Laureate Essay

625 Words3 Pages
Q1. List five ways that business research can contribute to effective business decision making? Ans. 1. Helping to better define the current situation. 2. Defining the firm. 3. Providing ideas for enhancing current business practices . 4. Identifying new strategic directions. 5. Testing ideas that will assist in implementing business strategies for the firm. 6. Examining how correct a certain business theory is in a given situation. Q2. Consider the following list and indicate and explain whether each best fits the definition of a problem, opportunity or symptom: 1. A 12.5% decrease in store traffic for a children’s shoe store in a medium sized city mall. Ans. It is a symptom for children’s shoe store. 2. Wal-Mart’s stock price has decreased 25% between 2007 and 2009. Ans. There is problem arisen for the Wal-Mart store. 3. A furniture manufacturer and retailer in North Carolina reads a research report indicating consumer trends towards Australian Jara and Kari wood. The export of these products is very limited and very expensive. Ans. It is become an opportunity for the furniture manufacturer and retailer of North Carolina. 4. Marlboro reads a research report written by the U.S FDA. It indicates that the number of cigarette smokers in sub-Saharan Africa is expected to increase dramatically over the next decade. Ans. There is an opportunity arisen for Marlboro cigarette company. Q3. A business researcher gives a presentation to a music industry executive. After considering the results of a test market examining whether or not lowering the price of in store CDs will lower the number of illicit downloads of the same music, the executive claims: “the test market was conducted in eight cities. In two of the cities, lowering the price did not decrease illicit downloading. Therefore lowering the price does not decrease this

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