Business Development Proposal: Research Reflection Report Analysis

This report presents a reflection on the research methodologies employed in a business development proposal, specifically focusing on event planning services. The author details the selection of qualitative research and an inductive approach, emphasizing the use of secondary sources like journals and articles to assess the viability of the business idea in Birgu, Malta. The report highlights the importance of literature review, incorporating various sources such as books, magazines, and online articles, while also discussing the knowledge gained regarding event planning services, financial planning, and market research. The author reflects on learning about different business models and research methodologies, including STP, business model canvas, and feasibility studies, emphasizing the application of these concepts in the context of the event industry.

BUSINESS DEVELOPMENT
PROPOSAL- RESEARCH
REFLECTION REPORT

Research Methods &
Processes
On basis of selecting research methodology, I did full assessment of each research type and approach
which is appropriate for getting right conclusion. There was presence of initial source of observation
for business development. It might be because of particular techniques as ineffectual compromising
the final selection of research processes. My mentor has helped me for selecting research process as I
came up with multiple reasonable explanation of methods to attain success in event industry. In the
similar aspect with context of this feasibility research, I have used qualitative research to ascertain the
viability of business. Furthermore, with reference to research approach I have chosen inductive
approach as with qualitative nature of research as data has been gathered, then pattern is observed and
then theory developed.
While with research design, there are two types of research design such as descriptive and
explanatory research whereas there is implication of descriptive research which handles research
problems along with execution of research according to criteria. Apart from this for getting in depth
information there is application of interpretivisim philosophy to analyse the viability of business idea.
I have assessed feasibility with reference to secondary source such as reliable sources like journals,
books and articles published on internet related to event management service statistics of Birgu in
Malta. The main reason behind selecting secondary sources is about availability of other sources and
might already used in past research as makes easier for carrying further research. This will lead to
save time and cost efficient as well which data was gathered through someone instead of researcher.
I discussed my research methodology to mentor by giving justification for selecting specific
study and even I was capable for evaluating each research methodology which helped to give
appropriate description. Simultaneously, I have presence of some evidence in report which directly
compliments related to my evaluating skills. I have also used basic knowledge related to
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methodologies as in rush I have performed the reasearch on the basis of a wide range of sources such
as internet, journals and previous literature on the similar topic which provide the knowledge
regarding collecting and analysing information for appropriate results. The most important point
about analysing data, thematic analysis has been used so in this aspect, each research methodology
was chosen to develop effective event services offered through Exhilarating event planners in market.
It was difficult for me to trace responses of numerous population so I took representative but
laid special focus on secondary research. On the top of that, I have done market and service feasibility
with reference and according to the nature of the bunsess through qulaititave and quantitative methods
and as well as with the secondary dats. With context to organizational feasibility, business would be
highly efficient to establish position in market and significant to resolve queries of people. So, in this
context, it might create capability to accomplish level of satisfaction in possibility of the best method.
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Literature & sources In the present report, I have considered various sources of literature as it refers to combination
of scholarly writing with reference to particular topic as I have implied peer viewed books, articles,
conference papers and dissertations. On basis of data collected from the research so that the various
methods and techniques through deploying the questionner and surveys of the data of literature as
featured to high level of detail and requirement of little time to published. I found that it has broadly
embodied every sources which are original as helps in offering first hand information which is closely
associated as object of study. In the similar order, there is evaluation of secondary sources of literature
with context of this research as it is a source which offers second hand and non- original data or
information. Generally, it is written about original data from the external sources which assisted me to
collect the relavnt information and data related to the topic of research. and these summaries stated in
magazines, text books, newspapers are replicated in secondary sources. In my opinion, secondary
sources of literature gives global description of outcomes with little details related to methodology
whereas it considers biographies and critical study as well.
The literature review is significant as it provides description of proposed research on basis of
initial research in statistics. It also replicated relevance and originality of entire study and gives
justification of this proposed methodology. With these sources, I have demonstrated preparedness for
completed this business development and spend lot of time because this has direct relationship with
accuracy. It is very essential to do appropriate literature as it create rapport with audience as with
outcome of credit related to due diligence. As outcome, more articles, books along with other listed
sources then presence of trustworthy scholarship along with expertise. The key is to stick for gist of
sources where source is synthesized and this will lead to avoid incidental plagiarism.
I have integrated broad range of sources like books, magazines, newspapers and online
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articles. In my opinion, I give high priority to textbooks as source to extract theories and models on
basis of event planning services. While researching, the respected authorities in this area along with
the latest editions. Malta is growing with various business and especially in event industry as recent
magazines are usually rich with help of scholarly articles and very effective source about the latest
trends along with development. In my opinion, reading industry magazines is most enjoyable part with
assumption that research area reflects area of professional and personal interests which could be any
ways case.
In the present generation, newspapers could be referred as important source of updated news
related latest events held in Malta. On the other hand, proportion of application of newspaper in
literature review is recommended less comparatively to alternative sources of these secondary data
like magazines and books because of facts that its articles has lack of depth discussion and analysis.
In the present scenario, online articles are replicated as most updated information especially
related to event held in Malta or throughout the world. This lead to extract online versions of above
sources as with context of reliability level; of online articles could be highly compromised depended
on source because of ease of high level which articles could be published. There are various opinions
stated in broad range of online discussion blogs which could not be used in literature review and
simultaneously, assessors of dissertation are not keen for appreciating references to this range of blogs
unless articles in blogs are cited with author with expertise authorities in event planning industry.
REFERENCES
Books and Journals
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Your Knowledge With consideration of this study, I have gained knowledge about ascertainment of event
planning services, personnel, operational functions along with financial planning of business. While,
doing market research about developing business in Birgu (Malta) I have formed innovative business
concept, feasibility research, development of business model and most essential in business plan. On
basis of business concept I have planned to launch the best event planning and managing services
which will be relevant to organising musical concert, wedding ceremony, musical concert, business
meetings, party planning, destination events etc. There will be facilitation of services with appropriate
decoration along with catering services at affordable rate.
Moreover, I have introduced value added services which will influence multiple technologies
and techniques that would assist business to up bring the best event program. With reference to
existence of window of opportunity for building share along with customer satisfaction in effective
manner. The most important area is related to feasibility is requirement of potential ambition should
be aligned with commercial viability. In this series, I have done industry feasibility of overall event
industry which should be analysed that it contains services appeal or its absence. I found that labour
cost is significant amount influencing and impacting bottom line of firm at certain extent.
The economic disruption, unpredictability on industry is referred as major barriers for making
smoother operations of business. I have observed that Malta's economy is raising at fast rate which is
good signal and company might gain advantage in form of profit margin. Furthermore, with reference
to service feasibility technology usage leads to create high demand among consumers because of
presence of tech-savy generation especially in event industry.
Undertaking financial feasibility, financial resources are to be managed in the best manner
along with optimum utilisation of resource could be made with adequate income sources and
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accounting of related expenses. In this context, I gained knowledge about requirements of working
capital as it could be termed as excess of current assets over current liabilities as management of
working capital is of vital importance with absence of ability to make up availability of funds as daily
operational needs could not be fulfilled.
I have undertaken knowledge about service and industry feasibility which proves overall
success must be attained through business. It has been observed that Maltese market is highly
beneficial for business with in low population along with grabbing of market share in quick aspect. In
my opinion, huge demand on services of event management are reflected in market which govern on
clear basis that this business would be capable for accomplishing desired sales along with adequate
position related to profitability.
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Your Learning This research has helped for extracting learning about various business models such as STP,
business model canvas and various areas of research such as feasibility, market and service. In this
aspect, I have attained high knowledge about adaption of appropriate research methodology for
extracting the right outcome and findings. I have attained information that process used for gathering
data and information with context of purpose to make business decisions. Thus, methodology might
include research publication, surveys and other research techniques along with both historical and
present information. To qualifying research, process should have certain characteristics with
possibilities should be systematic, rigorous, controlled, verifiable and valid, critical and empirical.
While, with use of STP model, segmentation in form of creating image in market for business
of event management and targeting by developing consumer base for every category such as adults,
old age clients and kids as well. I think that, this will directly lead to create memorable experience via
events among its guests and customers. Simultaneously, with positioning model, there is presence of
approach for creating unique identity in market. This made be learn for developing services via
marketing mix.
This study helped me to learn about business canvas model as it is useful for communicating to
clients that what business should do. This will lead to pull into special emphasis about what business
does along with its continuation and to attain success in the future. It helps to visualise about
significances and forces users for addressing key areas and helps in understanding relationships along
with reaching agreements. In the similar aspect, it offers concise tool for thinking via business and
keeping key points with high visibility as it has briefed itself in 11 elements which are key partners,
key activities, value proposition, customer relationships, core segments, customers segments, key
resources, channels, competitive strategy, cost structure and revenue streams.
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