Research Reflection Report: Business Plan Development, MBA Program

This report reflects on the research methods and processes employed in developing a business plan, covering data collection, analysis, and the application of relevant theories. The student discusses the selection of primary and secondary data collection methods, including surveys and interviews, and explains the use of an inductive approach for data analysis. The importance of market trends, consumer demand, and the Business Model Canvas (BMC) model are highlighted. The report details the key areas of knowledge gained, including effective time management, problem-solving, and the ability to analyze business situations. The student also addresses the challenges encountered during the research process, particularly in data collection and the segmentation of the target market, and discusses the importance of critical thinking and effective communication. The report emphasizes the value of market research in identifying business opportunities and the overall development of a successful business plan.

RESEARCH
REFLECTION REPORT
(should contain the details given
below) Please type your responses in the spaces below:
Marks
available
Research Methods &Processes
How 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 describe these to:
1) a reader of your Major Project
and/or
2) a future employer
(max. 275 words)
The methods used for marking research to
investigate the research for the business plan is
carried through firstly collection of the data for
this BOD. Both primary and secondary methods
of data collection has been chosen. The primary
data have been collected through surveys, focus
groups, interviews, observation etc. After this
research problem has been designed which
includes formulation of the problem, aim and
design of the research. After this the type of
information and sources that were required had
been identifies, The reason being this type of
rehears method is that it provided me with
detailed plan action on how to carry on the market
research for preparation this business
development palm.
The methods selected for analyzing the data for
the data so collected were inductive approach for
carrying out explanatory investigation of the data
and information. This method has been used in
order to gain competitive advantages and to
deliver strong rivalry to its competitors. The data
has been presented in the graphical format to give
a clear understating and to make look the BOD
presentable to the reader.
I will describe this to the readers of the major
reports as the best way and method to carry out
the BOD which made this business plan feasible
and authentic. With following this methodology
the effective plan has been developed which can
be applied in when applied in practicality will
definitely give efficient results. I will explain to
the future employer that this business plan has
been developed with 100% accuracy and
credibility, this plan in the actual world can bring
a Change and ensures effective outcomes and
enhancement in performance as all the data and
facts are true to their facts.
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Literature &sources
1) What are the most important
theories/I literature sources
The importance theory in conducting the research
was identification of the markets trend and the
consumer demand and requirements so that plan

/evidence sources which you are
using to justify your research and
You’re Major Project?
2) Why are these sources important
And fundamental to your work?
(max. 275 words)
can be developed and modifies according to the
need of the times and consumers. The literature
for the business planning presents with the view
of different authors and economist presetting the
facts which must be taken into consideration
while preparing and implementing a business
development plan. With developing the expansion
plan for the organization have been evaluated by
me that ideas is a just a start of the pan but the
marker research and development of the business
model with the strategics analysis and review to
see the feasibility are certain mile stone of the
plan.
The important theory that is evaluated under the
project was the BMC (Busines Model Canvas)
model. This canvas is identified as effective
strategic tool for analysis and evaluation of the
situation existing in the business organization.
The market trends, needs of consumer and BMC
model are important for the business as they
provide critical information relevant to the
development of the business plan. The markets
trend and needs of consumers assisted in
determined the market place and area which can
be targeted and same can u used as the sectors for
expansion for the growth of the business.
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Your Knowledge
What key areas of knowledge have
you gained from undertaking your
Research and the Major Project?
Indicate why these are so important
toyou?
(max. 200 words)
For developments of present business plan
through markets research have been conducted by
me and along with this data analysis has been
done, for this effective tools for analysis the
prevailing market condition and environmental
factors that can affect the implementation of the
business plan were identifies by carrying out
detailed research. In all these process I have
gained immanence knowledge about the factors
that effect the business both internal and external.
While carrying out the research and this major
project another thing that I have gained is the
information and the process on how to develop a
business plan in the future and with making this
plan my abilities have gotten more polished.
The importance of this works on my knowledge
parlance is very effective as with preparation of
this business development plan my skills have
been more brushed up than before. This
information and key skill will be retained by me
for the lifetime as this has become an asset to me
so getting an opportunity to developed a business
plan is important for me that this will help in me
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carries growth as well improves my knowledge.
Your Learning
What are the most important
aspects/examples of learning
and/or skills which you have
gained from:
(1) undertaking the MBA
programme,
(2) following through your
research, and
(3) applying your knowledge and
what you have learnt in your Major
Project
(max. 200 words)
With undertaking he MBA program I have
developed key skill of time management,
expertise in problem solving, dealing with
pressure and working and maintain calm under
pressure. My communication skill have polished
and my personal credibility have also enhanced.
With increasing the learning ability my
confidence level have also been boosted up. My
knowledge have increased and made be able to
analyses business situation quickly and resolve
the crises.
With preparation of this project and conducting
the research for execution of the project the most
important thing I have learned an important aspect
about the growth of business which can be
defined as for a development and growth of
business a significant plan is necessary with
respect to the outcomes and its ability to success
in the future. A minor loop can lead to failure of
the new plan incurring loss of capital and
resources.
For conducting the research I have made a plan
for collecting the data through primary resources,
in this my ability of effective communication and
convincing power have been used so that people
easily agree on filling in the questionnaires. While
preparation of the major project I have learned
many thinks specially how to carry out effective
work in lesser time with effective time
management skill.
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Critical Thinking and your ideas
In carrying out your research, your
analysis, your evaluation of
evidence, and in identifying or
proposing conclusions, what has
been the most important discovery,
or piece of evidence, or theory, or
viewpoint, or critical idea, or
critical addition to your knowledge,
or other item of importance and
Why?
The importance aspect for the development of a
business plan is explored through the research
work carried out as a detailed market research
must be conducted for collection of data and
information in order to prepare an effective
growth plan. This is also been understood that
data must be collected from both primary and
secondary sources as a mixture of fresh and
exiting data assisted me analysis and eventuating
the potential rate of success of the expansion plan.
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(max. 200 words)
One of the important factors that have been
analyzed while conducting the market research is
to develop the research methodology as to which
design and methods must be chosen to conduct
the market research.
This have been discovered by me that only
collection of data is not enough but is analysis is
need and it must be done with using specific
tools to evaluate the outcome of the research.
Moreover, I can state the fact that market
research for identification of business opportunity
is one of the most complex task of the research
for development of business pan as this requires
effective selection of type and design of research
in order to establish the feasibility of the exaction
plan for the business.
Barriers met
What were the main difficulties
and barriers which you were faced
with in:
(l) undertaking your research, and
(2) completing your Major project
(max. 200 words)
The main difficulty which is faced was the
conducting the market research and data
collection. To select a type of research involves
lesser efforts but to conduct the research and
collecting data is cumbersome job. As this need
more time and effective communication skill to
get people convince for survey and filling
questionnaires. To conduct the research the
market needs to be segment and target market
and consumers must be selected this process need
critical thinking and time. As with constrain of
time this process needs to be complete in lesser
time and effective manner and same is done by
me with effective time management.
The difficulty in executing this projects was one
the time and other the evaluation and presentation
of the facts and data so collected. The time was
limited and with this the ethical direction would
have been compromised by taking fake or unreal
facts about the project. Another barrier faced in
this project was the evaluation of the data and
presenting it in effective manner so that
considerable outcomes can be drawn which in
true would have assisted in providing
recommendation. All these challenges were sorted
out with met with the discipline and managing
the time.
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Your Professional Development
What are the most important
business and/or management
skill(s) or academic idea(s) or
lesson(s) which you have learnt
from undertaking your research and
Your Major Project - and why?
(200 words)
With undertaking the research and major protect
under this course work I have developed my
communication skills and enhances the
knowledge on how effectively market research
can be conducted for collecting the data for the
relevant topic. The management skill I have
developed with this project is about the
allocation of time and resources and how to use
them to their 100 % potentiate for extracting
efficient outcomes. I learned that each of the
activity and task of the project require different
time all of them are interconnects and dependent
on each other.
My decision making ability have also enhanced
as before I used to get confused over different
option available but now I critically evaluate each
option with analysis potential benefits or risk
associated with each option. This made my
decision making process faster and effective also
developed my potential in problem solving as
well. The most effective thing which I learned
thorough undertaking the research and the project
over deportment of business plan is that each and
planning and its effective execution. My
planning skill have been polished as planning
includes all the above factors which I have gained
and developed automatically made by planning
strategies more efficient than before.
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Objectives
Based on your research and the
work which you have done in the
MBA Programme and its use in
your Major Project, what were and
how far have the objectives of your
major project been achieved?
(max. 250 words)
The objectives which were set by me for
preparation of this major project of development
of business plan were:
 To develop an effective plan for
expansion.
 To develop a product or service idea
which is acceptable and meets the currents
trends.
 To identify all the legal issues and aspects
in research and project developments and
to comply with all legal requirement.
 To carry out the projects with credibility
and perfection to mitigate the chances of
mistakes and omission.
 To assess the risk and issue that can be
faced while conducting the research and
when developing the project.
 To set plans and criteria on how to
resoled the issues and how uncertain
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circumstances can be cope up.
 To determine the feasibility of the
organization for the plan which is being
set for its expansion as to whether the
development plan which is being set.
 To check the resource efficiency through
which the growth plan= can be executes.
To determine the plan of action for
application of the growth strategy in the
business.
With setting up the objectives for the major
project of development of a business plan the
project is being carried out. This can be stated
that I have made effective and efficient efforts to
achieve all the objective of the project. All the
legal requirement were identified with
determining the financial resources for the
development. The markets research were all met
with the set criteria and all risk were duly
identified to reduce the rusk of failure of the plan.
Findings & outcomes
How useful and/or feasible are the
findings, recommendations,
conclusions, or outcomes of your
Major Project to you and/or to a
FutureEmployer?
You must justify your answer with
Specific examples.
(max. 200 words)
The findings of the projects are reliable as they
are presented after evaluation of the data so
collected through both primary and secondary
recourse. All ethical consideration have also been
taken in to account while presetting the findings
and out comes. Proper market research was
conducted to effectively identifying the prevailing
trends at the market place-to check the potential
of the new product to get succeed. To check the
market feasibility Pastel analysis have been
conducted to determine the factors that can effect
the expansion plan and accordingly make an
action plan to meet the discrepancies and the
changes in environmental factors.
More over the conclusion drawn are true to their
facts as it is drawn after critical evaluation of the
findings and outcomes with setting outs factors
resulting in success and failure of the
development plan. With taking into account all
the above factors that is conclusion, findings and
the factors related with success and failure
recommendation have been made in the projects.
The feasibility of the project or the future
employer can be stated as this is plan is developed
by taking into the account facts and figures as
primary data have been used in the research.
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TOTAL

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