Week 2 Flashcards
focuses on marketing
and the customers. 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
the application of the scientific
method in searching for the truth
about business phenomena.
BUSINESS RESEARCH?
Prioritizes decision
making that
emphasizes the
physical product design,
trendiness or technical
superiority
Product
Oriented
research is conducted to address
a specific business decision for a
specific firm or organization
APPLIED
- you want to be a “Problem-solver”
APPLIED
you want to be a “Trendsetter”
BASIC/FUNDAMENTAL
It attempts to expand the limits of
knowledge in general and is not
aimed at solving a particular
pragmatic problem.
BASIC/FUNDAMENTAL
Prioritizes efficiency
and effectiveness of the
production processes in
making decisions
Production
Oriented
Focuses on how the
firm provides value to
customers
Marketing
Oriented
are simply facts or recorded
measures of certain phenomena (things or events).
Data
is data formatted (structured) to support decision making or define the relationship between two factors.
INFORMATION
is the
subset of data and
information that
actually has some
explanatory power
enabling effective
managerial decisions
to be made.
BUSINESS
INTELLIGENCE
characteristics of data reflecting how pertinent these particular facts
Relevance
the degree to which data represent the true situation
Data Quality
