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BR - Chapter 1
Terms in this set (12)
Application of the scientific method of searching for the truth about the business phenomena. these opportunities include defining business opportunities and problems, generating and evaluating ideas , monitoring performance
and understanding the business process.
Applied business research
research conducted to address a specific business decision for a specific firm.
Basic Business Research
research conducted without a specific decision in mind that does not address the needs of any specific organization. it attempts to expand the limits of knowledge in general and is not aimed at solving a particular pragmatic problem.
it is sometimes referred to as pure research
the way researchers go about using knowledge and evidence to reach objective conclusions about the real word.
managerial value of business research
in all of the business strategy, there are only a few business orientations. A firm can be:
A firm that prioritizes decision making in a way that emphasizes technical superiority in the product. therefore research gathered from technicians and experts in the field is very important in making crucial decisions.
EG: fashion industry makes clothes in styles and sizes that few can adopt.
A firm that prioritizes efficiency and effectiveness of the production process in making decisions.
EG: the U.S. auto industry's assembly line process is intent on reducing costs of production as low as possible.
A firm in which all decisions are made with a conscious awareness of their effect on the customer.
EG: well-known hotel chains are designed to address the needs of travelers, particularly business travelers.
4 stages in the decision-making process associated with the development and implementation of a business strategy.
- identifying problems and opportunities
- diagnosing and assessing problems or opportunities
- Selecting and implementing a course of action
- Evaluating the course of action
the formal, objective measurement and appraisal of the extent a given activity, project or program has achieved its objectives.
research that regularly, sometimes routinely, provides feedback for evaluation control of business activity.
When is business research needed?
the determination of the need for research centers on:
- time constraints
- availability of data
- nature of the decision
- benefits vs. costs
THIS SET IS OFTEN IN FOLDERS WITH...
BR - Chapter 4
BR - Chapter 6
BR - Chapter 5
BR - Chapter 7
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