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03-ch01 Zikmund RoleBusResp

Business research is defined as the systematic and objective process of generating information to aid in business decision making. It involves gathering data through basic research that expands knowledge or applied research that addresses specific problems. The value of research should exceed its costs by providing accurate information to reduce uncertainty and improve decisions. Globalization and new technologies are transforming research by providing more data sources and connecting researchers worldwide.

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41 views28 pages

03-ch01 Zikmund RoleBusResp

Business research is defined as the systematic and objective process of generating information to aid in business decision making. It involves gathering data through basic research that expands knowledge or applied research that addresses specific problems. The value of research should exceed its costs by providing accurate information to reduce uncertainty and improve decisions. Globalization and new technologies are transforming research by providing more data sources and connecting researchers worldwide.

Uploaded by

Edisi My
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Business

Research Methods

William G. Zikmund

Chapter 1:
The Role of Business Research
Business Research Defined

Business research is defined as the


systematic and objective process of
generating information for aid in
making business decisions.
Business Research
• Research information is neither intuitive nor
haphazardly gathered.
• Literally, research (re-search) -“search
again”
• Business research must be objective
• Detached and impersonal rather than biased
• It facilitates the managerial decision process
for all aspects of a business.
I don’t
know
if we
should
Information offer on-
site
Reduces child
care?
Uncertainty
“It ain’t the things we don’t know
that gets us in trouble. It’s the
things we know that ain’t so.”
Artemus Ward
Business Research Types

Basic research

Applied research
Basic Research
• Attempts to expand the limits of
knowledge.
• Not directly involved in the solution to a
pragmatic problem.
Basic Research Example
• Is executive success correlated with high
need for achievement?
• Are members of highly cohesive work
groups more satisfied than members of less
cohesive work groups?
• Do consumers experience cognitive
dissonance in low-involvement situations?
"The secret of success is to know something
nobody else knows. "
Aristotle Onassis
Applied Research
• Conducted when a decision must be made
about a specific real-life problem
Applied Research Examples
• Should McDonalds add Italian pasta dinners
to its menu?
• Business research told McDonald’s it
should not?
• Should Procter & Gamble add a high-priced
home teeth bleaching kit to its product line?
• Research showed Crest Whitestrips would
sell well at a retail price of $44
Scientific Method
• The analysis and interpretation of empirical
evidence (facts from observation or
experimentation) to confirm or disprove
prior conceptions.
The Decision-making Process
Associated with the Development
and Implementation of a Strategy
• Identifying problems and opportunities
• Diagnosis and assessment
• Selecting and implementing a course of
action
• Evaluating the course of action
Evaluation Research
• Evaluation research is the formal, objective
measurement and appraisal of the extent to
which a given activity, project, or program
has achieved its objectives.
Performance-monitoring
Research
• Research that regularly provides feedback
for evaluation and control
• Indicates things are or are not going as
planned
• Research may be required to explain why
something “went wrong”
Total Quality Management
(TQM)
• A business philosophy that embodies the
belief that the management process must
focus on integrating customer-driven
quality throughout the organization.
TQM
• Stresses continuous improvement of
product quality and service.
• Managers improve durability and enhance
features as the product ages.
• Managers strive to improve delivery and
other services to keep their companies
competitive
Determining When to Conduct
Business Research
• Time constraints
• Availability of data
• Nature of the decision
• Benefits versus costs
Determining When to Conduct
Business
Availability of Data
Research
Benefits vs.
Time Constraints Nature of the Decision Costs
Does the
Is sufficient
Is the infor- value
time Is the decision
available Yes
mation
Yes of Yes
of the
Yes Conducting
already research
before
on hand
considerable
information Business
a managerial strategic
decision
inadequate
or tactical
exceed the Research
for making cost
must be importance?
the decision? of conducting
made?
research?

No No No No

Do Not Conduct Business Research


Value versus Costs
• Potential Value of a Business Research
Effort Should Exceed Its Estimated Costs
Value Should Exceed
Estimated Costs
Cost
Value s
•Research
expenditures
•Decreased certainty •Delay of business
•Increased likelihood
decision and
of a correct decision
possible disclosure
•Improved business
of information to
performance and
rivals
resulting higher •Possible erroneous
profits
research results
Major Topics for Research in
Business
• General Business Conditions and Corporate
Research
• Financial and Accounting Research
• Management and Organizational Behavior
Research
• Sales and Marketing Research
• Information Systems Research
• Corporate Responsibility Research
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.
Business Research in the 21st
Century
• Increased globalization
• Growth of the Internet and other
information technologies
Global Research
• Business Research is increasingly global
• Market knowledge is essential
• A.C. Nielsen - more that 67% international
business
Global Business Research
• General information about country -
economic conditions and political climate
• Cultural and consumer factors
• Market and competitive conditions -
demand estimation
The Internet
Is Transforming Society
• Time is collapsing.
• Distance is no longer an obstacle.
• Crossing oceans is only a mouse click
away.
• People are connected 24 hours a day, seven
days a week.
• "Instantaneous" has a new meaning.
Internet Research
• Seeking facts and figures about an issue
• Surveys on Web sites

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