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THEORY BUILDING

Paper instructions:
Read chapter 3, Theory Building, of the Zikmund et al. text. Answer questions 1-6 in the Questions for Review and Critical Thinking. Please answer questions in detail and support your answers with scholarly research citations where appropriate. Each response should be approximately 125 words using your critical thinking skills.
Length: 4 pages not including title and reference pages
Your paper should demonstrate thoughtful consideration of the ideas and concepts that are presented in the course and provide new thoughts and insights relating directly to this topic.
****INCLUDE REFERENCE PAGE. AT LEAST 5 SOURCES LESS THAN 5 YEARS
****REFER TO THE ATTACHED DOCUMENT
QUESTIONS FOR REVIEW AND CRITICAL THINKING/ANSWERS (solution manual) FOR REFERENCE ONLY.
1. What are some theories offered to explain aspects of your field of business?
Students’ responses will vary depending on their major. Some management theories include Contingency Theory and Balanced Score Card. Opinion Pricing Theory is used in finance. Theory of Reasoned Action and Dual-coding Theory are used in marketing, and economic theories include Demand Theory and Balance of Payment Theory.
2. How do propositions and hypotheses differ?
Propositions are statements concerned with the relationships among concepts. They explain the logical linkage among certain concepts by asserting a universal connection between concepts. A hypothesis is a forma statement explaining some outcome. In its simplest form, a hypothesis is a guess. A hypothesis is a proposition that is empirically testable. So when stating a hypothesis, it should be written in a manner that can be supported or shown to be wrong through an empirical test.
3. Reflect on your own social network. How are the nodes in your social network linked? What capital do you gain from your social network?
4. How do concepts differ from variables?
A concept (or construct) is a generalized idea about a class of objects, attributes, occurrences, or processes that has been given a name and is the building blocks of theory. Variables are anything that may assume different numerical values and are the empirical assessment of a concept.
5. What does the statement “There is nothing so practical as a good theory” mean? Do you agree with this statement?