3. Why Study Business Research? 1- Business research provides information to guide business decisions
4. Business Research Defined 1- A Systematic Inquiry whose Objective is to provide information to managerial problems
5. Studying Business Research 1- Complex Decisions Stakeholder Influence Factors Growth of Internet Business as a discipline Government Intervention Greater Computing Power New Research Perspectives Competition
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8. Types of Research study 1- Reporting Explanatory Predictive Descriptive
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10. Exhibit 1-8 Characteristics of Good Research 1- Clearly defined purpose Detailed research process Thoroughly planned design High ethical standards Limitations addressed Adequate analysis Unambiguous presentation Conclusions justified Credentials
11. Exhibit 1-4 Who Conducts Business Research? 1- Internal External
13. Exhibit 1-4 Business Research Suppliers 1- External Research Suppliers Business Research Firms Communication Agencies Consultants Trade Associations
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Editor's Notes
Business research plays an important role in an environment that emphasizes measurement. Return on investment (ROI) is the calculation of the financial return for all business expenditures and it is emphasized more now than ever before. Business research expenditures are increasingly scrutinized for their contribution to ROMI.
Business research is a systematic inquiry that provides information to guide business decisions. The definition, as expanded by that used by the American Marketing Association, is provided in the slide. Ask students to offer examples of types of decision-making situations that could be addressed using business research.
Several factors increase the relevance for studying business research. The growth of company Web sites and e-commerce presents new challenges. Stakeholders now have more information at their disposal and are more resistant to business stimuli. Competition is growing and coming from unexpected sources. There is more government intervention geared toward protecting its various publics through restrictions on business tools. Business managers have more variables to consider in every decision. The quality of theories and models in business is improving. Greater computing power provides the potential to get more data faster, integrate that data using warehousing, understand it using data mining, and analyze it using statistical tools. Research methods are gaining wider acceptance in dealing with a wide range of business problems.
This slide differentiates data warehousing from data mining. Data warehouses store data electronically while data mining is used to extract meaningful data from the electronic warehouse.
When elements of data are organized for retrieval, they collectively constitute a business decision support system (DSS). This data is often shared over an intranet or an extranet. An intranet is a private network that is contained within an enterprise and is not available to the public at large. It may consist of many interlinked local area networks. It typically includes connections through one or more computers to the Internet. The main purpose of an intranet is to share company information and computing resources among internal audiences. An extranet is a private network that uses the Internet protocols and the public telecommunication system to share an organization’s information, data, or operations with external suppliers, vendors, or customers. An extranet can be viewed as the external portion of a company’s intranet. A business intelligence system (BIS) is designed to provide ongoing information about events and trends in the technological, economic, political and legal, demographic, cultural, social, and competitive areas.
An organization’s mission drives its business goals, strategies, and tactics and, consequently, its need for business decision support systems and business intelligence.
Business research is only valuable when it helps management make better decisions. A study may be interesting, but if it does not help improve decision-making, its use should be questioned. Research could be appropriate for some problems, but insufficient resources may limit usefulness.
Exhibit 1-8 presents the characteristics of good business research and also explains what managers should look for in research done by others. You might wish to discuss the concepts here, before you discuss who actually conducts research…or you might want to discuss who conducts research first, followed by this slide to summarize.
Exhibit 1-4 illustrates who conducts business research. First, researchers may be internal or external. Internal researchers are “in-house.” External research suppliers are those available outside of an organization to conduct research.
Eastman Kodak has an internal research department.
External research suppliers can be further classified into business research firms, communication agencies, consultants, and trade associations. Each of these will be further developed in the following slides.
Exhibit 1-6 lists some syndicated data providers, their service, and what their service measures.
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