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Business Research Methods William G. Zikmund Chapter 1: The Role of Business Research Business Research Defined Business research is defined as the systematic and objective process of generating information for aid in making business decisions. 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 I don’t know if we should offer on-site child care? “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 Applied research 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 din ...
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