1- 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. Learning Objectives Learning Objectives
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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.
Learning ObjectivesLearning Objectives
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Data Collectors Face Data Collectors Face ResponsibilitiesResponsibilities
“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
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PulsePoint: PulsePoint: Research RevelationsResearch Revelations
34The percent of employees who never consider that their bosses, clients, or colleagues think before posting to a blog, discussion forum, or social network.
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Why Study Business Research?Why Study Business Research?
Business research provides information to guide business decisions
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Research Should Help Research Should Help Respond to ChangeRespond 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
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•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
Business ResearchBusiness Research
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Research Should Reduce Research Should Reduce RiskRisk
The primary purpose of
research is to reduce the level of risk of a marketing
decision
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Critical Scrutiny of Business
Computing Power & Speed
Computing Power & Speed
Battle for Analytical
Talent
Battle for Analytical
Talent
FactorsFactors
Information Overload
Shifting Global
Economics
Shifting Global
Economics
Government Intervention
Government Intervention
Technological Connectivity
Technological Connectivity
New Research
Perspectives
New Research
Perspectives
What’s Changing in Business What’s Changing in Business that Influences Researchthat Influences Research
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Computing Power and SpeedComputing Power and Speed
Real-time Access
Real-time Access
Lower-cost Data
Collection
Powerful Computation
Powerful Computation
Better Visualization
Tools
Better Visualization
Tools
Integration of Data
Integration of Data
FactorsFactors
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Business Planning Drives Business Planning Drives Business ResearchBusiness Research
Organizational Mission
BusinessGoals
BusinessStrategies
BusinessTactics
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Business Decisions and Business Decisions and ResearchResearch
Häagen-Dazs Tactics– Super premium – Dozens of flavors– Small packages– Signature colors on
packaging– Available in franchise
and grocery stores
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Information SourcesInformation Sources
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
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Sources of Sources of Business IntelligenceBusiness Intelligence
Business Intelligence
Government/Regulatory
Economic
Competitive
Demographic
Technological Cultural/Social
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Hierarchy of Business Decision Hierarchy of Business Decision MakersMakers
Visionaries
Intuitive Decision Makers
Standardized Decision Makers
Visionaries
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Minute Main and Business Minute Main and Business ResearchResearch
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P&G has a world-class research P&G has a world-class research departmentdepartment
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Research May Not Be NecessaryResearch May Not Be Necessary
Can It Pass These Tests?• Can information be applied to a critical
decision?• Will the information improve managerial
decision making?• Are sufficient resources available?
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Information Value ChainInformation Value Chain
Characteristics
Data collection/ transmission
Data interpretation
Models
Decisionsupport systems
Data management
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The Research ProcessThe Research Process
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Characteristics of Characteristics of Good ResearchGood Research
Clearly defined purposeClearly defined purpose
Detailed research processDetailed research process