Chapter 1 Notes.docx - Chapter 1 Notes Business research...

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Chapter 1 Notes Business research : the function that links the business to information and knowledge that can be used for determining, implementing, and evaluating the opportunities and goals for a firm. Business research specifies the information required to address management issues; designs the method for collecting information; manages and implements the data collection process; and communicates the findings and their implications. The basic purpose of business research is to reduce uncertainty or error in decision making. Basic business research : Business research that is exploratory in nature, and is not directly applicable to a specific business problem. Instead, basic research expands our knowledge and understanding of an issue. Applied business research : used to answer a specific question that has direct application to a particular business. Decision making : 1. Identify problem or opportunity 2. Analyze the problem or opportunity 3. Identify alternative courses of action 4. Select a specific course of action Problem : anything that stands in the way of achieving an objective. A problem exists when there is a difference between the ideal state and the actual state. Opportunity : a chance to improve overall performance. An opportunity exists when the environment favorably values something the organization can do to improve performance if the correct decision can be made. Strategic vs Tactical decisions : 1. Strategic: have long-run implications and effects. These are c critical to a firm’s success and may not be altered if successful. 2. Tactical : short-run (a year or less) in scope and effect and are usually altered on a regular basis.

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