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P4 Apply Appropriate Tools and Analyse Research Findings and Data

   

Added on  2020-10-22

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Research Project

Table of ContentsLO2..................................................................................................................................................3P3 Conduct primary and secondary research...............................................................................3P4 Apply appropriate tools and analyse research findings and data...........................................1LO 3...............................................................................................................................................13P5 Communicate research outcomes for intended audience.....................................................13Covered in PPT..........................................................................................................................13RECOMMENDATION AND CONCLUSION............................................................................13LO 4...............................................................................................................................................14P6 Reflect on research methods applied in research.................................................................14P7 Alternative research methodologies.....................................................................................14Conclusion.....................................................................................................................................15REFERENCES..............................................................................................................................16

Title – To analyse the impact of digital technology in SME’s in retail sector. A case studyon Ocado.LO2 P3 Conduct primary and secondary research INTRODUCTIONIn today’s era the use of internet and technology has provided a platform for business togrow at large level. the integration of business operations with digital tools and equipment’s hasmade it easy in performing functions (Jones, Chik and Hafner, 2015). Also, it has made thecomplex task to be performed in easier way. The major advantage of using digital technologieshas been on small scale enterprises. It has enabled in carrying out activities in an effectivemanner. Moreover, there is a significant impact on developing strategies and implementing them.This is because it has allowed them to expand in different markets. Along side this, the cost ofproduction is decreased resulting in rise in profit margin. Furthermore, due to use of varioustypes of tools the quality of products has improved a well. Likewise, the different departments inbusiness are connected with each other and information is shared quickly and effectively. It hasbenefited in smooth flow of operations and attaining goals in specified time frame.Background In such a competitive business environment it is very necessary for companies to sustainfor long term. The major impact due to frequent change in market conditions is on small andmedium size enterprises. It has affected on their growth and development. Thus, they are highlyusing digital technologies to compete with big firms (Gelenbe and Caseau, 2015). By using itthey are developing unique products with some added benefits and providing high qualityservices to attract more people. This has assisted in their growth and development. In addition tothis, it has become easy for them to share data and information related to business with othersmall firms. Hence, it has helped in effective decision making. Aim and objectivesAim- To analyse the impact of digital technology in SME’s in retail sector. A case study onOcado.Objectives To evaluate use of various digital tools in different departments To access importance of digital marketing in business

To acknowledge the way through which digital marketing can be implemented To access how digital technology affects Ocado businessResearch questions What is the use of digital tools in business? What are the ways through which digital technology can be implemented?How different digital tools and equipment’s are used in marketing?How digital technology affects Ocado business?Significance of research In order to conduct a research, there are several reasons. It is because it helps in findingout what were the main goal of conducting research. The global economy is changing frequently.It has highly affected the small and medium enterprises (Aldhafeeri, Palaiologou andFolorunsho, 2016). They are finding it difficult to survive and expand in different markets. Butwith the evolution of digital technology it has made it easy for them to enhance productivity. thisresearch will help in finding out how various tools and equipment’s are used by small firms indigital marketing. Also, it will give insight on how efficiency of business has enhanced and whatmeasures are taken to minimise the impact. Moreover, scope of research is that it will guide otherfirms to implement digital technology. Limitations of studyThe present research is conducted in wide area and in specific sector, therefore, itbecomes difficult to identify which sector has benefited from digital technology. Also, the sizeand nature of SME varies in different sector so it becomes difficult to come to final conclusion. LITERATURE REVIEW The today’ s business world has become very competitive. Every company is trying toconquer market by providing high quality product and services. this is because they want tosustain for long term and compete with other. also, companies want to develop a strong and loyalcustomer base by attracting a large number of people (Grant and Meadows, 2016). but in recenttime evolution of digital technology has provided vast opportunities for growth. it has led toeffectiveness in developing strategies and decision taking. As said by Büyüközkan and Göçer, 2018, digital technology refers to use oftechnological tools and equipment’s in various business operations. in an enterprise there aredifferent functions performed. The use of software and application has enhanced speed of

functions. Technology has enabled business to share confidential data and information. This hasassisted them to take effective decision. there has been a great advantage of using digitalmarketing. It has made it simple for companies to advertise at very low cost. Moreover, they areproviding large number of offers to attract people. Meaning of digital marketing In today’s digitalization world, many types of innovation have occurred. These all hasbenefited global economy and big firms to expand their operations. they are using various toolsand devices that has made activities to perform in better way. Digital marketing has transformedthe way of advertising goods. It has helped business to use different social networking sites forpromotion. Digital marketing refers to use of tools and devices in advertising. It can be done indifferent ways like content, video, etc. this has changed the market trend. Importance of digital marketingIn a study it was said by Dodgson and et.al., 2015, that there are different departmentssuch as HR, finance, operations, etc. in organization. It enables business to operate at attain itsgoals and objectives. The tools have helped in enhancing speed of different operations. the use ofcloud computing has enabled storing and sharing of data and information in segregated way.Moreover, with this it has become easy for business to take decisions by accessing thatinformation. Similarly, in marketing it has helped in promoting goods through various socialmedia sources. The way of marketing has transformed from traditional to digital. As elucidatedby Imison and et.al., 2016, all types of information related to products and services are availableon social media. With this it has become easy for business to attract large number of people.Furthermore, the cost of advertising has decreased (Impact of Digital Marketing on Business.2018). By using networking site like Facebook, Instagram, etc. they are able to provide servicesto people. Moreover, business evaluate people reviews and according make changes in product.It has brought change in buying trend of customers. apart from this, companies are able toidentify change in taste and preference of people and develop strategies accordingly. Henriette, Feki and Boughzala, 2015, said that another role of digital technology inbusiness is it has provided a centralized platform to communicate with each other. Theemployees are able to interact and share information with management via emails. They are ableto access information from outside business as well. Also, stakeholders are involved in decisionmaking process. So, with it decision are taken quickly. in retail sector there is stiff competition in

market. Moreover, big firms have created strong exit and entry barriers. Businesses havedeveloped KPI and metrics through which evaluation of strategies are done. It has benefited infinding out weak points and improving it. Influence of buying behavior The buying behavior of people is been influenced to great extent. This is because ofavailability of lot of information on internet and variety of products and services offered bycompany. As elucidated by Müller and et.al., 2016, it is very important for business to identifybuying behavior of people. It is because people switch from one company to another frequently.This is done to opt for best one at cheap rate. now, people search about goods on internet and areattracted towards high quality products offered at low prices. In the opinion of Rice and et.al., 2016, there has been a great impact on buying behaviorof people due to digital marketing. This is because it has given them a platform to search andcollect data and information from various sources. Then, they compare it with other companiesso that best one is chosen. other than this, they are able to identify change in market trends. In astudy Lai and Hong, 2015, said that business is now focusing on customer touch points. It is astate where they are able to continue their shopping experience from where they are left off. Incontext to this, the integration of digital marketing with data analytics has enabled in analyzingdata so that needs can be identified. Also, it has supported in taking effective decision anddeveloping strategies. through this, they track activities of user and response time. there aremany third party companies that provide various types of digital marketing services like SEO,PPC, etc. thus, with help of it promotion of goods has become easy. There are certain toolsthrough which data analytics is done. With this performance of tool in interacting with customerscan be identified. Here, data analysis is done to find change in trends. The business is able toevaluate performance of tools utilised. Also, they determine weak and strong points of customerinteraction. It shows how much time people have visited their ads on website or social media. In the view of Gelenbe and Caseau, 2015, there are many other factors that influencepeople buying behavior. they communicate with each other to collect data about specific product.Also, comparison is done on basis of quality, worth, offers, etc. it results in changing theirdecision. Furthermore, due to change in taste and preference of people they force business tomodify product or improve its quality. Also, with enhancement in quality of life of people, they

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