McGraw-Hill/Irwin Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved. RESEARCH IN BUSINESS Chapter 1
Feb 25, 2016
McGraw-Hill/Irwin Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved.
RESEARCH IN BUSINESS
Chapter 1
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Learning Objectives
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.
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Pull Quote
“Forward-thinking executives recognize that analytics may be the only true source of sustainable advantage since it empowers employees at all levels of an organization with information to help them make smarter decisions.”
Wayne Eckerson,director of research, business applications and
architecture group,TechTarget
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Why Study Business Research?
Business research provides information to guide business decisions
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Research Should Help Business Respond to Change
“Enterprises have long recognized the needto better sense and respond to business change.What’s different today is that ubiquitous accessto information and real-time communicationshave fostered an ‘always on’ business culturewhere decision making has become a ‘just-in-timeprocess.’”Business Performance Management Forum
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Business Research
• 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
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Research Should Reduce Risk
The primary purpose of research is to reduce the level of risk of a business decision
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What’s Changing in Business that Influences Research
Critical Scrutiny of Business
Computing Power & Speed
Battle for Analytical
Talent
Factors
Information Overload
Shifting Global
Economics
Government Intervention
Technological
Connectivity
New Research
Perspectives
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Computing Power and Speed
Real-time Access
Lower-cost Data
Collection
Powerful Computatio
n
Better Visualizatio
n ToolsIntegration
of Data
Factors
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Business Planning Drives Business Research
Organizational Mission
BusinessGoals
BusinessStrategies
BusinessTactics
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Business Decisions and ResearchHäagen-Dazs TacticsSuper premium Dozens of flavorsSmall packagesSignature colors on packagingAvailable in franchise and
grocery stores
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Decision Support Systems
Numerous elements of data organized for retrieval and use in business decision making Stored and retrieved via
Intranets Extranets
Information Sources
Business Intelligence
Systems Ongoing information
collection Focused on events,
trends in micro
and macro-environments
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Sources of Business Intelligence
Business Intelligence
Government/Regulatory
Economic
Competitive
Demographic
Technological Cultural/Social
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Sources of Business Intelligence
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Sources of Business Intelligence
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Sources of Business Intelligence
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Sources of Business Intelligence
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Sources of Business Intelligence
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Sources of Business Intelligence
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Hierarchy of Business Decision Makers
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Can It Pass These Tests? Can information be applied to a critical decision? Will the information improve managerial decision making?
Are sufficient resources available?
Research May Not Be Necessary
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Information Value Chain
Characteristics
Data collection/ transmission
Data interpretation
Models
Decisionsupport systems
Data management
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The Research Process
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Characteristics of Good Research
Clearly defined purposeDetailed research
processThoroughly planned design
High ethical standardsLimitations addressed
Unambiguous presentation
Conclusions justifiedCredentials
Adequate analysis
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Categories of Research
Applied Basic (Pure)
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Types of Studies
Reporting
Explanatory Predictive
Descriptive
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Key Terms
• Management dilemma
• Predictive studies• Pure research• Reporting studies• Return on
Investment (ROI)• Scientific method• Strategy• Tactics
• Applied research• Business
intelligence system (BIS)
• Business research• Control• Decision support
system• Descriptive studies• Explanatory
Studies
McGraw-Hill/Irwin Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved.
ADDITIONAL DISCUSSION OPPORTUNITIESChapter 1
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Snapshot: Mercedes Benz/TNS Infratest
Web offers:Neutrality of moderation
Researcher objectivity
Respondent anonimityTargeted respondent
selectionPicture of a modern brand
Data for critical future decisions
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PicProfile:Role of Cloud Computing
“Today, information is everything. It’s the core of your business and you can’t exist withoutit.”
NTT uses the private cloud for seamless and secure data access worldwide.
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Snapshot: Consultancy Skills Needed
Think Strategically
Insights- and Action-Specialists
Challenge Decision Makers
Advocate Action
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Snapshot: Pattern Thinking at Yum!
Visit seven best-practice companiesObservation, in depth interviews
Pattern ThinkingInsights led to patterns
Apply thinking to restaurantsDynasty Drivers for Yum!
Brands
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PulsePoint: Research Revelations
34 The 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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Research Though Stimulators
“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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Business Research at Minute Maid
McGraw-Hill/Irwin Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved.
RESEARCH IN BUSINESS
Chapter 1
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Photo Attributions
Slide Source4 Courtesy of JRP Marketing Research Inc.7 Courtesy of Greenfield Online, Inc.
10 Courtesy of Tom HC Anderson, Next Gen Market Research
12 Ingram Publishing /SuperStock
25 Courtesy of TNS Infratest GmbH and Mercedes-Benz
30 Courtesy of TNS Infratest GmbH and Mercedes-Benz
31 Courtesy of NTT Communications
32 ©Andersen Ross/Blend Images LLC
33 Copyright ©FoodCollection
34Courtesy of Tom HC Anderson, Next Gen Market Research
37 Courtesy of Minute Maid