Business Research Method Introduction ppt
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Business research is defined as the systematic and objective process of gathering information to aid managerial decision making. There are two main types of business research: basic research which expands knowledge without solving a specific problem, and applied research which addresses real-life business problems. Business research should not be haphazard, must be objective, and helps reduce uncertainty in decision making. It is important to consider time constraints, available data, the nature of decisions, and whether research benefits outweigh costs when determining whether to conduct business research.
Business Research Method Introduction ppt
- 1. Business research is defined as the systematic and objective process of generating information for aid in making business decisions. Business Research Defined
- 2. Business Research • Research information should not be haphazardly gathered. • Business research must be objective • It facilitates the managerial decision process for all aspects of a business. • Information reduces uncertainty.
- 3. Basic research Applied research Business Research Types
- 4. Basic Research • Attempts to expand the limits of knowledge. • Not directly involved in the solution of a problem.
- 5. Basic Research Example • Is executive success correlated with high need for achievement? • Are members of highly cohesive (solid , organized)work groups more satisfied than members of less cohesive work groups?
- 6. Applied Research • Conducted when a decision must be made about a specific real-life problem
- 7. Applied Research Examples • Should McDonalds add Italian pasta dinners to its menu? • Business research told McDonald’s it should not. • Should Procter & Gamble add a high-priced home teeth bleaching kit to its product line?
- 8. The Decision-making Process Associated with the Development and Implementation of a Strategy • Identifying problems and opportunities • Diagnosis and assessment • Selecting and implementing a course of action • Evaluating the course of action
- 9. Evaluation Research • Evaluation research is the formal, objective measurement and appraisal of the extent to which a given activity, project, or program has achieved its objectives.
- 10. Performance-monitoring Research • Research that regularly provides feedback for evaluation and control • Indicates things are or are not going as planned • Research may be required to explain why something “went wrong”
- 11. Total Quality Management (TQM) • A business philosophy that embodies (represent) the belief that the management process must focus on integrating customer- driven quality throughout the organization.
- 12. Determining When to Conduct Business Research • Time constraints • Availability of data • Nature of the decision • Benefits versus costs
- 13. Is sufficient time available before a managerial decision must be made? Is the infor- mation already on hand inadequate for making the decision? Is the decision of considerable strategic or tactical importance? Does the value of the research information exceed the cost of conducting research? Conducting Business Research Do Not Conduct Business Research Time Constraints Availability of Data Nature of the Decision Benefits vs. Costs Yes YesYesYes No No No No Determining When to Conduct Business Research
- 14. Benefits versus Costs • In any decision making situation , managers must identify alternative courses of action , then weigh the value of each alternative against its cost.
- 15. Major Topics for Research in Business • General Business Conditions and Corporate Research • Financial and Accounting Research • Management and Organizational Behavior Research • Sales and Marketing Research • Information Systems Research • Corporate Responsibility Research
- 16. Cross-functional Teams • Cross-functional teams are composed of individuals from various organizational departments such as engineering, production, finance, and marketing who share a common purpose.
- 17. Business Research in the 21st Century • Increased globalization • Growth of the Internet and other information technologies
- 18. Global Research • Business Research is increasingly global • Market knowledge is essential
- 19. Global Business Research • General information about country - economic conditions and political climate • Cultural and consumer factors • Market and competitive conditions - demand estimation
- 20. Internet Research • Seeking facts and figures about an issue • Surveys on Web sites