Training in Business Research Methodology and Data Analysis

Small and Medium Enterprises (SMEs) constitute a large share of enterprises in most countries and are the cornerstones of many booming economies. They are the major source of employment and income in most countries. However, they need to be competitive to survive and grow in the present era of liberalized and digital economy, making national boundaries almost irrelevant. Most of the SMEs are inward looking and not very competitive. They merely survive and sooner than later, seize to exist. One of the reasons for this lackluster performance is their inability to access and analyze right kind of information for decision making.

Large corporates can afford to hire world class consultancy firms like McKinsey, Price Waterhouse Coopers, etc. whereas SMEs find it almost impossible to afford them. These large firms get extra advantage, as the information generated by analysis of data collected using reliable research methodology, accurately serves the purpose of aiding them in making decisions under intricate situations. On the other hand, decision making at SMEs is often based on ad hoc methods or gut feeling making them more vulnerable to failures.

Although, globalization has led to increased competition, it also offers opportunities for expansion of business, for firms with strategic and competitive strengths. Furthermore, the size of firm does not matter. In this era of digital economy, business success is strongly associated with up-to-date information and knowledge of markets, consumers and competitors using scientifically proven research methods. Business research is vital for sustainability of SMEs in global economy. To grab opportunities that globalization offers, SMEs need information to support their decisions on target markets, product-mix, branding, consumer perception, trends, supply and demand forecasting and quality control.

Objective

This 6-week training programme has been designed for capacity building of SMEs in carrying out in-house research and analysis, to gain competitive edge for marching ahead successfully, in this time of cut-throat global competition.

Theoretical background of research perfectly blended with practical exercises on business problems will provide a better understanding of applications of basic and advanced statistical tools to the participants. Considering the financial limitations of the SME sector, this training would be conducted using Excel/SPSS for data analysis.The program will enable participants to carry out research with tight budget and improve their proficiency in selection of analytical tools and interpretation of the statistical outcomes on Market Segmentation, Brand Research, Consumer Analytics, Trends and Forecasting, Gap Analysis, Perceptual Mapping etc. to solve business problems.

Course Content

Module 1 Fundamentals of Business Statistics
Module 2

* Business/ Marketing Research Process
* Research Methods, Designs with Business Centric Approach
* Data Collection Tools
* Sampling Methods
* Field Procedures
* Data Coding, Entry and Verification
* Testing of Hypothesis

Module 3

* Computer Aided Data Analysis (SPSS/EXCEL)
* Frequencies, Charts and Cross Tabulation
* Test of Proportions, Chi square statistics
* Test of Means
* Different types of T Test
* Design of Experiments and ANOVA

Module 4

* Advanced Multivariate Statistical Methods
* Correlation and Regression in Business/Market Research
* Logistic Regression for Risk analysis
* Factor Analysis for Reducing Dimensionality
* Discriminant Analysis for Classification and Prediction of Outcomes
* Cluster Analysis to identify Segments of Market
* Multidimensional Scaling for Brand Positioning
* Conjoint Analysis for Product Designing based on Consumer Utility

Module 5

* Trends and Forecasting (Time Series Analysis)
* Exponential-Smoothing with Recent Data for Forecasting
* Box-Jenkins Forecasting Models
* Modeling the Causal Time Series
* Forecasting/Predictions by Regression
* Trend Analysis
* Modeling Seasonality and Trend

Module 6

* Reporting Research Outcomes

Benefits To Participants

This programme will equip the participants with skills on

* translating business problems into proper statistical frameworks for meaningful research
* selecting appropriate research methods and designing tools for solving business problem
* carrying out statistical analysis of data using software
* making business decisions based on reliable research outcomes
* preparing research report