Impact of Social Media on Business Performance: A Case Study of Thomas Cook

Research project
Impact of social media on the company business: A case study of
Thomas Cook.
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Contents
Introduction......................................................................................................................................3
Task 1...............................................................................................................................................4
1.1 Formulate and record possible research project outline specifications..................................4
1.2 Identify the factors that contribute to the process of research project selection....................6
1.3 Undertake a critical review of key references........................................................................8
1.4 Produce a research project specification................................................................................9
1.5 Provide an appropriate plan and procedures for the agreed research specifications............11
Task 2.............................................................................................................................................13
2.1. Match resources efficiently to the research question or hypothesis....................................13
2.2. Undertake the proposed research investigation in accordance with the agreed specification
and procedures...........................................................................................................................14
2.3. Record and collate relevant data where appropriate...........................................................16
Task 3.............................................................................................................................................17
3.1. Use appropriate ‘research evaluation techniques’. Which types of evaluation (formative or
summative) is more appropriate for your research? Why?........................................................17
3.2. Interpret and analyze the results in terms of the original research specification................18
3.3. Make recommendations and justify areas for further consideration...................................28
Task 4.............................................................................................................................................29
4.1. Use an agreed format and appropriate media to present the outcomes of the research to an
audience.....................................................................................................................................29
Conclusion.....................................................................................................................................30
References......................................................................................................................................31
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Introduction
The project report elaborates on the systematic procedure of the specification related to the
conduct of the research so that it can assist the sector of travel and tourism in making appropriate
and suitable decisions in relation to the impact of social media on the company business, a case
study of Thomas Cook. In addition, the project report provides for the various factors that can
assist the researcher in making a proper contribution to the research project selection. Apart from
that, the researcher project report provides a proper plan and procedure in relation to the conduct
of the research so that the concerned sector can make appropriate and suitable steps in order to
manage the changes prevailing in the market environment. Besides the project report addresses
the efficient and effective utilization of the resources so that the research can be conducted
without any barrier. The report also provides for the appropriate methods and techniques for the
collection of the data so that the outcome generated can serve the purpose in an effective and
enhanced manner. The entire project report provides includes various recommendations and
suggestion so that the researcher can gather a useful outcome thereby leading to better and
successful position of Thomas Cook in the market and as such attain the goals and objectives for
which the research is conducted.
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Task 1
1.1 Formulate and record possible research project outline specifications.
Aims of the research
The main aim of the research work is to understand and have a deep knowledge of the impact of
the technology on the sector of travel and tourism so that to elaborate on the process of the
decision making. In addition, the research project work aims to have better and deep knowledge
on the changes in the environment so that to manage the operations of the concerned sector
effectively and efficiently.
Objectives of the Research
 To understand the changes and impact of the market condition in the operations of the sector
related to the Thomas Cook.
 To have a brief understanding of the impact of the technology on the sector of travel and
tourism.
 To focus on the areas that can support the concerned sector in enhancing the level of
operations so that to have a better position in the market.
 To ensure suitable changes in conforming to the changing environment (Udoh & Inuwa,
2016).
 To gain in-depth study on the functioning of the travel and tourism sector.
Research question
What is the impact of social media on the business performance of Thomas Cook?
Rationale of selection
The basic and prime reason for the research is to understand the impact of the technology on the
operations and functioning of the travel and tourism sector so as to adopt and implement
necessary and required changes in the working so that the objectives and the aims of the research
can be effectively achieved (Ada & Ghaffarzadeh, 2015). Apart, the outcome generated from the
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research work will assist in the decision making of the consumer as well as all the parties
associated with the concerned sector.
Resource Implications
In order to the process of the research work, there are various resources that are involved such as
physical, financial and human resources that can assist the researcher in conducting the
operations and functions in a better way. As such it becomes crucial that the researcher have
proper control and management of the various resources (Udoh & Inuwa, 2016).
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1.2 Identify the factors that contribute to the process of research project selection.
To prepare a research project, it is very important to consider various factors so that it can be
understandable to every user. Thus, it is important to gain an in-depth understanding of the
general content of a research project.
The basic factors that contribute to the process of research project selection are listed below:
Objectives of the research: The basic and foremost factor that needs to be considered is the
objective of the research for which research is going to be conducted. Ignoring research
objectives will render the research project useless. It is very important to have a clear
understanding so that all the team members work to fulfil research objectives. For the better
understanding, it is important to prepare a planning document and it needs to be circulated to all
the team members.
Resources available: While formulating and designing the research project selection, resources
available with the research team needs to be considered in order that research objectives can be
accomplished and achieved. Many times, researcher face situation regarding scarcity of the
resources (Sriratanaviriyakul, et. al., 2013). These resources create a barrier to achieving the
research objectives and goals. This is why these resources need to be organized and managed in
a suitable manner.
Time span: Time constraint is another factor that needs to be considered while formulating and
designing research project. Every research project has a specified time limit within which it
needs to be completed. All the resources need to be managed in such a manner so that it can be
completed within the specified time limit or time span (Rahi, 2017). Noncompletion of the
research work within the specified time is of no use. Thus it is very important to conduct the
research work and it is inadvisable to extend the research project unnecessarily.
The composition of the research team: The research team consists of various team members
with distinct qualifications and experience (Alshenqeeti, 2014). Keeping this thing into
consideration, the work needs to be allocated and distributed according to the qualifications of
the project team members. The composition of the research team should be designed in such a
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manner that all the team members assist in the conduction of the research work and study in an
organized manner. This will assist the researcher in the attainment of value outcome and also
assist in ensuring that the activities are properly conducted and managed.
Cost constraint: Every research needs to be conducted within a specified cost budget. This is
because there is cost constraint involved in every research study. For this purpose, a proper
budget needs to be prepared to depict the cost budget for each and every phase of the research
work (Ragupathi & Prabu, 2015). Besides, previous research work also plays a major and
dominant role in the determination and fixation of the budget. Completion of the research work
with over budgeted cost will be of no use as it will be of no use. Incurring excessive cost can
arise due to wring preparation of budget or a hike in relevant cost.
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1.3 Undertake a critical review of key references
In words of Ragupathi & Prabu, (2015) with the changing scenario in the market environment,
the role of technology is highly impactful that can lead to great changes in the normal and
smooth functioning of any form of organization. Technology is the factor that can affect the
business working in a great manner and as such can affect the position of the concerned sector in
a great and adverse manner. The author in this regard elaborates that the travel and tourism
sector should with the changing needs of the market in respect of technology so that a strong
position can be occupied in the market.
The author further extends that adoption and implementation of the social media will enhance the
process needs of the concerned sector on the basis of various substituted elements and resources.
Apart from that, the author addresses that the new and advanced features will ensure the
concerned sector to bring and implement necessary changes in the operations so that
effectiveness and efficiency can be attained. Moreover, the author provided for the process of
globalization that provides for the emergent needs in the advancement of the technology to gain
a successful position worldwide (Nowduri, 2015).
Besides from the above facts the author tends to provide deep focus on the advantages of the
technology in the concerned sector that is enhancing elaborated knowledge among the
customers, reduction in the factors of cost, better sharing of the information so that the customers
can have knowledge of the operations of the concerned sector leading to better transparency of
the operations (Omotayo, 2015). Further provided, the author provided focus on the fact that the
factor of technology can assist the travel and tourism sector in gaining better and enhanced
opportunities, flexibility in the work operations, awareness, enhanced promotion campaigns etc.
The author as such suggested that the concerned sector must focus on the technology factor so
that better decisions in relation to the consumer can be made.
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