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In the news……….In the news………. Piracy a Marketing Opportunity for Record Piracy a Marketing Opportunity for Record

LabelsLabels Fantasy Wagering SitesFantasy Wagering Sites www.gasbuddy.comwww.gasbuddy.com

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Week 7: E-Business ResearchWeek 7: E-Business Research

Why should we spend time researching? Why should we spend time researching? Overview of the decision making processOverview of the decision making process What are the steps in the research What are the steps in the research

process? process? What kinds of data is available? What kinds of data is available? Overview of Research methodsOverview of Research methods Research resources Research resources Focus Group SimulationFocus Group Simulation

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Case Study: Case Study: The Black & White Cookie The Black & White Cookie

CompanyCompany

Management needs to decide if it should Management needs to decide if it should expand its product offerings: expand its product offerings:

Should it add gourmet coffee to its Should it add gourmet coffee to its product offerings?product offerings?

www.blackandwhitecookies.comwww.blackandwhitecookies.com

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Why should B & W spend time on Why should B & W spend time on research? research?

Gathering business intelligenceGathering business intelligence Reduces risk in decision makingReduces risk in decision making Assists in making better decisionsAssists in making better decisions

Business intelligence needs to be relevant, Business intelligence needs to be relevant, timely, accuratetimely, accurate

Discover new opportunities for growth Discover new opportunities for growth

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Gathering Business IntelligenceGathering Business Intelligence

Business intelligence requires the Business intelligence requires the continuous continuous gathering and reporting of gathering and reporting of information about a company’s industry, its information about a company’s industry, its suppliers, competitors, and customers.suppliers, competitors, and customers.

Need to be constantly vigilantNeed to be constantly vigilant

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TheTheDecision-Making Decision-Making ProcessProcess

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The Decision Making The Decision Making ProcessProcess

Step 1: Decide what information is needed. Step 1: Decide what information is needed.

B&W needs to analyze their business B&W needs to analyze their business environment. environment.

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The Decision Making The Decision Making ProcessProcess

Step 2: Recognize the Broad Problem or Step 2: Recognize the Broad Problem or Opportunity Opportunity

Is there a problem that B&W will be solving? Is there a problem that B&W will be solving? Or an opportunity? Or an opportunity?

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The Decision Making The Decision Making ProcessProcess

Step 3: Identify the Essential Problem or Step 3: Identify the Essential Problem or Opportunity Opportunity

Should B&W expand into gourmet coffee? Should B&W expand into gourmet coffee?

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The Decision Making The Decision Making ProcessProcess

Step 4: Generate Alternative Step 4: Generate Alternative Solutions Solutions

Or should B&W expand Or should B&W expand elsewhere? Cookies and elsewhere? Cookies and milk? Maybe a strategic milk? Maybe a strategic alliance with another bean alliance with another bean maker? maker?

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The Decision Making The Decision Making ProcessProcess

Step 5: Evaluate and Select a Solution Step 5: Evaluate and Select a Solution How much will it cost to add the line of How much will it cost to add the line of

coffee? coffee? How much will it cost to add milk?How much will it cost to add milk? Break even analysisBreak even analysis How much will it cost to form an alliance How much will it cost to form an alliance

with a bean maker? with a bean maker?

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The Decision Making The Decision Making ProcessProcess

Step 6: Implementation and Control of the Step 6: Implementation and Control of the Solution Solution

Establish a plan of implementationEstablish a plan of implementation Who will be responsible for each step in the Who will be responsible for each step in the

plan? plan? Establish target goals Establish target goals Monitor and assess progressMonitor and assess progress

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The Research ProcessThe Research Process

How does the Black and White Cookie How does the Black and White Cookie Company research their potential Company research their potential expansion?expansion?

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Five Steps Five Steps in the in the Research Research ProcessProcess

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The Research ProcessThe Research Process

Step 1: Define what information is needed. Step 1: Define what information is needed.

What is B&W trying to accomplish? What is What is B&W trying to accomplish? What is their decision they need to make? their decision they need to make?

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The Research ProcessThe Research Process

Step 2: Design and organize the research Step 2: Design and organize the research project. project.

How are we going to do the research? How are we going to do the research? Three kinds of research:Three kinds of research:

1.1. Exploratory researchExploratory research

2.2. Descriptive researchDescriptive research

3.3. Causal research Causal research

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Reliability and Validity Reliability and Validity

Is the information reliable and valid?Is the information reliable and valid?

Reliability:Reliability: Will the results be the same if Will the results be the same if the research experiment is repeated? If the research experiment is repeated? If so, then the research is reliable.so, then the research is reliable.

Validity:Validity: Is the answer to the question Is the answer to the question asked an accurate assessment of what asked an accurate assessment of what we wanted the question to ask? we wanted the question to ask?

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The Research ProcessThe Research Process

Step 3: Select Data-Collection MethodsStep 3: Select Data-Collection Methods SurveysSurveys ObservationsObservations Focus groupsFocus groups Interviews with customers and suppliersInterviews with customers and suppliers

B&W could conduct a survey of its present B&W could conduct a survey of its present customers. customers.

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The Research ProcessThe Research Process

Step 4: Analyze and Interpret Findings Step 4: Analyze and Interpret Findings

Ugh! Statistics! Ugh! Statistics!

Be familiar with how to read basic statistics Be familiar with how to read basic statistics and how to understand charts. and how to understand charts.

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The Research ProcessThe Research Process

Basic StatisticsBasic Statistics

Mean (average)Mean (average) Median (half are above and half are Median (half are above and half are

below) below) Mode (the most frequent)Mode (the most frequent)

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The Research ProcessThe Research Process

Step 5: Distribute Research Findings Step 5: Distribute Research Findings Don’t become a silo of information. Don’t become a silo of information. Communicate, communicate with your Communicate, communicate with your

employeesemployees Store information in a company-wide, Store information in a company-wide,

searchable database for future usesearchable database for future use Share with all your stakeholdersShare with all your stakeholders

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Types and Types and Sources of Sources of Research Research

Data AvailableData Available

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Sources of Research Data Sources of Research Data Internal SourcesInternal Sources

Management Information SystemsManagement Information Systems Focus groupsFocus groups Company reportsCompany reports

External Sources External Sources Research firmsResearch firms SurveysSurveys Public DatabasesPublic Databases Interviews, focus groupsInterviews, focus groups

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Types of Research Types of Research Data AvailableData Available

External and Internal Sources of DataExternal and Internal Sources of Data

Primary and Secondary Sources of DataPrimary and Secondary Sources of Data

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Types of Research Types of Research Data AvailableData Available

Primary sources – data that B&W actually Primary sources – data that B&W actually collects on its customerscollects on its customers

Secondary sources – data that B&W Secondary sources – data that B&W obtains from another sourceobtains from another source

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Methods for Research Methods for Research

ObservationObservation InterviewInterview Focus GroupFocus Group ExperimentExperiment Content AnalysisContent Analysis Survey Survey www.zoomerang.comwww.zoomerang.com

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Focus Group Simulation Focus Group Simulation

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QuestionsQuestions

1.1. Is the information extensive, relevant and Is the information extensive, relevant and well-organized?well-organized?

2.2. Were you easily able to find out about Were you easily able to find out about your intended program?your intended program?

3.3. Were you easily able to find out about Were you easily able to find out about enrollment, registration and tuition? enrollment, registration and tuition? Financial aid? Financial aid?

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4.4. What would you say are the positives of What would you say are the positives of the website?the website?

5.5. The negatives? The negatives?

6.6. What would you suggest for What would you suggest for improvements?improvements?