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Business Research Fundamentals

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Questions and Answers

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?

Organizational Mission

Market Trends (correct)

Business Strategies

Business Goals

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?

<p>Explanatory Study</p> Signup and view all the answers

What question addresses the availability of resources for research?

<p>Are sufficient resources available?</p> Signup and view all the answers

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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Description

This quiz covers the essential concepts of business research, including its definition, connection to business planning, evaluation criteria, and various types of studies. Test your understanding of how research supports decision-making and enhances business performance.