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Business Research: Key Concepts and Trends

This chapter provides an overview of business research, including its definition, value, and the distinction between good and subpar research. It also explores the emerging hierarchy of business decision makers and the importance of learning research skills.

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Business Research: Key Concepts and Trends

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  1. Chapter 1 Research in Business

  2. Learning Objectives Understand . . . • what business research is and how it differs frombusiness decision support systems and business intelligence systems • trends affecting business research and theemerging hierarchy of business decision makers • the distinction between good business researchand research that falls short of professional quality • the value of learning business research process skills

  3. Why Study Business Research? Business research provides information to guide business decisions

  4. Business Research Defined • A process of determining, acquiring,analyzing, synthesizing, and disseminatingrelevant business data, information, andinsights to decision makers in ways thatmobilize the organization to take appropriate business actions that, in turn, maximize business performance

  5. Competition Studying Business Research New Research Perspectives Growth of Internet Greater Computing Power Stakeholder Influence Business as a discipline Factors Complex Decisions Government Intervention

  6. Data warehousing Storing vast amounts of data in electronic storehouses Data mining Applying mathematical models to extract meaningful knowledge from data in internal databases Computer Advances

  7. Business Planning Drives Business Research Organizational Mission Business Goals Business Strategies Business Tactics

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

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

  10. Business Tactics and Research Häagen-Dazs Tactics • Super premium • Dozens of flavors • Small packages • Signature colors on packaging • Available in franchise and grocery stores

  11. Exhibit 1-2 Hierarchy of Business Decision Makers Visionaries Standardized Decision Makers Intuitive Decision Makers Intuitive Decision Makers

  12. Exhibit 1-2 Hierarchy of Business Decision Makers Visionaries Standardized Decision Makers Intuitive Decision Makers

  13. Exhibit 1-2 Hierarchy of Business Decision Makers Visionaries Visionaries Standardized Decision Makers Intuitive Decision Makers

  14. Exhibit 1-3 Minute Main and Business Research

  15. Research May Be Unnecessary • Can information be applied to a critical decision? • Does it improve managerial decision-making? • Are sufficient resources available?

  16. Information Value Chain Data collection/ transmission Data management Characteristics Decision support systems Data interpretation Models

  17. Clearly defined purpose Detailed research process Thoroughly planned design High ethical standards Limitations addressed Adequate analysis Unambiguous presentation Conclusions justified Credentials Exhibit 1-8 Characteristics of Good Research

  18. Exhibit 1-4 Who Conducts Business Research? Internal External

  19. Eastman Kodak has a world-class research department

  20. Exhibit 1-4Business Research Suppliers

  21. Business Research Firms

  22. Proprietary Research Decision Analyst, Inc. uses Internet-based concept testing called Conceptor to examine new product concepts

  23. Syndicated Services Nielsen Media Research provides audience data for television programs like Court TV

  24. AC Nielsen Scarborough Millward Brown Nielsen Media Research Roper ASW CSA TMO Yahoo! ORC International DoubleClick Nielsen/NetRatings Taylor Nelson Sofres Intersearch J.D. Power Associates MediaMark Simmon (SMRB) BRMB Information Resources Inc. Exhibit 1-6 Some Syndicated Data Providers

  25. Specialty Business Research Firms Methodology Process Industry Participant group Geographic Region

  26. Sales Promotion Advertising Direct Business Public Relations Communication Agencies

  27. Consultants Business General Business Trade Associations General business Business specialties Research specialties Consultants and Trade Associations

  28. MPA NAB Trade Associations NHRA CASRO MRA ESOMAR BRA AMA WAOBRP

  29. Exhibit 1-4 Who Conducts Research?

  30. Business intelligence system Business research Control Custom Researcher Data mining Data warehouse Decision support system Extranet Full-service researcher Intranet Management dilemma Omnibus researcher Omnibus Study Proprietary Methodology Return on Investment (ROI) Scientific method Strategy Syndicated data provider Tactics Key Terms

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