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Chapter 1

Business Research

QuestionAnswer
Business Research a systematic inquiry that provides information to guide managerial decisions.
Return On Investment (ROI) calculating the financial return for all expenditures
Management Dilemma the problem or opportunity that requires a management decision.
Data Warehouse an electronic storehouse where vast arrays of collected integrated data are ready for mining
Data Mining applying mathematical models to extract meaningful knowledge from volumes of data contained within internal databases.
What drives business research? Goals related to sales market share, retorn on investment, profitability, customer acquisition, customer satisfaction, customer retention and employee production.
DECISION SUPPORT SYSTEM (DSS) the strategic and tactical activities designed to complete an "exchange"
Intranet a private network that is contained within an enterprise (not available to the public)
Extranet a private network that uses the internet protocols and public telecommunication to share and organizations information data or operations.
Business Intelligence System (BIS) designed to provide the manager with ongoing information about events and trends in technological, economic, political and legal demographic, cultural, social and most critically competitive arenas.
Strategy the general approach an organization will follow to achieve its goals.
Tactics those specific, timed activities that execute a strategy
What's the purpose of business research? to identify and define opportunities and problems. To define, monitor, and refine strategies. To define, monitor, and refine tactics. To improve our understanding of various fields in management.
Full-Service FirmsFull-Service Researchers Involved in research planning for their clients from the moment of discovery of the management delemma
Custom Researchers Craft a research design unique to the decision makers dilemma
Proprietary methodology a research program or technique that is owned by a single firm. Ex: method developed by the firm w a twist
Specialty Research FirmSpecialty Researchers the largest number of research firms and tend to dominate the small research firms w specialty in one or several different areas.
Syndicated Data Provides tracks the change of one or measures over time
Omnibus Study combines one or a few question from several decision makers who need information from the same population.
What is good research? follows the scientific method and systematic.
Created by: atharpest