W2_PPT

Question 1

• focuses on marketing
  and the customers.

Answer 1

MARKET RESEARCH

Question 2

• it can be about behavior, patterns, preferences, habits, etc.

Answer 2

MARKET RESEARCH

Question 3

• focuses on different
  aspects of business
  (financial, human
  resource, operation,
  logistics, etc.)

Answer 3

BUSINESS RESEARCH

Question 4

market research is just
part of business research.

Answer 4

BUSINESS RESEARCH

Question 5

NATURE OF BUSINESS RESEARCH

ISSUES ON:
__________________________

PURPOSE/RESEARCH QUESTION:
- provide knowledge regarding the organization, the market, the economy, or another area of uncertainty

Answer 5

MANAGEMENT

Question 6

NATURE OF BUSINESS RESEARCH

ISSUES ON:
_______________

PURPOSE/RESEARCH QUESTION:
- “Will the environment for long-term financing be better two years from now?”

Answer 6

FINANCE

Question 7

NATURE OF BUSINESS RESEARCH

ISSUES ON:
________________________

PURPOSE/RESEARCH QUESTION:
- “What is the reason for the company’s high employee turnover?”

Answer 7

HUMAN RESOURCE

Question 8

NATURE OF BUSINESS RESEARCH

ISSUES ON:
_______________________

PURPOSE/RESEARCH QUESTION:
- “How can I monitor my retail sales and retail trade activities?”

Answer 8

MARKETING

Question 9

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

Answer 9

BUSINESS RESEARCH

Question 10

These activities include defining business
opportunities and problems,
generating and evaluating ideas,
monitoring performance, and
understanding the business process.

Answer 10

BUSINESS RESEARCH

Question 11

• research is conducted to address
  a specific business decision for a
  specific firm or organization
• you want to be a “Problem-solver”

Answer 11

APPLIED

Question 12

• It attempts to expand the limits of
  knowledge in general and is not
  aimed at solving a particular
  pragmatic problem.

Answer 12

BASIC/FUNDAMENTAL

Question 13

• you want to be a “Trendsetter”

Answer 13

BASIC/FUNDAMENTAL

Question 14

WHAT ARE THE 3 BUSINESS ORIENTATIONS

Answer 14

1. PRODUCT ORIENTED
2. PRODUCTION ORIENTED
3. MARKETING ORIENTED

Question 15

Prioritizes decision making that emphasizes the physical product design,
trendiness or technical superiority

Answer 15

PRODUCT ORIENTED

Question 16

Prioritizes efficiency and effectiveness of the production processes in making decisions

Answer 16

PRODUCTION ORIENTED

Question 17

Focuses on how the firm provides value to customers

Answer 17

MARKETING ORIENTED

Question 18

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.

Answer 18

PRODUCT ORIENTED

Question 19

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.

Answer 19

PRODUCTION ORIENTED

Question 20

BUSINESS ORIENTATIONS

WHAT KIND OF ORIENTATION:
_____________________

ITS FOCUS & EXAMPLE:
Research focuses on customers. Ex. Capturing happy moments and stay connected with their loved ones.

Answer 20

MARKETING ORIENTED

Question 21

• IT IMPROVES THE DECISION-MAKING PROCESS WHICH INVOLVES FOUR INTERRELATED STAGES:

Answer 21

Managerial Value of Business Research

Question 22

WHAT ARE THE FOUR INTERRELATED STAGES: (IN MANAGERIAL VALUE OF BUSINESS RESEARCH)

Answer 22

1. Identifying problems or opportunities
2. Diagnosing and assessing problems or opportunities
3. Selecting and implementing a course of action
   4 Evaluating the course of action

Question 23

WHEN IS BUSINESS RESEACH NEEDED? (4)

Answer 23

1. TIME CONSTRAINTS
2. AVAILABILITY OF DATA
3. NATURE OF THE DECISION
4. BENEFITS VERSUS COSTS

Question 24

Is it sufficient time available before a
decision will be made?

Answer 24

TIME CONSTRAINTS

Question 25

Is it feasible to obtain the data?

Answer 25

AVAILABILITY OF DATA

Question 26

Is the decision of considerable strategic
or tactical importance?

Answer 26

NATURE OF THE DECISION

Question 27

Does the value of the
research information
exceed the cost of
conducting research?

Answer 27

Benefits versus costs

Question 28

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

Answer 28

Data

Question 29

Products purchased are recorded by the
scanner forming data.

Answer 29

Data

Question 30

____________ is data formatted (structured) to support decision making or define the relationship between two factors.

Answer 30

INFORMATION

Question 31

inventory systems use the data to create ________________.

Answer 31

Information

Question 32

The ______________ tells managers what items need to be stocked.

Answer 32

Information

Question 33

The _________ also generates and can even place orders for more products to be trucked to the store.

Answer 33

Information

Question 34

is the subset of data and
information that actually has some explanatory power enabling effective
managerial decisions
to be made.

Answer 34

BUSINESS
INTELLIGENCE

Question 35

___________ 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?

Answer 35

Analyst

Question 36

the characteristics of data reflecting
how pertinent these particular facts
are to the situation at hand.

Answer 36

Relevance

Question 37

the degree to which data represent

Answer 37

Data Quality

Question 38

Means that the data are current enough to still be relevant.

Answer 38

Timeliness

Question 39

having the right amount of information.

Answer 39

Information Completeness