Podcast
Questions and Answers
What is the primary purpose of business research?
What is the primary purpose of business research?
- To evaluate employee performance consistently.
- To conduct financial audits for an organization.
- To gather and disseminate business data for decision makers. (correct)
- To create marketing materials for products.
Which of the following is NOT a component that drives business research?
Which of the following is NOT a component that drives business research?
- Organizational Mission
- Market Trends (correct)
- Business Strategies
- Business Goals
Which test would help determine if data is relevant to a critical decision?
Which test would help determine if data is relevant to a critical decision?
- Can the information be applied to a critical decision? (correct)
- Is the information sourced from multiple suppliers?
- Does the information align with current market conditions?
- Does the information require a long-term investment?
What type of study focuses on identifying cause-and-effect relationships?
What type of study focuses on identifying cause-and-effect relationships?
What question addresses the availability of resources for research?
What question addresses the availability of resources for research?
Flashcards
Business Research
Business Research
A systematic process involving gathering, analyzing, and understanding business information to guide decision-making and enhance performance.
Organizational Mission
Organizational Mission
A clear statement outlining the organization's purpose, values, and long-term objectives.
Business Goals
Business Goals
Specific, measurable, achievable, relevant, and time-bound targets that an organization aims to achieve.
Business Strategies
Business Strategies
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Business Tactics
Business Tactics
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Study Notes
Business Research Definition
- Business research is a process of acquiring, analyzing, and disseminating business data and insights to decision-makers.
- The goal is to encourage appropriate actions that boost business performance.
Connection Between Business Planning and Research
- Business planning drives business research.
- Key elements of business planning that influence research include:
- Organizational mission
- Business goals
- Business strategies
- Business tactics
Evaluating the Value of Business Research
- Effective research can be evaluated by these criteria:
- Can the information be applied to critical decisions?
- Will the information enhance managerial decision-making?
- Are adequate resources available for the research?
Types of Business Studies
- Reporting Studies: Provide summaries and reports of data.
- Descriptive Studies: Describe characteristics of a phenomenon.
- Explanatory Studies: Explain the cause-and-effect relationships between variables.
- Predictive Studies: Forecast future outcomes based on current data.
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