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Explain how business research contributes to business success. - ANSWERCompetitive businesses need information to make informed decisions addressing key issues faced. Research can provide that information. Without it, business decisions involving both tactics and strategies are made in the dark. ...

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BRM CH. 1 CORRECT 100%
Explain how business research contributes to business success. -
ANSWERCompetitive businesses need information to make informed decisions
addressing key issues faced. Research can provide that information. Without it,
business decisions involving both tactics and strategies are made in the dark.

Applied business research - ANSWERconducted to address a specific decision for a
specific firm or organization. It is relatively specific, and an example is Wendy's fast
food restaurant trying to determine if its new veggie burger will be successful or a
company's human resource manager researching which insurance benefits will
attract the best employment candidates.

Product-oriented firm - ANSWERprioritizes decision making in a way that
emphasizes technical superiority in the product.

Production-oriented firm - ANSWERprioritizes efficiency and effectiveness of the
production processes in making decisions

Marketing-oriented firm - ANSWERfocuses more on how the firm provides value to
customers than on the physical product or production process, the majority of
research focuses on the customer.

Basic business research - ANSWERconducted without a specific decision in mind,
and it usually does not address the needs of a specific organization. It attempts to
expand the limits of knowledge in general, and as such is not aimed at solving a
particular pragmatic problem. For example, a researcher might study the effects of
CEO age on initial public offering (IPO) valuation.

Scientific method - ANSWERthe way researchers go about using knowledge and
evidence to reach objective conclusions about the real world. In this method, there
are multiple routes to developing ideas, such as through prior knowledge or
observation. When the ideas can be stated in researchable terms, we reach the
hypothesis stage. The next step involves testing the hypothesis against empirical
evidence (facts from observation or experimentation). The results either support a
hypothesis or do not support a hypothesis. From these results, new knowledge is
acquired.

Performance-monitoring research - ANSWERresearch that regularly, sometimes
routinely, provides feedback for evaluation and control of business activities. Most
firms continuously monitor wholesale and retail activity to ensure early detection of
sales declines and other anomalies. Customer surveys may be conducted to monitor
quality management.

factors that influence whether or not business research is needed - ANSWER1. Time
constraints
2. Availability of data
3. Nature of the decision

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