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2005 Test 1 > L1 > Flashcards

L1 Flashcards

1
Q

When is a business research needed

A

Benefits vs Cost
- benefits of a successful product launch outweighs monetary and non-monetary costs (manpower, incentives)

Availability of Data
Data is readily available and accessible in the marketplace and from sample unit

Time Constraint
- there is no time constraint because there is no cause of urgency

Nature of Business
- has commercial implications and significance

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2
Q

What is a basic (pure) research

A

Without a specific decision in mind, attempts to expand the limits of knowledge in general

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3
Q

Examples of basic (pure) research

A

Consumer’s Favourite

Number of times consumed in a week

Selection factor of brand

Perception of products

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4
Q

What is applied business research

A

to address a specific targeted and fixated biz decision for a specific organization

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5
Q

Examples of applied business research

A

Preferred distribution channels of products

Perceived affordability of $1

Amount of completion for specific product in specific field

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6
Q

Is business research interdependent

A

Yes

Consumer Favourite can evolve new products for the company

Perception of products in field is associated with and can lead to specific perception of of company products

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7
Q

What are data

A

facts or recorded measures of certain phenomena (things or events).

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8
Q

Examples of data

A

Sales figure of each product

Online ordering patterns (the quantity of transactions over different time periods)

Number of ig pictures loaded by consumers

Online verbatim comments

Hotline phone calls recordings

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9
Q

What is information

A

processefdata formatted (structured) to support decision-making or define the relationship between two facts.

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10
Q

Examples of information

A

Sales trends comparing 2 different products

New consumers receptiveness towards the products

Customer online purchase experience

Overall feedback, compliments, complaints, suggestions

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11
Q

Characteristics of valuable information

A

Timeliness
- whether it is current and updated to be relevant

Relevance
- pertinent to the situation at hand using sales figures and inventory-related matters

Quality
- whether it is accurate and authentic and representative of the true situation

Completeness
- the right amount that provides a comprehensive overview

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12
Q

Discuss the sources that can be leverage as part of input management to help company decide

A

BOSI P

Behavioural and web tracking

  • PPC software to determine popularity products
  • web analytics to analyse consumer purchase patterns and online sentiment via per click

Outside vendors and distributors
- local retailer, intermeediaries, middleman
who are more familiar with products and field

Salesperson input
- The sales team

Internal records

  • Company own records with similar products
  • See popularity of old products to make judgement of popularity of new products

Proprietary Business Research

  • Surveys, Cultural Nuances
  • Owned, commissioned and paid by own company
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13
Q

What is knowledge

A

a blend of previous experience, insight & data that forms organisational memory
a key resource & a potential competitive advantage

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14
Q

What is knowledge management

A

process of creating an inclusive, comprehensive, easily accessible shared organisational memory (intellectual capital) to review and imprive

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15
Q

What is latent construct

A

A concept that’s not directly observable or measurable, but can be estimated through proxy measures.

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16
Q

Examples of latent construct

A

Deliciousness
(Variables: Chewy index, smoothness, aroma)

Love
(Variable: time spent, number of gifts bought, actions done)

Quality
(Variable: usage of organic raw materials, healthy production methods, robust checks, certifications from authoritative bodies)

Satisfaction
(Variable: packaging, reliable and punctual delivery, price competitiveness, portion size is value for money)

Celebrity endorsement level
(Variable: consumer familiarity with celebrity, brand awareness increment, celebrity influence towards product)

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17
Q

What is understanding

A

Facilitate awareness about consumer purchase decision making so it can undertake specific pre-emptive actions such as highlighting stringent checks made to deliver assurance to consumers

18
Q

What is predicting

A

Enables company to consistently incorporate safety factors to all its products in every distribution channels and thus expect safety requirements to be omni-relevant

19
Q

Proposition & Hypothesis

A

Proposition @ Abstract level

Hypothesis @ Empirical level

Variables: something measurable (number of xxx, frequency usage of xxx,

Eg.
Proposition
Technology has significant impact on performance indicators

Hypothesis
Technology > use of robots (V: how many used)

Performance > positive correlation to higher satisfaction ratings (V: satisfaction level in that department)

The use of robots positively correlates to the satisfaction ratings

20
Q

What is the nature of business research

A

The application of the scientific method in searching for truth about business phenomena.

Process includes idea & theory development, problem definition, searching & collecting data, analyzing data, communicating the findings & their implications

  • Biz research info is not intuitive or haphazardly gathered, should be accurate & objective
  • Designed to facilitate decision-making
  • An aid to managerial decision, never a substitute
  • Research cannot replace human intelligence
  • Research tell you about demand, opportunities, why it is going to sell, internal organization issues, how to grow your business further, what will capture the market, improve product and services
21
Q

Characteristics of Business Research

A
  • not linear, sequential process
  • Time spent on each step varies
  • Overlaps in steps
  • Some stages may be omitted
  • Occasional need to back-track or change the order of steps
22
Q

What is the managerial value of business research

A
  • Identifying, diagnosing & assessing problems or opportunities
  • Selecting, implementing & evaluating the course of action
23
Q

What is business intelligence

A

subset of data & information that actually have some explanatory power, enabling effective decisions to be made.

24
Q

What is Decision Support System (DSS)

A

System that helps decision makers confront problems through direct interaction with databases & analytical software programmes

25
Q

Examples of Decision Support System (DSS)

A

Databases & Data Warehousing
- cloud server, place entity to store data, storage sorting data

Input Management - Internal records

  • Proprietary business research
  • Salesperson input
  • Behavioural tracking
  • Web tracking
  • Outside vendors and distributors

Computerized Data Archives

  • Databases (statistical, financial, video)
  • Eg. Bloomberg markets. Make a call, it is recorded in the data based, cctv

Network & Electronic Data Interchange (EDI)
- Bank exchanged.
Beside commercial transactions
Dss helps research on consumers spending patterns financial credit standings

26
Q

What is theory

A

A formal, logical, generalized explanation of some events that include predictions of how things relate to one another.
A generalisation that helps us better understand reality.

Can be built through a process of reviewing previous findings of similar studies, simple logical deduction, &/or knowledge of applicable theoretical areas.

27
Q

What are the goals of theory

A
  1. understanding
  2. predicting

Understand why happening if something happens again it will
Eg. Visual merchandising: eye level > catch attention people look at things on eye level
Eg. If we laugh we release happy hormones, hospitals made it mandatory to have clowns. If patient laugh, patients will recover faster which is the desired outcome

28
Q

What is hypotheses concept

A

A generalized idea about a class of objects, attributes, occurrences, or processes that has been given a name.

The building blocks of theory, that express in words the various events or objects.

Ladder of abstraction: concrete to general.

29
Q

What is proposition

A

Statements concerned with the relationships among concepts.
Explain the logical linkage among certain concepts by asserting a universal connection between concepts.

A formal statement explaining some outcome.
In its simplest form, it is a guess.
A proposition that is empirically testable.

30
Q

What is a variable

A

Anything that assume different numerical values; the empirical assessment of a concept.

31
Q

How do you know whether hypotheses is supported

A

When data are consistent with a hypothesis, hypothesis is supported.

When data are inconsistent with a hypothesis, the hypothesis is not supported.

From an absolute perspective, statistics cannot prove a hypothesis is true.

32
Q

What is theory construction

A

A combination of both: our experiences lead us to draw conclusions that we try to verify empirically, through the scientific method.

33
Q

What is theory building

A

Deductive reasoning

Inductive reasoning

34
Q

What is deductive reasoning

A

logical process of deriving a conclusion about a specific instance based on a known general premise or something known to be true

35
Q

What is inductive reasoning

A

logical process of establishing a general proposition on the basis of observation of particular facts

use comment expressed by a member of the public

36
Q

What is the scientific method, prescribed procedures

A
  1. Assessment of relevant existing knowledge of a phenomenon
  2. Formulation of concepts & propositions
  3. Statement of hypotheses
  4. Design of research to test the hypotheses
  5. Acquisition of meaningful empirical data
  6. Analysis & evaluation of data
  7. Proposal of an explanation of the phenomenon & statement raised by the research
37
Q

What is the practical value of theories

A

Theories provide a framework that can guide managerial strategy by providing insights into the general rules of behaviour so that general patterns can be understood & predicted.

38
Q

Example of business research

A

Prior Knowledge: past experience (eg. Taste of salted egg)

Observation (eg. Salted egg chips sell like hot cakes)

Hypotheses: educated guess (eg. Anything with salted egg will sell)

Hypothesis test: check if hypothesis is correct (eg. Diff concoctions will lead to higher sales)

39
Q

Example of deductive reasoning

A

SQ girls well groomed
She is a SQ girl
She is well groomed

40
Q

Example of inductive reasoning

A

SG has high mileage for private cars
NY cars caused congestion
Private hired cars will cause congestion

2005 Test 1 (1 decks)

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