Business Research Methods test 1 Exam Questions with Verified Answers

Business Research - ANSWER-the application of the scientific method in searching for the truth about business phenomena. 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 Knowledge Management - ANSWER-the process of creating an inclusive, comprehensive, easily accessible organizational memory, which can be called the organization's intellectual capital Global Information System - ANSWER-an organized collection of computer hardware, software, data, and personnel designed to capture, store, update, manipulate, analyze, and immediately display information about worldwide business activities