Research Project: Globalization's Impact on Business Success (BTEC)

This research project investigates how globalization drives business success, focusing on the finance and accountancy sector, with Legal & General Plc as a case study. The report begins with an introduction outlining the research's aim to analyze how globalization maximizes profits. It includes a detailed research proposal with objectives, research questions, and rationale, followed by a literature review exploring the influence of globalization on profit maximization, overall performance, and the key factors driving success. The research methodology, including qualitative research design, exploratory research approach, and interpretivism philosophy, is described. The study utilizes both primary and secondary data collection methods, including questionnaires and literature review. The report details the research time plan, examines research methods, addresses costs, access, and ethical issues, and outlines data analysis techniques. The project also considers alternative research methodologies and concludes with recommendations for Legal & General Plc on how to enhance performance and leverage globalization for greater success. The report includes a table of contents, references, and appendices.

RESEARCH PROJECT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
P1 Producing research proposal for the project defining aim and objectives of research
supported by literature review.....................................................................................................1
Research Proposal.......................................................................................................................1
Rationale of the Research............................................................................................................2
Literature Review........................................................................................................................2
Research Methodology...............................................................................................................4
Research Time Plan....................................................................................................................5
P2 Examining research methods and approaches for primary and secondary research..............6
P3 Conducting primary and secondary research by considering costs, access and ethical issues
.....................................................................................................................................................7
P4 Applying appropriate analytical tools and research findings.................................................8
P5 Communicating outcome of research to audience.................................................................9
P6 Reflect on effectiveness of research methods applied in research study.............................22
P7 Considering alternative research methodologies in view of the outcomes..........................23
RECOMMENDATIONS...............................................................................................................24
CONCLUSION..............................................................................................................................24
REFERENCES..............................................................................................................................26
APPENDIX....................................................................................................................................28
Research Proposal Form...........................................................................................................28
Research Ethics approval form.................................................................................................34

INTRODUCTION
Globalization has influenced business as international trade has become possible.
Through globalization, business is able to attain higher profits but at the same time, challenges
are also evolved by expanding internationally. Present research study deals with the aim to
analyse how globalization drives business success in maximizing profits in accountancy and
finance sector by taking Legal & General Plc which is oldest and largest organisation in financial
services' sector based in the UK. Research proposal will be formulated in which objectives, aim,
research questions and rationale will be discussed. Review of literature will be supported with
the study and research methodology will be conducted. Research time plan will be made
showing when will project be completed.
Furthermore, secondary and primary sources will be used for getting research results.
Data analysis will be done and then communicated to intended audience. Reflection upon
effectiveness of research methods applied will be provided. Moreover, alternative research
methodologies that could have been implemented in view of outcomes will be enumerated.
Lastly recommendations will be imparted to Legal & General Plc on how it can enhance its
performance and attain more benefits of globalization for elevating towards success.
Topic- How globalization drives business success
P1 Producing research proposal for the project defining aim and objectives of research supported
by literature review
Research Proposal
Aim
“To analyse how globalization drives business success in maximizing profits in
accountancy and finance sector- A study on Legal & General Plc”
Objectives
 To assess the ongoing trend in accountancy and finance sector in the UK
 To analyse the influence of globalization in maximizing profits of Legal & General Plc
 To ascertain importance of globalization in enhancing overall performance of Legal &
General Plc in the market
 To recommend ways through which profits can be maximised of Legal & General Plc
1

Research Questions
Q1. What are the factors of globalization driving success of Legal & General Plc?
Q2. What is the importance of globalization to Legal & General Plc in the market?
Q3. Do globalization helps Legal & General Plc to maximize its profits?
Rationale of the Research
The main purpose of selecting globalization topic is that companies in recent times are
able to accomplish desired performance by accessing to global markets. Legal & General Plc is a
giant financial services company headquartered in the UK having multinational operations
worldwide. Reason for choosing the study is that how globalization is helping in attaining
success of organisation and how profits are maximized of the company (Claudiu. 2012). Another
reason for conducting this research is to analyse importance of globalization in increasing profits
in the best manner possible. The study will give useful insight for attaining the factors of
globalization driving success of Legal & General Plc.
Literature Review
Theme 1- Influence of globalization in maximizing profits
As per the views of Taylor (2017), globalization has been the key for businesses in
accomplishing desired profits by enlarging their scale of operations in worldwide. The customer
base has also raised and diversified needs are adequately met as wide choice of products and
services are being provided to them. Finance and accountancy sector has to focus on individual
client's needs and expectation which provides them clarity as to what financial products or
services are to be offered to intended customers. By meeting of individuals, company can easily
attain sales which is main driving factor of globalization. Needs of clients are to adhered by
business so that it may be able to elevate towards success and attain higher growth in the
international market by satisfying them with their ever-changing demand.
Schmukler and Abraham (2017) argued that globalization has increased demands and
needs of customers. They are demanding new insurance covers, life insurance with wide variety
of term periods and investment management. These wide range of demands are driving factor of
globalization and have to met by organisations for achieving maximum sales. Globalization has
effectively enhanced the way of doing business. This is because with the help of international
2

trade being possible, financial services are greatly in demand by individuals as they want to
invest in insurance schemes for gaining mutual benefits. Due to this, globalization has changed
the demand and needs of customers as varying schemes are demanded by them. Businesses have
to adapt to change in order to attain healthy growth in the market and outreach competitors. By
incorporating well-mannered strategies and providing innovate financial products, customers can
be gained and profits can be maximised.
Theme 2- Importance of globalization in enhancing overall performance
According to Steger (2017), globalization has benefited the financial system in the
economy which has automatically influenced industry and company as a whole. The
technological advancement in financial services is useful for customers from which they can
choose array of products as per their choice. Capital flows have become positive leading to
provide immense benefits to entire UK economy and attain balance of payment. This means that
by stabilising finance and accountancy services sector, overall performance of economy and
company gets maximized. Cross-border trade is the biggest advantage of globalization which has
helped businesses in attainment of more customers. It has automatically led to earn higher
market share in effectual manner. Access to new markets not yet exploited becomes
advantageous for business so as to earn profits by searching for customers across the globe.
Wuebker, Baumgarten and Koderisch (2017) says that finance and accountancy sector
has reached to higher heights with the help of globalization. Wide reach to customers in
international market has imparted healthy profits to company leading to enhance overall
performance in the best way possible. Moreover, various financial products or services are being
offered to customers through which they are attracting to avail services and become loyal
towards organisation. Importance of globalization has lead to increase performance of corporates
in terms of profits and customer base. The labour can be accessed at a cheaper prices which is
another importance of globalization in enhancing overall performance of company. Off-shoring
and outsourcing allow organisations to hire employees in foreign countries where labour rates
may be lower in comparison to business' home nation. This leads to decrease costs and increase
benefits for firm leading to adequate profits.
Theme 3- Factors of globalization driving success of businesses
3

According to Wan and et.al. (2016), major factor of globalization is technological change
which is the main reason behind influence of business to get in touch with customers quite
effectually. It means that insurance schemes being operated by financial services organisations
can gain benefit by utilising internet by registering on desired scheme from pool of insurance
covers. This provides company with access to international customers through the internet-
enabled services. It is quite useful for business as it has reduced cost of transmission and
information can be communicated with ease. However, Dwyer (2015) says that economies of
scale is accomplished in financial services' sector. If Minimum Efficient Scale (MES) is rising at
a rapid rate, domestic market may be identified as too small for satisfying selling needs of this
industry. In addition to this, saving in costs are gained by an increase in production level.
As per the views of Najam, Runnalls and Halle (2016), tariff policies are being reduced
which signifies that less protectionism is being enabled. In the past, import licensing and foreign
exchange controls have slowly been dismantled. Import tariff levels have constantly fallen. This
means that due to globalization, firms are able to gain more trade possible in countries where
government has lifted strict regulations for protecting domestic markets from foreign
competition. Furthermore, businesses are free to enter into financial services international market
with fewer tariffs being applied to foreign businesses. The factor of globalization has benefited
organisations in accomplishment of healthy profits and gain higher market share globally. The
globalization paves the way for minimising costs and maximising profits in the best way
possible. This has provided organisations with healthy benefits in terms of overall performance.
Research Methodology
Research Type-
The present research will be conducted by taking qualitative research type (Silverman,
2016). It will be appropriate to take in order to analyse driving factors of globalization in success
of Legal & General Plc in maximising profits.
Research Design-
There are two types of research design such as exploratory and descriptive. In present
research, exploratory research design will be chosen for exploring variables of globalization that
drives business success in effective manner.
4

Research Approach-
There are two widely used research approaches such as inductive and deductive. Present
research will be conducted by using inductive research which will help in analysing factors of
globalization that leads business towards success quite effectually.
Research Philosophy-
The research philosophy has basically two types such as positivism and interpretivism. In
current study, researcher will be use interpretivism philosophy which will help in identifying
theoretical framework regarding globalization with ease (Marczyk, DeMatteo and Festinger,
2017).
Sampling-
The simple random sampling method will be used by circulating questionnaire to 30
managers of Legal & General Plc as respondents. The viewpoints of 30 respondents will be used
so that research may be conducted in appropriate manner.
Data Collection-
There are two widely used sources such as primary and secondary used by scholar. Both
the sources will be used by the scholar in present research. For primary source, questionnaire
will be provided to respondents for getting their viewpoints. While, for secondary one, books,
journals, articles on the internet will be used.
Data Analysis-
The data analysis is another important element after data has been gathered (Walliman,
2017). In current research, thematic analysis will be used for carrying out data results in a better
manner. Themes will be produced on the basis of questionnaire and this will help in interpreting
results.
Research Time Plan
Activities (in
weeks) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Research
Proposal
5

formulation
Devising aim
and objectives
Research
Rationale
Implementing
appropriate
research
methodologies
Data collection
through
primary and
secondary
sources
Examine data
Interpreting
data collected
Conclusion and
recommendatio
ns
Submitting
draft
Modifying
report as per
feedback
Final
submission of
report
6

P2 Examining research methods and approaches for primary and secondary research
The research methods are to be applied so that researcher may easily conduct qualitative
research in the best manner possible. There are two sources of data from where information can
be gathered. These are primary and secondary. Primary data is first-hand data as researcher take
data through observations, circulating questionnaire or conducting survey for the purpose of
research. In relation to this, scholar has used questionnaire method of collecting primary data
from the respondents in a better manner.
Secondary research or source is termed as second-hand data as it was being collected by
researcher for some other purpose. If such matches with current research purpose, then it can be
used for applying support to research and attain concrete results (Kumar, 2019). For attaining
this, researcher has used books, journals, scholarly articles, articles on the internet from reliable
sources etc. This means that researcher can easily use both primary and secondary source of data
for accomplishing desired results.
P3 Conducting primary and secondary research by considering costs, access and ethical issues
Costs-
The cost in research study has to be incurred in order to complete research in short run. It
often includes facilities or indirect costs, compliance with laws etc. Moreover, it also includes
travelling expenses, stationery costs. However, conducting qualitative research seems to be
adequate for research into how globalization drives success of Legal & General Plc for
maximising its profits in accountancy sector. Further, low research costs are incurred as
qualitative research is cost-effective in comparison to quantitative one.
Access-
Access can be defined in the research that appropriate academic practices are taken for
conducting research in the best way possible. It means that researcher has taken all measures for
not to harm any sentiments of participants of research in conducting the same (Osborne and
Luoma, 2018). Moreover, proper permission or consent has been taken from them. They were
not forced to provide their viewpoints and no biasness was applied. Hence, access consideration
was taken into account by researcher.
Ethical issues-
7

The ethical issues are to be taken into consideration so that research may be conducted
with proper involvement of participants and no harm is done to them (Standing and Standing,
2018). Informed consent has been taken from respondents and they are not forced to answer the
questionnaire. Moreover, with written consent, participants have provided their viewpoints and
research has been conducted quite effectually.
P4 Applying appropriate analytical tools and research findings
Research Type-
The research type is consisted of two such as quantitative and qualitative. It can be
ascertained that for present study, qualitative research has been selected (Ledford and Gast,
2018). It is helpful because research can be undertaken by focusing on qualitative aspect that
how globalization drives business success for maximising profits in accountancy and financial
sector. This means that researcher is able to accomplish how globalization leads to success of
Legal & General Plc.
Research Design-
The research design provides overall schema of research study. It provides direction to
scholar for getting into research so that research may be executed in a better manner. There are
two types of research design out of which mainly used are exploratory and descriptive. In current
research, exploratory research design has been selected by scholar. This helps to ascertain
variables of study and to explore the same for study.
Research Approach-
Research approach is mainly of two types such as inductive and deductive approach. In
current research, researcher has used inductive research as study is of qualitative nature. It means
that with the help of inductive research, observation is taken and after that theories are proposed
at the end of research process (Quinlan and et.al., 2019). It helps scholar to effectively attain
appropriate conclusion of research in the best way possible.
Research Philosophy-
It is of mainly two types such as interpretivism and positivism. In current research,
interpretivism philosophy has been taken which helps to interpret data collected through
interviews, observation or questionnaire. Meaning usually arrives at the end of research process
8

in interpretivism philosophy (Bilau, Witt and Lill, 2018). Thus, interpretivism has used to
emerge how globalization drives Legal & General Plc towards maximising profits.
Sampling-
The sampling is required as data cannot be collected from entire population because it is
a time-consuming affair. For overcoming this, researcher has chosen simple random sampling
method by providing questionnaire to 30 managers which are respondents for the research. By
gathering their viewpoints, scholar can easily ascertain how globalization helps Legal & General
Plc to attain success and leads to increase in profits. Thus, simple random sampling technique
has been chosen for research purpose.
Data Collection-
The data collection is required for the research so that scholar may collect useful
information for accomplishing aim and objectives of study (Liamputtong, 2018). For present
research, both primary and secondary research has been undertaken by researcher. Questionnaire
are being provided to the participants or respondents. On the other hand, books, journals, articles
on internet have been used for serving secondary source.
Data Analysis-
The data analysis is another useful element of research methodology. It means that after
data collection, it has to be analysed for drawing meaningful conclusion. It can be said that
researcher has used thematic analysis on the basis which themes are prepared from questionnaire.
With the help of this analysis, concrete results are ascertained by scholar.
P5 Communicating outcome of research to audience
Data Analysis
Questionnaire
Name-
Age-
Gender-
Demographic profile-
9

Q1. Do you think that globalization leads to positively impact Legal & General Plc towards
success?
 Yes
 No
Q2. Among following benefits, which is most applicable to Legal & General Plc due to
globalization?
 Increase in profits
 Maximum productivity
 Increased customer base
 Maximised market share
Q3. Do you agree that cross-border trade has benefited Legal & General Plc to its maximise
profits?
 Strongly Agree
 Agree
 Strongly Disagree
 Disagree
Q4. Do you agree that globalization has lead to lower down costs of financial services of Legal
& General Plc?
 Strongly Agree
 Agree
 Strongly Disagree
 Disagree
Q5. Do you think that by globalization investment and asset management business of Legal &
General Plc has elevated?
 Strongly Agree
10