Business Concept Research: Practical Understanding Guide

Students will be expected to demonstrate practical understanding of business concepts by conducting research and investigation on a real company of their choosing - preferably a business.

1. What is the most important way in which the business you have selected competes with its rivals? Hospitality business All tasks will focus on the following key areas:

2. Research information/data

3. Present researched information/data

4. Analyse presented information/data

5. Evaluate the task using the analysis of the presented information/data. Guidance The structure for the report should be as follows: -

Part 1 - Title Page

Part 2 - Terms of Reference - Approximately 3 terms of reference: aims and objectives, method to be used, and what you anticipate will be the outcome of the research.

Part 3 – Introduction - Overview of the project to ‘set the scene’ of why the project is interesting, topical and worth researching. For a project on energy supplies we would - Explain key terms such as ‘what do we mean by energy, the different supply sources, Background on the relevant companies.

Part 4 - Main Analysis - Here is where you basically answer the project brief – will be the longest part of the report. Identify some key factors, write a paragraph on each and find some business examples to support the theory (need references from books for theory and journal articles for some examples)

Part 5 – Conclusion - Refer back to the terms of reference and summarise the main issues raised in the analysis

Part 6 – Recommendations - Suggest possible improvements for the business named in your project. Title Page Terms of Reference Approximately 3 terms of reference: aims and objectives, method to be used, and what you anticipate will be the outcome of the research. So let’s say you were investigating the risks facing a local business.

The terms of reference could be as follows: -

1. This study aims to investigate the various risks facing a local business, the likely impact of these risks on the business, and how the organisation should prepare for these risks.
   
   
2. The research involves the evaluation of the risks facing the business, highlighting the approaches to avoid the problems associated with these risks. The potential impact on the business is to be evaluated from the collection of data through reports, text books and web sites. 
   
   
3. Analysis of the data sources will enable the researcher to assess and compare the risks, suggest justified proposals and draw conclusions and make recommendations.
   
   (i)  Introduction : Overview of the project to ‘set the scene’ of why the project is interesting, topical and worth researching. For a project on risks facing a local business we would - Explain key terms such as ‘what do we mean by risk, and why is it important for businesses; background on the relevant business.
   
   (ii)  Main Analysis : Here is where you basically answer the project brief – will be the longest part of the report. Identify some key factors, write a paragraph on each and find some business examples to support the theory (need references from books for theory and journal articles for some examples)
   
   (iii) Conclusion : Refer back to the title and summarise the main issues raised in the analysis
   
   (iv) Recommendations : Suggest possible improvements for the business named in your project. Reference Page.