1. MT 355 M ARKETING R ESEARCH Unit 2

2. DECISION MAKING http://tutor2u.net/business/organisation/d ecisionmaking.htm http://www.mindtools.com/pages/article/ne wTED_00.htm This week will set the stage and give the background for your research assignments What gaps are there in existing knowledge? What will the company gain by new research?

3. K NOWLEDGE M ANAGEMENT What does your company do now to manage its knowledge? What new research will add to that knowledge base? Why is it important for companies to address knowledge management?

4. K NOWLEDGE M ANAGEMENT What new technologies affect the knowledge your company has or uses? Does your company have an internal knowledge sharing source such as intranet? Does your company use social networking to expand knowledge?

5. T ERMINOLOGY Data – facts or recorded observations Information – when the data becomes useful for an activity such as decision making Analytical information – information that is extended and/or enhanced by the examination of relationships and patterns by combining information in unique and useful ways that makes this information more useful than the data/information from which it was derived.

6. T ERMINOLOGY Knowledge – the creative blend of the various types of information, experiences, and intuition that forms the basis for understanding and/or acting on the new information or new decision making contexts. Wisdom – the accumulated ability and willingness to apply knowledge with good judgment; the culmination of the accumulation and transformation process of all sources of inputs and experiences of the relevant entity’s lifetime activities

7. C HARACTERISTICS OF KM Its multidisciplinary No discipline owns KM People and learning are central to KM People and learning facilitate KM Definition of KM is fuzzy – we do not know yet – it is evolving

8. B ENEFITS OF K NOWLEDGE M ANAGEMENT Encourage innovation Increase competitiveness Improve customer service Enhance employee effectiveness Create an organizational memory

9. B UILDING B LOCKS IN S CIENTIFIC I NQUIRY (W EEK 3 LESSONS – T HINK A HEAD ) Observations, Facts Concepts, Constructs, Definitions, Variables Problems, Hypotheses, Laws Theories, Models

10. C HARACTERISTICS OF S CIENTIFIC M ETHOD Critical and analytical Logical Objective Conceptual and theoretical Empirical Systematic

11. T RENDS IN B USINESS R ESEARCH Research function will be interwoven into the fabric of the firm BR will become more real time Increased realism and real-time research Improved quality Shared information will lead to better theoretical networks

12. H OW THIS WEEK ’ S LESSONS RELATE TO YOUR DISCUSSION ASSIGNMENT What does the company know now and how does it manage its current decision making process? What line of inquiry will you take when you are examining the problems that face the company? What is the purpose of their research and how do they determine the need to conduct new research? Focus on next week’s readings – using the scientific method in a firm’s business research