BUS 360 Study Guide - Midterm Guide: Customer Service, Focus Group, Observability

• School: NCSU
• Department: Business Management
• Course: BUS 360
• Professor: Imran Kahn

Document Summary

Helps reduce some of the uncertainty under which they currently operate. Provides link between firms and their environments which enables them to be customer oriented bc they build their strategies by using customer input. Firms can anticipate and respond quickly to competitive moves by constantly monitoring competitors. Researchers assess the value of a project through a careful comparison of the benefits of answering some of their questions & the costs associated with conducting the research. Identify type of data needed & the research necessary to collect them. Secondary data - pieces of info that have been collected prior to the start of the focal research project; external & internal data sources. Primary data - those data collected to address specific research needs; focus groups, in-depth interviews, surveys. Must choose a sample - group of customers who represent the customers of interest - then generalize their opinions to describe all customers with the same characteristics.