Analyzing TESCO's Acquisition Strategy: Profits in Romanian Market

This research project investigates the impact of TESCO's acquisition strategy on its profitability within the Romanian market. The study employs secondary research, focusing on political, technological, social, and legal conditions in Romania through PESTLE analysis to identify market opportunities a...Read More

Research Project

ABSTRACT
This dissertation focused upon investigating the influence on profits on Tesco when
venturing into Romanian market. The major cause of undertaking this research is to gather
additional understanding on the subject matter. Through secondary research there has been a
focus on conditions prevalent in the Romanian market on the grounds of political, technology
and social and legal. This will help in identifying the circumstances and nature of the market
where a business planning to expand their operations. The primary research for this dissertation
is fulfilled through undertaking a questionnaire involving close ended questions. The responses
of the 30 people gathered through random sampling determined that Romanian is a favourable
market for a business to expand their operations. Finally it can be said that Tesco is one of the
biggest retailer which is operating its business throughout the world can easily expand their
operations to Romania due to the presence of abundant capital resources. The presence of
favourable external factor will be helpful in achieving their target of market growth through
diversification of its product line.
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ACKNOWLEDGEMENT
I would personally acknowledge all the one who have supported me in my academic life
and obtaining its associated goals and objectives. At first, I would like to acknowledge my
parents, who have also provided support to me at every phase of my life and understood my
every single reaction at different phases. Without them, it wont be possible for me to reach
current level.
At next, I would acknowledge my committee members, colleagues and respective guides
who have guided me at every stage of research process. Thank you all for your collaborative
support throughout the project.
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Table of Contents
ABSTRACT.....................................................................................................................................1
ACKNOWLEDGEMENT...............................................................................................................2
Research Topic: “Acquisition in Romania and profits”. A case of TESCO. ..................................4
TASK 1............................................................................................................................................4
Overview and background of research...................................................................................4
Aim of research......................................................................................................................4
Objectives of the research......................................................................................................4
Research Questions................................................................................................................5
Rationale of research..............................................................................................................5
Significance of research.........................................................................................................5
LITERATURE REVIEW.......................................................................................................5
Concept of acquisition............................................................................................................5
The main benefits of acquisition for TESCO while expanding in Romania..........................7
Effects of acquisition on profitability of TESCO in Romania...............................................8
PESTLE Analysis..........................................................................................................................10
RESEARCH METHODOLOGY.........................................................................................13
TASK 2 .........................................................................................................................................23
Data Analysis........................................................................................................................23
RESEARCH TIME PLAN...................................................................................................39
TASK 3..........................................................................................................................................41
RECOMMENDATIONS.....................................................................................................41
TASK 4..........................................................................................................................................44
REFLECTION......................................................................................................................44
CONCLUSION..............................................................................................................................46
REFERENCES..............................................................................................................................47
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Research Topic: “Acquisition in Romania and profits”. A case of TESCO. .
TASK 1
Overview and background of research
Acquisition refers to the situation in which a single company acquires maximum shares
and asset of another company for motive of taking control over it. It can be said that an
acquisition is highly successful when one business purchases 50 or more percentage of
ownership of another country that they have targeted earlier. In the present world, it becomes
necessary for business organisations to approach another country for expanding their business so
that they can survive longer in business world and maximise their profitability ratio (Bran, Balu
and Ioan, 2015). Acquisition is one of the common ways which are adopted by large scale
company when they plans to approach another country for main purpose of profit maximisation.
The present research report is based on TESCO, a well known retail company of United
Kingdom which is offering its services all over the world. The company is already having good
presence at international level but still it is required by this company to adopt some effective
approach strategy through which they can enter into those country in which they have yet not
expanded. Now, top management team of TESCO have planned to expand their business in
Romania through the most popular way of acquisition. In this regard, management team of this
company have planned to conduct an effective research so that they can enhance their knowledge
on acquisition. The research will also help them in identify list of benefits in terms of profit
could be gained by them at the time going for acquisition in Romania. With reference to this,
below mentioned are aim and objectives that are prepared by investigator in order to conduct an
effective research.
Aim of research
The research aim for present study is “To identify how acquisition affects profits” A case
study on TESCO.
Objectives of the research
 To review literature on acquisition and profits.
 To carry out a primary research on acquisition and profits.
 To recommend how TESCO can increase profits by using acquisition
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Research Questions
 What is the concept of acquisition and profits?
 What are the main outcomes of acquisition and profits?
 What are the recommendation for TESCO by which it can increase its profitability by
using acquisition?
Rationale of research
The purpose of conducting this research is to find out impact of acquisition on profits of
TESCO. The research will also provide different ways and tactics to management team of
TESCO that will help them in implementing their acquisition effectively in Romania without
facing much issue. With relation to academic criteria, main rationale of conducting this research
is to improve knowledge of learners so that they their professional skills can be improved. This
knowledge will also help learner in identifying emerging opportunities related to career which
could be gained by them in quick manner. In context to investigator, knowledge and skills of
researcher and its team members about TESCO and its operational activities. It will also aware
researcher about some core areas of TESCO where they can work in future. This can be seen as
the career opportunity for researcher that can be grabbed by them in future.
Significance of research
The present research will provide in depth knowledge of acquisition and its benefits to
the companies belonging to retail industry so that they can survive longer in same industry for
longer period of time. It will also open up several additional benefits for TESCO through which
they can easily expand in Romania effective without facing much issues. As a result, it will
enhance their growth and additional profitability in effective manner.
LITERATURE REVIEW
Concept of acquisition
According to the thoughts of EduPristine, (2015), Acquisition is considered as the situation
in which one company simply acquires another one effectively. The main purpose of acquisition
is to wealth maximization, identifying and grabbing opportunities available at market place.
Along with this, it can be said there are different type of structure of acquisition which are
mainly adopted by companies at global expansion. Some of the common types among them are
stock purchase, Asset purchase and Merger. In stock purchase, Buyer Company mainly focuses
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on acquiring stock of targeted company from the one who holds its majority of stocks (Vinter,
2018). In assert purchase, buyer company only concentrates on purchasing assets of chosen
company. And at last, merger is combination of two different legal companies for the common
aid of maximising their profits with the support of one another (Mergers and Acquisitions, 2015).
In this, companies engaged together do share their responsibilities, profitability and liabilities
with each other. As per evaluation, it has been analysed that there are numerous of reasons which
influences business organisation for going for acquisition. The main reason which influences
TESCO for going for expansion in Romania are elaborated as below:
 Diversification of high growth in market as well as products: This is the first and
foremost reason which influences business organisation as it provides them wider market
area from where they could approach their potential customers. This will ultimately
provide them opportunity for enhancing their profitability.
 Diversifying risk: Another reason that persuades TESCO for looking toward acquisition
is diversification of risk. It can be said that if TESCO is going for acquisition then they
will be having benefit that their risk will going to be shared with another shareholder
(Bachmann and et. al., 2016). This means it will be easier for TESCO to bear uncertain
situation as they are having more people to share their risk. This ultimately enhances their
chances of sustaining longer in industry.
 Tax consideration: All business organisations are required to pay taxes which are
compulsory for them. These tax vary from country to country or on the basis of type of
business. It can be said that business person who are wishing to enhance their profitably
are considering it as opportunity or reason by which they can raise profits. In this regard,
it can be said that business organisation always look forward toward that country where
they can get maximum tax relaxations. As a result, its easier for them to enter into best
geographic location from where maximum profit can be gained by them effectively with
minimal tax rate.
From the above mentioned different reason which are obtained by business organisation
in order to looking forward for acquisition, it can be said that main motive of all these reasons is
to enhance probability of company (Brown, 2017). Along with this, acquisition is also seen as
growth opportunity for company which helps them in enhancing their market share. At next, it
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can be said acquisition also increases number of customers for company as they are able to reach
their desired region and its potential customers.
Apart from this, another author named as du Jardin (2015), have stated that acquisition is
considered as the best way through one an organisation can enhance its growth in quick time. In
addition to this, it has also been seen that business organisation can acquire this methodology for
giving boost rise to their business with the support of another company. For instance: It can be
said that if TESCO, acquires method of acquisition at the time of enhancing their business at
international scale the it is highly beneficial for them in establishing their business. At further,
the author have stated that acquisition also have negative phase which affects business of this
company. Its negative influence can be seen as the enhancement of conflict (du Jardin, 2015).
This is because, when two or more company involve together them then it create chances of
conflicts and misconception among companies and employees. As a result, these conflicts might
affect company negatively and also affect their profits in negative manner.
Its negative influence can be seen as if a company having negative image at marketplace,
brand image and goodwill of the company can be reduced. When two or more organisation come
together, employees of the both companies have insecurity about their job. It is very difficult to
have same cultural background for any organisation. As a result, conflicts and dissatisfaction
increases between the employees of both organisation. When employees faces such insecure
working environment, they become competitive with each other. For avoiding such situation, it
the responsibility of HR manager of the company to provide opportunities. With the help of
group task and working together employees of the company can reduce their differences.
The main benefits of acquisition for TESCO while expanding in Romania
On the basis of thoughts published by Globe Business Media Group, (2018), it has been
analysed that business organisations are gaining numerous of benefits by acquiring methodology
of acquisition. It can be said that if an organisation go for acquisition then they surely gets
benefits in terms of monetary growth. Along with monetary growth, there are various factors
which benefits the company (Hansen and Bratt, 2015). Some of the main benefits of acquisition
includes high speed of opportunities in comparison to competitors, enhancing power at market
place, quick availability of new resources and competencies, financial gains, quick fulfilment of
stakeholders prospects and last but not the least minimisation of entry barrier while entering into
new country. For instance, if TESCO is entering into Romania with acquisition, then the
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company will surely get some additional benefits which will increase the market share of the
company. It has been analysed that Romania is technological developed place which helps
company in operating their business in this country effectively without facing any issue (M&A in
Romania, 2019). Along with this, another benefit that might be gained by TESCO is that this
country is economically developed which make it possible for the company to operate effectively
in Romania. Another benefits a company might gain is that they can easily attract fresh talent,
and acquire skilled and capable employees, which will increase the performance of the company.
If a company have good management staff, profitability and performance will be increased. With
the help of effective management of team, company can reduce their conflicts and difference and
improve their productivity by working together in a team rather than individual (Li, and et. al.,
2016). Apart from this, some benefits face by Tesco include good quality of resources. With the
help of acquisition company can acquire resources and increase their competitive advantage at
marketplace. Company can produce good quality products with the help of effective raw
materials, as a result company can easily satisfy requirements and needs of customers. Company
can retain and attract customers, by satisfying the wants and demands of customers. Along with
all these, one of the main factor which affects the growth, brand image and market share of the
company while expanding its business with the help of acquisition. If a company is already
operating its business activities in an effective manner and Tesco wants to acquire it. As a result,
Tesco gain the advantages while operating its activities.
In addition to this, it has also been analysed that if TESCO is going with acquisition in
Romania then it would definitely help the company in improving its profitability as the company
can have more number of opportunities to influence customers available in Romania. Along with
this, it can be said that in Romania TESCO also gets business opportunities to interact with other
available companies with the help of which they can easily approach new businesses and could
maximise their profits.
Effects of acquisition on profitability of TESCO in Romania
As per the views given by Fantana, (2015) it has been evaluated that acquisition simplifies
the work of company which is enhancing their business in another country. This can also be
stated that a strategic acquisition is one of the most important means for enhancing the
productivity, growth and profitability of a firm. In this the growth of the company can be
enhanced by increase in market share and their sale. This process provides a host of advantages
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which includes the finance for upcoming future undertaking and the savings due to the
economics sale. It can be said that main benefits which are gained by business organisation
during their global expansion is monetary benefits that is profits. Acquisition helps an
organisation in entering into new sector or nation with support of their other stockholders. It
means that company is also having back support of other shareholders who could guide or assist
company performing business effectively (Ma, Cai and Zou, 2017). With reference to TESCO, it
can be said that acquisition in Romania will provide additional business opportunity to TESCO
this will also help them in enhancing their market share and ultimately contributes in increasing
their profits.
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PESTLE Analysis
This is an analytical framework that takes into account the macro environmental factors
with a view to carry out strategic planning and management. With the help of this analysis, a
firm can easily gain knowledge of the various elements pertaining to business environment of a
country. In this relation, TESCO is gaining access into Romania to facilitate market expansion
by leveraging acquisition as the strategy. Thus, the various components pertaining to PESTLE
analysis are explained underneath in context of Romania:-
Political factors:
The instability of political system as well as governmental policies of Romania has
caught the attention of companies operating within its confines and the investors seeking to
invest in this nation (Romania, 2019). It is essential for the management of TESCO to take the
political adversities of this nation into account while facilitating expansion in this market through
acquisition. Being a part of European Union, the entities which conduct operations within this
nation enjoy the advantage of excessive employment opportunities, availability of talented as
well as skilled manpower and abundance of resources. Thus, this serves to be an excellent
location for FDI for potential investors.
Economic Factors:
The economy of Romania is rapidly developing with extensive HDI and talented
manpower. This presents opportunities to investors seeking to gain entry into this nation. This
implies advantage for TESCO while seeking to gain access into the confines of Romania through
acquisition. This nation is on number 15 within EU in terms of overall nominal GDP. The
economy of Romania stands on number 40 across the global periphery. Even though the market
witnessed largest growth rate within the confines of EU in the years 2016, 2017 and 2018; it is
forecasted that this growth will see a downturn and cut down to 3.8% within 2019. The overall
economic information of this nation imply great growth potential for companies operating or
seeking to function within this market such as TESCO.
Social Factors:
Romania is a nation which is regarded to be a composite of a number of cultures, beliefs
and values. It encompasses Romanian - 89.5%, Hungarian (Secui included) - 6.6%, Roma
(Gipsy) - 2.5% and others - 1.4%. This illustrates the varying beliefs and ideologies of
population of this country (Political, Social and Economic Background and Trends, 2019). This
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would have a significant influence over the operations of TESCO after gaining entry into
Romania by way of formulating acquisition. The population of this nation is 1.95 Crores which
in itself is an extensive base of people. This would provide opportunity to TESCO to come up
with products through which it can significantly appeal to the population of this nation. It implies
increment in revenues as well as profits of corporation in future course of time.
Technological Factors:
Romania is a technologically advanced country which presents a number of opportunities
to companies operating within its confines. Thus, the management of TESCO can gain advantage
by incorporating innovations within the offerings to appeal to the audience of Romania in an
effective manner, thereby enhancing the scope of increase in profitability and growth of
company in new market place.
Legal Factors:
There are a number of laws and legislations prevailing within the confines of Romania.
These are required to be complied by an organisation when intending to gain access into a new
market place. In this relation, whereby TESCO is planning to carry out market expansion by
capitalising upon acquisition, it is essential that the management abides by the retail laws
pertaining to Romania. This would provide assistance to organisation in effectively establishing
itself within the new market and significantly appealing to the audience of new country.
Environmental Factors:
Romania is a nation which is keen on preservation of environment with the help of
stipulation of strict policies and regulations. The major challenges that have been prevailing
within the confines of this country are regarded to be air as well as water pollution. This takes
place as all of the manufacturing facilities, chemical plants and power plants within this nation
are reliable aggressively over the burning of fossils, thereby leading to generation of green house
gases into the environment. In response to this, Romania has taken several effective stances upon
Environmental Protection Law since the time it joined EU during 2007. Apart from this,
Governmental Resolution 152/2005 tends to put due emphasis over control and elimination of
pollution through execution of essential course of action for the purpose of decreasing or
eradicating air, water and soil pollution (Romania: Environmental Issues, Policies and Clean
Technology, 2019). With respect to this, it is essential for TESCO to ensure that it abides by all
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of the green policies, sustainable practices and environmental laws, after entering Romania by
facilitating expansion with the help of acquisition.
The firm TESCO can also gain more profits by acquiring the more and more customers
using the creativity and efficiency, the firm can also reduce the acquisition cost and therefore can
Improve the ROI, this can benefit the firm from a previously unexploited profit center. TESCO
has decided to acquire the shares of any business enterprise in Romania, which is a south-eastern
European country, the process of acquisition is one of the largest decision which the business
owners take, after knowing this that all the future of their company lies on this one decision only.
The firm like TESCO are engaged in the process of Acquisition just to became bigger, as this
method will help the TESCO to grow in size and progress their competitors, they use this
method to enhance their growth so that they can gain more profits as it takes the many years to
double the size of the firm through the organic growth (Marques and et. al., 2015). Apart from
this, when a company acquire another company, the prices of the stock of the targeted company
rises while the stock price of the company which is acquiring declines. The stock price of
targeted company rises because the company who is acquiring it has to pay premium for the
acquisition.
Along with this, when a company acquire the business of another company then this also
affects its income statement, as it is known that the balance sheet shows the assets and liabilities
of the organisation, so when the business is first acquired the impact is on the balance sheet and
not on the income statement, the profit which is gain from the acquisition is added to the assets
of the business. The balance sheet of TESCO will get positive result, as because the profits
which is gained by them by acquiring the business of another company in Romania will assist
them to increase their profit level. This is also stated that when any enterprise engaged in the
process of acquisition then that means they are buying more shares of that company which the
firm itself have, and then the firm which acquire the shares of that company can get as much
profit which is gained by that firm which is acquired (Taniguchi and et. al., 2017). The firm can
also add and sell the products and brand of its company in the acquiring company, they can run
and operate the business of acquired co0mpany as they want and gain that much profit from that
company, as they have acquire.
For example- TESCO has acquire the 60% shares of a company in Romania, then whatever
profit the acquired company gain will give the 60% part of that profit to TESCO, as this has own
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its 60% shares. The process of Acquisition is all about to enhance the profitability, business
growth and diversify the risks, along with limits the intensity of competition (Thill and Twomey,
2016). Apart from this, the number of employees also gained by the process of acquisition, as it
is stated that the employees of acquiring company and the workers of the company who is
acquiring the another company, the employees of both the company will do the work in
collaboration which leads to profit maximization, also the company can sell the customer s the
product of targeted company, as this also leads to gain more profits.
RESEARCH METHODOLOGY
In the current study, research onion is used by researcher in order to provide effective
knowledge on research methodology. Research onion is seen as the framework which provide
effective evolution by which designing of research methodology can be done in an effective
manner. The framework describes each and every stage in detailed manner. Research onion is
also considered as the effective progression with the help of which an effective methodology can
be formulated for investigation. It mainly consist of several layers that are named as research
philosophies, research approaches, research strategy, choices, time horizon, techniques and
procedure. Some of the essential layers of research onion are described as below:
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(Source: Research Onion. 2018)
Research Philosophy: It is considered as the belief which states that in which manner data
is gathered, evaluated and used effectively for attaining true outcome of research. Research
philosophies are mainly of two types that is positivism and interpretivism and these are explained
beneath:
Positivism research philosophy: This is being considered as a crucial research philosophy
that can be used by research at the time of gathering data from natural phenomena, and this helps
in doing further analysis on a particular topic with logics and reasons (Dabija and Abrudan,
2015). Advantage: It follows well defined structure that is reduces chances of errors or
confusion at the time of conducting effective research. Disadvantage: Inflexibility of this philosophy makes it difficult for investigator in
attaining research outcome as per the changing surrounding environment.
Interpretivism research philosophy: It can be defined as philosophy which basically rely
upon human oriented qualitative method. In this context, researchers basically assumes that
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Illustration 1: Research Onion. 2018

access to reality is only through social constructions which could be from shared meanings,
language, instruments and consciousness”. Advantage: It is a effective research philosophy that allows researcher in developing their
knowledge on social processes.
 Disadvantage: It is highly time consuming method which might delay overall research
project.
In current research, investigator have used interpretivism research philosophy in order to
attain research outcome by interpreting information collected from human beings. This kind of
philosophy is helpful in obtaining outcome of investigation according to respondents
perceptions.
Research Approach
Deductive type of approach is based quantitative method. This is completely based on
logics and facts. Deductive approach is helpful in developing a hypothesis that is effectively
based on already existing theories. In this research investigator have used deductive type of
research approach as it is helpful for them in completing research with logics and facts. This
approach is also helpful in approaching specific conclusion for the study.
 Advantage: The main advantage of using this approach is that it provides time to
investigator in which they can easily practice over research work and attain valid
outcome in rightful manner.
 Disadvantage: It is mainly based on assumption that might not be true all times. This
directly influences validity of outcomes in negative manner.
Research choices
Research choices are considered as the choice made by investigator among several
methods in order to carry out an effective research in rightful manner. In research onion, research
choices are of many types such as mono method, mixed method and multi method.
Mono method: This method simply states that investigator is required to conduct
research by using single research approach.
Mixed method: As per this method, investigator prefers to use two or method belonging
to research for obtaining valid outcome by covering each and every aspect. Usually, in mixed
method investigator prefers to use qualitative and quantitative methods.
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Multi method: In multi method, investigator basically prefers to select vast range of
methods in order to attain true outcome of research. In this, researcher divides whole
investigation into several parts which are analysed with the usage of most suitable method to it
derived from quantitative and qualitative methods.
In the current research, investigator have used mono method for executing this research
in rightful manner with appropriate manner.
Research Methods
Quantitative Research: It is designed to collect all those facts which is related to
statistics and numbers. If there is no numerical data involved, it is not quantitative research in
nature. Collection of data in this method includes paper survey, telephonic interview, face to face
interviews and many more. Generally all the statistical data is in the form of table and findings
are in descriptive form.
 Advantage: This approach is more flexible as it modifies outcome according to the
changes in order to improve its authenticity in rightful manner. Also, it provides value to
the newly developed theories and perception for attaining best possible outcome.
 Disadvantage: More emphasises on human based values could develop question mark on
the authenticity of data as they might represent wrong data or non valuable views to the
researcher in negative manner.
Along with this, Quantitative method of data analysis have been adopted as it is easier
for investigator to use this methodology with the help statistical formulas. Another benefits of
this method is that it provides clear and measurable outcome for the specific study.
Research Strategies
Research strategy is seen as the overall plan of particular research, it includes conduction
of investigation according to the planning. This strategy simply guides investigator in planning,
conducting and monitoring of research in a specific pattern.
Survey : This is field of applied statistics of human research surveys. This methodology
examine the sampling of particular units from a group of individuals and connected techniques of
survey data collection, such as questionnaire and methods for improving the number and quality
of outcomes to surveys.
Sampling: Sampling is mainly referred as process that is being used by research for
selecting number of observations from total number of large population (He, 2015). There are
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mainly two types of sampling technique that is random sampling and non random sampling
through which researcher selects sample population for survey. In the current research,
investigator have selected sampling technique in order to find out appropriate outcome of
research without being bias with anyone.
Types of Survey Techniques – There are many types of surveys, from which some are
outlined below :
1. Postal Survey – This technique of survey is very cost effective and used for collecting
huge amount of data and information. This provide time to respondents to reply each
question.
 Advantage: The method is less time consuming as compared to interview method and
also saves time of both respondents as well as researcher. Disadvantage: In this, survey is provided to respondents via post. There are probable
chances that these respondents might not respond towards the same. This would directly
delay in research outcome.
2. Telephone Survey – This is type of survey which is used to gather and collect data from
huge number of general population or targeted population (Ayden, Demirbag and
Tatoglu, 2018). The numbers of telephone are used to assemble the information from the
possible respondents.
 Advantage: It is cost effective and time saving method as researcher can conduct
interview from their own place. Disadvantage: Information provided by respondents may not be clear to researcher as in
many cases voice during telephonic conversation might fumble. This could directly place
impact over their attainment of correct information.
3. Internet Survey – The online survey is defined as an questionnaire which the general
population can complete over the internet.
 Advantage: It is time saving technique as through internet maximum information can be
collected on research topic in less period of time. Disadvantage: Selection of wrong distribution channel could result gathering of non
valuable information.
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4. Personally administrated Survey – This is related to the self administrated questionnaire
that has been planned to be completed by the respondents without any involvement of the
investigator.
 Advantage: The method does not requires surveyor to conduct to conduct face to face
interview this saves them gathering maximum information within shorter period of time.
 Disadvantage: Technical error might become major drawback of this method.
Time Horizons
Time Horizon refers to framework which shows approximate time limit of whole
research which is going to be taken by investigator while completing it in an effective manner.
Time horizons are mainly of two types that Cross sectional and Longitudinal studies.
Cross sectional studies: In this method, information is collected only once within a specific
period of time. This could be of some days, weeks or months. This data is especially collected in
order to answer research questions. With reference to the current study, cross sectional kind of
time horizon have been considered as it is helpful in answering all research questions effectively
within the chosen time period that is of approximate 3 months.
Data collection
Data collection refers to the way through which investigator collects information from
sample population or already available information in order to find out feasible outcome for the
topic. In current investigation, researcher have collected information from both primary as well
as secondary method for completing this research with authenticity.
Primary data- Data collection method for research is primary data. This refers to data
collected for first time by researcher for himself. It is real time data. Primary data is the data
collected by researcher himself for specific purpose. Collection of primary data is expensive and
time consuming task. The collected data provides accurate and reliable data for research
problem. In primary data results are tailored as per research needs (Page and Siemroth, 2017). A
drawback of this method is that to collect data through this method is expensive Their are
various methods for collection of primary data are surveys, observations, experiments,
questionnaire, personal interview etc.
Secondary data – It refers to already collected or second hand data by some other
researcher or user. This data is based on past data and found in refined form. The already
published data may or may not be specific to researcher's need. Collecting data through this
18

method is economical but accuracy and reliability is not maintained. Various methods for
collection of secondary data are public records, reports, unpublished diaries, government
publications, etc.
Data collection technique:
In the current investigation, questionnaire as main data collection technique has been
used by investigator. The questionnaire will include 7 questions. This questionnaire was filled up
by selected 15 respondent according to their knowledge and perception.
Advantage: The main benefit of this method is that it is helpful in collecting authentic
data. Along with this, the method is free from bias which is helpful in obtained valuable outcome
of the similar research.
Disadvantage: The limitation of this data collection approach is that it is time consuming
and expensive process which consumes valuable time of investigator. The pitfall of questionnaire
method can be seen in the lack of interest of respondents. It has been analysed that it would be
difficult for investigator to convince respondents to fill questionnaire as many respondents
believes that it is time wasting activities.
Ethical consideration
Every investigator has to follow and comply with few ethical consideration in order to
execute their research in appropriate manner with facing any sort of issues from it. At the time of
conducting this investigation in effective manner, it is essential for investigator to ensure that all
the information gathered by them while conducting primary research should be used for the
purpose of investigation only. Along with this, it is also important for them to keep all the
information with them only so that no one can misuse it.
Questionnaire : This is a instrument which includes a series or set of questions for
gathering and collecting the information from many responders (Wojenski, and et. al., 2016).
This is designed for the statistical analysis, and 30 respondents are taken to answers these sets of
questions.
Questionnaire
Q 1) Acquisition is a form of diversification
a) Strongly disagree
b) Disagree
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c) Neutral
d) Agree
e) Strongly Agree
Q 2) Acquisition is a means of a diversification risk
a) Strongly disagree
b) Disagree
c) Neutral
d) Agree
e) Strongly Agree
Q 3) Acquisition is use for tax consideration
a) Strongly disagree
b) Disagree
c) Neutral
d) Agree
e) Strongly Agree
Q 4) Acquisition can result in conflict
a) Strongly disagree
b) Disagree
c) Neutral
d) Agree
e) Strongly Agree
Q 5) Acquisition affects brand image
a) Strongly disagree
b) Disagree
20

c) Neutral
d) Agree
e) Strongly Agree
Q 6) Acquisition increases market share
a) Strongly disagree
b) Disagree
c) Neutral
d) Agree
e) Strongly Agree
Q 7) Acquisition enables acquisition of new resources
a) Strongly disagree
b) Disagree
c) Neutral
d) Agree
e) Strongly Agree
Questionnaire
Q 1) Acquisition is a form of diversification Frequency
a) Strongly disagree 1
b) Disagree 1
c) Neutral 2
d) Agree 7
e) Strongly Agree 4
Q 2) Acquisition is a means of a diversification risk Frequency
21

a) Strongly disagree 1
b) Disagree 2
c) Neutral 1
d) Agree 6
e) Strongly Agree 5
Q 3) Acquisition is use for tax consideration Frequency
a) Strongly disagree 3
b) Disagree 2
c) Neutral 1
d) Agree 6
e) Strongly Agree 3
Q 4) Acquisition can result in conflict Frequency
a) Strongly disagree 2
b) Disagree 3
c) Neutral 4
d) Agree 5
e) Strongly Agree 1
Q 5) Acquisition affects brand image Frequency
a) Strongly disagree 1
b) Disagree 3
c) Neutral 2
d) Agree 6
e) Strongly Agree 3
Q 6) Acquisition increases market share Frequency
22

a) Strongly disagree 1
b) Disagree 1
c) Neutral 1
d) Agree 3
e) Strongly Agree 7
Q 7) Acquisition enables acquisition of new resources Frequency
a) Strongly disagree 2
b) Disagree 3
c) Neutral 2
d) Agree 6
e) Strongly Agree 2
23

TASK 2
Data Analysis
Data analysis refers to the procedure of analysing gathered information in deep manner.
This is effectively done with the usage of statistical and logical techniques which are later used
to analyse data in effective manner. In the current research, investigator has made use of
thematic analysis in order to interpret gathered information in a systematic manner. In this,
investigator has prepared separate themes for each question which are analysed on the basis of
views presented by respondents.
24

Theme 1: Acquisition is a form of diversification
Q 1) Acquisition is a form of diversification Frequency
a) Strongly disagree 1
b) Disagree 1
c) Neutral 2
d) Agree 7
e) Strongly Agree 4
Interpretation: On the basis of above stated acquisition it is interpreted that 1
respondent have strongly disagreed to the statement as according to them acquisition is not the
form of diversification. Whereas, another 1 have simply disagreed to the same statement because
they have read about it in the news paper. Other 2 respondents from the total of 15 have
expressed neutral response towards the same. The majority of the proportion that is 7 people
have agreed to the same statement as according to them they are acquisition is the form of
diversification because according to them if company goes for acquisition in another country
then they directly with the new product or services then it is considered as the diversification for
them only. Here, remaining 4 respondent has also shown positive response towards the same but
with more stronger response. In this, these respondents have expressed strongly agree response.
This simply means that these 4 respondents believes that acquisition is the form of
diversification. According to the overall information developed from the respondents viewpoint,
25
1
1
2
7
4
a) Strongly disagree
b) Disagree
c) Neutral
d) Agree
e) Strongly Agree

it is comprehended that acquisition is the form diversification as maximum number of
respondents have provided support to it. This is also supported with the views given by Ahuja
and Novelli, (2017), it can be said that acquisition is the type of diversification as when company
acquires another company then they simply moves to diversification because they are new for the
nation.
26

Theme 2: Acquisition is a means of a diversification risk
Q 2) Acquisition is a means of a diversification risk Frequency
a) Strongly disagree 1
b) Disagree 2
c) Neutral 1
d) Agree 6
e) Strongly Agree 5
Interpretation: According to the above expressed graph, it is interpreted that from the
total of 15 respondent, 1 have strongly disagreed to the statement that acquisition is the means of
diversification risk, another 2 have simply disagreed to the same statement. Furthermore,1
respondent have shown neutral response to the same as they do not have any knowledge over the
it. 6 people have given positive response by marking their views towards agree symbol on the
other the remaining 5 respondent have strongly agreed to the statement as according to them they
are 100% sure that acquisition simply diversify risk of the business associations. This simply
means that whenever the company indulge into any sort of unwanted or negative situation that
could affect them in negative manner then they will be having supporters to tackle this situation
positive manner. The similar sort of viewpoint was also expressed by Weinhold, W.A (2019),
27
1
2
1
6
5 a) Strongly disagree
b) Disagree
c) Neutral
d) Agree
e) Strongly Agree

have stated that acquisition directly enhances productivity of the company as directly or
indirectly they simply share their risks and responsibility with others (Diversification via
Acquisition: Creating Value. 2019). It also develops strong value base for the company as they
are having higher number of resources and other sources that directly provides them support in
the effective execution of the work in new country.
28

Theme 3: Acquisition is use for tax consideration
Q 3) Acquisition is use for tax consideration Frequency
a) Strongly disagree 3
b) Disagree 2
c) Neutral 1
d) Agree 6
e) Strongly Agree 3
Interpretation: On the basis of above stated pie chart, it can be said that business
associations often goes for acquisition for tax considerations. While asking this from respondents
3 people have strongly disagreed. Other 2 respondents, have expressed that disagreement
towards the same because these people personally belongs to the corporate field in which they
have noticed that business associations only emphasises on extra profitability. If these company
finds extra profits or business in the nation where tax rates are high then simply avoids it and go
for the acquisition in the similar company. Apart from this, 6 respondents from the total 15 have
agreed to the statement as according to them if these people tax consideration is the main thing
that is noticed by them company while going for the acquisition. In addition to this, remaining 3
respondents from the same proportion have shown their strongly agree statement towards the
29
3
2
1
6
3
a) Strongly disagree
b) Disagree
c) Neutral
d) Agree
e) Strongly Agree

same as they believes tax consideration is a kind of initiative that contributes in the further
benefit of company. As per views expressed by Green, (2016), directly or indirectly if any
company goes for acquisition then they simply have to pay tax. Thus they supports to the
statement that Acquisition is use for tax consideration.
30

Theme 4: Acquisition can result in conflict
Q 4) Acquisition can result in conflict Frequency
a) Strongly disagree 2
b) Disagree 3
c) Neutral 4
d) Agree 5
e) Strongly Agree 1
Interpretation: According to the above specified graph, it can be said that acquisition of
any business association increases interaction of employees with one another at extent level. This
simply arises situation of conflict at workplace. From this, it is interpreted that 2 respondents
have expressed that they strongly disagrees to the same statement. Whereas, other 3 have simply
disagreed towards the same. Another 4 from the total of 15 have expressed that their neutral
response towards the same because according to them they can say whether it will create conflict
or not. Apart from this, 5 respondents from the total of 15 have stated that they agree to it as
according to them they believes that acquisition simply increases conflicts at workplace as
people are not able to adjust with one another. On the contrary, 1 have stated that they strongly
agrees to the same because they have personally observe that acquisition in any company could
31
2
3
4
5
1
a) Strongly disagree
b) Disagree
c) Neutral
d) Agree
e) Strongly Agree

directly leads to the clashes among employees which ultimately increases conflict among them.
From the overall analysis, it is interpreted that people acquisition can result in conflicts 6 people
have shown positive response towards it. The same views are also supported by the Chuong,
Elde and Feschotte, (2017), it can be said that acquisition of company might result in the conflict
of interest among employees that directly leads to the creation of conflict at workplace. The
author have also stated that it might rise due to cultural difference among employees and their
working pattern.
32

Theme 5: Acquisition affects brand image
Q 5) Acquisition affects brand image Frequency
a) Strongly disagree 1
b) Disagree 3
c) Neutral 2
d) Agree 6
e) Strongly Agree 3
Interpretation: According to the above mentioned graph, it is has been analysed that 1
respondent have strongly disagreed to the statement that acquisition affects brand image of the
company. Other 3 have said that they have disagreed to the same. 2 respondents from the total of
15 have expressed that they do not have any idea about this. Thus, they have shown neutral
response towards the same. Apart from this, other 6 respondent have agreed to the same that
Acquisition affects brand image in both the positive as well as negative manner. The leftover 3
respondents have expressed Strongly Agree towards the same as they have personally agreed to
the same statement. From the overall views expressed by respondents it is interpreted that
acquisition is supportive in enhancing brand image of company in positive manner. The same
33
1
3
2
6
3
a) Strongly disagree
b) Disagree
c) Neutral
d) Agree
e) Strongly Agree

thing was expressed by the author named as Kumar and Ghodeswar, (2015), The respective
person have expressed that acquisition supports company in developing strong brand image of
the company as they are able to gain attention of customers with more number of acquisition.
34

Theme 6: Acquisition increases market share
Q 6) Acquisition increases market share Frequency
a) Strongly disagree 1
b) Disagree 1
c) Neutral 1
d) Agree 3
e) Strongly Agree 7
Interpretation: On the basis of above presented graph, it can be seen that 1 respondent
have strongly disagreed to the statement as in their opinion, acquisition does not enhance the
market share. Further, 1 has just disagreed to the statement. In addition to this, 1 out of 15
respondents has given a neutral response. In addition to this, 3 respondents are of the view that
acquisition result in increment of market share. Majorly, 7 respondents have strongly agreed to
the statement as according to them, acquisition enables a firm to capitalise on the customer base
of acquired company. On the basis of overall discussion executed with all of the respondents, it
can be analysed that acquisition facilitates increased market share. In accordance with the views
of Malhotra, Zhu and Reus, (2015), acquisition is an effective strategy that is executed by
35
1
1
1
3
7
a) Strongly disagree
b) Disagree
c) Neutral
d) Agree
e) Strongly Agree

companies to leverage the pool of resources of acquired and acquiring companies to foster
enhancement of market share at international scale.
36

Theme 7: Acquisition enables acquisition of new resources
Q 7) Acquisition enables acquisition of new resources Frequency
a) Strongly disagree 2
b) Disagree 3
c) Neutral 2
d) Agree 6
e) Strongly Agree 2
Interpretation: On the basis of above stated graph, it can be seen that 2 respondents
have strongly disagreed to the statement as in their opinion, acquisition does not result in
acquisition of resources. Further, 3 have just disagreed to the statement. In addition to this, 2 out
of 15 respondents have given a neutral response. Majorly, 6 respondents are of the view that
acquisition enables acquisition of new resources as it facilitates the firm to capitalise on the
resources of other firm. 2 respondents have strongly agreed to the statement. As per the overall
discussion done with the respondents, it can be analysed that acquisition enables acquisition of
new resources. As per the views and opinions presented by Angwin and Meadows, (2015),
37
2
3
2
6
2
a) Strongly disagree
b) Disagree
c) Neutral
d) Agree
e) Strongly Agree

acquisition is the process whereby one company takes on another firm, thereby making use of the
resources of acquired firm in an effective manner. This justifies the validity of the statement
under enquiry.
38

39

RESEARCH TIME PLAN
Gantt chart
Gantt chart is a production control tool developed by Henry L. Gantt in 1917. this
provides a graphical representation of a schedule which helps in planning, coordinating and
organising specific tasks of project (Chen, Lai and Xiao, 2015). These charts helps in assessing
time period to complete a project and resources required. Gantt chart is easily understandable
and can easily be constructed.
40

41

TASK 3
RECOMMENDATIONS
TESCO is one of the biggest organisation of the world, which use to provide their
products and services in food and other beverage industry. Here they are thinking to expand their
business in Romania by the use of acquisition, so that they can increase their market share and
also their profitability. This will help them by taking over an organisation which is already
performing their business in Romania and have good market share. There are ample number of
profits which TESCO will get doing this for their business expansion. Here are some
recommendation for TESCO, which will help them in increasing their business in marketing
environment of Romania. They can make proper study of different marketing strategies used by
their competitors, so that they can make better plans for their working. This will help in getting
good start at new market place and also help them in making loyal customers from starting of
them. Also it is recommended to TESCO that they can make proper study of external factors of
nation, which can affect the performance and strategies made by them. This study will give them
detail about the points which they have to consider while making strategies for their future.
Along with this, it is recommended to TESCO, that they can increase the size of customer
segment which they want to target. As diversification in products offered by them will help
TESCO in providing new products to their existing customers. Along with this, it help them in
providing their existing products to new customers, so that customers can get different products
just under one roof. This all help them in increasing their profits along with their market share in
new and existing market.
Alternative research method
In the current investigation, researcher have used questionnaire for collecting information
from respondents. Even though, the method was effective but still it has some lack points such as
it bounds respondents to answer each question from the provided options. On the basis of this, it
can be said that investigator could go for another methodology through which they can collect
more detailed information from respondents side. Here, researcher can go for interview method
for collecting information from chosen respondents as they are completing free to answer
questions according to their knowledge and mindset. The main reason behind choosing this
method is that it completely allows individual in gathering maximum information from
respondents with their own person.
42

Advantage of interview method: It provides opportunity to researcher gather maximum
information respondents by including questions as per core requirements.
Disadvantage of interview method: It is a time consuming method as researcher is
communicating to each and every respondent.
Evaluation of research outcomes
The overall conducted research conducted research provides effective outcome that
acquisitions is an effective concept which provides benefits to business association. This benefit
can be seen in the form of enhancement of profitability as well as growth of business firms. At
the same time, it states that it might result in the development of conflicts at workplace that could
hamper the productivity of employees as well performance of company in negative manner.
Also, it has been analysed that it provides higher benefits to the company in the form of increase
in market share as they are able to execute their business functions in appropriate manner. All of
this information is mainly developed from the questionnaire which are explained as below one
by one:
Question 1: Acquisition is a form of diversification
On the basis of information developed from data analysis section, it has identified that
acquisition is kind of diversification only as it allows company in moving to another nation in
terms of business expansion that ultimately provides them benefits. The overall obtained
information from this question was helpful as it states that business can easily diversify with help
of acquisition in effective manner. This gathered information was effective for the business as it
is the most common thing and every one is aware about it. Thus, it has provided solution to the
research problem.
Question 2: Acquisition is a means of a diversification risk
From the overall analysis it can be said acquisition is considered as a kind of
diversification of risk as at the time of expansion the company share its benefits as well risks
with the shareholders. The obtained information is very useful for the research as it states that
acquisition diversifies risk of company which is expanding at international scale. As per
43

information, it is suggested to management team of company to use best marketing activities so
that they can effectively go for acquisition and obtain success at marketplace.
Question 3: Acquisition is use for tax consideration
From the above analysis, it has been analysed that business enterprise uses tax
consideration. This is because, business associations only emphasises on extra profitability. If
these company finds extra profits or business in the nation where tax rates are high then simply
avoids it and go for the acquisition in the similar company. Developed knowledge on this
concept states that businesses can easily develop effective knowledge on tax policies which
aware them about the ways through which they can attain profitability in rightful manner.
Question 4: Acquisition can result in conflict
The overall information developed from this analysis states that acquisition results in the
conflict. This is because of the cultural differences among employees. This have supported in the
resolving research problem as management team of company can easily manage with the
situation conflict and find out best feasible solutions towards the same in order to reduce its
impact in effective manner.
Question 5: Acquisition affects brand image
On the basis of analysis it can be Acquisition enhances brand image of company as it can
give negative brand image in the association, hence it is important for mangers to evaluate and
check authenticity of book of accounts and cost of acquiring new association. If brand image of
new organisation is not good, then quality of services or product offered can be inferior, so
consumers does not want to avail it.
Question 6: Acquisition increases market share
According to the overall developed information it can be said that market share of
company directly raises as they are able to expand their business activities at international scale.
Acquisition provides higher business opportunities toi the companies as they are able to expand,
diversify business activities through market share and brand image does not get diluted.
Question 7: Acquisition enables acquisition of new resources
The overall developed information from the analysis section it can be said that
acquisition is supportive in acquiring of new resources. For acquiring new resources the cost for
44

th company gets increased hence it is important for manager of the company to plan activities
through which optimal use of resources is possible.
TASK 4
REFLECTION
While conducting this research on Acquisition in Romania and profits, I came to know
that through acquisition, the company can acquire the another company of Romania and enhance
the growth, productivity and profitability. During this research I have gone through various
experiences by which I have learned a lot, there were many things by which the investigator as
well as the owner can many things and gain the knowledge on the specific of Acquisition leads
to gain more profits for a company. There were many parts in which I was too good to perform
and asked questions from the respondents very fluently but on the other hand, there were some
parts in which I was worst and need improvement. Apart from this, I was motivated while
gaining so much things from this subject but some among them have discouraged me a lot and
from which I got demotivated and this has affected my work too much by which my working
performance get low and had declined. To conduct the research in better manner and in effective
way, I had analysed the entire market and gather the useful and reliable information from many
sources. In this research, I effectively used the methodologies which was used to gather and
collect the data with the help of public and direct sources and data collection method has also
been used. Apart from that, I faced many difficulties as the respondents were not taking interest
to answer my question as my communication skills was not good to present myself in front of the
targeted population, my words was not clear and not properly delivered to the responders. This
thing has wasted my precious time and also by this I was not able to complete the research in the
given deadline, and I got too delayed to complete this research ineffective time frame. The
another thing which was analysed by me was that, the cost and resources which was expected by
me were not satisfactory, as this was so complex and difficult for me to end this research in
given fund and resources. Apart all this, I have gained the overall experience which will help in
conducting any future research, also this research has stated me the drawbacks of mine on which
I have to work more and get improved that, so that further I don't faced such issues in conducting
any research.
45

On one end, it can be said that my experience was positive as I have learned number of
things, information and knowledge from my investigation. While on the other hand, I have also
realised that its not easier for me to deal with respondents as some among them are not
cooperative. Along with this, negative response from respondent have de motivated me many
times which affected my productivity and delayed in attaining research outcome. Therefore, from
my overall experience, I have learnt that in future I will try to go interview method instead of
questionnaire as this method is more effective and helpful in obtaining true outcome for the
same.
While conducting current investigation, I have also developed my own understanding
over various elements of research onion that has been adopted by me while conducting this
research research on the topic “Acquisition in Romania and profits”.
Positivism:
At first element of research philosophy, I got to know that positivism research philosophy
was best choice made by me during this research as it has developed support in conducting
investigation with logical and reasons. I personally feels that this is effective way to analyse data
that will later support in gaining valid outcome towards the same. On the other hand, I have also
realised that the same type of philosophy has its own drawback too that is inflexibility which has
develops several types of issues for them while attaining valid outcome towards the same.
Deductive:
Deductive approach has been used by me in current study. The best part of using this
approach is that it relies upon logics and facts which has made it easier for me to draw valid
outcome towards the same. Whereas, I have also realised that usage of deductive research
approach was not effective for me as it supports findings developed from quantitative
methodology. Usage of this method has made investigation quite complicated because it is not
easier for me to deal with numbers for analysing data in rightful manner.
Methodology
Selection of quantitative methodology was good for the current study as it has supported
in the effective evaluation of gathered information in best possible manner. On the other hand,
the weak side of this method was the dependency on numerical formulas.
Techniques
46

Postal: I feel that postal method is suitable for investigation in which researcher does not
have much time for conducting research. Whereas, major issue associated with the postal method
is that survey is provided to respondents via post. Thus, there are probable chances that all posted
survey might not reach to respective respondent on time which could directly delay research
outcome.
Telephone: From my own experience I have identified that this technique is cost
effective whereas major drawback related to it is occurrence of technical error that could create
disturbance in voice and could create confusion.
Personally administered: I have also explored that the respective method does not need
any sort of surveyor for conducting effective interview which directly saves their time. Whereas,
technical error has been determined as its main disadvantage of this method.
Survey: The main advantage of this method is that researcher is able to grab maximum
information about the topic within less period of time. On the contrary main drawback of this
method was its authenticity as there were probable chances that respondents might not have
presented reliable information as per the requirement of the question.
According to my own experience telephonic and internet survey technique was most
suitable for the current investigation as it has allowed me gathering information from the
respondents in less period of time. Along with this, the method was even suitable for the
respondents as well because they can share their viewpoint from their own place itself without
going anywhere else.
Apart from this, I personally believes that usage of questionnaire method was good but
still by looking forward towards the future improvement I will go for interview method in order
approach more effective research in the near future. The researcher has also made me learnt that
it is important for me to remain polite with respondents for making them comfortable with me. It
also support me in influencing their behaviour towards the research that will support in attaining
research outcome in the near future. From my own experience, it can be said that I will conduct
similar sort of investigation in the future too for developing my knowledge on acquisition at the
time of business expansion in deeper manner.
CONCLUSION
From the above conducted research, it has been concluded that Acquisition is the process
and the situation in which one company acquires the another one effectively to grow the business
47

and maximize more profits. This has been studied and examine by the researcher that this
concept has developed the huge benefits fro the companies who are acquiring the business of
another company. Along with this, it has also stated that both the primary and secondary method
of data collection are effectively used and this was very helpful for the investigator to completing
this research in effective time frame. In the part of primary research method, the researcher has
made the questionnaire in which there are set of questions, which were created for the
respondents to answer these in an effective manner. Usage of this method of data collection was
helpful for this researcher in attaining desired outcome as it includes perception of chosen
respondents on research questions and its related topics. On the other hand, in secondary research
method, the investigator has selected the online websites, blogs and journals, etc. It has been
further analysed that usage secondary data have equally contributed in attaining information on
research objectives. This is because, this method focuses on grabbing information from internet
and other published data that is time saving as well as effective. Both the methods have helped in
attaining information on research outcome. Apart from this , the data interpretation part was done
on the basis of qualitative methods as it was totally based on human perception and as per their
viewpoints and had avoided and ignore top defined the results. At last, it was totally a better
choice for the companies who want to gain more profits and enhance their business growth,
therefore they can used the concept of Acquisition. Thus, this is conclude that the concept of
present research was very beneficial for all the companies, countries , customers and as well the
individual.
48

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