Week 1 Business Research Methods PDF

BME5002 Business Research Methods Kunal Bajaj Land Acknowledgement Humber College is located within the traditional and treaty lands of the Mississaugas of the Credit. Known as Adoobiigok, the “Place of the Black Alders” in Michi Saagiig language, the region is uniq...

BME5002 Business Research Methods Kunal Bajaj Land Acknowledgement Humber College is located within the traditional and treaty lands of the Mississaugas of the Credit. Known as Adoobiigok, the “Place of the Black Alders” in Michi Saagiig language, the region is uniquely situated along Humber River Watershed, which historically provided an integral connection for Anishinaabe, Haudenosaunee, and Wendat peoples between the Ontario Lakeshore and Lake Simcoe/Georgian Bay regions. Now home to people of numerous nations, Adoobiigok continues to provide a vital source of interconnection for all.  Welcome Instructor Introduction Course Overview Q&A Poll Today’s Plan Chapter 1  Who Am I? o Kunal Bajaj, Part-time faculty at Humber o Ex- CNN, Bloomberg, CIBC, Bell, PwC o Full-time Entrepreneur: Canready Inc. (Garden of Light, 27th Alphabet) o Father to a 11 and 4 year old o Live in Oakville Course Overview Description from Course Outline: This course provides a framework of practical quantitative and qualitative business research methods applicable to new enterprises. Students will learn how to research potential market opportunities, competitors, customers and the business environment relative to developing, starting and maintaining their new enterprise. They will learn how such research is conducted and where to go for assistance and research support. Students will develop and undertake initial research for their new enterprise Getting Started Review the “Getting Started” folder on blackboard Course Outline & Critical Path** Review student policies & procedures Please forward any accommodations letter as soon as possible Course Text Business Research Methods, 9th Edition, 2013 Zikmund, Babin, Carr, & Griffin. Cengage Learning Structure of the Textbook  % of Final Assessments Grade Online quizzes (2) 14% Assignments 26% Ethics Assignment – 4% Research Topics – 1% Team Charter – 3% Focus Group Report – 4% Research Proposal – 5% Survey Instrument Design – 4% Data Analysis Assignment – 4% Mid-Term Test 20% Evaluation Final Term Test 20% Final Project (Group Presentation) 20% How the class works In-class sessions involve lectures and interactive activities, involving breakout groups discussion & case analyses, and group work towards your assignments/final project There are a number of activities that are due by end of class so please show up for class!! All online quizzes are self-paced and due the start of class (unless otherwise specified) All assignment due dates are on the day of class at 11:59pm ET (unless otherwise specified) Q&A; Quick Poll Learning Outcomes Know how to define business research Understand how research contributes to business (wk 1) success Understand the difference between applied and pure business research Understand how research activities can be used to address business decisions Know when business research should and should not be conducted Appreciate the way technology and internationalization are changing business research Business Research the application of the scientific method in searching for information about business phenomena The process includes: 1) idea and theory development 2) problem definition 3) searching for and collecting information 4) analyzing data 5) communicating the findings and their implications Why Business Research? To provide knowledge regarding the organization, the market, the economy, or another area of uncertainty What kind of training is necessary for production Will the employees? How can I monitor environment for What is the reason for the my retail sales long-term financing activities? company’s high employee be better 2 yrs from turnover? now? What is Marketing? An organizational function. Aside Process for creating, communicating, and delivering value to customers. Process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services to create exchanges. Managing customer relationships to drive profitable exchanges. The right goods or services to the right people at the right place at the right time at the right price using the right promotion technique. Marketing Mix 4 Ps of Marketing Unique blend of product pricing, promotion, offerings (product), and distribution (place) Aside strategies designed TO MEET THE NEEDS OF A Product Price SPECIFIC TARGET MARKET. Target Must identify the target market first and foremost Market before developing the marketing strategy. Promotion Place Marketers control the marketing mix Anna’s Wine Store Consider these questions: Anna’s wine store, a family-owned business, is looking 1) Which components of the re-open their business as the pandemic is slowing marketing mix was the focus of starting to improve. They want to make up for the loss in Anna and her husband? What Mini sales they have experienced over the last few months. Case about their daughter? They are wondering whether to add more white wine, or red wine. Anna, who owns the store along with her 2) What type of research would Husband Joel, thinks they should add more white wine. Anna do in order to evaluate Joel thinks they should start an online business in case whether her suggestion makes this happens again. Their daughter, Sam, thinks the best sense? What about Joel? What way to increase sales is to update their social media about Sam? accounts. Which approach should they go with? Importance of Market Research Provides decision-makers with data on the effectiveness of the current marketing mix and offers insights into necessary changes Aside o Generates, evaluates, refines marketing actions o Market intelligences for the feedback process Identifies market opportunities and problems o Alerts managers to any changes in the external environment o New consumers can become part of the target market while others may drop out due to changes in tastes, needs, incomes, lifestyles, and purchase habits Links the consumer to the organization Drive for Quality and Customer Satisfaction Customer retention is vital to an organization. Aside Bain & Company estimates that a 5% decrease in customer defections can increase profits by 25 to 95% The ability to retain customers is based on a deep understanding of their needs This understanding comes from Market Research Managerial Value of Business Research The decision-making process associated with the development and implementation of a business strategy involves four interrelated stages: 1) Identifying problems and opportunities 2) Diagnosing and assessing problems or opportunities 3) Selecting and implementing a course of action 4) Evaluating the course of action Applied vs Pure Research Applied Business Research Pure Research conducted to address a specific business conducted without a specific decision in decision for a specific firm or organization mind, may not address specific needs of an organization Example: Which health insurance plan should a business provide for its employees? Knowledge for knowledge’s sake Example: Does employee tenure with a company influence productivity? Who Does the Research? Or Who Should? (ch5) Small vs Large Firms Small Firms Marketing Research Department in Large Firm < 100 employees VP of marketing may be in charge of all significant internal research Use outside agencies for large projects. Example of Research Roles in Large Firms Director of Marketing Research Research Analyst Research Associates/Assistant Manager of Decision Support Systems Forecast Analyst Challenges to Directing Research Skilled research professionals like conducting research better than managing people The research management role often is not formally recognized Outstanding research professionals often have trouble delegating responsibility Research is often seen as a hodgepodge of techniques available to answer individual, unrelated questions Decision to Conduct (Market) Research Do not conduct research if: Resources are lacking Information would not be useful The opportunity has passed A decision has already been made Managers can not agree on the research objectives The information already exists The cost outweighs the benefits Business Research in the 21st Century 1) Communication Technologies We’re Always “connected” Decreased cost for information acquisition, storage, access, & transmission 2) Business research is increasingly global Must understand the nature of particular markets. Cross-validation Verify that the empirical findings from one culture also exist and behave similarly in another culture