Business Research Methods Actual Test Questions And Solutions Comprehensive Review Package

BUSINESS RESEARCH METHODS ACTUAL
TEST QUESTIONS AND SOLUTIONS
COMPREHENSIVE REVIEW PACKAGE

●● Applied Research
Answer: conducted to address a specific business decision for a specific
firm or organization.


●● Basic Research
Answer: (sometimes referred to as pure research) is conducted without a
specific decision in mind and it usually does not address the needs of a
specific organization.


●● The Scientific Method
Answer: the way researchers go about using knowledge and evidence to
reach objective conclusions about the real world.


●● Product-oriented firm
Answer: the firm prioritizes decision making in a way that emphasizes
technical superiority in the product


●● Production-oriented firm

, Answer: the firm prioritizes efficiency and effectiveness of the
production processes in making decisions (i.e., drive costs down)


●● Marketing-oriented firm
Answer: focuses on how the firm provides value to customers more than
on the physical product or production process.


●● Data
Answer: facts or recorded measures of certain phenomena (things or
events)


●● Information
Answer: data formatted (structured) to support decision making or
define the relationship between two facts.


●● Business Intelligence
Answer: the subset of data and information that actually has some
explanatory power enabling effective decisions to be made.


●● Knowledge
Answer: is a blend of information, experience, insight and data that form
organizational memory - a key resource and a potential competitive
advantage