Business Research Design and Methodology Assignment 2022

Business Research Design and Methodology
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Contents
Introduction...................................................................................................................3
Detailed research methodology....................................................................................4
Quantitative or qualitative research...........................................................................4
Hypothesis.................................................................................................................4
Additional secondary data.........................................................................................5
Sampling size and sampling approach.....................................................................5
Data Collection method.............................................................................................6
Questionnaire design................................................................................................6
Envisaged analysis and interpretation......................................................................8
Expected summary of findings.....................................................................................9
Conclusion..................................................................................................................10
References.................................................................................................................11
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Introduction
Influence of social media is growing rapidly in every industry and it is currently being
used as one of the most efficient methods of marketing. Majority of business
organizations are using social media as tool of marketing and advertisement as its
reach is significantly higher as compared to common methods. In addition to that
cost of maintaining social media platform is very low as compared to other methods
of advertisement such as TV commercials and celebrity endorsement. Combination
of certain marketing strategies such a celebrity endorsement with social media
networking can be positive for overall revenue of the organization. In current
business environment business organizations are understanding the importance of
social media and its impact on behaviour of customer (Aral, Dellarocas and Godes,
2013). There have been various studies in which it was evaluated that over the
period of time reach of social media platform will increase significantly in future.
Similarly use of social media as marketing strategy will also increase.
Social media has become one of the most influential platforms through which
business organizations can introduce their product and services. The number of
social media platforms is also increasing which is helpful in business organizations to
reach wide variety of customers. In addition to that social media can provide effective
platform on a global level as different social media tools such as Facebook are being
used in majority of the countries. There are some disadvantages of social media on
business organization as any corporate fraud or any kind of deficiency in business
operations can be exposed easily to customers. In addition to that fake news with
respect to product and services of a business organization can also have negative
impact on overall operations. This type of fake news can be spread by competitors
for irresponsible social media users. It is important for an organization to understand
these advantages and disadvantages and compare them with their own needs and
requirements before using social media platform for their businesses (Rodriguez,
Peterson and Krishnan, 2012).
The main focus of this report will be on conducting research that will help in
identifying the impact of social media on businesses. Marketing strategies will be
primary focus of this research question for use of social media. For this purpose,
three research questions have been developed that will be followed throughout this
research. These three research questions are as follows-
1. What is the adoption rate of social media as a tool of advertisement and
promotion in business?
2. Identifying the impact of social media on revenue generation capacity of
businesses in different industry?
3. Is social media marketing cost-efficient as compared to other methods of
marketing?
All of the above questions will help in understanding the influence of social media in
business organizations. Primary research will be used in the scenario to collect the
data from different business organizations operating in Australia (Paniagua and
Sapena, 2014). It is expected that this research build help in identifying the
relationship between revenue generation capabilities of an organization and use of
social media.
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Detailed research methodology
Research methodology can be defined as the overall structure of the research
procedures that will be included in particular research. These research procedures
include selection of a sample, research methods, data collection methods, etc. it is
important to provide a structure to the research before starting its actual process
(Silverman, 2016). Preparation of structure helps researcher to provide a proper
direction to research procedures. In addition to that research assistant can also be
brief about the research with the help of this structure. Assigning roles and
responsibilities in research also becomes very easy with the help of this structured
research methodology.
Quantitative or qualitative research
Important aspect of developing research methodology is to identify whether research
to be selected would be quantitative or qualitative. Both of these types of research
methodologies have their own advantages and disadvantages. It is important for
analysis of research questions and expectations from research before selecting a
particular methodology. The primary focus of quantitative research is on collection of
data and preferable in research where large number of data will be helpful in making
conclusions (Kumar, 2019). On the other hand qualitative data is focused on the
quality of Limited amount of data collected and it is preferable on research where
quality is the primary factor to be considered.
In the given scenario we have to analyse the influence of social media has on
profitability of business organizations. More accurate and reliable conclusions can be
made in the scenario by collecting more and more cases. Focus of this quantitative
methodology will be on collecting the data from maximum number of business
organizations. On the basis of this evaluation it can be said that quantitative data will
be more preferable in this scenario. It is important to collect data from maximum
number of business organizations to establish the relationship between revenue
generation capabilities and social media (Sekaran and Bougie, 2016). Alternative
use of social media can also be evaluated in business which will help in providing
additional data in this research.
Another important aspect that should be considered while selecting a particular
research methodology is the availability of time and financial resources. Conducting
research with qualitative methodology can be very time consuming and costly. This
is due to the fact that analysis of such data will require expert knowledge for which
experts in the field of research management will be required (Mackey and Gass,
2015). Due to limitation on part of time and finances selection of quantitative
methodology will be most appropriate.
Hypothesis
A hypothesis is referred as resources junctions that are required to be taken during
the process of research. Majority of this hypothesis will be on the assumptions made
during collection of data. Use of hypothesis is required when data is being collected
from qualitative methodology. In this scenario data is collected from quantitative
methodology, therefore, there will be no requirement of hypothesis in this scenario.
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