Strategies to Enter New Markets: A Business Research Project

This research proposal outlines a project focused on identifying and analyzing strategies for businesses to enter new and emerging markets. The project aims to explore the conceptual framework of internationalization, evaluate the benefits and risks associated with global market expansion, and assess the significance of franchise strategies in establishing a business in a new market. The research will address specific questions regarding the conceptual framework of internationalization, risks and benefits of global market expansion, and the significance of franchise strategies. The study will utilize qualitative and quantitative research methods, including literature reviews and possibly case studies, to gather and analyze data. The proposal also includes a timeline of activities, research methodologies, and a Gantt chart to illustrate the project's progress. The student will examine literature sources to support their research question, objectives, and hypothesis.

Unit 11 - Research
Project (Part 1)

Research Proposal Form
Student Name: ______________________ Student ID: ____________
Centre Name: _____________________
Tutor: ________________ Date: ___________________
Unit: ____________________
Proposed Title: Strategies to enter into new market
Section One: Title, objective, responsibilities
Title or working title of the research project (in the form of a question, objective or
hypothesis)
Aim: To identify strategies employed by businesses to enter emerging markets: a study on Aston
Martin Lagonda
Introduction: When a company wants to grow and develop at global level they further decided
to tap into new marketplace or global market. Entering into new market an organization needs to
develop various strategies and polices which is helpful for them in entering into new market. This
is very helpful for company to expand their business operation into other nations and become
market leader. Through various strategies a company can effectively tap into emerging market
and sustain there for long term. Emerging into the new market will involve selling products and
services in the new country or region, or it could also include the target of new segment of
consumer. The implementation of new strategies of business development for accessing into new
market includes great deal of planning and research by the owner of business, employees and
executives of company. New emerging market lets the company to broaden their reach and
enhances their potential for selling the goods and services to wide range of consumers. By
enhanced sale an organization could boost bottom line of businesses. In order to ensure
successful business transition, the executives of organization requires developing several
strategies which can be further utilized for penetrating into new marketplace.
Research objectives (e.g what is the question you want to answer? What do you want to
learn how to do? What do you want to find out?):
Objectives:
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 To understand conceptual framework of internationalization
 To determine benefit and risk associated with global market expansion.
 To evaluate significance of franchise strategy in order to establish business in new market
successfully.
Questions:
 What are conceptual framework of the internationalization?
 What are risk and benefits that are related with expansion into global marketplace?
 What is the significance of franchise strategy for establishing business to successfully
tapping into new market.
Section Two: Reasons for choosing this research project
Reasons for choosing the project (e.g links to other subjects you are studying, personal interest,
future plans, knowledge/skills you want to improve, why the topic is important):
This is important for the business organization to grow and develop on regional, local and
international level. This is primary goal of the organization to improve their profit by targeting
large number of the customer on the international level (Symeonidou, Bruneel and Autio, 2017).
This topic is selected for the research because in current time it is primary objective of
organizations to grow on international level to improve their revenue. Many organizations are
looking for international opportunity to develop their business in new emerging market place
around the globe. This reason of selecting this topic is to gather specific data and information to
develop strategy that can help organization to expand their business in new market to occupy
larger audience base. This information and knowledge of international market will also helpful to
understand process of globalisation for a specific organization. Selection of this topic also will be
helpful to get better information about the concept of globalization that could be helpful to
develop professional and academic knowledge. This project also will be used to find future scope
for the organizations on the global level.
Section Three: Literature sources searched
Use of key literature sources to support your research question, objective or hypothesis:
As per the Clarke and Liesch, (2017) Emerging market economy are rapidly growing market
across the world. Thus, accompanying to the fast growth an organization needs to tap into
emerging market further. An company will require to have various strategies which is helpful for
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company to successfully establish themselves into the new marketplace. There are various
opportunities for an organization by tapping i8not new market they can successfully opt to have
huge growth and development further. The marketing research would be conducted by company
so that they can optimize that market efficiently before tapping into new marketplace. With the
help of target market research they will analyze everything about the market it will include
information on the potential consumer what are there needs and demands, what their consumer
feel and think, how organization's goods and services would fulfil their need and demands or not.
They will further include information related to the target market and competitor operating in that
market, and further organization are trying to enter into new market they need to develop
strategies as per through which they can easily tap into the marketplace.
As illustrated by Luo and Zheng, (2018) Internationalization states process of designing
goods n such a way that it can meet need of user in several countries or developing them as per to
gain this goals. Organization will take further steps for enhancing their footprints or capturing
great share of market outside country of the domicile through tapping into emerging or
international market. The trend in global corporate towards internationalization has been helping
and pushing the world economy into globalization, in which economies across world are hugely
interconnected with each other through cross-border commerce. There are many factors which
encourages organizations to strive further for internationalization. It is will often lead to the
internationalization of product by selling the product through multi-national organization will
often utilized in multiple country. There are various methods which will be further utilized by
companies for tapping into new market. With the help of these methods and strategies a company
can easily enter into the new market and successfully implement their business activities there
and get successful further.
According to the Horner, Baack and Baack, (2016) For entering into the new market an
organization will require some measure and policies though which they can sustain in market for
long term and immensely earn huge revenue and profit there. There are many benefits and risk
which are associated with the expansion of companies to the global marketplace. By expanding
into the global market most huge advantage can be opted by companies. First advantages of
global expansion is that company will access to the new market. Once a company has
successfully established there business in home country then further they will be need to expand
into the international market. With access to the new market, business gains a potential for
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building new base of consumer for company's product and services. By expanding into the
international and emerging market organization had an opportunity for accessing through wide
pool of talented and potential employees with unique set of skills. Thus, local talent will be
helpful for company to sustain and perform their job well. The biggest advantage of entering into
international market is that business growth will significantly enhance. As entering into the
oversea market will let business to grow fastly. Moving towards new market will help companies
to reach new consumers and perform their business activities there. Expanding into abroad allows
companies to get out of saturated market and standing out ahead from competition. By expanding
global an organization can serve their international clients effectively. As setting up the business
into new nation will unable businesses to cut their operational cost as they will be hiring the local
employees who will be knowing local language and customs who can easily serve the clients
with same zone of timing without any complication. So the company can easily reach wide range
of international audience.
As per the view of Johnson, (2016) Along with the several benefits there are some risk
also which are associated with the business while tapping into the global marketplace. If an
organization is planning to explore themselves not global market they will require building
infrastructure, setting entity of business and paying local employees could be costly and this is
very time-consuming process as well. As each of the country has their own law and regulation so
for understanding this they will require hiring lawyer, accountant and HR expert in this context.
Along with that ongoing cost will also be needed by company for running business significantly.
Each country had different culture and operation of business, and so they render some challenges
as well. Before expanding into the country businesses need to understand the culture of that
place, and for that they can take training for such. Sometime language can also be barrier to the
business operation and so it must be understood by the company so that they can have smooth
transition of exploring into emerging marketplace. For hiring the new talent to company at global
level they will need to have new level of the HR administration and support. If they will not be
hiring such they could not know about the country's employment and business regulation and
thus they could have a serious legal obligation to the company in favour of that. There are many
risk factors which can be faced by company while exploring into the global business market
further.
As illustrated by de Almeida and Tarabal, (2020) There are many strategies which can be
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utilized by companies for expanding into the global market. Some majorly used strategies for
tapping into new market are franchising, import and export, partnership, joint venture etc. The
most popular and easy mode of tapping into new market is franchising. It is the business strategy
for keeping and getting consumers. Franchise is system of marketing for developing image of
company in the minds of future and current consumer that how effectively goods and service of
organization is helpful to them. It is network of interdependent relationship with business which
let individual to share brand identification, method of the successful business and proven
distribution & marketing system. Franchising is strategic alliance among group of individual who
had establishes particular responsibilities and relationship through common goal towards
dominate market for keeping more consumers than competitors. It is helpful and most commonly
used business strategy a company can render their companies franchise to the other company and
let them to perform their business activity. They can have huge profit and revenue by offering
franchise to the other companies across the world. They will not need to any business and capital
for establishing the new business they can offer franchise to the other business and guide them
how they can operate business through their business model and thus they can have share of
profit with that company and further can continue there business activity in several countries.
Thus, they will also no need to hire any employers, no market research and infrastructure to be
rendered by company. It saves time and cost both of the company and will also let them to earn
revenue and profit from such franchise.
Section Four: Activities and timescales
Activities to be carried out during the research project (e.g research, development and
analysis of ideas, writing, data collection, numerical analysis, tutor meetings, production of
final outcome, evaluation, writing the report):
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Milestone one: _________________
Target date (set by tutor): ____________________
Milestone two: _______________________
Target date (set by tutor): ______________________
Gantt Chart
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Section Five: Research approach and methodologies
What type of research approach and methodologies are you likely to use and why? What
your areas of research will cover:
To complete this research project some processes and specific methods of data collection
and data analysis will be used. This is important to select right approach to maintain the
relevance of the research work for target audience. The methods and approaches that will be used
in the research project are-
Research Type
In the research there are mostly two type of research types are used which are qualitative
data and quantitative data. The selection of particular research type is depended on the type of
Topic, problem or situation is considered for research work. The qualitative research type is
known are research type where non numerical data is collected from different sources. The data
collected in this type of result is mainly based on observation and scientific methods. The other
research type that is used in research project is quantitative research (Quinlan, Babin, Carr and
Griffin, 2019). In quantitative research type mainly numerical data is used to meet the aims and
objective of research project. For this research project qualitative research type is used where
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information regarding business expansion. Qualitative research type will be used in this project
because it can help the collect data based on observation of globalisation of an organization for
business growth. This research type will provide help to collect effective data related to topic.
Research design
The research design is a framework or techniques that are used to perform complete
research work. The research design also can explains how the whole research process will be
completed. There are different research designs are used in the research project. Selection of
research design is based on objective of the research data. Mainly researcher uses descriptive,
exploratory and casual research design (Gray, 2019). The descriptive research design is part of
conclusive research. The descriptive research design describes the specific elements and detailed
information about the specific condition of situation. The casual research design is known as
study the cause and effect relationship. For this research work exploratory research design will be
used. This approach will provide general insight of project aim. This approach will be selected
because it does not required to have specific data and result to develop information about the
topic.
Research approach
Research approach can be consider as the process of complete plan that will be followed
in the project. In the research approach step to step procedure for research conduction will be
formed in order to keep the research project according to the aim and objectives. In research
project different approaches can be used that can help to complete research with high
effectiveness. Main research approaches that are use in research project are- inductive and
deductive research approach. In the inductive research approach known promises are used to
generate untested conclusion for the research project. Collected data is used to study particular
phenomenon of concept. In the deductive research approach collected data is used to evaluate
proposition or hypothesis that is based on particular theory (Christ, 2017). In this research project
inductive research approach will be used because this will be focused on bottom to top approach
and it will also help to understand the dynamics and robustness and focus on individual
behaviour in research project. This will improve the effectiveness of research project.
Research philosophy
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The research philosophy also can be consider as the philosophy of research which they
will be using in the conduction of the research work. It also can be related to the perception of
mindset that will be used to perform the research work. The relevance of the research project and
data is based on the philosophy of researcher. Different research philosophies are used in the
research project which are- Positivism, interpretivism and realism. Each research philosophy is
specifically used for particular type of research work. In the positivism high structured large
samples are used with qualitative data. In interpretivism research elements of the research are
interpreted with in the research project (Lariviere and Kandampully, 2019). In realism research
philosophy specific methods and models are used which are suitable to the situation that is
addressed with in the research project. In this research project interpretivism research philosophy
will be used to interpret the data that will be collected from different sources.
Sampling
Sampling is a process where specific principles are used to select people who will be
involved in the research process. The people who are consider for data collection reflect the
generalized thinking and opinion of large audience. There are different process of sampling are
used for the selection if people for data collection process. Mainly probability and non
probability sampling. In this research process probability sampling is used. In this sampling
technique where the participants are considered as probable sample that can be selected on
random or predefined process. In this research work simple random sampling will be used. In
simple random sampling each probable sample have equal chance to get selected for the research
project. By this process 50 random people will be selected from organization to collect data
related to research topic (Boothroyd, 2020). This process of sampling will be used for the
research to prevent the biased data collection and influence of various element on the people who
will be included in research process. This will also help to improve the relevance and accuracy of
data.
Data collection
Data collection is process where various type of information and data is collected from
different sources that are related to the particular research topic. In the data collection process
different sources of information are used. The approaches of data collection are categorised on
the basis of type of sources that are included in the data collection process. Mainly in research
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project primary and secondary data collection processes are used. In the primary data collection
process interviews and surveys are used to collected data from selected targets. In secondary data
collection process various articles, journals and books are used for data collection which are
published by different authors. In this research work both primary and secondary data collection
approaches will be used (Rosenthal, 2016). The primary data collection will help to improve the
accuracy and precision of the data. The secondary data collection process will help to reduce the
cost and time taken for research project. This process of data collection will also help to analyse
large size data with minimum cost and short time.
Data analysis
In a research project different type of primary and secondary data will be considered in
the research process. To analyse data which is collected in the data collection process different
tools and techniques are used. In this research project qualitative data will be collected from
different primary and secondary sources (Skinner and Engelberg, 2018). To analyse this data,
thematic analysis technique will be used to develop better understanding of research topic.
Thematic analysis is one of the best process to analyse qualitative data. It can help to analyse data
and information form wide perspective.
Ethical considerations
Some ethical consideration will be followed in the research process to make it more
relevant and accurate form different perspectives. To keep the research project ethically right no
participants will be harmed during the research process. All respect and dignity will be
maintained to the people who will be included n the research process. All the consideration for
data protection and data security will be followed in order to keep personal data and information
of respondent safe and private (Roig-Tierno, Huarng and Ribeiro-Soriano, 2017). This will how
ethical consideration will be followed in the research process.
Comments and agreement from tutor
Comments (optional):
I confirm that the project is not work which has been or will be submitted for another
qualification and is appropriate.
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