Ch 1: Role of Business Research

Question 1

What’s the definition of business research?

Answer 1

Application of scientific method in searching for the truth about business phenomena

Question 2

The process of business research includes:

Answer 2

1. Developing idea and theory
2. problem definition (hypothesis/research question)
3. searching for and collecting information (methodology)
4. analyzing data
5. communicating the findings and their implications (report)

Question 3

Same business research is used for both Not-for-profit organizations and governmental agencies. True/false?

Answer 3

True

Question 4

What and how many types of business research?

Answer 4

There are 2 types:
1. Applied Business Research
2. Basic Business Research

Question 5

Define Applied Business Research.

Answer 5

Conducted to address a SPECIFIC business decision for a SPECIFIC firm or organization.

Question 6

Define Basic Business Research.

Answer 6

Conducted WITHOUT A SPECIFIC decision in mind that usually DOES NOT ADDRESS THE NEEDS OF A SPECIFIC ORGANIZATION.

Question 7

What is the Scientific Method?

Answer 7

The way researchers use KNOWLEDGE & EVIDENCE to REACH OBJECTIVE CONCLUSIONS
The analysis & interpretation of empirical evidence (facts from observation/experimentation) to confirm/disprove prior conception

Question 8

What is the Managerial Value?

Answer 8

It’s abstract ideals that act as guiding principles for managing enterprises

Question 9

What’s the managerial value of business research?

Answer 9

The decision-making process associated with the development and implementation of a business strategy
(or)
It reduces uncertainty and explores opportunities by providing information that helps to improve the decision of the business.

Question 10

There are 4 interrelated stages of the managerial value of business research:

Answer 10

1. Identifying problems and opportunities (Research Question)
2. Diagnosing and assessing problems or opportunities (Hypothesis)
3. Selecting and implementing a course of action (methodology)
4. Evaluating the course of action

Question 11

3 types of business orientation.

Answer 11

1. Product-oriented
2. Production-oriented
3. Marketing-oriented

Question 12

Evaluation Research

Answer 12

The formal, objective measurement and appraisal of the extent a given activity, project, or program has achieved its objectives
- with the purpose of providing information that will be of use in decision making.

Question 13

Where is the Evaluation Research being used?

Answer 13

Evaluation research is used by organizations to measure the effectiveness of activities and identify areas needing improvement.

• Findings from evaluation research are key to the project and
  product advancements and are very influential in helping
  organizations realize their goals efficiently.

Question 14

Performance Monitoring research.

Answer 14

Research that regularly, sometimes routinely, provides feedback for evaluation and control of business activity.

Question 15

These 4 centers affect the determination of the need for the research

Answer 15

1. Time constraints
2. The availability of data
3. The nature of the decision to be made
4. Benefits versus costs (the value of the research information in relation to costs)