W2_PPT Flashcards
MARKET VS BUSINESS RESEARCH
- focuses on marketing
and the customers.
MARKET RESEARCH
- it can be about behavior, patterns, preferences, habits, etc.
MARKET RESEARCH
- focuses on different
aspects of business
(financial, human
resource, operation,
logistics, etc.)
BUSINESS RESEARCH
market research is just
part of business research.
BUSINESS RESEARCH
NATURE OF BUSINESS RESEARCH
ISSUES ON:
__________________________
PURPOSE/RESEARCH QUESTION:
- provide knowledge regarding the organization, the market, the economy, or another area of uncertainty
MANAGEMENT
NATURE OF BUSINESS RESEARCH
ISSUES ON:
_______________
PURPOSE/RESEARCH QUESTION:
- “Will the environment for long-term financing be better two years from now?”
FINANCE
NATURE OF BUSINESS RESEARCH
ISSUES ON:
________________________
PURPOSE/RESEARCH QUESTION:
- “What is the reason for the company’s high employee turnover?”
HUMAN RESOURCE
NATURE OF BUSINESS RESEARCH
ISSUES ON:
_______________________
PURPOSE/RESEARCH QUESTION:
- “How can I monitor my retail sales and retail trade activities?”
MARKETING
the application of the scientific
method in searching for the truth
about business phenomena.
BUSINESS RESEARCH
These activities include defining business
opportunities and problems,
generating and evaluating ideas,
monitoring performance, and
understanding the business process.
BUSINESS RESEARCH
- research is conducted to address
a specific business decision for a
specific firm or organization - you want to be a “Problem-solver”
APPLIED
- It attempts to expand the limits of
knowledge in general and is not
aimed at solving a particular
pragmatic problem.
BASIC/FUNDAMENTAL
- you want to be a “Trendsetter”
BASIC/FUNDAMENTAL
WHAT ARE THE 3 BUSINESS ORIENTATIONS
- PRODUCT ORIENTED
- PRODUCTION ORIENTED
- MARKETING ORIENTED
Prioritizes decision making that emphasizes the physical product design,
trendiness or technical superiority
PRODUCT ORIENTED
Prioritizes efficiency and effectiveness of the production processes in making decisions
PRODUCTION ORIENTED
Focuses on how the firm provides value to customers
MARKETING ORIENTED
BUSINESS ORIENTATIONS
WHAT KIND OF ORIENTATION:
_____________________
ITS FOCUS & EXAMPLE:
- Research focuses on technicians and experts in the field. Ex. The operating systems of cellphones are developed for gamers.
PRODUCT ORIENTED
BUSINESS ORIENTATIONS
WHAT KIND OF ORIENTATION:
_____________________
ITS FOCUS & EXAMPLE:
- Research focuses on line employees, engineers, accountants, and other efficiency experts. Ex. Cellphone
industry aimed to reduce cost by lessening defects & following standard operating procedures.
PRODUCTION ORIENTED
BUSINESS ORIENTATIONS
WHAT KIND OF ORIENTATION:
_____________________
ITS FOCUS & EXAMPLE:
Research focuses on customers. Ex. Capturing happy moments and stay connected with their loved ones.
MARKETING ORIENTED
- IT IMPROVES THE DECISION-MAKING PROCESS WHICH INVOLVES FOUR INTERRELATED STAGES:
Managerial Value of Business Research
WHAT ARE THE FOUR INTERRELATED STAGES: (IN MANAGERIAL VALUE OF BUSINESS RESEARCH)
- Identifying problems or opportunities
- Diagnosing and assessing problems or opportunities
- Selecting and implementing a course of action
4 Evaluating the course of action
WHEN IS BUSINESS RESEACH NEEDED? (4)
- TIME CONSTRAINTS
- AVAILABILITY OF DATA
- NATURE OF THE DECISION
- BENEFITS VERSUS COSTS
Is it sufficient time available before a
decision will be made?
TIME CONSTRAINTS
Is it feasible to obtain the data?
AVAILABILITY OF DATA
Is the decision of considerable strategic
or tactical importance?
NATURE OF THE DECISION
Does the value of the
research information
exceed the cost of
conducting research?
Benefits versus costs
are simply facts or recorded measures of certain phenomena (things or events).
Data
Products purchased are recorded by the
scanner forming data.
Data
____________ is data formatted (structured) to support decision making or define the relationship between two factors.
INFORMATION
inventory systems use the data to create ________________.
Information
The ______________ tells managers what items need to be stocked.
Information
The _________ also generates and can even place orders for more products to be trucked to the store.
Information
is the subset of data and
information that actually has some explanatory power enabling effective
managerial decisions
to be made.
BUSINESS
INTELLIGENCE
___________ analyze the data statistacially and wrote research reports addressing important questions such as:
What types of trends exist in customer
purchases, and are there regional differences?
Where should new stores located?
Analyst
the characteristics of data reflecting
how pertinent these particular facts
are to the situation at hand.
Relevance
the degree to which data represent
Data Quality
Means that the data are current enough to still be relevant.
Timeliness
having the right amount of information.
Information Completeness
