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Outline and describe the steps in the business research process. How is it used in business applications

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

  1. Deductive Approach
  2. Theory
  3. Hypothesis
  4. Observation
  5. 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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