Professional Documents
Culture Documents
Definition
Business research is defined as the
systematic and objective process of
generating information for aid in making
business decisions.
Research information is neither intuitive
nor haphazardly gathered.
Literally, research (re-search)
meanssearch again
Business research must be objective,
meaning that the information found must
be detached and impersonal rather than
biased. (Find facts, not opinions.)
Definition
Research facilitates the managerial
decision process for all aspects of a
business.
By reducing the uncertainty of
decisions, it reduces the risk of making
wrong decisions.
Research should be an aid to
managerial judgment, not a substitute
for it.
Artemus Ward
It aint the things we dont know
that gets us in trouble. Its the things
we know that aint so.
Types of Research
Basic (Pure) Research attempts to
expand the limits of knowledge.
It is not directly involved in the
solution to a pragmatic problem.
The findings generally cannot be
immediately implemented.
Basic research is conducted to verify
the acceptability of a given theory or
to know more about a certain concept.
Types of Research
Applied Research is conducted
when a decision must be made about
a specific real-life problem.
Scientific Method
The procedures and techniques utilized by
basic and applied researchers do not differ
substantially. Both employ the scientific
method.
The analysis and interpretation of
empirical evidence (facts from observation
or experimentation) to confirm or disprove
prior conceptions.
Managerial Value of
Business Research
The Decision-making Process Associated with the
Development and Implementation of a Strategy:
Summary Diagram
Availability of
Benefits
Time Constraints
Data Nature of the Decision vs. Costs
Is sufficient time
available before
a managerial
decision
must be made?
No
Yes
No
Yes
Is the decision
Yes
of considerable
strategic
or tactical
importance?
No
No
Conducting
Business
Research
Research
expenditures
Delay of business
decision and
possible disclosure
of information to
rivals
Possible erroneous
research results
Cross-Functional Teams
Cross-functional teams are
composed of individuals from various
organizational departments such as
engineering, production, finance, and
marketing who share a common
purpose.