1- Define business opportunity, business problem, and symptoms. Give an example
ID: 397112 • Letter: 1
Question
1- Define business opportunity, business problem, and symptoms. Give an example of each as it applies to a university business school.
2- What is an experimental manipulation? A business researcher is hired by a specialty retail firm. The retailer is trying to decide what level of lighting and what temperature it should maintain in its stores to maximize sales. How can the researcher manipulate these experimental variables within a causal design?
3- Suppose Auchan (http://www.auchan.fr), a hypermarket chain based out of France, was considering opening three hypermarkets in the midwestern United States. What role would theory play in designing a research study to track how the shopping habits of consumers from the United States differ from those in France and from those in Japan? What kind of hypothesis might be examined in a study of this topic
Explanation / Answer
1. A business problem may be defined as an situation where the action taken by you can kead to negative consequences. It is basically a gap between the actual state and the desired state. For example an organization might want to adapt to a new technology for manufacturing its products but it pollutes the environment. It is a business challenge how to use the tecnology taking care of the external enviornment.
symptoms are the clues that tells us that the business problem exists. It is the effect caused by the problem. In the above case if the health of the people nearby area are degrading due to pollution then it gives us the idea that the newly installed technology has caused the symptom.
A business opportunity is defined as the area where it provides a person to begin a new business or generate more revenues through the existing one. One example of business opportunity is to buy a franchise where one can take advantage of the already established brand name.
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