Factors Affecting Business Plan: Research Reflective Report

This research reflective report delves into the factors influencing the business plan of Ultra Beauty cosmetic. It explores the application of qualitative research methods, emphasizing the importance of selecting appropriate research methods and ethical data collection from reliable sources. T...Read More

RESEARCH REFLECTIVE
REPORT

TABLE OF CONTENTS
MAIN BODY...................................................................................................................................3
Research methods and process...............................................................................................3
Literature and sources.............................................................................................................3
Knowledge..............................................................................................................................4
Learning..................................................................................................................................4
Critical thinking and idea.......................................................................................................5
Barriers faced..........................................................................................................................5
Development of skills.............................................................................................................6
Objectives...............................................................................................................................6
Findings and outcomes...........................................................................................................7

MAIN BODY
Research methods and process
Every research for becoming successful need to have make good use of all the research
methods and the related things to the methodology of the research. The selection of the
appropriate research methods is the most important thing for the success of the research. This is
pertaining to the fact that if the research methods are not good then the research will not be much
informative. Or the current research topic that is business development factors for the cosmetic
company that is Ultra Beauty cosmetic, qualitative research has been used.
This was used because of the major reason that the researcher needed to build their
knowledge relating to the development of new business plan for the company. Thus, from this I
learnt that the selection of appropriate research method is very necessary as this guides the whole
development of business plan. With the use of different tools of research, I learnt that there are
many different research methods which enhances the quality of the research and the outcomes of
the research. I learnt that the data collection is the most crucial thing as the whole research is
based in the data collected.
Thus, for this there need to be ethical and reliable sources of data because data will be
analysed and then only some conclusions for the research topic can be made. Thus, for the
effective completion of the research it is very necessary to select the research methods in proper
manner. Hence, it can be concluded that the appropriate research methods will help the
researcher in completing the research in proper and effective manner such that the research aim
and objectives are accomplished successfully.
Literature and sources
For the undertaking of the research it is very necessary for the researcher to undertake
good and valid literature sources for the collection and gathering of the data. It is very important
for the researcher to make use of good and reliable sources of data as whole research is based
over these literature and other sources only. These literature and other sources include many
different sources like articles, books and journal and many other different sources. For
continuation of the current study there were two options with the researcher that is primary and
secondary but the researcher used the secondary sources of information.

This is majorly selected because of the reason that this is a more authentic source of
information as this includes the second- hand data that is already used data. Thus, in my opinion
this is more suitable and trusted data sources as this provides already used information thus they
are more reliable source of information. Form this I learnt that it takes a lot of time in collecting
the information and this increases the time to finish the research on time. But if proper time is
provided to the collection of time then good data and information can be collected for the
successful completion of the whole research for the business plan of Ultra Beauty cosmetic.
Thus, it can be interpreted that the literature helps the researcher in analysing good
sources of information and then try to evaluate all the resources and then try to abstract relevant
data from these sources. This will assist the researcher in fulfilling all the criteria of the research
in good and ethical manner which in turn will improve the quality of the research.
Knowledge
This is defined as the information which the person is currently having relating to the
topic. It is very necessary for the researcher to have complete knowledge relating to the research
topic that is factors affecting the business plan of Ultra Beauty cosmetic. This is necessary
because of the reason that if the researcher does not have any of the knowledge then they will not
be able to continue the research in efficient manner. This is majorly because of the reason that
the researcher first needs to grab the knowledge relating to the research topic and then continue
with the research.
Hence, this will take a lot of time in continuing with the research as first the researcher
will gather the knowledge and then the research will be continued. Thus, according to me for
enhancing the knowledge the best method is to frequently do the market research. This is majorly
because of the fact that the market research will help the person in developing knowledge
relating to the latest changes taking place within the market. Thus, this will automatically
increase the knowledge of the person relating to the research topic and other important changes
taking place within the business environment.
Learning
This is a continuous process which every person has to go at any point of time. This is
majorly because of the reason that in the business environment there are many changes as the
environment is dynamic in nature. Thus, it is very necessary for every person to continuously be
on the learning stage as there are many new and advanced developments taking place very

frequently. Thus, with the help of this research I was able to learn that for the making of the
business plan it is very necessary to ensure that the new business idea is feasible and viable.
This is because if this will not be in accordance with the latest trends going on in the
market then this will not be a good project. Thus, for this I learnt that it is essential to analyse the
current trend first and then try to implement the business. Also, for the product to be successful it
is necessary for the company to employ good combination of the marketing mix. With this I
learnt that marketing mix is a good tool of deciding for the different aspect of the products like
the price, place of distribution, ways of promotion and other decision relating to the product and
its development.
Critical thinking and idea
In this competitive world it is very necessary for the researcher to have the ability of
critically think over anything relevant for the development of the idea and the business. This is
majorly pertaining to the fact that the critical thinking helps in properly analysing all the
necessary pros and cons of the business idea and this will help in assessing the good points of the
idea. For doing any of the task there are many different ways and because of this I learnt the
importance of critical thinking.
This is because of the reason that critical thinking helps me in analysing all the ways of
doing the task and the best method which has all the qualities is being selected in the end. This
critical thinking helps me in analysing all the factors in detailed manner and this end in the best
selection of the required topic. This critical thinking also helped me in the current project. This is
pertaining to the fact that at time of implementing the strategy of STP. It is very important to
identify the correct segment and to target and position the product in correct manner.
Thus, here the ability of critical thinking helped to a great extent. This is majorly due to
the fact that there are many different types of segmentation available and it is very important for
the research to be successful and for that it is necessary to use correct segment. This is only
possible when the person is able to critically analyse all the segment and to select the best suited
segment. Similarly, it is necessary to critically evaluate all the targeting and positioning strategy
available and to select the one strategy which provides maximum benefits.
Barriers faced
For any work to be accomplished there are many different types of barriers being faced at
time of doing any of the task. In the similar way at time of researching for the different factors

which affect the business plan of Ultra Beauty cosmetic. The major barrier faced was the
researching for the data. This was a barrier because of the reason that there are many different
sources of from which data can be collected. Thus, it was difficult to decide which source to be
selected for the data collection. This problem was solved with the ability of the critical thinking.
This helped because with help of critical evaluation the I was able to identify the pros and cons
of every source of data and this helped in finding the best source of data.
Another barrier which was faced was the limitation of the resources. This was also a
barrier because of the reason that due to limitation of the resources the research was not
completed on time. But this was managed because of the fact that it was evident that no
resources will be provided so I managed to complete the research with those limited resources
only. Further, the other barrier faced was the less time for the research. This was a barrier
because of the fact that time was limited and the research need to be completed in that time
frame only. This was managed because of my good time management skills and the research was
completed on time.
Development of skills
With the help of working on the research I learnt many new and advance things and all
these added on my skills and capabilities. With the help of the research on factors affecting
business plan of Ultra Beauty cosmetic I learnt many new skills which fostered my personal
development. The first and foremost skill which I learnt is the interpersonal skill. This skill
increased because of the reason that for continuation of the research I had to meet with many
different people and this helped me in enhancing my ability of interacting with other people.
Thus, with the help of the research I was able to interact with people of different types
and temperaments. Another skill which was enhanced because of the research for the topic is the
skill of coordination. This is majorly because of the reason that all the activities of the research
are interconnected with one another so it was necessary to maintain coordination among all the
activities for the successful working of the research. Thus, this skill was also learnt by me in the
research only.
Objectives
For doing any task the most important thing is to set the objective of doing the task. This
setting up of objective is necessary because of the reason that this provides a direction to the
researcher in which they have to work. Thus, for the current research the objective was to

identify the factors which affect the business plan for Ultra Beauty cosmetic. Thus, this objective
helped in developing the whole business plan and outline the factors which impact the working
of the business plan. This objective was accomplished to a great extent because many of the
factors were highlighted with the help of different models such as marketing mix, STP, business
canvas model and many others and all these models helped in attaining the objective of the
research.
Findings and outcomes
In the end the findings and outcomes revealed that the objective of the research was
attained and it is good to start and implement the business plan of Ultra Beauty cosmetic. In the
end it was found the marketing mix helped in deciding the types of products to be provided to the
consumers, which price need to be fixed, also from where the product will be provided to the
consumers.
Also, it was outlined that the research methods need to be very ethical in its approach
because if the data is not collected in ethical manner and from the reliable sources then the
research will be of good quality. Thus, it is very important for the researcher to carry on the
research with full quality and by keeping in mind all the ethical issues which needs to be
considered at time of completing the research. Thus, in the end it can be concluded that the
research was successful in attaining their aim and objectives.