BRM - CH1 - The Role of Business Research - Coggle Diagram
BRM - CH1 - The Role of Business Research
What is business research?
the application of the scientific method in searching for the truth about business phenomena
Types of business research
Applied Business Research
conducted to address a specific business decision for a specific firm or organization
Basic business research
conducted without a specific decision in mind, usually does not address the needs of a specific organization.
it intends to expand the limits of knowledge in general and its not aimed at solved a particular pragmatic problem
Activities encompassed by Business Research
Identifying Problems or Opportunities
where it wants to go and how it will get there
Diagnosing and assessing problems or opportunities
gain insight about the factors causing the situation
Selecting and Implementing a Course of Action
conduct research to obtain specific info that will aid in evaluating the alternatives and in selecting the best course of action
Evaluating the course of action
, formal, objective measurement and appraisal of the extent a given activity, project, or program has achieved its objectives or whether continuing programs are presently performed as projected.
research that regularly, sometimes routinely, provides feedback for evaluation and control of business activity.
Why using business research?
a source of basic and objective information
Global Business Research
The internationalization of Research requires us to
research results to ensure that empirical findings from one culture also exist and behave similarly in another culture.
designed to facilitate the managerial decision making process for all aspects of the business
Business Strategy approaches to Business Research
Product - oriented
, a firm that prioritizes decision making in a way that emphasizes technical superiority of the product
, a firm that prioritizes efficiency and effectiveness of the production processes in making decisions
, a firm in which all decisions are made with a conscious awareness of their effect on the customer
Why involving the scientific method?
Using knowledge and evidence to reach objective conclusions about the real world
When is business research needed?
, systematic research takes time
Availability of data
, when data is not available, research must be considered, if data is impossible to obtain, research should not be conducted
Nature of the Decision,
routine tactical decisions do not require substantial investment, research is not a good fit, the more strategic/important the decision, the more likely BR should be conducted
Benefit vs Costs,
will the payoff or rate of return be worth the investment?
will the information gained by BR improve the quality of the decision to warrant the expense?
is the BR the best use of the available funds?