Podcast
Questions and Answers
Which of the following best defines business research?
Which of the following best defines business research?
- A creative and unsystematic investigation into a general topic.
- A subjective and biased study that relies on personal opinions.
- An organized, systematic, data-based, critical, objective, scientific investigation into a specific problem. (correct)
- A haphazard collection of data with no clear goal.
Business research is primarily useful for academic purposes and has limited practical application in real-world business scenarios.
Business research is primarily useful for academic purposes and has limited practical application in real-world business scenarios.
False (B)
Name three areas in business where research is commonly applied.
Name three areas in business where research is commonly applied.
Marketing, Finance, Human Resources, Entrepreneurship
Research helps businesses reduce ______ and uncertainty by providing insights for new product launches.
Research helps businesses reduce ______ and uncertainty by providing insights for new product launches.
Match the following types of business research with their descriptions:
Match the following types of business research with their descriptions:
What is the first step in the business research process?
What is the first step in the business research process?
Reviewing existing literature is a waste of time in the business research process, as it's better to start with your own ideas.
Reviewing existing literature is a waste of time in the business research process, as it's better to start with your own ideas.
What are the 7 steps in the business research process?
What are the 7 steps in the business research process?
After collecting and analysing data, the next step in the research process is to make ______ based on the findings.
After collecting and analysing data, the next step in the research process is to make ______ based on the findings.
Which example illustrates how Coca-Cola utilizes market research?
Which example illustrates how Coca-Cola utilizes market research?
Which of the following is NOT a characteristic of scientific research?
Which of the following is NOT a characteristic of scientific research?
Ethical considerations are irrelevant in business research as long as the data collected is accurate.
Ethical considerations are irrelevant in business research as long as the data collected is accurate.
What is the definition of ethics in business research?
What is the definition of ethics in business research?
The principle of ______ participation states that no one should be forced to participate in research.
The principle of ______ participation states that no one should be forced to participate in research.
Match the ethical principles with their descriptions:
Match the ethical principles with their descriptions:
What is the purpose of Netflix analyzing user data?
What is the purpose of Netflix analyzing user data?
Research helps businesses improve decision-making.
Research helps businesses improve decision-making.
What are three reasons why research is important?
What are three reasons why research is important?
The characteristic of scientific research known as '______' means that others can repeat it and get similar results.
The characteristic of scientific research known as '______' means that others can repeat it and get similar results.
Which of the following principles was violated in the Volkswagen emissions scandal?
Which of the following principles was violated in the Volkswagen emissions scandal?
Flashcards
Business Research
Business Research
Organized, systematic, data-based, critical, objective, scientific investigation into a specific problem, undertaken with the purpose of finding answers or solutions to it.
Marketing Research
Marketing Research
Understanding customer preferences (e.g. Coca-Cola testing new products).
Finance Research
Finance Research
Analyzing investment trends (e.g. Stock market forecasting models).
Human Resources Research
Human Resources Research
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Entrepreneurship Research
Entrepreneurship Research
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Why is research important?
Why is research important?
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Characteristics of Scientific Research
Characteristics of Scientific Research
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Applied Research
Applied Research
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Basic/Fundamental Research
Basic/Fundamental Research
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Business Research Process
Business Research Process
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Ethics in Business Research
Ethics in Business Research
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Key Ethical Principles
Key Ethical Principles
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Study Notes
- Research methodology is important for how businesses know what customers want, how companies predict market trends, and what makes some products succeed and others fail
- Coca-Cola uses market research to introduce new products
- Netflix analyses user data to recommend shows
- Amazon optimizes pricing through customer behavior research
Overview of Research Topics
- Understanding the research process
- Designing surveys and collecting data
- Analyzing business trends using statistics
- Writing professional business reports
Business Research Defined
- Business research is an organized, systematic, data-based, critical, objective, scientific investigation into a specific problem
- Business research is undertaken to find answers or solutions to the problem
Research Areas in Business
- Marketing research helps to understand customer preferences, such as Coca-Cola testing new products
- Finance research helps to analyze investment trends, such as stock market forecasting models
- Human Resources research involves conducting employee satisfaction surveys to understand workplace culture
- Entrepreneurship research involves testing business ideas before launching, such as Airbnb using surveys to validate its idea
Importance of Research
- Reduces risk and uncertainty, e.g., launching a new product
- Improves decision-making, e.g., hiring strategies, marketing
- Increases efficiency and profitability, e.g., cost-saving methods
- Helps businesses stay competitive, e.g., identifying trends before competitors
- Coca-Cola uses market research to test new flavors before launching
Characteristics of Scientific Research
- Systematic and Logical, following a structured process
- Objective and Unbiased, based on facts not opinions
- Empirical and Data-Driven, using real-world observations
- Replicable, able to be repeated by others with similar results
Types of Business Research
- Applied Research solves specific problems and is conducted for immediate business needs
- Applied Research is used by managers and decision-makers and is focused on practical application, like Starbucks surveys on seasonal drinks
- Basic/Fundamental Research expands knowledge, with the goal to develop new theories and models, and is often done in academia
- Basic/Fundamental Research studies how social media marketing affects brands
Business Research Process
- Identify the Problem to be researched
- Review existing literature to see what is already known
- Formulate Hypotheses for what to predict
- Choose a Research Method like surveys or interviews
- Collect Data to gather information
- Analyze Data using statistical tools
- Make Recommendations by applying findings to business decisions
- Amazon's dynamic pricing strategy analyzes competitor prices and adjusts pricing accordingly
Ethics in Business Research
- Ethics refers to a code of conduct or norm of behavior when conducting research
- Research involves people and businesses
- Unethical research can mislead companies and harm consumers
Key Ethical Principles
- Voluntary Participation, where no one is forced to participate
- Informed Consent, where participants know how their data will be used
- Confidentiality, to protect participant information
- Avoid Bias to ensure fair and accurate results
- Volkswagen's emissions scandal involved falsified research which led to lawsuits and reputation damage
Summary of Research
- It is the foundation of informed business decisions
- Applied research solves real business problems, and basic research expands knowledge
- Following a structured research process leads to reliable results
- Ethical research ensures credibility and protects participants
- Research skills are valuable across all career fields
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