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McGraw-Hill/IrwinCopyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved. RESEARCH IN BUSINESS Chapter 1.

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Presentation on theme: "McGraw-Hill/IrwinCopyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved. RESEARCH IN BUSINESS Chapter 1."— Presentation transcript:

1 McGraw-Hill/IrwinCopyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved. RESEARCH IN BUSINESS Chapter 1

2 1-2 Learning Objectives Understand... What business research is and how it differs from business decision support systems and business intelligence systems. Trends affecting business research and the emerging hierarchy of business decision makers. The distinction between good business research and research that falls short of professional quality. The nature of the research process.

3 1-3 Pull Quote “Forward-thinking executives recognize that analytics may be the only true source of sustainable advantage since it empowers employees at all levels of an organization with information to help them make smarter decisions.” Wayne Eckerson, director of research, business applications and architecture group, TechTarget

4 1-4 Why Study Business Research? Business research provides information to guide business decisions

5 1-5 Research Should Help Business Respond 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

6 1-6 Business Research 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

7 1-7 Research Should Reduce Risk The primary purpose of research is to reduce the level of risk of a business decision

8 1-8 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

9 1-9 Computing Power and Speed Real-time Access Real-time Access Lower-cost Data Collection Powerful Computation Better Visualization Tools Integration of Data Factors

10 1-10 Researchers Must Keep Current

11 1-11 Business Planning Drives Business Research Organizational Mission Business Goals Business Strategies Business Tactics

12 1-12 Business Decisions and Research Häagen-Dazs Tactics Super premium Dozens of flavors Small packages Signature colors on packaging Available in franchise and grocery stores

13 1-13 Decision Support Systems Numerous elements of data organized for retrieval and use in business decision making Stored and retrieved via  Intranets  Extranets Information Sources Business Intelligence Systems Ongoing information collection Focused on events, trends in micro and macro-environments

14 1-14 Sources of Business Intelligence Business Intelligence Government/ Regulatory Economic Competitive Demographic Technological Cultural/ Social

15 1-15 Sources of Business Intelligence

16 1-16 Sources of Business Intelligence

17 1-17 Sources of Business Intelligence

18 1-18 Sources of Business Intelligence

19 1-19 Sources of Business Intelligence

20 1-20 Sources of Business Intelligence

21 1-21 Hierarchy of Business Decision Makers

22 1-22 Can It Pass These Tests? Can information be applied to a critical decision? Will the information improve managerial decision making? Are sufficient resources available? Research May Not Be Necessary

23 1-23 Information Value Chain Characteristics Data collection/ transmission Data interpretation Models Decision support systems Data management

24 1-24 The Research Process

25 1-25 Characteristics of Good Research Clearly defined purpose Detailed research process Thoroughly planned design High ethical standards Limitations addressed Unambiguous presentation Conclusions justified Credentials Adequate analysis

26 1-26 Categories of Research AppliedBasic (Pure)

27 1-27 Types of Studies Reporting ExplanatoryPredictive Descriptive

28 1-28 Key Terms Management dilemma Predictive studies Pure research Reporting studies Return on Investment (ROI) Scientific method Strategy Tactics Applied research Business intelligence system (BIS) Business research Control Decision support system Descriptive studies Explanatory Studies

29 McGraw-Hill/IrwinCopyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved. ADDITIONAL DISCUSSION OPPORTUNITIES Chapter 1

30 1-30 Snapshot: Mercedes Benz/TNS Infratest Web offers: Neutrality of moderation Researcher objectivity Respondent anonimity Targeted respondent selection Picture of a modern brand Data for critical future decisions

31 1-31 PicProfile: Role of Cloud Computing “Today, information is everything. It’s the core of your business and you can’t exist without it.” NTT uses the private cloud for seamless and secure data access worldwide.

32 1-32 Snapshot: Consultancy Skills Needed Think Strategically Insights- and Action-Specialists Challenge Decision Makers Advocate Action

33 1-33 Snapshot: Pattern Thinking at Yum! Visit seven best-practice companies Observation, in depth interviews Pattern Thinking Insights led to patterns Apply thinking to restaurants Dynasty Drivers for Yum! Brands

34 1-34 PicProfile: Professional Blogs

35 1-35 PulsePoint: Research Revelations 34 The percent of employees who never consider that their bosses, clients, or colleagues think before posting to a blog, discussion forum, or social network.

36 1-36 Research Though Stimulators “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

37 1-37 Business Research at Minute Maid

38 McGraw-Hill/IrwinCopyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved. RESEARCH IN BUSINESS Chapter 1

39 1-39 Photo Attributions

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