Business Research Design Assignment

Added on - 21 Feb 2021

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Business ResearchDesign
Table of ContentsINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................1Research aimed at understanding customers...............................................................................1Research aimed at creating innovations......................................................................................5Research aimed at understanding the future...............................................................................7PART 2............................................................................................................................................81. Use of different strategies for improving consumer value proposition...................................82. Meaning of business value proposition and its importance....................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONBusiness research is done to analyse new what new is present in current market and howit can implement at business operations. In current environment there are many changes takingplace such as change in consumer demand, technological changes, etc. While starting newbusiness, there is requirement of analyzing and collecting information through different sourceswhich assist in getting successful in industry(Ang, 2014). There are many departments workingfor providing better services to consumers such as production, finance, HR, research anddevelopment, etc. With the help of joint efforts, it is easy to perform business operations andaccess changes which are taking place in external market. In this report, there is discussion aboutunderstanding consumers, creating innovation and understanding needs for future. This researchis done on retail sector through which information is collected about consumers, future trends,etc.PART 1Research aimed at understanding customersIn order to address topic “Why research is important for business” is clear with articleJohnson, M. W., Christensen, C, M., and Kagermann, H (2008) Reinventing Your BusinessModel, Harvard Business Review,December 2008, pp51-59” because this provides completeway to think about ways to improve business review. This assist consumer to understand what isprovided and able to communicate what they require.Creating customer experience: It is the process of creating value for consumers. It is importantfor company to understand things that create value for consumers. Currently the major issue inretail firm is multichannel shopping, because of such huge channels employees fail to resolvequarries of consumers on time. But customer value proposition develops opportunities forbusiness so that multichannel shopping can be managed easily.Aligning process:It is the managerial or operational process that help the firm in improvingcustomer data base. Key process are such as planning, manufacturing etc. As cash flowmanagement is the problem which is faced by retail firm, in order to resolve this problemplanning process must be systematic and also budgeting must be done properly. By this ay retailfirm will be able to get positive results.1
Profit formula: it can be defined as blueprint that highlights the way through which businesscan generate profit. Recently cash flow management is the major issue faced by retail firms, byusing this profit formula enterprise can generate profit which will help in managing cash floweffectively. Cost structure and resource velocity are the great ways through which profit can begenerated in retail firms.Customers are the major component for which organisation is working. It is important tounderstand changes which are taking place in demand of consumers. In current market, thesedays demand of individuals are changing with change in occasion, trend, etc. So retail industryhave to work in context of demand of consumers. Customers are the core asset through whichgrowth and development of organisation is possible. There are many organisations working inretail sector, so there is competition among them. In order to get competitive edge, they have togive their best through which satisfaction can be achieved. There are many changes which arechanging in current market as compared to past years, so consumers also want new and trendythings through which they can get best outcome. There are technological changes taking placesuch as use of social media, software updates, etc. this is significant and relevant for improvingoverall performance of organisation. With change in technological aspects, there is requirementof training programme for individuals(Bell, Bryman and Harley, 2018).CHALLENGES FACED BY BUSINESSIn this article there is discussion about business research design which is specific andrelevant in context of understanding consumers and their demand. There are many changeswhich affects business performance and creates hurdle in growth and development such asenvironmental changes, change in government policies, etc. In order to implement changes inbetter and effective manner, managers of retail industry has to analyse external market and thealter working style accordingly (Johnson, Christensen and Kagermann, 2008). This givespositive impact on performance of organisation. While starting new business, there isrequirement of collect information regarding external market. There are some challenges whichorganisation face in order to understand consumers because of change in external and internalfactor of organisation(De Massis and Kotlar, 2014). Some challenges are as under-Cash flow management- There is requirement of cash and capital through whichbusiness operations are conducted in better and effective manner. In order to run business ineffective and efficient manner, there is requirement to invest money ad then get outcome from it.2
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