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Chapter 1Chapter 1
Research Research
in Businessin Business
McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All Rights Reserved.
1-3
Data Collectors Face Data Collectors Face ResponsibilitiesResponsibilities
“This is a fantastic time to be entering the business world, because business is going to change more in the next 10 years than it has in the last 50.”
Bill Gates, entrepreneur and founder
Microsoft
1-4
Why Study Business Research?Why Study Business Research?
Business research provides information to guide business decisions
1-5
Research Should Help Research Should Help Respond to ChangeRespond to Change
“Enterprises have long recognized the need
to better sense and respond to business change.
What’s different today is that ubiquitous access
to information and real-time communications
have fostered an ‘always on’ business culture
where decision making has become a ‘just-in-time
process.’”
Business Performance Management Forum
When Should Business Research be Undertaken?When Should Business Research be Undertaken?
Is sufficient timeavailable?
Is information inadequate?
High importance of decision?
Research benefits greater than costs?
Yes
Yes
Yes
Undertake Business Research
NO Do notundertake Business Research
1-7
•A process of determining, acquiring,analyzing, synthesizing, and disseminatingrelevant business data, information, andinsights to decision makers in ways thatmobilize the organization to take appropriate business actions that, in turn, maximize business performance
Business ResearchBusiness Research
1-8
Research Should Reduce RiskResearch Should Reduce Risk
The primary purpose of
research is to reduce the level of risk of a marketing
decision
1-9
Critical Scrutiny of Business
Computing Power & Speed
Computing Power & Speed
Battle for Analytical
Talent
Battle for Analytical
Talent
FactorsFactors
Information Overload
Shifting Global
Economics
Shifting Global
Economics
Government Intervention
Government Intervention
Technological Connectivity
Technological Connectivity
New Research
Perspectives
New Research
Perspectives
What’s Changing in Business What’s Changing in Business that Influences Researchthat Influences Research
1-10
Computing Power and SpeedComputing Power and Speed
Real-time Access
Real-time Access
Lower-cost Data
Collection
Powerful Computation
Powerful Computation
Better Visualization
Tools
Better Visualization
Tools
Integration of Data
Integration of Data
FactorsFactors
1-11
Business Planning Drives Business Planning Drives Business ResearchBusiness Research
Organizational Mission
BusinessGoals
BusinessStrategies
BusinessTactics
1-12
Business Decisions and ResearchBusiness Decisions and Research
Häagen-Dazs Tactics– Super premium – Dozens of flavors– Small packages– Signature colors on
packaging– Available in franchise
and grocery stores
1-13
Information SourcesInformation Sources
Decision Support Systems
Numerous elements of data organized for retrieval and use in business decision
making
Stored and retrieved via– Intranets– Extranets
Business Intelligence Systems
Ongoing information collection
Focused on events, trends in micro and
macro-environments
1-14
Sources of Sources of Business IntelligenceBusiness Intelligence
Business Intelligence
Government/Regulatory
Economic
Competitive
Demographic
Technological Cultural/Social
1-15
Hierarchy of Business Decision Hierarchy of Business Decision MakersMakers
Visionaries
Intuitive Decision Makers
Standardized Decision Makers
Visionaries
1-16
Research May Not Be NecessaryResearch May Not Be Necessary
Can It Pass These Tests?• Can information be applied to a critical
decision?• Will the information improve managerial
decision making?• Are sufficient resources available?
1-17
Information Value ChainInformation Value Chain
Characteristics
Data collection/ transmission
Data interpretation
Models
Decisionsupport systems
Data management
1-19
Characteristics of Characteristics of Good ResearchGood Research
Clearly defined purposeClearly defined purpose
Detailed research processDetailed research process
Thoroughly planned designThoroughly planned design
High ethical standardsHigh ethical standards
Limitations addressedLimitations addressed
Adequate analysisAdequate analysis
Unambiguous presentationUnambiguous presentation
Conclusions justifiedConclusions justified
CredentialsCredentials
Basic and Applied ResearchBasic and Applied Research
Basic Research aims to expand the frontiers of science and
knowledge by verifying or disproving the acceptability of a given theory
or attempting to discover more about a certain concept (non-specificity)
Example: How does motivation affect employee performance?
Applied Research focuses on a real-life problem or situation with a
view to helping reach a decision how to deal with it (Specificity)
Example: Should Corporation X adopt a paperless office environment?
Types of Studies Used to do Types of Studies Used to do ResearchResearch
Reporting• provide a summation of data, often recasting data to achieve a
deeper understanding or to generate statistics for comparison.
Descriptive– Discovers answers to questions who, what, when, where, and how.– May involve data collection and distribution techniques
Explanatory– Goes beyond description & attempts to explain the reasons of
phenomenon that descriptive study only observed.– Correlational study
Predictive– Predicts variables for future such as attitudes, time of year, proximity
of air routes.
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