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Chapter 1.pptx
1.
1 Business Research For The 21 st Century Business Research for
The 21st Century Essentials of Business Research Methods, 4 th ed. © Routledge 2020 – Hair, Page, & Brunsveld 1
2.
1 Business Research For The 21 st Century Learning Outcomes 1. Provide
an introduction to modern-day business research 2. Define business research and the people who use it 3. Discuss recent business trends and how they affect business research 4. Examine research-related technologies 5. Introduce the continuing case used throughout the text Essentials of Business Research Methods, 4 th ed. © Routledge 2020 – Hair, Page, & Brunsveld 2
3.
1 Business Research For The 21 st Century Business Research Seeks
to predict and explain phenomena that taken together comprise the ever-changing business environment Finds answers that (a) enhance business performance, and (b) improve the lives of customers, employees, owners and other stakeholders Is a truth-seeking function that gathers, analyzes, interprets and reports information so that business decision makers become more effective Essentials of Business Research Methods, 4 th ed. © Routledge 2020 – Hair, Page, & Brunsveld 3
4.
1 Business Research For The 21 st Century Key Elements of
Business Research Business research is broad – studying a wide range of phenomena Business research can be formal Business research can be informal Good research is replicable Good research should provide more benefit than it costs Essentials of Business Research Methods, 4 th ed. © Routledge 2020 – Hair, Page, & Brunsveld 4
5.
1 Business Research For The 21 st Century Applied and Basic
Business Research Applied business research – is motivated by an attempt to solve a particular problem faced by a particular organization Basic business research – is motivated by a desire to better understand some business related phenomena as it applies to an entire industry or business in general Essentials of Business Research Methods, 4 th ed. © Routledge 2020 – Hair, Page, & Brunsveld 5
6.
1 Business Research For The 21 st Century Applied and Basic
Business Research (continued) Applied Coca-Cola asks, why is Pepsi gaining market share in Paris? Can prospective employee psychological profiles reduce turnover at McDonald’s? Basic Why are people drinking more bottled water and less cola? What psychological factors predict reduced turnover in service occupations? Essentials of Business Research Methods, 4 th ed. © Routledge 2020 – Hair, Page, & Brunsveld 6
7.
1 Business Research For The 21 st Century Applied and Basic
Business Research (continued) Applied How will stocking wines from a new French vineyard in Languedoc-Roussillon affect the profitability of Albertsons supermarkets? How would imposing reduced working hours rather than downsizing affect employee morale at Ford Motor company? Basic What factors relate to consumer satisfaction with and loyalty to a supermarket? Are staff reductions or furloughs more likely to affect employee morale? Essentials of Business Research Methods, 4 th ed. © Routledge 2020 – Hair, Page, & Brunsveld 7
8.
1 Business Research For The 21 st Century Who Uses Business
Research? Large and Small Businesses High Tech Firms Low Tech Firms Manufacturing Service Not for Profits Charitable Organizations Government Organizations Law makers Courts Essentials of Business Research Methods, 4 th ed. © Routledge 2020 – Hair, Page, & Brunsveld 8
9.
1 Business Research For The 21 st Century Business Research
Applications for a Start-Up Venture in Online Grocery Sales Essentials of Business Research Methods, 4 th ed. © Routledge 2020 – Hair, Page, & Brunsveld 9 Decision Involved What type of capital resources should be used? What markets should we serve? What product assortments should be emphasized? What type of personnel should operations involve? How should customers be attracted? Research Topic Identify the financial & risk implications of the various options Identify the potential profitability of potential markets Identify the shopping value associated with product acquisition of various types What is the impact of outsourcing on perceived service quality? What is the potential response rate from the different options for inducing trial? Implications Online grocers are highly capital intensive. The result is cash starvation during the early months of operation. Online grocers must identify markets with high volume potential relative to a small service area. Online grocers must determine the products for which customers believe physical product interaction is a value- added process. Online grocers may find it more cost effective to outsource certain operational components including product delivery. Customer acquisition costs are extremely high for online retailers. Therefore, successful online grocers will need to be efficient in attracting customers.
10.
1 Business Research For The 21 st Century Essentials of Business Research Methods, 4 th ed. © Routledge 2020 – Hair, Page, & Brunsveld 10 Relationship Marketing International Research Expanding
Market Freedom Trends Impacting Business Research Information Revolution
11.
1 Business Research For The 21 st Century Research Could Prevent
Errors Like These Essentials of Business Research Methods, 4 th ed. © Routledge 2020 – Hair, Page, & Brunsveld 11 Description of situation English name of a U.S. product and its German interpretation English name of a U.S. product and its Spanish interpretation Japanese interpretation of English name German interpretation of product term Japanese interpreter’s translation from Japanese into English to be sold in China Japanese interpreter’s translation from Japanese into English to be sold in China Intended meaning (product name/slogan) Clairol Mist Stick Matador (AMC auto) Guess Jeans Credit Card Anti-freeze Ready to Eat Pancakes Interpreted meaning Piece of Manure Killer Auto Vulgar / Low-Class / Ugly Jeans Guilt Card Hot Pee Spray Strawberry Crap Dessert
12.
1 Business Research For The 21 st Century Relationship Marketing A
marketing approach – the focus is on long-term interactions (loyalty) of businesses and their stakeholders. Customer share is proportion of resources a customer spends with one firm in a particular set of firms Customer churn is the annual turnover rate of customers. Customer commitment is the degree to which customers identify with the values of a firm. Psychological ownership: perception by customers that they are owners of a company. Researchers nowextend concept of ‘loyalty’ to employees and shareholders. Essentials of Business Research Methods, 4 th ed. © Routledge 2020 – Hair, Page, & Brunsveld 12
13.
1 Business Research For The 21 st Century Relationship Marketing (continued)
In personalized marketing, offers are as much as possible suited to individual preferences of (potential) customers e.g. online adds that are targeted at you specifically because of your ‘search history’ This is increasingly an option for companies because of the rise of people’s online activities (among which shopping), the big data generated by these activities and the ever ‘smarter’ algorithms to predict what you might buy Essentials of Business Research Methods, 4 th ed. © Routledge 2020 – Hair, Page, & Brunsveld 13
14.
1 Business Research For The 21 st Century Information Revolution and
Research Electronic Communications Networking Data Warehouses “Off the shelf” data Geographic Information Systems Organizational Learning Data mining Algorithms Knowledge Discovery in Databases (KDD) Satellite Technology Essentials of Business Research Methods, 4 th ed. © Routledge 2020 – Hair, Page, & Brunsveld 14
15.
1 Business Research For The 21 st Century The KDD process
involves the following steps 1. Establishing access to relevant data 2. Selecting the set of events (data) to be analyzed 3. Cleaning this data so it is understood by the algorithm 4. Developing and using rules for selecting interesting relationships 5. Developing a report of relationships that may affect firm performance Essentials of Business Research Methods, 4 th ed. © Routledge 2020 – Hair, Page, & Brunsveld 15
16.
1 Business Research For The 21 st Century How the
information age is affecting researchers and decision makers Matter matters less Distance matters less Time matters more Customization matters more People matter more Essentials of Business Research Methods, 4 th ed. © Routledge 2020 – Hair, Page, & Brunsveld 16
17.
1 Business Research For The 21 st Century Internal Versus External
Researchers? Perform research “in-house?” Do we want to save time? Is close employee collaboration required? Do we want to save money? Will we need to follow up on the results? Hire outside consultants and researchers? Does the research require special expertise? Can employees be objective? Are new insights desired? Essentials of Business Research Methods, 4 th ed. © Routledge 2020 – Hair, Page, & Brunsveld 17
18.
1 Business Research For The 21 st Century What do these
acronyms mean? Go On-Line: www.google.com Essentials of Business Research Methods, 4 th ed. © Routledge 2020 – Hair, Page, & Brunsveld 18 PUSH SMART ATM ASP LATEX Crypto Rage PATROL
19.
1 Business Research For The 21 st Century Description of
Customer Survey Variables Samouel’s versus Gino’s Restaurant Perceptions X1 Excellent Food Quality X2 Attractive Interior X3 Generous Portions X4 Excellent Food Taste X5 Good Value for the Money X6 Friendly Employees X7 Appears Clean & Neat X8 Fun Place to Go X9 Wide Variety of Menu Items X10 Reasonable Prices X11 Courteous Employees X12 Competent Employees Selection Factor Rankings X13 Food Quality X14 Atmosphere X15 Prices X16 Employees Metric Metric Metric Metric Metric Metric Metric Metric Metric Metric Metric Metric Non-metric Non-metric Non-metric Non-metric Essentials of Business Research Methods, 4 th ed. © Routledge 2020 – Hair, Page, & Brunsveld 19 Variable Description Variable Type
20.
1 Business Research For The 21 st Century Description of
Customer Survey Variables Samouel’s versus Gino’s Relationship & Classification Variables X17 Satisfaction X18 Likely to Return in Future X19 Recommend to Friend X20 Frequency of Eating at ? X21 Who Saw Ad X22 Which Ad Viewed X23 Ad Rating X24 Length of Time a Customer X25 Gender X26 Age X27 Income X28 Competitor Metric Metric Metric Non-metric Non-metric Non-metric Metric Metric Non-metric Metric Metric Non-metric Essentials of Business Research Methods, 4 th ed. © Routledge 2020 – Hair, Page, & Brunsveld 20 Variable Description Variable Type
21.
1 Business Research For The 21 st Century Description of
Employee Survey Variables Samouel’s Work Environment Measures X1 I am paid fairly for the work I do X2 I am doing the kind of work I want X3 My supervisor gives credit and praise for work well done X4 There is a lot of cooperation among the members of my work group X5 My job allows me to learn new skills X6 My supervisor recognizes my potential X7 My work gives me a sense of accomplishment X8 My immediate work group functions as a team X9 My pay reflects the effort I put into doing my work X10 My supervisor is friendly and helpful X11 The members of my work group have the skills and/or training to do their job well X12 The benefits I receive are reasonable Metric Metric Metric Metric Metric Metric Metric Metric Metric Metric Metric Metric Essentials of Business Research Methods, 4 th ed. © Routledge 2020 – Hair, Page, & Brunsveld 21 Variable Description Variable Type
22.
1 Business Research For The 21 st Century Description of
Employee Survey Variables Samouel’s Relationship Measures X13 Loyalty – I have a sense of loyalty to Samouel’s restaurant X14 Effort – I am willing to put in a great deal of effort beyond that expected to help Samouel’s restaurant to be successful X15 Proud – I am proud to tell others that I work for Samouel’s restaurant Classification Variables X16 Intention to Search X17 Length of Time an Employee X18 Work Type = Part-Time vs. Full-Time X19 Gender X20 Age X21 Performance Metric Metric Metric Non-metric Metric Non-metric Non-metric Metric Metric Essentials of Business Research Methods, 4 th ed. © Routledge 2020 – Hair, Page, & Brunsveld 22 Variable Description Variable Type
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