...Quantitative marketing research is the application of quantitative research techniques to the field of marketing. It has roots in both the positivist view of the world, and the modern marketing viewpoint that marketing is an interactive process in which both the buyer and seller reach a satisfying agreement on the "four Ps" of marketing: Product, Price, Place (location) and Promotion. As a social research method, it typically involves the construction of questionnaires and scales. People who respond (respondents) are asked to complete the survey. Marketers use the information so obtained to understand the needs of individuals in the marketplace, and to create strategies and marketing plans. Contents [hide] • 1 Scope and requirements • 2 Typical general procedure • 3 Statistical analysis o 3.1 Reliability and validity o 3.2 Types of errors • 4 See also • 5 List of related topics • 6 References [edit] Scope and requirements This section is empty. You can help by adding to it. (July 2010) [edit] Typical general procedure Simply, there are five major and important steps involved in the research process: 1. Defining the Problem. 2. Research Design. 3. Data Collection. 4. Analysis. 5. Report Writing & presentation. A brief discussion on these steps is: 1. Problem audit and problem definition - What is the problem? What are the various aspects of the problem? What information is needed? 2. Conceptualization and operationalization - How exactly do we define...
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...Quantitative Methods in Management is generally a practical field and can be applied in different areas like Manufacturing, Environmental Planning, Engineering and Construction which is the field of my profession as an Architect. The subject offers a scientific and systematic approach to problem solving and decision making. The use of mathematical analysis helps a decision maker like me, to be able to understand the problems I’m facing and provide a tool in making informed and reasoned judgments. One example on how the subject can help me is for putting mark ups on BIDS which we normally use in construction. The different methods shown in the subject especially in chapter 4 sample problem(4-13) in the book thought me on how to evaluate expected value of profit on different values of additional cost and evaluate which value can give me the best probability of winning the bid and getting the highest profit possible. Since one of the objectives of the subject is to develop analytical frame of mind, it will be an essential tool in project management which includes decision making. It will make Project Managers like me to be explicit in analyzing conditions associated with future decisions and in determining the outcome of different alternatives. For example in my case, I can now evaluate the pros and cons of renting exhibitions stands against building our own for the company. I can now consider which will be more profitable for the company considering all the factors and...
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...Scott / CULTURAL-PRODUCTS INDUSTRIES REVIEW / March 2004 10.1177/1078087403261256 URBAN AFFAIRS ARTICLE CULTURAL-PRODUCTS INDUSTRIES AND URBAN ECONOMIC DEVELOPMENT Prospects for Growth and Market Contestation in Global Context University of California, Los Angeles ALLEN J. SCOTT The article begins with a brief definition of the cultural economy. A first generation of local economic development policy approaches based on place marketing and associated initiatives is described. The possibilities of a more powerful second-generation approach are then sketched out with special emphasis on localized complexes of cultural-products industries. An extensive review and classification of these complexes is laid out, and their inward and outward relations to global markets are considered. On this basis, a critical discussion of local economic policy options focused on cultural-products industries is offered. Contrasting examples of development initiatives in major global cities, in selected old manufacturing towns, and in the Multimedia Super Corridor of Malaysia are briefly presented. It is suggested that the growth and spread of localized production agglomerations based on cultural-products industries are leading not to cultural uniformity but to greatly increased diversity at the global level. Keywords: agglomeration; cultural economy; globalization; industrial districts; local economic development; place marketing Over the past decade or so, the industrial profile...
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...Nova Southeastern University H. Wayne Huizenga School of Business & Entrepreneurship Assignment for Course: | (Winter 2014Business Modeling) | Submitted to: | (Dr. Phillip Rokicki) | Submitted by: | (Harry Cupp, Jessica Alvarez, Panashe Muwunganirwa) | | | | | | | | | Date of Submission: 2/01/14 Title of Assignment: ZZ Airlines CERTIFICATION OF AUTHORSHIP: I certify that I am the author of this paper and that any assistance I received in its preparation is fully acknowledged and disclosed in the paper. I have also cited any sources from which I used data, ideas or words, either quoted directly or paraphrased. I also certify that this paper was prepared by me specifically for this course. Student's Signature: ______________________________ ***************************************************************** Instructor's Grade on Assignment: Instructor's Comments: Executive Summary ZZ Airlines is currently deciding whether or not to hire an additional Call Service Representative. The airline does not want the wait time in the call center, between midnight and 6 A.M, to be more than 3 to 4 minutes, in order to provide good customer service. Additionally, the airline is planning to do an advertising campaign which is expected to increase the number of callers, based on similar past campaigns. Based on the statistical simulations, and its subsequent results, an analysis will determine whether an additional Call Service Representative is...
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...Ques 2:What are the prospects and challenges of quantitative techniques in management? What are quantitative techniques in management? Quantitative Approach provides us the mathematical & statistical, tools & techniques to optimize the managerial decision making in the areas of plaining and control. such as budgeting, scheduling, quality control etc. Normally following techniques are used Critical Path Method (CP). Linear Programming (LP). Greedy Strategy (GS). Queuing Theory. Economical Model. . . . . . etc. What are the business management controlling techniques? Organizational Control Techniques Control techniques provide managers with the type and amount of information they need to measure and monitor performance . The information from various controls must be tailored to a specific management level, department, unit, or operation . To ensure complete and consistent information, organizations often use standardized documents such as financial, status, and project reports. Each area within an organization, however, uses its own specific control techniques, described in the following sections. Financial controls After the organization has strategies in place to reach its goals, funds are set aside for the necessary resources and labor. As money is spent, statements are updated to reflect how much was spent, how it was spent, and what it obtained. Managers use these financial statements, such as an income statement or balance sheet, to monitor the...
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...Chapter 12 Q1-18 not 2.6.12 pg496 1. Raw Material inventory, work in process inventory, maintenance/repair/operating supply (MRO) inventory, and finished goods inventory 3. Better forecasting, physical control, supplier reliability can result from appropriate inventory management policies abc guides development of those policies, idea is to establish policies that focuses resources on few critical inventory parts and not the many trivial ones222 4. Holding costs, ordering costs, setup costs. Setup time 5. Demand for item is known; lead-time is consistent and known, receipt of inventory is instantaneous and complete, quantity discounts are not possible, only variable costs are setup or ordering cost and holding or carrying cost, and stock outs or shortages can be completely avoided 7. Because in EOQ it assumes that there are no other variable costs and the product price is constant. Because for a quality discount it takes into consideration the price of the product because it is giving a discount of buying large volumes so it can still cover the cost of buying the product, as discount quantity goes up, the product cost goes down. 8. It eliminates the shutdown and interruption of production necessary for annual physical inventories, eliminates annual inventory adjustments, trained personnel audit the accuracy of inventory, allows the cause of the errors to be identified and remedial action to be taken, maintains accurate inventory records 9.A reduction in setup cost will...
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...Quantitative Methods in Management Q M M Session One Asato ma sat gamaya, tamaso ma jyotir gamaya, mrityo ma amritam gamaya ‘Lead me from the superficial to the worthy, from darkness to light and from stagnation to zestful living’ Brahadaranyaka Upanishad (1,3,28) [pic]M C Escher http://www.theorsociety.com/Science_of_Better/htdocs/prospect/index.asp What is Operational Research? The discipline of applying appropriate analytical methods to help make better decisions. By using techniques such as problem structuring methods (sometimes known as 'Soft O.R.') and mathematical modelling to analyse complex situations, operational research gives executives the power to make more effective decisions and build more productive systems based on: • More complete data • Consideration of all available options • Careful predictions of outcomes and estimates of risk • The latest decision tools and techniques Linear Programming Operations management often presents complex problems that can be modelled by linear functions. The mathematical technique of linear programming is instrumental in solving a wide range of operations management problems. Linear programming is used to solve problems in many aspects of business administration including: • product mix planning • distribution networks • truck routing • staff scheduling • financial...
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...| 22 | 31 | Total | 100 | 55 | 155 | a) What is the probability that a worker is a woman? b) If a managerial person is selected, what is the probability that the person is a woman? c) A special bonus is given to a person in the technical area – what is the probability that it will go to an woman given that the worker is in the technical area? Is this discrimination against male technical workers? What factors might enter into the awarding of bonus other than random selection? d) What is the probability that a professional person will be a winner to Hawaii? e) What is the probability that the winner will be either a man or a clerical worker? f) What is the probability that the winner will be an woman and in management? g) Suppose the winner is a man. What is the probability that he is from the technical group? Q2. Probability Distributions - Discrete BANKING INDUSTRYs PUBLIC IMAGE * Gallup Survey of 1002 bank customers * 80% bank their primary financial institution * 65% very satisfied with the bank * 79% banks are very important * 64% banks are more competitive today * 87% feel safe using an ATM * 41% loan process very difficult * 52% not appropriate for banks to charge service fees * 33% banks represent good value for money * 87% bankers should care about their communities – 31% strongly agreed they do * 29% banks are flexible in meeting consumers financial needs * Important reason to maintain...
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...REVISED M04_REND6289_10_IM_C04.QXD 5/7/08 2:49 PM Page 46 C H A P T E R Regression Models 4 15 9 40 20 25 25 15 35 6 4 16 6 13 9 10 16 TEACHING SUGGESTIONS Teaching Suggestion 4.1: Which Is the Independent Variable? We find that students are often confused about which variable is independent and which is dependent in a regression model. For example, in Triple A’s problem, clarify which variable is X and which is Y. Emphasize that the dependent variable (Y ) is what we are trying to predict based on the value of the independent (X) variable. Use examples such as the time required to drive to a store and the distance traveled, the totals number of units sold and the selling price of a product, and the cost of a computer and the processor speed. Teaching Suggestion 4.2: Statistical Correlation Does Not Always Mean Causality. Students should understand that a high R2 doesn’t always mean one variable will be a good predictor of the other. Explain that skirt lengths and stock market prices may be correlated, but raising one doesn’t necessarily mean the other will go up or down. An interesting study indicated that, over a 10-year period, the salaries of college professors were highly correlated to the dollar sales volume of alcoholic beverages (both were actually correlated with inflation). Teaching Suggestion 4.3: Give students a set of data and have them plot the data and manually draw a line through the data. A discussion of which line is “best” can help them appreciate...
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...Chapter 1 Introduction to Quantitative Analysis Teaching Suggestions Teaching Suggestion 1.1: Importance of Qualitative Factors. Section 1.2 gives students an overview of quantitative analysis. In this section, a number of qualitative factors, including federal legislation and new technology, are discussed. Students can be asked to discuss other qualitative factors that could have an impact on quantitative analysis. Waiting lines and project planning can be used as examples. Teaching Suggestion 1.2: Discussing Other Quantitative Analysis Problems. Section 1.2 covers an application of the quantitative analysis approach. Students can be asked to describe other problems or areas that could benefit from quantitative analysis. Teaching Suggestion 1.3: Discussing Conflicting Viewpoints. Possible problems in the QA approach are presented in this chapter. A discussion of conflicting viewpoints within the organization can help students understand this problem. For example, how many people should staff a registration desk at a university? Students will want more staff to reduce waiting time, while university administrators will want less staff to save money. A discussion of these types of conflicting viewpoints will help students understand some of the problems of using quantitative analysis. Teaching Suggestion 1.4: Difficulty of Getting Input Data. A major problem in quantitative analysis is getting proper input data. Students can be asked to...
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...Nombre: Ing. Daniel Manangón R. DEBER 1 Ejercicio 7-8. Las siguientes relaciones matemáticas fueron formuladas por un analista investigador de operaciones de la Smith-Lawton-Chemical Company. ¿Cuáles con inválidas para usarse en un problema de programación lineal y por qué? Maximizar la utilidad =4X1+3X1X2+8X2+5X3 Sujeta a: a) 2X1+X2+2X3≤50 b) X1-4X2≥6 c) 1.5X12+6X2+3X3≥21 d) 19X2-13X3=17 e) 5X1+4X2+3X3≤80 f) -X1-X2+X3=5 Los requerimientos de la Programación Lineal, señalan que los objetivos y restricciones en los problemas, deben expresar en términos de ecuaciones o desigualdades lineales. La función objetivo en la pregunta NO es lineal, ya que las variables, en el segundo termino, aparecen más de una vez en la ecuación, a pesar de que estas tengan grado 1. En lo concerniente a las restricciones, a), b), d), f) son ecuaciones lineales y se pueden usar para la solución de problemas en Programación Lineal. Las restricciones c) y e) no son lineales, ya que sus variables tienes grados distintos de 1. Problema 7-14 La Electrocomp Corporation fabrica dos productos electrónicos: acondicionador de aire y grandes ventiladores. El proceso de ensamble de cada uno es similar en el sentido que ambos requieren una cierta cantidad de alambrado y taladro. Cada acondicionador de aire requiere 3 horas de alambrado y 2 de taladro. Cada ventilador debe pasar 2 horas de alambrado...
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...Preparing to Conduct Business Research Part 1 through 4 RES/351 November, 05, 2014 Joydip Barman Preparing to Conduct Business Research Part 1 through 4 Organizations face various problems, issues, and opportunities. Applying the principles of business research allow companies to handle business in a profitable, forward focus manner. The following information Team A will explore the inventory issues facings the food services company Sodexo. The information will begin touring issues, opportunity, and problems facing the organization. Next, the paper will tour the meaning, the possibilities, the greatness, and the prospect of finding an explanation to the issue, opportunity, and problem that Sodexo committee faces in reference inventories. Finally, the report will look into why inventories is an important issue for researching, as well as why the issue can be made better with business research. Describe the selected issue, opportunity, or problem facing the organization. Sodexo is the fifth largest food service contract companies in the United States. The company contracts with services from hospital care to campus dining. Sodexo faces an issue at several accounts with their physical inventory not be reconciled with their computerized inventory applications. Inventories are linked to the financial health of that company contract. In accurate inventory counts can potentially lead to higher cost for the customers and in a worst case scenario it could cause a business...
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...December 7, 2014 Professor Adkins Abstract Communication is an issue that plagues many businesses today. In an effort to confront this problem, we must collect and analyze data. There are two types of information, qualitative and quantitative. Qualitative data is information that cannot be measured with numbers as it is information about qualities. Information such as the hardness of the rock, how gracefully one walks and the color of one’s eyes are examples of qualitative data. Quantitative data is information that can be written down and measured using numbers. Examples of quantitative data are one’s weight, shirt size, and length of one’s hair. Quantitative data was collected in an attempt to find the core reason communication is an issue for First Service Residential, a small property management company. Quantitative research relies upon probability sampling in order to be able to generalize results to the wider population. Sample selection is based on participation to the relevance of the questions being asked. Quantitative data should be reliable and produce the same response and allow for replication. For part 2 of my collaboration of a business problem, I will explain how I obtained a suitable sample of quantitative data, review the data for validity and reliability while using descriptive statistics to summarize the data. Business Decision Making Project, Part 2 Business communication in inherently collaborative and relies on effective communication...
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...QUANTITATIVE ANALYSIS: DESCRIPTIVE STATISTICS Introduction Suppose that we have carried out a survey on the effect of carrying out a management audit with three groups of nine participant institutions each i.e. small medium and large. Each group was given the same survey questions in questionnaire format and the answers from the scores were tagged between 0 and 20. What is to be done with the raw scores? There are two key types of measures that can be taken whenever we have a set of scores from participants in a given condition. First, there are measures of central tendency, which provide some indication of the size of average or typical scores. Second, there are measures of dispersion, which indicate the extent to which the scores cluster around the average or are spread out. Various measures of central tendency and of dispersion are considered next. For this assignment, a survey is the type of data collection method in consideration and how the results of that survey would be analysed. SURVEYS Surveys are a very popular form of data collection, especially when gathering information from large groups, where standardization is important. Surveys can be constructed in many ways, but they always consist of two components: questions and responses. While sometimes evaluators choose to keep responses “open ended,” i.e., allow respondents to answer in a free flowing narrative form, most often the “close-ended” approach in which respondents are asked to select from a range of...
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...active. The technological advancement is a very significant component of the current business environment. The information management system, e-business options and decision support system are some technologies that are used by the companies. The information management system refers to managing any type of information within the organization through the use of effective technologies that varies according to the industry. Managing information helps the company to develop and improve the decision making process. The information management system provides valuable material to the users in order to update the database efficiently providing a current an accurate status of the business. It is also helpful to offer diverse e-business options that may increase the information effectiveness in the company. The decision support system is also crucial to enhance the effectiveness of the organization in this technological development business environment. By using an information management system employees are able to obtain data, analyze it and send the information to the respective people within the organization in an effective manner. The information management system is an effective tool to establish any procedure and regulate all the activities or processes that occurred in the company. The management of ABC Complete Kitchens also requires an information management system (IMS) to develop it technical system and enhance its effectiveness in the new market since this system supports...
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