L1 Flashcards
(40 cards)
When is a business research needed
Benefits vs Cost
- benefits of a successful product launch outweighs monetary and non-monetary costs (manpower, incentives)
Availability of Data
Data is readily available and accessible in the marketplace and from sample unit
Time Constraint
- there is no time constraint because there is no cause of urgency
Nature of Business
- has commercial implications and significance
What is a basic (pure) research
Without a specific decision in mind, attempts to expand the limits of knowledge in general
Examples of basic (pure) research
Consumer’s Favourite
Number of times consumed in a week
Selection factor of brand
Perception of products
What is applied business research
to address a specific targeted and fixated biz decision for a specific organization
Examples of applied business research
Preferred distribution channels of products
Perceived affordability of $1
Amount of completion for specific product in specific field
Is business research interdependent
Yes
Consumer Favourite can evolve new products for the company
Perception of products in field is associated with and can lead to specific perception of of company products
What are data
facts or recorded measures of certain phenomena (things or events).
Examples of data
Sales figure of each product
Online ordering patterns (the quantity of transactions over different time periods)
Number of ig pictures loaded by consumers
Online verbatim comments
Hotline phone calls recordings
What is information
processefdata formatted (structured) to support decision-making or define the relationship between two facts.
Examples of information
Sales trends comparing 2 different products
New consumers receptiveness towards the products
Customer online purchase experience
Overall feedback, compliments, complaints, suggestions
Characteristics of valuable information
Timeliness
- whether it is current and updated to be relevant
Relevance
- pertinent to the situation at hand using sales figures and inventory-related matters
Quality
- whether it is accurate and authentic and representative of the true situation
Completeness
- the right amount that provides a comprehensive overview
Discuss the sources that can be leverage as part of input management to help company decide
BOSI P
Behavioural and web tracking
- PPC software to determine popularity products
- web analytics to analyse consumer purchase patterns and online sentiment via per click
Outside vendors and distributors
- local retailer, intermeediaries, middleman
who are more familiar with products and field
Salesperson input
- The sales team
Internal records
- Company own records with similar products
- See popularity of old products to make judgement of popularity of new products
Proprietary Business Research
- Surveys, Cultural Nuances
- Owned, commissioned and paid by own company
What is knowledge
a blend of previous experience, insight & data that forms organisational memory
a key resource & a potential competitive advantage
What is knowledge management
process of creating an inclusive, comprehensive, easily accessible shared organisational memory (intellectual capital) to review and imprive
What is latent construct
A concept that’s not directly observable or measurable, but can be estimated through proxy measures.
Examples of latent construct
Deliciousness
(Variables: Chewy index, smoothness, aroma)
Love
(Variable: time spent, number of gifts bought, actions done)
Quality
(Variable: usage of organic raw materials, healthy production methods, robust checks, certifications from authoritative bodies)
Satisfaction
(Variable: packaging, reliable and punctual delivery, price competitiveness, portion size is value for money)
Celebrity endorsement level
(Variable: consumer familiarity with celebrity, brand awareness increment, celebrity influence towards product)
What is understanding
Facilitate awareness about consumer purchase decision making so it can undertake specific pre-emptive actions such as highlighting stringent checks made to deliver assurance to consumers
What is predicting
Enables company to consistently incorporate safety factors to all its products in every distribution channels and thus expect safety requirements to be omni-relevant
Proposition & Hypothesis
Proposition @ Abstract level
Hypothesis @ Empirical level
Variables: something measurable (number of xxx, frequency usage of xxx,
Eg.
Proposition
Technology has significant impact on performance indicators
Hypothesis
Technology > use of robots (V: how many used)
Performance > positive correlation to higher satisfaction ratings (V: satisfaction level in that department)
The use of robots positively correlates to the satisfaction ratings
What is the nature of business research
The application of the scientific method in searching for truth about business phenomena.
Process includes idea & theory development, problem definition, searching & collecting data, analyzing data, communicating the findings & their implications
- Biz research info is not intuitive or haphazardly gathered, should be accurate & objective
- Designed to facilitate decision-making
- An aid to managerial decision, never a substitute
- Research cannot replace human intelligence
- Research tell you about demand, opportunities, why it is going to sell, internal organization issues, how to grow your business further, what will capture the market, improve product and services
Characteristics of Business Research
- not linear, sequential process
- Time spent on each step varies
- Overlaps in steps
- Some stages may be omitted
- Occasional need to back-track or change the order of steps
What is the managerial value of business research
- Identifying, diagnosing & assessing problems or opportunities
- Selecting, implementing & evaluating the course of action
What is business intelligence
subset of data & information that actually have some explanatory power, enabling effective decisions to be made.
What is Decision Support System (DSS)
System that helps decision makers confront problems through direct interaction with databases & analytical software programmes
