Week 2 Market vs Business Research 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. )
Market research is just part of business research
•The application of the scientific method in searching for the truth about business phenomena.
BUSINESS RESEARCH
TYPES OF BUSINESS RESEARCH
APPLIED
BSIC/FUNDAMENTALS
•Research is conducted to address a specific business decision for a specific firms or organization
•You want to be “problem-solver”
APPLIED
•It attempts to expand the limits of knowledge in general and is not aimed at solving a particular pragmatic problem.
•You want to be a “trendsetter”
BASIC/FUNDAMENTALS
BUSINESS ORIENTATION
PRODUCT ORIENTED
PRODUCTION ORIENTED
MARKETING ORIENTED
•prioritize decision making that emphasizes the physical product design, trendiness or technical superiority
PRODUCT ORIENTED
• prioritizes efficiency and effectiveness of the production process in making decision
PRODUCTION ORIENTED
•focuses on how the firms provides value to customers
MARKETING ORIENTED
WHEN IS BUSINESS RESEARCH IS NEEDED?
TIME CONSTRAINTS
AVAILABILITY OF DATA
NATURE OF DECISION
BENEFIT VERSUS COST
•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 DECISION
•does the value of the research information exceed the cost of conducting research
BENEFIT VERSUS COST
• 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
•analyze the data statistically and wrote research reports addressing important questions such as:
ANALYST
CHARACTERISTICS OF VALUABLE INFORMATION
RELEVANCE
DATA QUALITY
TIMELINES
INFORMATION COMPLETENESS
•the characteristics of data reflecting how pertinent these particular facts are to the situation at hand
RELEVANCE
•the degree to which data represent the true situation
DATA QUALITY
•means that the data are current enough to still be relevant
TIMELINESS
•having the right amount of information
INFORMATION COMPLETENESS
