Business Research.........

Business Research
Research information is neither intuitive nor haphazardly gathered.
Literally, research (re-search) -“search again”
Business research must be objective
Detached and impersonal rather than biased
It facilitates the managerial decision process for all aspects of a business.

Information Reduces Uncertainty
“It ain’t the things we don’t know that gets us in trouble. It’s the things we know that ain’t so.”
Artemus Ward
Business Research Types
Basic Research
Attempts to expand the limits of knowledge.
Not directly involved in the solution to a pragmatic problem.
Basic Research Example
Is executive success correlated with high need for achievement?
Are members of highly cohesive work groups  more satisfied than members of less cohesive work groups?
Do consumers experience cognitive dissonance in low-involvement situations?

"The secret of success is to know something nobody else knows. "
Aristotle Onassis

Applied Research
Conducted when a decision must be made about a specific real-life problem
Applied Research Examples
Should McDonalds add Italian pasta dinners to its menu?
Business research told McDonald’s it should not?
Should Procter & Gamble add a high-priced home teeth bleaching kit to its product line?
Research showed Crest Whitestrips would sell well at a retail price of $44
Scientific Method
The analysis and interpretation of empirical evidence (facts from observation or experimentation) to confirm or disprove prior conceptions.