Mba510 Week 1 Concept Worksheet
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Research Design and Statistics Concepts Worksheet
Concept
Application of Concept in Scenario or Simulation
Reference to Concept in Reading
Information gathering using predictive study.
Cooper and Schindler state that it is desirable to predict when and in what situations an event will occur. ÐŽ§In business research, prediction is found in studies conducted to evaluate specific courses of action or to forecast current and future values.ÐŽÐ
Coffee Time uses predictive study to create a road map to ensure their successful integration into the emerging India coffee market. Predictive study allows Coffee Time and Total Access to do the following:
Assess whether to continue the project
Develop a comprehensive description of the target group, e.g., social and economic characteristics
Create an extensive report that covers the salient issues in regard to the target group
These criteria will provide Coffee Time with a reasonable prediction of the success or failure of an event to facilitate detailed planning.
Cooper and Schindler (2003). Chapter 1, p. 12
Clearly defined goals: The statement of the decision problem should include its scope and its limitations.
Using the flowchart questionnaire as a baseline, Coffee time can determine the following:
Which cities contain an affluent, forward thinking population that would embrace the coffee bar ambiance and specialty coffees
Determine the specific target segment
Estimate the potential revenue that might be generated per outlet
Cooper and Schindler (2003). Chapter 1, p. 15
Adequate analysis for decision makerÐŽ¦s needs: ÐŽ§Analysis of data should be extensive enough to reveal its significance, and the methods of analysis used should be appropriate.ÐŽÐ
Adequate analysis includes the following:
Validity, which is an approximation to a given proposition, inference, or conclusion
Reliability, which is a quality of measurement that is repeatable
Classifying data in a manner to reach sound conclusions
Total Access, Coffee TimeÐŽ¦s market research firm, uses secondary data in their research design process to streamline the research design, which helps to optimize the scope for primary data.
First, Total Access created a perceptual map, which classified cities based on their cultural outlook and affluence. This allows Coffee Time to narrow their focus to cities that are best contenders for using their products.
Second, Total Access carefully constructed a questionnaire to maximize the information and determine the best course to join the market. It includes the following:
Demographics
Leisure and Lifestyle
Competition
Infrastructure
Ultimately Coffee Time endeavors to control the integration into this new market to ensure a favorable venture.
Cooper and Schindler (2003). Chapter 1, p. 17
Use of statistical data and analysis:
ÐŽ§Ratio data represent the actual amounts of a variable.ÐŽÐ
Total Access uses a questionnaire flowchart to develop their primary research. It screens respondents who drink coffee outside their homes and offices. It also distinguishes between where the respondents drink coffee and the types of coffee they drink. It also measures their spending behavior and the frequency of their visits to various locations. This information was summarized using a statistical formula: