What is the application of the scientific method in searching for the truth about business phenomena?

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• BRM - CH1 - The Role of Business Research

  • What is business research?

    • the application of the scientific method in searching for the truth about business phenomena

      • Types of business research

        • Applied Business Research

          • conducted to address a specific business decision for a specific firm or organization

        • • conducted without a specific decision in mind, usually does not address the needs of a specific organization.

          • it intends to expand the limits of knowledge in general and its not aimed at solved a particular pragmatic problem

      • Activities encompassed by Business Research

        • Identifying Problems or Opportunities

          • where it wants to go and how it will get there

        • Diagnosing and assessing problems or opportunities

          • gain insight about the factors causing the situation

        • Selecting and Implementing a Course of Action

          • conduct research to obtain specific info that will aid in evaluating the alternatives and in selecting the best course of action

        • Evaluating the course of action

          • Evaluation Research, formal, objective measurement and appraisal of the extent a given activity, project, or program has achieved its objectives or whether continuing programs are presently performed as projected.

          • Performance-monitoring research research that regularly, sometimes routinely, provides feedback for evaluation and control of business activity.

      • Why using business research?

        • a source of basic and objective information

          • • The internationalization of Research requires us to Cross-Validate research results to ensure that empirical findings from one culture also exist and behave similarly in another culture.

        • designed to facilitate the managerial decision making process for all aspects of the business

          • Business Strategy approaches to Business Research

            • Product - oriented, a firm that prioritizes decision making in a way that emphasizes technical superiority of the product

            • Production oriented, a firm that prioritizes efficiency and effectiveness of the production processes in making decisions

            • marketing oriented, a firm in which all decisions are made with a conscious awareness of their effect on the customer

      • Why involving the scientific method?

        • Using knowledge and evidence to reach objective conclusions about the real world

      • When is business research needed?

        • Time constraints, systematic research takes time

        • Availability of data, when data is not available, research must be considered, if data is impossible to obtain, research should not be conducted

        • Nature of the Decision, routine tactical decisions do not require substantial investment, research is not a good fit, the more strategic/important the decision, the more likely BR should be conducted

        • • will the payoff or rate of return be worth the investment?

          • will the information gained by BR improve the quality of the decision to warrant the expense?

          • is the BR the best use of the available funds?