Outline and describe the steps in the business research process. How is it used in business applications?
Answer
Business Research is a systematic and objective gathering, recording and analyzing of data about problems relating to any phenomenon affecting the business.
Basic Approaches of Research
- Deductive Approach
- Theory
- Hypothesis
- Observation
- Confirmation
- Inductive Approach
- Observation
- Pattern
- Hypothesis
- Theory
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Define independent and dependent variables and their relationship. Utilizing what you identify as appropriate independent and dependent variables create first a functional model then a theoretical model of the demand for pizza at a pizza restaurant. (Remember, functional can be of the form a = f(b,c,d,e). Theoretical follows the format a = alpha + B1 (b) + B2 (c) + B3 (d) + B4 (e).
Answer:Two types are variable are defined as:
Dependent Variable:Adependent variable is a variable dependent on another variable: the independent variable. In simple terms, the independent variable is said to affect, the dependent variable
Independent Variable:Anindependent variable is that variable which is presumed to affect or determine a dependent variable. It can be changed as required, and its values do not represent a problem requiring explanation in an analysis, but are taken simply as given.
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