories, and models
to understand or explain phenomena.
Relies on observations, experiments, or real-world
data to test hypotheses and generate findings.
Topic: "Adoption of AI in Financial Advisory Services“
•Theoretical Research: Proposing a framework to understand the adoption of AI-based advisors using TAM
(Technology Acceptance Model) and Trust Theory.
•Empirical Research: Conducting a field study by collecting data from financial advisors and clients to
measure satisfaction and perceived efficiency of AI tools.
Types of Research
On the Basis
of
Application
Fundamenta
l/Basic
Research
On the Basis
of
Objectives
On the basis
of Theory
Theoretical
Applied
Research
Exploratory
On the basis of Time
Dimension
Empirical
Descriptive
Cross sectional
Research
Longitudinal
Longitudinal Research
• What it is:
Data collected over multiple time periods. Commitment level 💍
• Key question: How does this change over time?
• Example:
• Tracking patient loyalty to a healthcare app over 3 years.
• Studying how medical students’ empathy evolves from Year 1 to
internship.
Longitudinal Research
• Longitudinal research collects data over an extended period to
observe changes or trends.
• Eg: A researcher follows a group of newborns over 20 years to study
the long-term effects of childhood nutrition on adult health
outcomes.
• Eg: A 10-year study tracking the savings behavior of individuals who
participated in the government’s Pradhan Mantri Jan Dhan Yojana
(PMJDY).
Cross-Sectional Research
• What it is:
Data collected at one point in time. Snapshot energy.
• Key question: What’s happening right now?
• Example:
• Surveying patients this year about satisfaction with hospital services.
• Studying current employee burnout levels in hospitals.
Cross Sectional Research
• Data is collected at a single point in time (e.g., one month).
• Focus is on identifying current patterns and relationships without tracking
changes over time.
• This quick, cost-effective approach provides actionable insights for
decision-making in the BFSI sector.
• Eg. To measure and compare financial literacy levels of customers from
different age groups and income levels at a specific point in time.
• Eg: A study conducted in March 2024 to measure the current adoption
rate of mobile banking apps across urban and rural regions.
Experimental Research
• Experimental research tests hypotheses under controlled conditions to study causal
relationships between variables.
• A quantitative method where the researcher manipulates an independent variable to
observe its effect on a dependent variable—under controlled conditions.
• Gold standard for causality.
• Eg: In a clinical trial, researchers test whether a new cancer drug improves survival rates
compared to an existing treatment. They divide patients into two groups (one receiving
the new drug and one receiving the standard drug) and compare results.
•Experimenting with two versions of a hospital app UI to see which reduces drop-offs.
•Giving one group of students gamified research training and another traditional lectures.
• Key Questions
• Does X cause Y?
• What happens if we change this one thing?
Case Study Research
• This research deeply examines a single case or a few cases in a real-life context.
• An in-depth investigation of a single unit (or a few units) within a real-life
context.
• Unit = organization / hospital / start-up / patient group / policy / event
• Eg: A detailed analysis of a hospital that successfully managed an Ebola outbreak
can provide insights into protocols, resource allocation, and communication
strategies.
• Key Questions
• Why did this happen here?
• How did this organization respond?
• What can others learn from this case?
Ethnographic Research
• Ethnographic research involves observing and studying cultures and
behaviors in their natural settings. aka “I lived it, so I studied it” research
• A deep, immersive qualitative method where the researcher studies
people in their natural setting over time. You don’t just observe—you
embed.
• Eg: A researcher lives with a tribal community to understand their
traditional methods of healing and medicine, documenting cultural
practices.
• Key Questions
• How do people behave when no one is watching?
• What unspoken norms guide their actions?
• What does this experience mean to them?
• Q1. A researcher studies doctor–patient interactions by spending six
months observing daily routines in a government hospital. Which
type of research is this?
• A. Case study research
B. Experimental research
C. Ethnographic research
D. Descriptive research
• Q1. A researcher studies doctor–patient interactions by spending six
months observing daily routines in a government hospital. Which
type of research is this?
• A. Case study research
B. Experimental research
C. Ethnographic research
D. Descriptive research
• Q2. Which of the following best describes applied research?
• A. Research aimed at theory development only
B. Research conducted to solve a specific practical problem
C. Research based purely on philosophical arguments
D. Research conducted without real-world implications
• Q2. Which of the following best describes applied research?
• A. Research aimed at theory development only
B. Research conducted to solve a specific practical problem
C. Research based purely on philosophical arguments
D. Research conducted without real-world implications
• Q3. A study describing the percentage of patients preferring
telemedicine over OPD visits in 2024 is an example of:
• A. Exploratory research
B. Descriptive research
C. Experimental research
D. Theoretical research
• Q3. A study describing the percentage of patients preferring
telemedicine over OPD visits in 2024 is an example of:
• A. Exploratory research
B. Descriptive research
C. Experimental research
D. Theoretical research
• Q4. Which research type is MOST suitable when the problem is not
clearly defined and the researcher wants initial insights?
• A. Descriptive
B. Experimental
C. Exploratory
D. Longitudinal
• Q4. Which research type is MOST suitable when the problem is not
clearly defined and the researcher wants initial insights?
• A. Descriptive
B. Experimental
C. Exploratory
D. Longitudinal
• Q5. A researcher develops a conceptual framework integrating
service-dominant logic with digital health adoption, without
collecting primary data. This is:
• A. Empirical research
B. Applied research
C. Theoretical research
D. Descriptive research
• Q5. A researcher develops a conceptual framework integrating
service-dominant logic with digital health adoption, without
collecting primary data. This is:
• A. Empirical research
B. Applied research
C. Theoretical research
D. Descriptive research
Exploratory + Descriptive Research
• When to Use: When a problem is poorly understood, and you want to
explore first and then describe trends or patterns.
• E.g : A Bank manager notices an increase in staff turnover.
1.Exploratory Research: Conduct interviews with staff to identify
factors contributing to turnover (e.g., workload, job satisfaction,
salaries).
2.Descriptive Research: Use HR data to describe the turnover trends
(e.g., departments, years of experience, or gender).
This allows you to understand the issue and then describe its extent
and patterns.
RESEARCH METHODS V/S METHODOLOGY
• Research methods include all those techniques/methods that are
adopted for conducting research.
• Research methodology is the way in which research problems are
solved systematically. It is a science of studying how research is
conducted scientifically. It, includes the various steps generally
adopted to study a research problem, along with the underlying logic
behind them.
Difference between Research Methods & Big
Data Analytics
• Research Methods are primarily used to test hypotheses and
solve specific problems using structured, smaller datasets.
•Big Data Analytics is about uncovering patterns, trends, and
insights in massive, often unstructured datasets, enabling
predictive and prescriptive decision-making.
Summary
• Business research reduces uncertainty in decision-making.
• It includes qualitative and quantitative approaches.
• Research is critical in BIFS for understanding customers,
identifying risks, and solving business problems.
Identifying Research
Problems and Objectives
Session Agenda
1.Importance of Identifying Research Problems
2.Characteristics of a Good Research Problem
3.Objectives: Types and Examples
4.Activities and Discussions
Key characteristics of a good research:
• 1. Clear Purpose: Good research starts with a well-defined purpose or
objective, ensuring clarity in what the study aims to accomplish.
• 2. Systematic Process: It follows a structured approach, from problem
identification to data collection, analysis, and conclusion, ensuring
that each step is logically connected.
• 3. Empirical Evidence: Good research relies on factual, observable,
and measurable evidence. Data is collected systematically and is
subject to rigorous testing.
Key characteristics of a good research:
• 4. Logical and Critical Thinking: The research process is grounded in
logical reasoning, where hypotheses or research questions are tested
critically.
• 5. Objectivity: It should be unbiased, ensuring that personal opinions,
emotions, or external pressures do not influence the outcomes.
• 6. Reproducibility: The research should be designed in a way that
other researchers can replicate it under similar conditions, ensuring
that the results are reliable and consistent.
Key characteristics of a good research:
• 7. Ethical Standards: Good research adheres to ethical guidelines, respecting
participant consent, confidentiality, and data integrity.
• 8. Precision and Accuracy: The measurements, data analysis, and conclusions are
accurate and precise, minimizing errors and providing confidence in the findings.
• 9. Validity and Reliability: The study must measure what it claims to measure
(validity) and produce consistent results over repeated trials(reliability).
• 10. Contribution to Knowledge: Ultimately, the research should contribute
something new or valuable to the existing body of knowledge in its field, helping
to inform future studies or applications.
What is the usual Business
Research Process??
Business Research Process
Steps of Business Research:
1.Identify the Problem
2.Extensive Literature Survey
3.Developing Hypothesis
4.Define Objectives
5.Design Research (Qualitative/Quantitative)
1. Sampling
2. Collect Data (Surveys, Interviews, etc.)
6.Analyze Data/ Test the Hypothesis
7.Report Findings
8.Drawing Conclusions
9.Disseminating Results
Business Research Process
Steps of Business Research:
1. Identify the Problem- All decision problems require a clear statement of the problem that has to be solved or
the opportunity available to be taken. A well-defined problem is the foundation for effective research.
2. Extensive Literature Survey - The next step is to analyse the literature concerning the problem under study: it is crucial to reveal what has been
research before.
3. Developing Hypothesis-is a systematic process of forming a specific, testable prediction about the outcome of a study, based on existing
knowledge and observations.
4. Define Objectives- Set measurable objectives that outline how the research is supposed to get done to achieve the intended goals of study.
5. Research Design (Qualitative/Quantitative)- Decide on the right approaches for data collection and data analysis Choose qualitative or
quantitative methods based on the research objectives and goals.
1. Sampling
2. Collect Data (Surveys, Interviews, etc.)- Implement the methods chosen for data collection, ensuring accuracy and reliability. Also follow the ethical
considerations to maintain the integrity of the research process.
6. Analyze Data/ Test the Hypothesis- The subjects are used for interpretation of the findings following data collection, using statistical or
thematic analysis, and generating meaningful conclusion that addresses the research objectives and knowledge database.
7. Report Findings- our findings should be presented concisely and coherently in reports or presentations that outline suggestions and
recommendations for particular stakeholders, as well comprehensively describing any challenges faced during the research.
8. Drawing Conclusions: Conclude the main discoveries of the study, and suggest how proposed understandings can be improved in order to
enhance knowledge in the field.
9. Disseminating Results: Publish the results of the research by disseminating the findings in academic publications, conferences, and
engagements within the community to contribute to the discourse and reach more people.
Identifying Research Problems
and Objectives
Importance of Identifying Research ProblemsWhy research problems deserve respect??
• Research starts with a problem.
• 70% of weak research papers fail at the problem definition stage
• A well-defined problem sets the foundation for success.
• For example:
• High default rates on loans in a banking sector.
• Inefficiencies in credit card fraud detection systems.
Importance of Identifying Research ProblemsWhy research problems deserve respect??
• You can have:
• 🔥 data
• 🔥 methodology
• 🔥 analysis
❌ and still fail because the problem was trash
• Managers don’t say “I need a regression”
They say “Why are profits dipping?”
• Your job = translate manager pain → research problem
Difference bet Business Problem vs Research
Problem
These are NOT twins. More like cousins.
Business Problem
Research Problem
“Sales are falling”
What factors explain declining sales?
“Patients are unhappy”
Which service dimensions affect patient satisfaction?
“Attrition is high”
What predicts employee turnover?
What is a Research Problem?
A research problem is an area of concern or gap in existing
knowledge that requires investigation.
•Characteristics of a good research problem:
•Clear and specific- How can predictive analytics reduce credit card fraud?
•Practical and Feasible-A cost-benefit analysis of implementing blockchain for
secure transactions
•Relevant to stakeholders-Exploring digital banking trends impacting customer
loyalty
•Researchable (measurable and testable)-Identifying a 10% improvement in loan
recovery rates.
•Should be significant and contribute positively to the research-The role of AI in
assessing creditworthiness in underserved markets
Sources of Research Problems
•Mgmt Experience: Issues observed in professional practice.
•Literature Review/ Reports: Gaps identified in existing studies.
•Theory: Extending, testing, or challenging theoretical frameworks.
•Current Issues/Trends: Social, economic, technological, or healthcare trends,
Performance gaps (KPI misses)
•Stakeholder Input: Input from practitioners, patients, or policymakers, Customer
complaints & reviews
If someone is losing money, time, reputation, or sleep — there’s a
research problem.
Steps to Identify a Research Problem
What are the key
Barriers to the adoption
of UPI payment systems
in rural Maharashtra,
and how can banks
address them
Role of Financial
Inclusion in rural areas
Identify a broad
area of
interest.(Financial
Inclusion)
Narrow down to
a specific topic.
Review existing
literature to
identify gaps.
Define the
problem and its
significance.
Ensure feasibility:
time, resources,
and scope
Research Problem vs. Research Questions
•Research Problem:
•A statement that identifies an issue or gap.
•Broad and explanatory.
•Research Questions:
•Specific questions derived from the research problem.
•Guide the direction of research.
For Eg:
• Research Problem: High rate of readmissions among cardiac patients.
• Research Questions:
• What are the causes of high readmissions?
• How effective are current discharge protocols?
Symptoms vs Root Cause-Don’t confuse fever
with the disease
• Symptoms
• Falling market share
• Long queues
• Low app ratings
• Complaints on social media
• Root Causes
• Poor onboarding
• Price–value mismatch
• Process inefficiency
• Trust deficit
Research problems are about causes, not complaints
The “5 Whys”
• Ask WHY five times.
• Problem: Customer churn is increasing
• Why? → Dissatisfaction
• Why? → Slow service
• Why? → Staff shortage
• Why? → Poor scheduling
• Why? → No demand forecasting
Boom!!! THAT’S your research problem.
Poor vs Well-Framed Problems
• Spot the difference
❌ “To understand marketing strategies of hospitals”
✅ “To analyze how digital marketing influences appointment bookings
in private hospitals”
❌ “To study employee motivation”
✅ “To examine the relationship between work-from-home policies and
employee motivation in IT firms”
Role of Literature in Problem Identification
• Google and Chatgpt ≠ Literature Review
• Literature helps you:
• Avoid repeating obvious research
• Identify what is known
• Spot what is missing
• Sharpen variables
No literature gap = weak justification
Activity
Scenario: MedSure Health Clinics
• MedSure Health Clinics is a growing chain of mid-sized private
outpatient clinics operating in Tier 1 and Tier 2 cities in India. Over
the past 8 months, the management has noticed a decline in repeat
patient visits, despite:
• No increase in consultation fees
• New doctors being onboarded
• High patient footfall for first-time visits
• Patient feedback collected informally suggests complaints about:
• Longer waiting times
• Difficulty booking follow-up appointments
• Inconsistent service experience across clinics
• The management is concerned because marketing spend has
increased, but patient loyalty has not improved.
What You MUST Submit:
Write FOUR separate lines:
1️⃣ Business Problem
2⃣ Symptoms
3️⃣ Root Cause
4️⃣ Research Problem – ONLY ONE sentence
🚫 Do NOT write solutions
🚫 Do NOT write objectives
🚫 Do NOT write more than one sentence for the research
problem
Sample Answers
• ✔️ Business Problem
• Declining repeat patient visits despite increased marketing efforts.
• ✔️ Symptoms
• Long waiting times, difficulty in booking follow-up appointments, and inconsistent service experiences across
clinics.
• ✔️ Root Cause
• Operational inefficiencies and lack of standardized patient experience management.
• ✔️ Research Problem (ONE sentence)
• To examine how operational service factors influence repeat visit behavior among outpatient clinic patients.
Identify the research problem
• Instructions:
• In your respective groups.
• Discuss and identify the broad problem you want to be working on.
• The topic has to be based on the BIFS sector. (Try not to repeat topics)
• This topic you will work for the primary data collection. (Qualitative Research)
• Date of Topic Submission 5th Jan 2026 by 5pm via the CR.
Quick Recap
• What makes a research problem effective?
• How do general and specific objectives differ?