Empirical Business Research

Paper Summary:

This paper explains that, when Bill Gates and Paul Allen were forming their competitive software company Microsoft, they examined the products and business methods of IBM Corporation upon which to base their own company. The author points out that this method of business research is called empiricism, which is the gaining of knowledge based on experience. The paper relates that empiricism was based on the ancient Greek philosophers' belief that learning was based on experience not theory. The author describes SWOT analysis (strengths, weaknesses, opportunities, and threats) as a method of empirical research and thinking inside a business that can help the organization make rational decisions for particular actions to rival its competition. The paper includes several examples from specific companies such as McDonald's and Ford.

From the Paper:

"With the experience gathered from the competing company, you can set your own objectives based on the knowledge gained from the strengths, weaknesses, opportunities, and threats of other businesses. This allows for informed decisions to rival the competing company. Another standpoint about a SWOT analysis is that the results have to come from multiple perspectives. This means that the results of the SWOT analysis have to be repeated in order to ensure the quality of the SWOT. This idea ties into Charles Sanders Peirce's philosophy of pragmatism."

Sample of Sources Used:

• Company and Industry. 1 Dec. 2006. Princeton University Library. 1 Dec. 2006. http://faq.econlib.princeton.edu/recordList?action=&library=princeton_economics&institution=princeton&expand=Company+and+Industry
• Gross, Margaret. Competitive Intelligence: A Librarian's Empirical Approach. Sept 2000. InfoToday. http://www.infotoday.com/searcher/sep00/gross.htm
• Jones, Roland. 'Way Forward' for Ford looking long and hard. 25 Jan 2006. MSNBC. http://www.msnbc.msn.com/id/10988134/
• Kolak, Daniel. Lovers of Wisdom: An Introduction To Philosophy. California: Wadsworth/Thomson. 2001.
• McDonald's, Burger King Brew Up Coffee Competition. 24 Nov. 2006. Promo Magazine. 2 Dec. 2006. http://promomagazine.com/news/mcds_bk_coffee_110105/

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