Chapter 1 Flashcards
What is business research?
Business research is the application of the scientific method in searching for the truth about business phenomena.
What is business phenomena?
Business phenomena is about identifying, exploiting and defining business opportunities and problems.
Generating and evaluating different courses of action
Monitoring employee and organizational performance
Helping to understand the business process
This is not limited to NGOs
Can every business question or issue be addressed or answered by research?
No. Clearly not.
What is the scientific method?
The scientific method is
Objectivity + Empiricism = Truth
What is Inductive reasoning?
Inductive reasoning is logical process of estblishing a general proposition on the basis of observation of particular facts.
What is deductive reasoning?
Deductive reasoning is the logical process of deriving a conclusion about a specific instance based on a known general premise or something known to be true.
What is Pure Research?
Pure Research is research conducted without a specific decision in mind. aka for the sake of knowledge and knowing.
What is Applied Research?
Applied Research is research conducted with a specific goal in mind. For example, Should McD add X food in its menu?
What are some business strategic orientations?
Product Orientation- Great Product, will sell by itself.
Production Orientation- Mass market, efficiency, and effectiveness. Six Sigma, TQM Balanced, Scorecard.
Marketing Orientation- effects on customers.
What is Stakeholder Orientation?
Stakeholder Orientation is the shareholders, but also employees, and suppliers, and etc.
What is Decision Making?
Decision Making is the process used to resolve a problem or to choose from alternative opportunities.
Four interrelated Stages 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
What is SWOT analysis?
SWOT Analysis is Strengths Weaknesses Opportunities Threats
What are some factors one must consider to do research?
Some factors that affect how one does business research are:
Time
Availability of data
Nature of the decision being made
Benefits versus costs
What is the difference between theory vs practice?
Theory is the formal, logical explanation of some events that includes predictions of how things relate to one another.
