Summary: Chapter 1 – Research in Business, Chapter 2 – Ethics in Business Research
CHAPTER 1 – RESEARCH IN BUSINESS
Why Study Business Research?
Business research provides information to guide business decisions. Business research plays an important role in an environment that emphasizes measurement. Return on investment (ROI) is the calculation of the financial return for all business expenditures and it is emphasized more now than ever before. Business research expenditures are increasingly scrutinized for their contribution to ROMI.
Research Should Reduce Risk
The primary purpose of research is to reduce the level of risk of a marketing decision.
Business Research Defined
A process of determining, acquiring, analyzing, synthesizing, and disseminating relevant business data, information, and insights to decision makers in ways that mobilize the organization to take appropriate business actions that, in turn, maximize business performance.
What’s Changing in Business that Influences Research
Several factors increase the relevance for studying business research.
• Information overload. While the Internet and its search engines present extensive amounts of information, its quality and credibility must be continuously evaluated. The ubiquitous access to information has brought about the development of knowledge communities and the need for organizations to leverage this knowledge universe for innovation—or risk merely drowning in data. Stakeholders now have more information at their disposal and are more resistant to business stimuli.
• Technological connectivity. Individuals, public sector organizations, and businesses are adapting to changes in work patterns (real-time and global), changes in the formation of relationships and communities, and the realization that geography is no longer a primary constraint.
• Shifting global centers of economic activity and competition. The rising economic power of Asia and demographic shifts within regions highlight the need for organizations to expand their knowledge of consumers,
Why Study Business Research?
Business research provides information to guide business decisions. Business research plays an important role in an environment that emphasizes measurement. Return on investment (ROI) is the calculation of the financial return for all business expenditures and it is emphasized more now than ever before. Business research expenditures are increasingly scrutinized for their contribution to ROMI.
Research Should Reduce Risk
The primary purpose of research is to reduce the level of risk of a marketing decision.
Business Research Defined
A process of determining, acquiring, analyzing, synthesizing, and disseminating relevant business data, information, and insights to decision makers in ways that mobilize the organization to take appropriate business actions that, in turn, maximize business performance.
What’s Changing in Business that Influences Research
Several factors increase the relevance for studying business research.
• Information overload. While the Internet and its search engines present extensive amounts of information, its quality and credibility must be continuously evaluated. The ubiquitous access to information has brought about the development of knowledge communities and the need for organizations to leverage this knowledge universe for innovation—or risk merely drowning in data. Stakeholders now have more information at their disposal and are more resistant to business stimuli.
• Technological connectivity. Individuals, public sector organizations, and businesses are adapting to changes in work patterns (real-time and global), changes in the formation of relationships and communities, and the realization that geography is no longer a primary constraint.
• Shifting global centers of economic activity and competition. The rising economic power of Asia and demographic shifts within regions highlight the need for organizations to expand their knowledge of consumers,