Week 2 Market vs Business Research

Question 1

•Focuses on marketing and the customers.
It can be about behavior, patterns, preferences, habits etc.

Answer 1

MARKET RESEARCH

Question 2

•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.

Answer 2

BUSINESS RESEARCH

Question 3

TYPES OF BUSINESS RESEARCH

Answer 3

APPLIED
BSIC/FUNDAMENTALS

Question 4

•Research is conducted to address a specific business decision for a specific firms or organization
•You want to be “problem-solver”

Answer 4

APPLIED

Question 5

•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”

Answer 5

BASIC/FUNDAMENTALS

Question 6

BUSINESS ORIENTATION

Answer 6

PRODUCT ORIENTED
PRODUCTION ORIENTED
MARKETING ORIENTED

Question 7

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

Answer 7

PRODUCT ORIENTED

Question 8

• prioritizes efficiency and effectiveness of the production process in making decision

Answer 8

PRODUCTION ORIENTED

Question 9

•focuses on how the firms provides value to customers

Answer 9

MARKETING ORIENTED

Question 10

WHEN IS BUSINESS RESEARCH IS NEEDED?

Answer 10

TIME CONSTRAINTS
AVAILABILITY OF DATA
NATURE OF DECISION
BENEFIT VERSUS COST

Question 11

•is it sufficient time available before a decision will be made

Answer 11

TIME CONSTRAINTS

Question 12

•is it feasible to obtain the data

Answer 12

AVAILABILITY OF DATA

Question 13

•is the decision of considerable strategic or tactical importance

Answer 13

NATURE OF DECISION

Question 14

•does the value of the research information exceed the cost of conducting research

Answer 14

BENEFIT VERSUS COST

Question 15

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

Answer 15

DATA

Question 16

•is data formatted {structured) to support decision making or define the relationship between two factors

Answer 16

INFORMATION

Question 17

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

Answer 17

BUSINESS INTELLIGENCE

Question 18

•analyze the data statistically and wrote research reports addressing important questions such as:

Answer 18

ANALYST

Question 19

CHARACTERISTICS OF VALUABLE INFORMATION

Answer 19

RELEVANCE
DATA QUALITY
TIMELINES
INFORMATION COMPLETENESS

Question 20

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

Answer 20

RELEVANCE

Question 21

•the degree to which data represent the true situation

Answer 21

DATA QUALITY

Question 22

•means that the data are current enough to still be relevant

Answer 22

TIMELINESS

Question 23

•having the right amount of information

Answer 23

INFORMATION COMPLETENESS