Business Research

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What type of research is an internal business analysis of sales patterns?

Tertiary research
External research
Secondary research (correct)
Primary research

When is it imperative to conduct research in an ethical manner?

When the research is for academic purposes
When the research findings could impact business decisions
When the research could affect vulnerable populations
At all times (correct)

What must a business often obtain from participants in a research study?

Financial compensation
A guarantee of anonymity
A written summary of the research goals
Permission (correct)

Why should research findings be reported accurately?

To maintain objectivity and avoid bias (A) Signup and view all the answers

What is plagiarism?

Presenting someone else's work as your own (A) Signup and view all the answers

What is the primary purpose of businesses gathering information?

To make informed decisions (A) Signup and view all the answers

Why is it important for a business to understand its customers' needs and wants?

To provide what customers demand (C) Signup and view all the answers

What is a key reason for a business to monitor its competitors?

To gain customer loyalty and market share (C) Signup and view all the answers

What does 'data' primarily represent in a business context?

Raw, unorganized facts and figures (A) Signup and view all the answers

What is required to transform data into useful information?

Processing and giving it meaning (D) Signup and view all the answers

What turns information into knowledge and wisdom?

Experience (D) Signup and view all the answers

What is 'information' in a business context?

Data that has been processed and is meaningful (A) Signup and view all the answers

Which of the following is an example of data?

Monthly sales figures (A) Signup and view all the answers

What is the ultimate goal of gaining knowledge and wisdom in a business?

Revealing good decision-making (A) Signup and view all the answers

What is considered 'raw information'?

A collection of facts and figures (D) Signup and view all the answers

Why should businesses share information about their products or services?

To communicate effectively with customers (A) Signup and view all the answers

What is the purpose of processing data into meaningful information?

To develop business strategies and make sound decisions (B) Signup and view all the answers

What type of information can Pick'n Pay gain via Smart Shopper Cards?

Customer buying behavior (C) Signup and view all the answers

What is primary research?

Original research conducted by the business (A) Signup and view all the answers

Which of the following is an example of primary research?

Conducting a survey (C) Signup and view all the answers

Which of the following is an example of secondary research?

Using data from the business's own research department (A) Signup and view all the answers

What kind of information is needed, other than about customers, for market research?

Information about potential suppliers (C) Signup and view all the answers

According to the content, what does data by itself not do?

Solve problems without being processed into information (C) Signup and view all the answers

Where can secondary research be found?

Government agencies (C) Signup and view all the answers

What is the term for data that has been processed and is useful for making businesses?

Information (B) Signup and view all the answers

Primary Research

Data collected firsthand for a specific purpose.

Secondary Research

Existing data, collected by others, often used as a starting point.