CORP 2181 Business Research and Analytics : Theoretical Framework
or Empiricism? Is it inductive or deductive?
Research method and why - does not have to include all but must include 2 one being secondary data related and at least one of the following: survey, case study, historical/archival data. Must explain how to be used and why.
Provide detail on research strategy - Data collection – Quantitative and Qualitative (you need to include both)
For survey specify population and sample size
For interviews specify who interviewing, how many, duration, tape recorded
For secondary briefly outline sources of secondary data relevant to the research topic
Answer:
1. Research background:
With the gradual progress of ever-increasing competitive market on business industry, the needs and demands of the customers are changing gradually. Organizations have to focus on strategic management so that the business experts can fulfill customers’ desire all the time. The overarching concept strategic management is the implementation of major initiatives for reaching business goal by means of effective strategies and policies. This very specific study has focused to make an in-depth overview about the importance of maintaining strategic management for enhancing the performance level of a specific business organization.
ASDA is one of the most prestigious multinational corporations occupying a predominant place in the market of UK as the famous supermarket chain (www.asda.com. 2017). In last five years, it has
been observed that ASDA is facing several issues in gaining competitive advantages due to the lack of maintaining proper strategic management. As per the current market scenario, ASDA is facing innumerable competitive threat from its competitors such as TSCO, Sainsbury, ALDI and so on. The organization due to the strategic management issue has to face innumerable barriers in maintaining organizational performance effectively. This very specific study has made in-depth analysis about the importance of strategic management in enhancing organizational performance.
2. Research question:
- What is the importance of maintaining strategic management within organization for enhancing the organizational performance
- What are the factors that highly affect in maintaining effective strategic management within the organization
- What are the major recommendations of maintaining appropriate strategic management within the organization
3. Research objectives:
- To identify the importance of maintaining strategic management within organization for enhancing the organizational performance
- To understand the factors that highly affect in maintaining effective strategic management within the organization
- To examine major recommendations on how to maintain appropriate strategic management within the organization
4. Literature review:
4.1 Overview of the key concept:
Swayne, Duncan and Ginter (2012) opined that strategic management is the key process of implementing effective strategies and policies within the organization based on which the specific company can draw the attention of stakeholders both internal and external. In order to motivate the organizational employees the managers tend to implement motivational strategies at the workplace. Maintaining effective communication with the employees, collecting participative form of decision-making process and providing reward and recognition policy within organization are the most effective ways of implementing motivational strategy at the workplace. In addition, in order to draw the attention of target customers organizations intend to follow low cost product strategy by maintaining the superior quality of products.
4.2 Theoretical framework:
Before launching a specific business, the executives have to focus on making a comparative analysis about the suppliers’ power along with the power of buyers.
Porters’ five force:
|
Competitive Rivalry |
After entering into the market, the business organizations have to evaluate the rate of competitive rivalry. For an instance, ASDA while expanding their business has realized that the market strategy of ALDI has drawn the attention of customers more effectively. |
|
Suppliers’ Power |
If the suppliers’ power is high, the business organizations do not have scope to bargain much. |
|
Buyers’ Power |
If the purchasers’ power is low, the customers do not have opportunity to show their demands much. |
|
Threat of substitution |
Grocery and supermarket chain can be thee is the primary substitute of a retail business industry. Therefore, business organizations have to make effective strategies in order to overcome substitutions’ threat. |
|
Threat of new entry |
While establishing the entire business process of ASDA the business experts have to face innumerable challenges from TESCO, ALDI and so on. |
SWOT analysis:
|
Strength |
Before making the strategy business experts have to highlight the strength of organization in order to give major threats to its competitors. |
|
Weakness |
Before making the strategy business experts have to identify the weakness as well so that effective strategy can be made. |
|
Opportunities |
The experts have to evaluate about the necessary opportunities on how to expand the entire business process in multi-national countries. |
|
Threats |
Effective strategy should be made based on the competitors’ threat in order to run the entire business process effectively. |
4.3 Importance of consumer behavior in decision-making process:
As stated by Killen et al. (2012), with the dynamic progress of business, the needs and demands of the customers changes gradually. Before fixing the pricing strategy, the business experts have to make an in-depth research on the customers’ behavior and their needs. The product managers tend to select low cost strategy or premium cost strategy based on the market demands of target customers as well as competitors’ threats.
5. Methodology:
5.1 Research design:
Research design is the systematic ways of organizing the entire research based on major methodological tools. Research philosophy is one of the most effective tools of evaluating data based on observational analysis (Theriou 2015). Research philosophy is primarily constituted with three major types including positivism philosophy, interpretivism and realism. This very specific study would focus to use positivism research philosophy based on which research issue would be conducted on keen observation. On the other hand, researcher will use deductive approach in order to evaluate the research issue based on existing theory.
5.2 Data collection and analysis:
Data collection is one of the most significant ways of gathering appropriate data and information from different resources (Pamfilie, Petcu and Draghici 2012). This very specific study would like to focus on primary data collection technique based on qualitative as well as quantitative data collection method. An effective survey would be conducted by involving 50 employees of ASDA regarding the importance of maintaining effective strategic management. On the other hand, a brief interview session would also be organized by involving five managers in order to interact with the managers of ASDA directly.
5.3 Sample size:
Around 50 samples will be collected in order to gather data from various reliable and valid resources. Non-probability sampling size would be selected in order to the selective employees of ASDA who are directly involved with the research issue (Daley 2012).
6. Expected outcome:
The way of entire research process is expected to be positive. After evaluating the entire research background as well as entire research methodology, it can be expected that the research issue would be analyzed in detailed manner with the help of different methodological and data analytical tools.
Reference List:
Daley, D.M., 2012. Strategic human resources management. Public Personnel Management, pp.120-125.
Hair, J.F., Sarstedt, M., Pieper, T.M. and Ringle, C.M., 2012. The use of partial least squares structural equation modeling in strategic management research: a review of past practices and recommendations for future applications. Long range planning, 45(5), pp.320-340.
Killen, C.P., Jugdev, K., Drouin, N. and Petit, Y., 2012. Advancing project and portfolio management research: Applying strategic management theories. International Journal of Project Management, 30(5), pp.525-538.
Lasserre, P., 2012. Global strategic management. Palgrave Macmillan.
Pamfilie, R., Petcu, A.J. and Draghici, M., 2012. The importance of leadership in driving a strategic Lean Six Sigma management. Procedia-Social and Behavioral Sciences, 58, pp.187-196.
Swayne, L.E., Duncan, W.J. and Ginter, P.M., 2012. Strategic management of health care organizations. John Wiley & Sons.
Theriou, N.G., 2015. Strategic Management Process and the Importance of Structured Formality, Financial and Non-Financial Information. European Research Studies, 18(2), p.3.
www.asda.com. 2017. Asda.com - Online Food Shopping, George, & more. [online] Available at: https://www.asda.com [Accessed 10 Dec. 2017].
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