Premium Essay

Business Research Plan

In: Business and Management

Submitted By dniceus
Words 1553
Pages 7
Unit 1 Individual Project
MGT600 – Business Research for Decision Making

April 7, 2013

Abstract

Functional companies in today growing economy use Formal Research and Business Proposals to effectively conduct business. Both methods are clearly different in meaning and purpose, however the two are intertwined. Formal research and Business Proposals both have applications and values in a business setting that will be discussed in this research paper. The theoretical framework and the research design relating to collaborative technology in virtual globalization will be discussed. (Sekaran & Bougie, 2010).

Part 1 “Formal Research” versus “Business Proposal”
Introduction
In Part one of this research paper I will be discussing the theoretical and practical differences between “formal research” and “business proposals”. In researching the two methods I will present how they impact the business industry, it is vital that business professionals comprehend the distinction between them. Management teams will benefit from research and proposals if they are conducted and implemented properly.

Part 1. Marketing Manager and Researchers in a company have complex task in developing formal research projects and business proposals. Formal Research is a structured research style that allows business researchers in a company to present information in a scientific manner. Teams who conduct formal research must use a systematic professional process of collecting and analyzing information. The collection of data allows the organization to increase their understanding of problems within a company. In attempts to enhance the company’s success research is completed to determine the implementation of a new product or assess changes in human resource management. Research provides basic information and statistics in a given field or industry, depending on the focus...

Similar Documents

Premium Essay

Osier

...look in to the work and hopefully make moves to continue on into the business world. I would invite the school’s business department as well as local businesses owners to come and judge the contestants work. The reason I would choose these people is because in one group you have people who study business and business planning and on the other hand you have people that actually have gone out into the real world and opened a business so in that situation you have the input of the hypothetical people how talk theory and those how can talk from experience. I would structure the competition like a typical competition. I would first start with the preliminary rounds which help weed out the business plans that have careless mistakes or that aren’t up to a certain standard that would be worth presenting. Once that process id over we will continue on the presentation of the business plans and student will get a chance to showcase their work. Finally we tally up the point and choose winners and well as give each presentation its own advisement for the judges. We will only allow a few contestants; maybe the top 10 business plans that we receive will have a chance to showcase their work. During the presentation students will be allowed a certain amount of time to introduce their plans and take us through their business plan. After that section has finished it is time for the judges to ask question about their business plans and depending on how well the question is answered and how well......

Words: 980 - Pages: 4

Premium Essay

Business Plan Guide Template

...Assignment 2 – Business Plan (35%) Purpose The purpose of this assignment is to apply franchising and small business knowledge to develop a business plan for a new franchise outlet for a franchise business. In either case, the business is to be started from scratch. Topic / Task You are required to produce a business plan for a start-up outlet of a franchise chain you would like to operate. Students CANNOT base their business plan on a pre-existing franchise (i.e., one which has been or is currently in operation). Students must understand that the business plan is for a franchise outlet as opposed to an independent new business. Several sample business plans from which you may draw ideas have been provided in the “assessment tab”. These Business Plans are considered exemplar plans. Please view as they may assist you in terms of structure and expectations. Please DO NOT copy any of the plans as they are recorded through the SafeAssign submission point and as such any plagiarism based on these plans or those available on the Internet will be detected. In addition, there are a number of resources available and identified (including useful websites and video clips) for students in Topic 2 (Activity 3). You should also draw upon the business planning resources available online at www.business.gov.au plus those available from other government agencies, associations and major banks. Referencing and Collaboration Referencing is expected. Assignments will be......

Words: 1046 - Pages: 5

Free Essay

Business Plan

...Trend Setters Hair Studio Hair and Beauty Salon Business Plan PAGE Start your own business plan » (/create_your_business_plan.php?link=create_top-b) BLACK FRIDAY SALE: Save 62% on the #1 Business Planning Software Sign Up Now (http://www.liveplan.com/?pm=LIVEPLAN12MONTH_62AB) 1 (executive_summary_fc.php) « PREVIOUS PAGE () NEXT PAGE » (COMPANY_SUMMARY_FC.PHP) 2 (company_summary_fc.php) 3 (products_and_services_fc.php) 4 (strategy_and_implementation_summary_fc.php) 5 (management_summary_fc.php) 6 (financial_plan_fc.php) 7 (appendix_fc.php) Executive Summary Trend Setters is a full-service beauty salon dedicated to consistently providing high customer satisfaction by rendering excellent service, quality products, and furnishing an enjoyable atmosphere at an acceptable price/value relationship. We will also maintain a friendly, fair, and creative work environment, which respects diversity, ideas, and hard work. Our Mission: To supply services and products that enhance our clients' physical appearance and mental relaxation. Our Motto: "The Trend Begins Here!" The timing is right for starting this new venture. Patiently searching for six months for the perfect location, one was finally found. The demand from the owner's clients, as well as the ambitions of the owner to one day start her own salon, and the procurement of highly professional and qualified beauticians to support the salon, has made this business one of great potential. Curley Comb, co-owner with Roller Comb, Jr...

Words: 878 - Pages: 4

Premium Essay

Financial Systems Challenges

...BUSINESS CONCEPT SUMMARY (A) Your business summary should be completed last, be no longer than a page and should focus on why your business is going to be successful. Your answers below should briefly summarise your more detailed answers provided throughout the main body of your business plan. The business Under the business summary section enter your: * Business name If you haven't registered your business name, add your proposed business name. * Business structure Enter whether you're a sole trader, partnership, trust or company. * If you're a business and have registered enter your business registration number * Main business location Enter your main business location such as your city/town. Briefly describe the location and space occupied/required. * Date the business was established This is the date you started trading. Whether it was the date you opened your doors or the date your purchased business opened its doors. * List of business owners List the names of all business owners. * Relevant owner experience Briefly outline your experience and/or years in the industry and any major achievements/awards. * Products/services Briefly list the products/services you're selling and the anticipated demand for your products/services. These answers should briefly summarise your answers under the main products/services section. The future Under the future summary section enter your: * Vision and mission......

Words: 1540 - Pages: 7

Free Essay

Business Final

...start a business”. I found this point to be very interesting for starting a business has and continues to be a dream of mine. Within this category were sub- categories such as: business startup strategy, the right business for you, knowing your industry before you start your business, and estimating realistic startup cost. Although all very intriguing, I found the category on business startup strategies to be the most important for it gave the basics on how to start up a business, something that I didn’t know before The second key learning point that I found to be very interesting was where to start and what to do when “Buying a business”. I found this to be very interesting because if I can’t start a business, buying one would be the next best thing. Categories within this learning point included planning for purchasing a business, questions to ask when buying a business, knowing what you’re getting, and how to figure out what a business is worth. The last key learning point that I found to be very interesting while browsing the website was possibly more important than the first two learning points, “How to write a business plan”. Through the links in this category including: a standard business plan outline, different types of plans for businesses, what a business plan is, what makes a good plan, mistakes that can be made, a simpler plan for starting up a business and how long a business plan should be. I learned that a business plan is any plan that works for a business......

Words: 1467 - Pages: 6

Free Essay

How to Write a Business Plan

...Business planning is essential for the success of any business. A business plan provides direction, keeps you on track and is usually a requirement when you seek finance. Read Why do I need a business plan to find out how writing a business plan can assist your business. Once you've read Before starting a business plan and conducted research into the feasibility of your new business you're ready to write your plan. We have a number of free templates and downloads to help you get started. This section is based on our free business template and guide and steps through the various areas and information you need to include in your business plan. Your business plan may vary from this depending on the type and structure of your business. Tips when writing your business plan When writing your business plan and before you start using it, consider the following: Do your research - You will need to make quite a few decisions about your business including structure, marketing strategies and finances before you can complete your plan. By having the right information to hand you also can be more accurate in your forecasts and analysis. Determine who the plan is for - Does it have more than one purpose? Will it be used internally or will third parties be involved? Deciding the purpose of the plan can help you target your answers. If third parties are involved, what are they interested in? Although don't assume they are just interested in the finance part of your business. They......

Words: 896 - Pages: 4

Premium Essay

Business Case

...Business Case Research Paper IST 7020 Analysis, Modeling and Design Wilmington University Business Case Research Paper Business Case A business case is a document which is used to help in starting a task or a project.  It can be in any format of text, presentation or a discussion. A basic justification to implement the given task can also be called as a Business Case. Typically, a Business Case would be documented for future reference or sometimes stated orally for better understanding. It usually depends on the business ideology and its practical implementation(TechTarget, n.d.). Before thinking of building a business case, an individual should understand thoroughly the core of the project. It may take huge efforts in achieving this goal but a rough estimate of the same would be beneficiary(TechTarget, n.d.). Example: If the manager of a sunglasses store notices that the business is very slow in the winter, he can tell the owner by preparing a business case for store renovation in winter with winter stuff along with the sunglasses. It might create some good business(TechTarget, n.d.). Method in developing business case: * Complete Overview and Thorough Analysis: While submitting a business case, the analysis done should be covered all around in order to achieve a better result of the Project and a feasible Solution to overcome the same(TechTarget, n.d.). * Validating if the business case built is actually stating the exact problem and thereby......

Words: 1562 - Pages: 7

Premium Essay

Entrepreneurship and Starting a Small Business

...“Entrepreneurship and Starting a Small Business” Brian Thompson Everest College Phoenix Online MAN 1030 Introduction to Business Professor Mary Ritter 12/08/2012 Abstract In this paper I will be discussing what contributes it takes to become a successful business owner. I will be going over the characteristics of being a small business owner. I will also be discussing how to go about creating a business plan. In discussing the business plan, I will be giving the purpose of each component. “Entrepreneurship and Starting a Small Business” Eric has already created two successful businesses and is looking to start another. He already has the characteristics of a successful entrepreneur. He is self-directed, committed and willing to work hard. He already has experience in owning a small business and knows what it takes to make a small business successful. Eric seems to have beaten the odds already. What do you think Eric would tell you about success (or failure) and how to learn to be a successful small business owner? There are several characteristics to become an entrepreneur and start a small business and the one is being self-directed. You have to be comfortable being your own boss because you alone will be responsible for its success. Second, you have to believe in yourself when nobody else does, which is being self-nurturing. You also have to be committed and highly energetic by being able to emotionally, mentally and physically work hard, but mostly......

Words: 867 - Pages: 4

Premium Essay

Assignment 1: Social Performance of Organizations

...Professor Stephen Bartorillo BUS 315 October 23, 2015 The process of formation and implementation of a business is a difficult task, not its complexity but by the diligence of the processing to formalize this constitution. When you deciding to create a new company, we must take into account the following factors: The definition of the activity to develop the long-term and comprehensive planning, risk assessment, financial capacity, business viability and market research. All these aspects should pick in what is called “Business Plan”. The next step is choosing the legal form taking into account a number of key factors: the number of partners, the level of social capital and liability to third parties. Depending on the legal form chosen, we must carry out the procedures for the adoption of legal personality and related to the conduct of business. Finally, it is important to choose funding programs for my company, and the various forms of recruitment. * Describe the new start-up company that you have created. Include in your description the nature of your company, its mission and vision, your company’s product, an analysis of your staff, and your target clientele. The name of my company is "Final Solution Inc." this company will offer financial services to all types of customers, business, families or individual people. I create a document called "Business Plan", this document groups in a clear references and experience of the company, objective, technical......

Words: 854 - Pages: 4

Premium Essay

Why Write an Executive Summary

...Summary: Why Write It? Investors, lenders, executives, managers and CEOs are busy. Always. That means that the executive summary is an essential gateway for your business plan to get read. Think about it this way: if you had an endless list of things to do, and someone handed you an 80-page document and said "read this! you'd probably first want to know why. "The most important reason to include an executive summary is that in many cases, it is the only thing the reader will read," says Pablo Bonjour, founder & CEO of Katy, Texas-based SMG Business Plans, a company that offers entrepreneurs assistance in writing business plans. According to Bonjour, investors will read the executive summary to decide if they will even bother reading the rest of the business plan. It's rare for an investor or lender to read an entire business plan, at least in the initial stages of analysis and consideration for funding, so having a strong executive summary is key. When you're writing your business plan, your goal is to get your foot in the door and face-time with the investor. "Assuming that your business is a good fit for the investor, a strong executive summary will get you invited in for a meeting," Hirai says. "A poor executive summary will leave you standing in the cold." Dig Deeper: How to Write a Great Business Plan How to Write an Executive Summary: The First Paragraph Just like a movie might begin with a fight scene or a magazine article opens with a funny anecdote,......

Words: 1409 - Pages: 6

Premium Essay

Business 1

...Business <iframe src="//www.googletagmanager.com/ns.html?id=GTM-5H2V9S" height="0" width="0" style="display:none;visibility:hidden"></iframe> ------------------------------------------------- Top of Form Bottom of Form Toggle navigation * * About us * News * Events * Contacts * Industry & business  * Industry & business Integrating and promoting innovation to drive growth across the economy. More * Industry & business news * Manufacturing * Automotive Transformation Taskforce * Small business * High Performing Workplace Index * Innovation * Clusters * Digital technology * Investment & trade  * Investment & trade Building South Australia's competitive advantage and supporting new investment and export capability. More * Investment & trade news * Investment Attraction Agency * Business Missions * South Australia - China Engagement * South Australia - India Engagement * South Australia - North Atlantic Engagement * South Australia - South East Asia Engagement * Case management * Immigration * Major Developments Directory * Why South Australia * Industry Capability Network SA * Export Partnership Program * Trade * Tradestart assistance *......

Words: 1479 - Pages: 6

Free Essay

Business Plan

...20 Reasons Why You Need a Business Plan Written by Pete Kennedy Categories: * Business Planning 1. To prove that you’re serious about your business. A formal business plan is necessary to show all interested parties -- employees, investors, partners and yourself -- that you are committed to building the business. 2. To establish business milestones. The business plan should clearly lay out the long-term milestones that are most important to the success of your business. To paraphrase Guy Kawasaki, a milestone is something significant enough to come home and tell your spouse about (without boring him or her to death). Would you tell your spouse that you tweaked the company brochure? Probably not. But you'd certainly share the news that you launched your new website or reached $1M in annual revenues. 3. To better understand your competition. Creating the business plan forces you to analyze the competition. All companies have competition in the form of either direct or indirect competitors, and it is critical to understand your company's competitive advantages. 4. To better understand your customer. Why do they buy when they buy? Why don’t they when they don't? An in-depth customer analysis is essential to an effective business plan and to a successful business. 5. To enunciate previously unstated assumptions. The process of actually writing the business plan helps to bring previously "hidden" assumptions to the foreground. By writing them down and......

Words: 925 - Pages: 4

Free Essay

Task Analysis

...characterize a job or task; * select learning outcomes that are appropriate for instructional development; * prioritize and sequence tasks; * determine instructional activities and strategies that foster learning; * select appropriate media and learning environments; * construct performance assessments and evaluation. Below is a goal analysis I developed to assist learners in understanding the business planning process for a beauty business. Goal: At the end of six weeks, learners will know the main components of a business plan and through the use of business planning software, will develop a business plan that will be used to measure comprehension and be used to obtain financing for starting a new beauty industry business. Objectives: * Understanding the purpose of business planning-Through discussion, lectures and research, learners will understand the main components of a business plan, the purpose of a business plan and why a regularly updated and professional looking plan can help ensure success throughout the life of their business....

Words: 833 - Pages: 4

Premium Essay

Unit 15: on-Licensed Trade Management

...authorities; the police; planning authorities; licensing justices; weights and measures; safety; risk analysis Profitable product development: food; liquor; games; Amusement with Prizes (AWP) and Amusement with Skills (AWS); profit and loss statement analysis Stock and cash security: Electronic Point of Sale (EPOS) systems; associated integrated software and paper systems; the prevention of fraudulent practices; till security; security of cash on premises and transference Staffing: structures; recruitment; training; retention; outstanding performance; best practice and successful units; the role of area management LO3 Be able to develop a merchandising and sales promotion strategy for on-licensed premises Marketing skills application: market research; Strengths, Weaknesses, Opportunities, Threats (SWOT) analysis; trend identification such as changing consumer needs, product/brand life cycle; communication of the value proposition; keeping...

Words: 926 - Pages: 4

Premium Essay

Corbin Pacific Case Study

...Beach, Florida. Since its inception, Corbin-Pacific has identified product needs and designed stylish products to fill these needs.New products had fueled the growth and profitability of the company. The company is very well managed. Its employee turn over ratio is low; there are no layoffs and compensation package given to its employees is one of the best in the industry.  Company's marketing strategy is product driven. There is a lot of emphasis on mass customization. Internet is being used by the company for its marketing and online selling of its products. Company's financial position is strong. It is supporting Corbin Motors financially and is providing a base for its research and development. This business plan is based on a Case Studyconducted by Harvard Business School (1999). A standard business plan outline (Berry, 2004) has been followed.  1.2 Mission  The company's mission is to produce best motorcycle accessories in the...

Words: 1162 - Pages: 5