BASIC BUSINESS RESEARCH

METHODS 1
By: Zenaida F. Jesalva
The Nature of Business Research

Provide knowledge regarding:

organization
Market
Economy
Area if uncertainty
Area of concerns
A financial manager may ask:
What environment for long-term financing be better two years from now?
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A personal manager may ask:
What kind of training is necessary for production employees?
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A marketing manager may ask:
Can I monitor my retail sales and retail trade activities?
Applied and Basic Business Research

APPLIED BUSINESS
Is conducted to address a specific business decision for a specific firm
Or organization. How to best create knowledge.

BASIC BUSINESS RESEARCH

Is conducted 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, it is not aimed at solving particular pragmatic
problem
Managerial value of business research

Product-oriented the fashion industry makes clothes in styles and

sizes that few can adopt

Production-oriented reducing cost

Marketing-oriented address the needs

of travelers
Development and implementation of
a business strategy
Identifying problems or opportunities.

Diagnosing and assessing problems or opportunities

Selecting and implementing a course of action

Evaluating the course of action

Identifying problems

Dividend history - attractive investments

Loyal customers - quality services/products

High turnover of employees --- employee dissatisfaction

Diagnosing and Assessing Problems or
Opportunities

Gain insights

Find the factors

Specify what happened, why it happened

Explore, refine, quantify

Evaluating the course of action

Is the formal, objective measurement and appraisal of the

extent to which a given activity, project or program has
achieved its objectives or whether continuing programs
are presently performing as projected.
Performance-monitoring research

Is a type of evaluation research that regularly, routinely provides

feedback for the evaluation and control of recurring business
activity
The scientific method

Prior
Observation
Knowledge

Hypotheses

Hypotheses
Test

Conclusion
(New Knowledge)
 Ultimate goal of business research

To supply accurate information that reduces the uncertainty in

Managerial decision making.
Business Research Defined

Is the application of the scientific method in searching for

the truth about business phenomenon. It include
defining business opportunities and problems, generating
and evaluating alternative courses of action, and
monitoring employee and organizational performance.