Reflexion Report - Research Paper Example

Reflexion Research Report Contents Research Methods & Processes 3 Literature & Sources 5 Knowledge 6 Critical thinking 10 Barriers Met 11 Professional Development 12 Objectives 13 Findings and Outcomes 14 Reference 16 Bibliography 16 Research Methods & Processes Research is considered to be one of the best ways to collect accurate, reliable and sound information concerning the effectiveness of the interventions; providing the researcher with evidence of the efficacy of a given set of opinions and theories. There are various types of research methods and these are used extensively by researchers to formulate interpretations of various data sets (Silverman, 2009, p. 20). For the project which deals with online shoe sales and e-commerce, the plan and business start-up’s research methodology used was of a qualitative nature. The reason behind adopting the qualitative research was that the qualitative approach seeks the answers to a predefined set of procedure in order to answer questions. In this way, the qualitative approach helped to collect evidence and produces findings which were not determined in advance or the result of a pre-established data-set. Additionally, the qualitative approach was decided upon due to the fact that qualitative research seeks to understand a research problem from the perspective of local population in which it is interested in examining. Qualitative research is very much effective when information with respect to certain values, cultures, behaviours, and/or opinions are to be obtained (Yin, 2010, p.6). Thus, since this analysis was specifically interested in consumer behaviour and opinions, this particular method was the most amenable to answering the research question. A brief listing for the main reasons that this research has chosen to use the qualitative form of research has been stated below in the following points: Since the market was new, it was necessary to generate idea and demands for the product in the target market and among the target customers. Through the qualitative research methods the current, potential product, branding and positioning could be more readily determined. To determine the strength and weakness of the product and the brand. Qualitative research helped in understanding the dynamics of purchase decision of the target market and also explored the target market segment. The qualitative research techniques helped marketer specialists to study the attitudes and emotions that may exist towards the new product line (Mack, 2005, p. 4). Based on the above qualities and benefits of research the qualitative research approach has been adopted. The methods used in qualitative research includes: interviews/questionnaires, observation, and the use of a focus group. In the business plan most of the analysis was based on observations and interviews of the target customers. Data has been collected through external observation to understand the thought process of the target customers, their behaviours towards the shoe market, the type of shoes they prefer, as well as other factors. The interview conducted was structured but fluid in that it allowed the consumers to express their view at length. Based on the interviews and observations, the data collected has been analysed and reported in the business plan of Ortiz. The research methods used and the data collected are beneficial for employees (both current and future), sales and marketing teams, as well as key shareholders and those that make company policy and direction decisions. Furthermore, a layman will understand it clearly as the benefits along with the process has been explained and employees will get an idea as to the general trends and patterns that matter most to prospective customers. The techniques used can be implemented for further studies generating more information about the research topic. Literature & Sources The project deals with retail business as it relates to opening an e-commerce expansion to an existing firm. Due to the fact that data and analysis for a new form of retail sector is varied and vast, the amount of information available to analyze was equally varied. The Centre for Retail Research (2012) has stated that the retail spending for the current year was about 3.2% which depicted an increase of 0.9%. In the following year (2013), The Centre for Retail Research has predicted sales rising a further 1.6% over 2012 levels (Centre for Retail Research, 2012). Likewise, these measurements are important to analyze and comprehend as if the market demand is not high, it would not be profitable for a new brand to launch its product in the sluggish market. But as per the report of Key Note (2012), the future of the footwear market remains positive as sales are expected to rise in 2012 as with some large spectator events taking place in the city (such as the 2012 Olympic Games). The event is very much likely to boost sales of sports footwear as millions of individuals will be coming to London to witness the spectacle of the Olympic Games. Between 2012 and 2016, the sales of footwear are expected to increase by 16.2% which will boost the confidence of the consumer to spend more on footwear products (Key Note, 2012). The sources justifies that the research conducted in the retail segment relates with the business plan and proves to be both beneficial and profitable. Concepts such as export strategy have also been employed in the business plan. The whole concept of Ortiz is based on the export strategy which is one of the forms of international expansion. The business is based in Colombia and products to be sold are bound for the markets of the United Kingdom and Europe. The secondary sources used in the business plan, along with the concepts of export strategy, are important for the research as it shows the future trend of the industry in which Ortiz plans to engage. Additionally, this data helps to shed light on the potential growth rate and the rate of acceptance of the product; aspects which are essential to determine the strategy for the organisation. The firm has the possibility of earning the maximum profits along with long term growth. Therefore, this process becomes much easier to exert an influence over the international activities with successful implementation of the data and lessons learned from its inference (Doole & Lowe, 2008, p. 259). Thus with the use of secondary sources and the theories used in the business plan further research can be conducted and a well detailed analysis can be expected with respect to the industry, future trends, and mode of expansion. Knowledge Research has always been a crucial part in any topic. It is important for marketers to conduct research in order to get accurate information about the prevailing market trends. It is through the research that firms can understand the relevant opportunities and threats that exist prior to making commitment of funds in any business endeavour. The reflexion research report has enhanced my knowledge as it has helped to analyse the findings, the importance of the sources reflected upon, the reason behind every step taken, and most importantly the interpretation of the results and findings. As such, research is a guide which helps to grow further and also serve the purpose of investigating the topic to an even greater extent. Based on the business plan of opening an online retail business specializing in selling shoes to men and women, some of the key areas of knowledge gleaned centre upon knowledge acquisition in the field of marketing, technology, finance, design and management. In addition analytical skills and the development of interpersonal and professionalism skills were also greatly enhanced as a result of carrying out the research for this project. This development process and skill acquisition due to the fact that it is through specialized knowledge and skill acquisition that informed decision makers are able to grow their respective firms. Marketing forms an integral part for any business and in order to generate awareness it is necessary to effectively utilise the marketing campaign to maximize sales while minimizing costs. While conducting the research and the business plan, I have learned the importance and use of technology due to the fact that there are many forms of technologically enabled marketing that are low cost and will doubtless reach the target demographic of the groups identified as potential customers of the firm. Furthermore, as is the case with an online e-commerce site, the entire business plan at its root is based on technology. As such, it becomes necessary to adapt to the situation and gain knowledge so that any issues can be dealt without wasting time or resources. In order to attract customers, the site should be well designed and thus a fair amount of knowledge with regards to web designing needs to be adopted and understood. Most importantly, knowledge and skill must be quickly accrued with respect to accounting and the actual payment process associated with the e-commerce site. Furthermore, it is vital to know the amount of money which is generated from the business and whether the business is resulting in profit making or loss and how much more money is required to meet expectations or quotas. With this knowledge, the analysis will be able to make sure that the business runs effectively and no extra money is spent needlessly in order to generate a profit margin. Therefore with the help of the knowledge in the above key areas, it will be beneficial for the organisation to conduct the business profitably and in an informed manner. MBA programme In the process of undertaking and working to complete the MBA programme, the skills and knowledge I have acquired are crucial for future success. This analysis has been beneficial in understanding how to analyse the situations, market factors, risk, and plan accordingly. Furthermore, I have learned about the various strategies that are needed to apply in the work culture and for the better of the organisation. In addition, multi tasking skills, excellent interpersonal skill, a more complete understanding of historical data, present and future market analysis, fast thinking, and a host of other skills that were cultivated during my MBA programme have greatly contributed to the quality of the information presented in this analysis. Further, practical knowledge has helped me to learn about working conditions and understand the market place so as to better estimate actions and reactions to specific movements. It is through the MBA programme that I am able to cultivate my interpersonal skills and professionalism skills to a level that will doubtless be of great benefit upon successful completion of all coursework. Research The most important learning cultivated through research is time management. It has taught me how, and in what order, to accomplish the objectives and goals associated with the needs of the analysis. Research has helped to analyse the situation and interpret the result in the chosen topic – all the while providing a vast amount of background information. For example, while conducting research on the business plan, I have learned a great deal concerning the footwear market in the United Kingdom. This has helped to shed light on current trends as well as future projections as they related to the research questions associated with the analysis. Further, the specific likes and dislikes of the target demographic were other areas of the research that were freshly introduced to me. For this purpose, it became very clear why the target demographic must always be analyzed as taking some aspect of consumer taste for granted is a recipe for disaster when attempting to position a new product or product offering in a different format – as was the case with this particular project.. Knowledge and learning of the major project The business project as it related to the market for stylish and fashionable shoes has made me learn about the steps involved in conducting a business to meet the needs of the consumer as well as setting up an e-commerce site to meet those same needs. I have learned about the various business models that are being used by the marketer for the online business apart from the other factors such as marketing strategy, positing creating a brand name, image and others factors which are important in the creation of the business. The project has further helped me to gain knowledge concerning the UK market and the issues associated with import and export models of international business. Above all I have learned about the business model which is used in the online business world. The advantages of using such a business model helps to explain with mathematical precision the way in which business should be incorporated and the expected return as a function of time. The strategies used have also helped me to more fully understand the usefulness and feasibility of the strategy as well as how each of these is used and during which phase of the period. Strategy formulation forms an integral part of the business plan and is highly regarded as one of the core components of business. Therefore formulating and implementing the right strategy will help the business to excel in the field and achieve success and ensure long growth in the market place. Critical thinking The research based on the reflection of the report stated certain factors which are helpful in generating ideas and analysis through which the report will be beneficial for the organisation as well as for the policy makers. While carrying out the research it has been analysed that this particular business model is highly in demand and is used by almost every online business and organisation. However, this in and of itself is not a net drawback as it has been statistically verified that the online retail sector is highly in demand and is expected to grow even further in the years to come. This shows a growth opportunity for the new comers or the new business planning to make a mark in the online business segment as the time is ripe to do so. Thus by following or adopting the business model organisations are achieving success at a much higher rate than traditional business ideas. Deciding on the correct business model is the most critical point due to the fact that a wrong adoption of the business model might lead to failure and low or negative profit. The business plan has adopted the affiliate business model and to choose this model due to the fact it was uniquely suited to the project. Since the organisation was fresh it would have been profitable to adapt to the affiliate business model as the risk involved is comparatively less when compared to other business models due to the fact that the third party looks after the operations, risk, and other matter concerned with the day to day operations. However it was also analysed that the subscription model is also popular among the online businesses and therefore it has been recommended that after the initial years of its operation and after Ortiz breakeven point is achieved, the company would change its online business model and adopt the subscription model; allowing it to earn revenue through subscriptions of individuals. Apart from this technicality it has been analysed that the demand for footwear has been increasing which tends to be a critical point of the business plan. As such, the footwear offerings are based on the competitor’ pricing. Thus, if the competitors reduce their price, Ortiz also needs to reduce it accordingly. Furthermore, any external influence such as recessions, financial crises consumers will significantly curtail their spending on apparel and footwear. Therefore it can be concluded that the business depends on various factors both internal and external and both are equally critical in whether the business proceeds effectively or not. Barriers Met In the process of completing the business plan, the major barrier faced was during collection of the data needed to perform the analysis. The business plan followed the research methodology and required qualitative research. As such, the techniques used were observation of market trends and individual interviews. The major issue was encountered in conducting interviews because the consumers are not always in the mood to provide an in depth interview for the product or services; especially when interviews are conducted individually. Even if consumers are ready to answer the questions or provide an interview, a deep analysis is usually not possible if the feedback from the consumers is insufficient. As such, an in-depth interview tends to be more opened ended where the consumers are expected to give lengthy views so that the data can be extrapolated effectively. But due to lack of time of the consumers, collecting these results was a matter of great difficulty. Also with the technique of observation, consumers tends to get carried away with many factors as a result it is not possible to determine whether the consumers would like flat shoes, high heels, none of the above etc. Therefore to come to a conclusion with respect to the type of shoes preferred by a majority of target customers was one of the questions that gave the analysis a great deal of difficulty. With respect to research, the availability of accurate data was also a drawback because as stated above the consumers were not ready to spend much of their time in discussing about the need of the product. In the research paper, it is necessary to show the exact amount of people opting for the first option, the second option and so on to determine the demand for the product. Apart from this, in order to conduct the research paper and the major project simultaneously was an issue because of the time constraints involved. Each of the subjects required equal attention and focuses along with researched data as both are interrelated to each other. Professional Development As per Currie (2003) MBA programmes are conducted to make one excel in the field of management by providing with accurate knowledge, skills and professionalism so that candidates enrolled in such type of courses are well trained and are crucial to be able to face the external environment with much more practicality along with the necessary learning from the course. Thus to run a business, it is necessary to cultivate the wide range of business and management skills as well as responsibilities with respect to the work may be from either of the four departments, marketing, finance, human resource and/or information technology. In order to handle the business, one needs to have an idea of the above mentioned aspects along with communication and negotiation skills, legal issues and logistics which will necessarily be involved. It is through academic ideas that one becomes familiar with the necessary skills which are required to conduct a business. The theories will help in professional development as it will help to relate with the real world and apply the learning to survive in the business world. For example, while analysing a given industry, Porters five force can be used to give a more complete yet detailed information about a particular industry. In the process of conducting the research and the business plan there were a number of theories used from the academic ideas in order to get a better idea of the business and proceedings. Objectives Objectives of research needs to be specific and should be stated in precise information with an objective to solve the issue or problem (McDaniel & Gates, 1998, p.28). The research paper concentrated on how the business plans was conducted and what are the methods and strategies that have been used along with the information gained from the major project as well as meeting the objectives of the business plan. The research has been conducted in order to make sure that all the data collected are arranged in a systematic manner to ensure that the flow of work and the data collected are well analysed and interpreted so that if required further study can be done based on the findings and analysis. In the due course of MBA programme there were many theories which were studied and implemented in the project report. Most of the theories are in relation to marketing and strategic management. Concepts such as export strategy, international expansion, the core strategy, market expansion have been discussed in the project report in order to meet the objective of research and learning from the MBA course. The major aim of the project report was to determine the UK market in order to launch the new range of footwear through online store and to determine the demand for the online business market in UK. Based on this the objective for Ortiz was to become the market leader in the online shoe market and manufacture stylish and fashionable shoes, develop a good reputation of allowing the customers to conveniently purchase products through the website, and develop a reputation of reliable and timely delivery of its product. Therefore to achieve the objective stated, it is important for the business to adapt to the relevant strategies and implement them as they relate to the business plan. With the help of export strategy, the firm aims to bring the products into the UK market and sell to customers within the UK. The expansion strategy along with the market expansion strategy has also been adopted as the business plans to expand in the near future in the cities of UK and Europe. If the business succeeds in the UK market, it can be concluded that Ortiz has been able to capture the market share in UK online shoe market successfully. The business however aims to break even within a year of its operation; taking into consideration the market trends and prediction of future growth rate in the respective market. The other two objectives depend on the internal working systems of the business. Thus it can be said that there is a positive possibility of achieving the objectives set in the project report and is expected to achieve it within a few years of its operation with the help of the learning incorporated in the MBA programme and applying the learning to make the business plan work. Findings and Outcomes The project report discussed about the business plan of Ortiz which is marketed to the men and women through online business model. Ortiz deal with stylish and fashionable range of shoes ranging from casual was to part wear with an objective to capture the UK online market for footwear. A huge potential tends to exit in the UK footwear market which can be tapped by Ortiz and has the potential to create market share. Based on the finding of the reports, the company can implement strategy as per the requirements in the target market and move one step ahead of achieving its objectives. Findings from the report will help the firm also to bring about changes in the strategy so that the demands and needs of the customers are met and the company is able to create a brand value and generate brand awareness among the target market. The findings, recommendation along with the conclusion and the outcomes are the most useful and are feasible towards the learning outcomes based on the project and also for the future employer. Based on the project some of the theories in relation to the concept of marketing, strategic marketing have been discussed and the importance of theses concepts have been indicated. The recommendation provided to the business plan will help the business to further develop itself and create more brand awareness not only in the national market but also globally so that the demands for the products of Ortiz are high and as a result of it the company gets the opportunity to expand in all the emerging countries where demand for shoe are high and where the customers prefer high quality along with fashionable shoes. It has been said that the business plan to adapt the affiliate business model, but however it can further change this business model after it’s breakeven and apply the subscription model which is much more preferred by the online retail business. The employers will get to know the type of business model that has already been in se and what should be expected next. This will enhance the learning’s of the employer along with their skills and expertise in certain fields. 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