Research Reflection Report on Business Plan
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Added on 2020-05-08
Research Reflection Report on Business Plan
Added on 2020-05-08
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Student name: Student ID number: RESEARCHREFLECTIONREPORT(should contain thedetails given below)Please type your responses in the spaces below:Marks availableResearch Methods &ProcessesHow and why have you chosen/decided on the research methods and processes which you are using/have used for the development of your Major Project? How would you describethese to: 1) a reader of your MajorProject and/or 2) a future employer In this business plan, I have used the mixed method,both primary and secondary data collectiontechniques. In order to collect the data, I have usedpositivism philosophy, descriptive design anddeductive approach. In order to collect the secondarydata, I have used existing journals, books, articles,websites and Bangladesh government's reports. I haveused secondary data because these data are alreadypresent and are valid. Secondary data can be obtainedrapidly and it provides insight into more formalresearch. In order to collect the restaurant industryinformation, secondary research provided me help. Onthe other side, I have also conducted a survey to 100Dhaka based people who are regular visitors torestaurants in Dhaka. This survey provided meinsights on customers' mind and preferences directly. Ihave made 10 close-ended questionnaires based onpreferences and prices of the restaurants' foods. Thecollected data have been analysed through quantitativeanalysis. The research methods were a questionnairefor primary and thematic analysis of secondary data.
(max. 275 words)A reader could find the industry data in the businessplan and current growth of the restaurant industrywhat I have gained through secondary data analysis.This business plan contains specific information aboutcustomers' insights, which I have found through asurvey. I have followed Research Onion in order tocollect the data and each of the layers of Onion hasbeen followed specifically. In order to conduct thisproject, I have learned about the quantitative andqualitative research methods and I have utilised theseboth in this project. The future employer in therestaurant industry can find the research data helpfulas this contains the core insight and condition ofrestaurant and research process has followed all legaland ethical norms. Literature &sources 1) What are the most important theories/I literature sources /evidence sources which you are using to justify your research and Are you Major Project?2) Why are these sourcesimportant And fundamental to yourwork? (max. 275 words)In this Major Project, I have utilised the variousliterature sources from internet and I have accessedthese as pdf to read these all. I have taken help ofuniversity library to access the sources. In addition, Ihave utilised various theories and models of businessin this project to analyze the condition of restaurantthat is going to open in Dhaka. I have used SWOTanalysis that provided help in understanding thestrengths, weaknesses, opportunities and threats of thestart-up. Moreover, I have used PEST analysis thatgave me a picture of the external environment ofrestaurant and beverage industry in Dhaka,Bangladesh. I have also used the Ansoff Matrix, inorder to recognise the market entry plan of therestaurant as the restaurant needs to penetrate themarket to develop the market. In addition, in thisproject, value chain model has also been described inorder to understand the process of receiving the raw
material and making of finished goods. VRIO modelhas been described in this project to describe thecompetitive advantage of the restaurant and resources.Business canvas model has also been described toprovide the picture of strategic management. The literature sources that have been used are wideranged and vivid. These sources are the fundamentalpillar of the project. These sources provide thebackbone of information with theoretical standpointwith relevant statistics. These sources have given mean idea of the market condition and strategies that thecompetitors follow in the market. In addition,scholarly articles have been reviewed to gain theknowledge of market and starting process ofrestaurant that would be environmentally friendly. Theliterature sources provide an up-to-date understandingof the subject and provide comparisons for thefindings.Your Knowledge What key areas of knowledge haveyou gained from undertaking your Research and the Major Project? Indicate why these are soimportant To you? (max. 200 words)I have gained the knowledge about Bangladeshrestaurant market and economy and I tried to thinkfrom the audiences' perspectives while I was doing theresearch. Secondly, I have gained the informationabout competitors' role prior opening of business asBangladesh has a competitive market in the restaurantindustry. Thirdly, I mainly focused on the opportunityfor the business and apply the strategy on businessmodels. Fourth, making a budget for start-up wasnever an easy task for me; however, I put attention onoverall details. Fifth, I also make the marketing planfor the restaurant that is going to open at Dhaka andthis was a fantastic experience for me to drafting the
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