McGraw-Hill/Irwin Business Research Methods, 10eCopyright © 2008 by The McGraw-Hill Companies, Inc. All Rights Reserved. Chapter 1 Research in Business.

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Presentation transcript:

McGraw-Hill/Irwin Business Research Methods, 10eCopyright © 2008 by The McGraw-Hill Companies, Inc. All Rights Reserved. Chapter 1 Research in Business

1-2 Why Study Business Research? Business research provides information to guide business decisions

1-3 A process of determining, acquiring, analyzing, synthesizing, and disseminating relevant business data, information, and insights to decision makers in ways that mobilize the organization to take appropriate business actions that, in turn, maximize business performance Business Research Defined

1-4 Research Should Reduce Risk The primary purpose of research is to reduce the level of risk of a marketing decision

1-5 What’s Changing in Business that Influences Research Critical Scrutiny of Business Computing Power & Speed Computing Power & Speed Battle for Analytical Talent Factors Information Overload Shifting Global Economics Government Intervention Technological Connectivity New Research Perspectives

1-6 Computing Power and Speed Real-time Access Real-time Access Factors Lower-cost Data Collection Powerful Computation Better Visualization Tools Integration of Data

1-7 Business Planning Drives Business Research Organizational Mission Business Strategies Business Tactics Business Goals

1-8 Information Sources Business Intelligence Systems Ongoing information collection Focused on events, trends in micro and macro- environments

1-9 Sources of Business Intelligence Business Intelligence Government/ Regulatory Economic Competitive Demographic Technological Cultural/ Social

1-10 Hierarchy of Business Decision Makers Visionaries Intuitive Decision Makers Standardized Decision Makers Visionaries

1-11 Eastman Kodak has a world-class research department

1-12 Research 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?

1-13 Characteristics of Good Research Clearly defined purpose Detailed research process Thoroughly planned design High ethical standards Limitations addressed Adequate analysis Unambiguous presentation Conclusions justified Credentials

1-14 Two Categories of Research AppliedBasic (Pure)

1-15 Four Types of Studies Reporting ExplanatoryPredictive Descriptive

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