,Hoorcollege 1
Data driven decision making is important, however only many managers base their decisions
on their gut feeling (intuition). Intuition is not bad, but it should not be the sole part on which
we base our decisions.
Example:
At the time in the US women were in charge of the cooking in the household. The recipe was
too easy, it would not take a lot of effort/ time to make it, consequently they felt guilty using it.
-> that is why the sales were disappointing even though the instant mix had advantages
(sneller eten, makkelijk, decent flavor).
Daarom is data driven decision making belangrijk. Als er onderzoek was gedaan naar de
markt hadden ze wellicht kunnen voorspellen dat dit een flop zou zijn.
The alternative to intuition is data
Good management requires good information. Research project is about getting and
analyzing good information.
Why care about research?
The more studies we have on one specific topic, the more precise we know exactly when a
specific effect is more likely to occur.
What kind of business research?
Planning, collection, and analysis of data relevant to decision making and the
communication of these results to management
General goal: solve business and societal problems with various fields of applications such
as:
Learning Goals
Decision problems require information-> Information requires research.
,You’ll learn to:
1. Understand what information is required to answer a question
2. Select the best method for obtaining required information
3. Transition from exploratory to confirmatory methods
4. Design stimuli and measures to collect data effectively (design focus group, survey,
experiments)
5. Analyze data and draw appropriate conclusions -> significant difference controle en
testgroep.
6. Engage in precise causal reasoning and understand limits of data
7. Ethically and accurately communicate info and uncertainty-> presentation and report
The research process
Wij gaan ons vooral bezighouden met research design, data collection, data analysis en
report and presentation.
From Decision to Research Problems
How to define a decision problem?
Not too broad;
- Why? Too little guidance to define research problem
- “What branding strategy should we use?”
- “How shall we use social media?”
Not too narrow and symptom-based;
- Why? Effective solutions might go overlooked
- “Should we increase the price?”
- “Do people like our new logo?”
Difference between decision and research problems
-> Decision problems are “What shall we do?”
-> Research problems are “What information do we need?”
For every “What shall we do?” questions, we have a complementary “What information do
we need?” (-> we need to understand the problem, this is the research part of it).
, In our class we focus more on the research problem (understanding the problem). We want
to understand what’s going on. BV; how consumers think, how ads influence sale, how price
influences demand -> we want to better understand relationships in business context and
make better decisions.
“Types” of Research Design
1. Primary vs. Secondary data?
2. Exploratory vs. Descriptive vs. Causal?
Research characteristics determine research tools
Primary vs. Secondary data
Primary data: New data gathered to help solve the problem, e.g., a survey.
Secondary data: Data that have been previously gathered.
Exploratory Research (Block 5)
Often called “Qualitative”:
Main goal: obtaining insights to clarify problems but we don’t have a very specific
hypothesis. VB; why are people not saving energy? -> there are many reasons for this and
you want to explore until you find one good reason and want to follow up with that.
Survey Research / correlational (Block 6)
Survey Research is Quantitative and Descriptive :
- Who
- When
- Where
- What
- How many
- How much
- How often
BV; how much nutritional labels influence snack food decisions for millennials?
->Are the results between perceived healthiness and likelihood to buy a product really
correlational? We don’t really know if the perceived healthiness causes a more increased
likelihood to buy the product. And with an experiment we can actually assign participants in
different positions like the vaccine test (controle of test groep).
Experimental Research (Block 7)
Experimental Research is Quantitative and Causal :
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