What is business research?
It is the application of the scientific method in searching for the truth about business phenomena.
The process includes:
1. Idea & Theory development
2. Problem definition
3. Gathering information
4. Analysing data
5. communicating the findings and their implications.
What is applied business research?
It is to address a specific business decision for a specific organisation.
What is basic business reasearch?
It is conducted without a specific decision in mind and usually does not address the needs of a specific organisation.
It attempts to expand the limits of knowledge in general.
Not aimed at solving a problem.
What are scientific methods and how are they used?
Used by all types of research.
It is the way researchers go about using knowledge and evidence to reach objective conclusion about the real world.
The analysis and interpretation of evidence to confirm or disprove prior conceptions.
What are the 4 stages of developing and implementing business strategy?
- Identifying problems or opportunities
- Diagnosing and assessing problems or opportunities
- Selecting and implementing a course of action.
- Evaluating the course of action.
What conditions determine whether business research should be conducted?
- Time constraint
- The availability of data
- Nature of the decision being made.
- Benefit v’s costs
Stages in the research process?
- Defining the research objectives
- Planning a research design
- Planning a sample
- Collecting data
- Analysing data
- Formulating the conclusions and preparing report.
What is involved in the first stage of the research objectives?
- Understand the situation/symptoms
- Identify the problems from the symptoms
- Write decision statement & research objectives
- Determine the unit of analysis
- Determine the relevant variables
- Write research question / Hypothesis
What is a research question?
It is a question for which the answer is unknown, but it provides the guide for further investigation.
What is a research proposition?
A statement explaining the logical linkage amount certain concepts by asserting a universal connection between concepts.
What is a hypothesis?
It is a formal statement/explanation of an unproven proposition/opinion that is empirically testable. Basically it can be supported or proven wrong through testing.
What is meant by empirical testing?
It involves the examination of a hypothesis against reality, by using data.
When are problems easier to define?
- A situation is reoccurring or routine
- A dramatic change has happened
- Symptoms are isolated
- Symptoms are consistent
What makes problems harder to define?
- Situation appears new
- Changes are subtle
- Symptoms are scattered
- Symptoms are ambiguous
What is a decision statement?
A written expression of the key question(s) that a research user wishes to answer.
What are the research objectives?
The goals to be achieved by conducting the research
