Research Methods For Business Practice - Essay.

Task 1: Formulate a research Specification

Task 1

1. To introduce you to the techniques and methods of research, so that you gain an understanding of research methods.

2. To enable you to produce a project report based on your own independent research into an area of professional business practice. The subject area that you choose should be
something that interests you and that will add to your professional development.

You will have to produce a research proposal whichshould be approved by your tutor before you start work on the project itself. Your tutor will
monitor the development of your project to ensure that you are following the guidelines and working towards agreed objectives.

Task 2

Explain how the problem was investigated and why particular methods and techniques were employed (Bell, 1999).

Task 3

The outline structure we include here is suggested by Marshall (1997) but you will find this basic structure, albeit with some minor modifications, in all of the key authorities on research
methodology.

Task 4

LO 4 will be assessed based on the overall structure and coherence of the research report, including referencing of sources using the Harvard referencing system.

Market research is the best way to organize a new business in corporate industry. In a particular market there are different kinds of customers. As the cultural backgrounds of the customers are different, demand as well as requirement is also differ according to their culture. As a result the tastes and preferences of different types of customers vary from each other. On the other hand different customers have different level of satisfactions. The demands and wants of each and every customer also differ from each. Based on the market structure and demands and wants of different customers a business plan needs to be organised . In this assignment, by organising various kinds of research procedure and methodology the researcher suggested the best recommendations for setting up a new business in the United Kingdom. The researcher has used various kinds of research methodology in order to get concrete information about the current market structure.

 Miller, R. (2013). Business law today. Mason, ohio: South-western.

 Safko, L. and Brake, D. (2009). The social media bible. Hoboken, N.J.: John Wiley & Sons.

Figure 1: Project Outline(Source:)

The market structures vary from country to country. These variations are caused due to different kind of demands and wants of the customers. The most important factors which are involved in the process of business plans are customer habits, consumer behaviours, purchasing behaviours of the customers, etc. The next important factor is the pricing factor. Depending upon the market structure the pricing decisions are need to be taken in order to set up a new business.

Task 2: Implementations of the research project

 Safko, L. and Brake, D. (2009). The social media bible. Hoboken, N.J.: John Wiley & Sons.

Figure 2: Factors of Business Plan

(Source:)

Increase in the sale is the objective of every company. In order to increase sale all the company needs to preserve a strong customer retention strategy. On the other hand in order to maintain a strong customer retention policy all the company need to implement a proper customer relationship management. Customer Retention Policy and Customer Relationship management are inversely related. These are the two factors which every company needs to develop in order to fulfil the objectives.

 Yakin, I. and Gencel, I. (2013). The Utilization of Social Media Tools for Informal Learning Activities: A Survey Study. Mevlana International Journal of Education, pp.108-117.

Figure 3: Key References

After completing the research work the researcher concluded the demand for coffee is the best in the market. Therefore the researcher recommends the company to start a business of coffee as the demand for coffee maximum in this market but the supply is not enough to support the demand. If a company introduces a new product the first job of the company is to promote the new product by adopting various kinds of advertisement policies. In modern generation the application of internet is immerse. Therefore, all the companies depending upon the nature of the business adopts the concept of the social media tools. All the companies use the concept of the social media tools in order to promote a product and uses as the major source of advertisement.

This particular assignment was based on setting up a new business structure. After going through the market structure the researcher has suggested the best recommendation to the company regarding plans and procedures of agreed goods, reviewing key references and identifying the factors involved in the business plans.

In this particular research work the researcher has gone through different kinds of research methodology. Realisms research philosophy is used by the researcher in order to complete the examiner work. The research methodology which is adopted by the researcher is inductive. Descriptive way of research design is adopted by the researcher for the research work. The data collection which is used by the researcher is primary and secondary method of data collection and probability sampling methods are adopted by the researcher to support the data collection method.

Generally the researcher uses two kinds of data collection method. One is primary method of data collection and other one is secondary method of data collection. Further the data collection methods are divided into 2 parts one part is the quantitative part and other one is the qualitative part.

Task 3: Evaluating the research outcomes

 Miller, R. (2013). Business law today. Mason, ohio: South-western.

 Safko, L. and Brake, D. (2009). The social media bible. Hoboken, N.J.: John Wiley & Sons.

Different kinds of research methodology which is adopted by the researcher in order to complete the research work efficiently. Generally there are three kinds of research philosophy. Positivism, Interpretivism and realism. To organise this particular research work researcher adopted the concept of realism. The research methodologies are of two kinds one is inductive methods of research methodology and other one is the deductive method of research methodology. The researcher used inductive method of research methodology. Mainly there are three kinds of research designs. Explanatory, Exploratory and descriptive are the three kinds of research designs.

In order to complete the research work the researcher has used the concept of the descriptive research design.[1] The data collected methods used by the researcher in order to complete the research work are primary method of data collection and on the other hand secondary method of data collection. Further the data collection method is divided into two parts, Quantitative Part and the Qualitative Part. In order to support the data collection method the researcher as used probability method of sampling.

 Miller, R. (2013). Business law today. Mason, ohio: South-western.

Figure 5: Research Methodology

The statistical report shows the substantial demand of coffee over tea. United Kingdom is considered as a nation of coffee drinkers. The statistical report of the industrial magazine shows the sale of tea bag has decreased to 17.3% over the last three years. On the other hand the sale of coffee has increased to 6.4% over the last year. This statistical report shows the shifting of customers in the UK market from tea over Coffee. By going through the survey the researcher has concluded about the growing demand for coffee. Nearly 60% of the total respondents were coffee drinkers in the UK market. Therefore the researcher has suggested the company to introduce coffee products in the UK market to fulfil the demand.

 DONER, L. (2004). SOCIAL MARKETING: PRINCIPLES AND PRACTICE. Social Marketing Quarterly, 10(1), pp.31-34.

Figure 6: Research Results

. Globally nearly 2.5 billion glass of coffee are consumed regularly. One third of the total coffee drinkers are found in UK.  The researcher found in the market that there is an excess demand over supply for coffee. Therefore, the best recommendation which the researcher has provided to the company is to start coffee business in order to fill the vacant supply coffee.

 Advertisement is the crucial part of every company. Advertisement is the process of communication between the consumers and the company. It helps the company as well as the customers to keep themselves updated about the different kinds of products and services of the company weather new or existing.

In the modern generation, internet has given an important breakthrough. Nearly the majority of the people keep themselves engaged in the social media tools. Some of the popular social media tools are Facebook, Twitter, You Tube, etc. In a recent statistical survey the users of Facebook has increased by 5% followed by Twitter 3.9%. These social media tools are used by all the companies as a modern source of communication and advertisement in order to keep all the customers updated about the latest as well as existing products and services of the

 Miller, R. (2013). Business law today. Mason, ohio: South-western.

Figure 7: Social Media Tools

After going through the research work the researcher has provided the best recommendation to the company for setting up a new business. After completing the research work the researcher came to understand the demand for coffee over tea in the market of UK. The demand for tea over coffee maintains a proportion of (7:3). And on the other hand the supply of coffee is not well enough to meet the demand in the market. The researcher has suggested the company to introduce various kinds of products and services related to coffee in order to fulfil the vacant supply.

Reference list:

DONER, L. (2004). SOCIAL MARKETING: PRINCIPLES AND PRACTICE. Social Marketing Quarterly, 10(1), pp.31-34.

Mangiameli, G. (2015). BMC Medical Research Methodology reviewer acknowledgement 2014. BMC Medical Research Methodology, 15(1).

Miller, R. (2013). Business law today. Mason, ohio: South-western.

Oswald, L. (2015). The structural semiotics paradigm for marketing research: Theory, methodology, and case analysis. Semiotica, 2015(205).

Safko, L. and Brake, D. (2009). The social media bible. Hoboken, N.J.: John Wiley & Sons.

Yakin, I. and Gencel, I. (2013). The Utilization of Social Media Tools for Informal Learning Activities: A Survey Study. Mevlana International Journal of Education, pp.108-117.

 Oswald, L. (2015). The structural semiotics paradigm for marketing research: Theory, methodology, and case analysis. Semiotica, 2015(205).

 Miller, R. (2013). Business law today. Mason, ohio: South-western.