The project is based on the concept of globalisation and various business strategies that global companies apply while emerging a new market. In order to conduct this research project, a United Kingdom-based supermarket, Waitrose & Partners has been selected. In this perspective, the research project has determined some specific aims along with objectives to attain.
Aims and objectives:
The key aim of this research project is to determine the most effective business strategies while emerging a new market. The objectives of this project are to understand the advantages and disadvantages of the applied business strategies that the selected company applies. Along with this, the research project has also an objective to understand the efficiencies of applied business plans. In this perspective, the research of this project has included an introduction, organizational background, research scope along with proper justification of selecting this particular research topic to accomplish.
While conducting this research project, the researcher has applied the primary research method along with positive research philosophy. At the same time, the researcher has applied the quantitative research approach along with a questionnaire and sampling method, which has been conducted on a hundred company executives. This research project has justified the applied methodology as well.
Chapter 1: Introduction
My research proposal is based on the understanding of the most effective business strategies that a business organisation applies while emerging a new market. Along with this, the proposal contains the positive and negative aspects of the emerging market that the company faces while discussing efficient business plans.
In the age of globalisation, business organisations are gaining more opportunities in emerging their business. In this perspective, the multinational companies are using different types of methods. Here, the companies pay attention to each detail that is related to the market strategies. Therefore, the companies are probable to go through some of the most effective benefits. Thus, the benefits are encouraging business organisations to emerge in international territories. On the other hand, along with the positive impacts, the companies also are facing possible hindrances that are affecting the global companies. At the same time, these negative factors can make business emergence strategies slow (the-impact-of-globalisation, nd). Hence, it is necessary for global companies to pay more attention to solvency methods. In this perspective, the companies look for the best-suited business strategies so that the positive factors can be fostered and negative factors can be eliminated.
Waitrose & Partners is a supermarket chain, established in 1908. This company is located in Britain. Waitrose & Partners is the food retail section of the Britain based giant company John Lewis Partnership. This company currently consists of more than 52,500 employees (about-us, nd). It provides its products and services across England along with Northern Ireland, Wales and Scotland.
To determine the most effective business strategies while emerging a new market
To understand the benefits experienced by Waitrose & Partners while emerging a new market
To understand the drawbacks faced by Waitrose & Partners while emerging a new market
To understand the efficient business plans of Waitrose & Partners while emerging a new market
1. What are the benefits that Waitrose & Partners experienced while emerging a new market?
2. What are the drawbacks that Waitrose & Partners experienced while emerging a new market?
3. What are the proficient business plans of Waitrose & Partners while emerging a new market?
This proposal will briefly discuss the relating aspects of the globalisation and the efficient business strategies that different types of global business organisations apply. The application is based on the terms of business emergence. Thus, the topic of the research holds high academic interest. As this research will focus on the drawbacks as well as the positive aspects, the literature is probable to highlight an argument. Moreover, this research can bring out a new perception regarding the topic of the research. Besides, the positive aspects of the application of various business strategies may go through different difficulties due to the negative impact of changes in global territory. In this perspective, it can be stated that with the help of this research, the learners will be able to understand various perspectives that are related to this topic. Along with this, they can also recover the knowledge gap.
Based on various aspects the researcher of this research has chosen this topic. The main reason for selecting this research is that globalisation and the emergence of business comprise immense perspectives. Due to this, the researcher has a greater opportunity to collect a high range of data. Besides, a burning issue like this will discuss higher relevance to the learners. At the same time, it can highlight various solvency methods to various companies, which can be helpful to them too.
The second part of this research proposal will focus on the gathered information from different types of sources. This part will also consist of a high range of literary data will be added that will support the chosen aims along with the objectives of this research proposal. Various perspectives of different scholars will be helpful to establish the research topic.
2.1 Advantages of business emerging in a foreign market
While entering a new market or an international market, a business organisation mainly aim for higher revenue along with higher customer base. Due to this, various companies get a chance to explore the new territory. Thus, whether the selected market applies to the company or not can be understood by the company (Zekiri, 2016). Due to this, various companies apply different types of business along with market strategies, which can be well utilised due to the process of globalisation. As per various scholars, such practices allow global business organisations to gain marketing efficiencies as they conduct market research before expanding their business in international territory. In this perspective, the companies are probable to go through both positive and some of the most encountered issues while implementing various business strategies. Due to this, various researchers and scholars have stated that the global companies consider some of the most essential factors that are organisational safety, environment, trademark, packaging, labelling and so on (Kalyanaram, and Urban, 2015). Based on these aspects, the company gains a vast knowledge not only regarding the unknown market but also about the company itself. Thus, determining a proper market along with a proper marketing mode for the company is vital. At the same time, some researcher also mentioned that global companies consider their organisational background, objectives, previously applied strategies along with available resources. Thus, the company will be able to analyse the marketing mode critically. On the other hand, some scholars also stated that such analysis is beneficial to the global companies as it directs the company towards the understanding of its market potentialities and capabilities (Eichengreen, and Mody, 2018). Moreover, this helps multinational companies to grasp the cultural differences that the selected marketplace has. In this perspective, researchers mentioned that major risks related to the culture and society can be dealt with. Thus, it can be a huge benefit to the company as it will be able to gain social acceptance. Therefore, global companies will be able to emerge their business while gaining various advantages from the global market along with the culture.
Faced obstacles while emerging new territory
According to various researchers and scholars, when a global business organisation tries to make an entry into a new market, there can be some of the most evident and critical aspects that can hinder the business strategies. They mentioned that political differences are one of the most critical factors that either foster or create hindrances for the company (Luo, Wang, Y. and Xi, 2016). For example, the UK government imposes the Free Trade Policy for both on the domestic along with foreign companies. Due to this, the companies are not forced to pay unaffordable taxes and they freely trade as well. In that perspective, not every nation provides such opportunities. It has been seen that various countries impose much strict acts and regulations for foreign companies. Therefore, the determined business strategies are probable to face certain difficulties.
Along with this, some scholars also stated that economic differences are also creating obstacles for global companies. In this perspective, the difference in the GDP rate is the main factor on which the company has to pay attention (Khan, nd). The GDP rate varies from nation to nation. In this perspective, scholars have indicated that this can affect the particular nation to conducts emerging means properly. For instance, when a low GDP rate nation tries to enter high GDP rated country, it may face difficulty while coping up with the difference in the value of money. Thus, economic instability can take place. Due to this, companies may face economic instabilities. Thus, the companies will not be able to apply to essential marketing and business strategies.
According to some scholars, cultural differences can also affect various companies. This issue involves a difference in lifestyle along with language barriers. In this perspective, scholars have suggested that global companies need to apply effective marketing and business strategies so that such issues can be eliminated. Here, appropriate market entry strategies can aid various companies.
Effective business strategies for market entry
As per some scholars, there are some of the most essential and beneficial business strategies are capable enough to aid a global company while emerging an international territory. The strategies are,
As per some researchers, the global companies need to create their strong brand so that the owners of the company can be able to introduce its other branches in the international market (Jeewa, nd). With the application of best-suited marketing means like online appearance, various global companies will be able to open its new branch and run it as well.
2. Direct export:
Many scholars also have mentioned the method of direct exporting. According to them, direct export allows the business organisation to approach the foreign market directly. For instance, if the UK based garment company tries to break into the Asian market, the company needs to provide its products to the Asian stores (Erramilli, and Rao, 2017). Thus, the company will be able to observe its target customers directly.
3. Purchasing a company:
According to different scholars, purchasing a company in foreign territory can help a company to make its emergence stronger outside the nation. However, they have also mentioned that this business strategy is best applied for giant companies only (Andersen, 2017). For example, companies with a stable and strong economic background can purchase a company in a different country. Similarly, a company with inadequate economic structure will not be able to initiate or carry or this business strategy.
Conducting methodology is one of the most essential parts of a research proposal. The methodology helps a researcher to research with a higher range of data that are relevant and essential for the project to complete. Besides, it will help the proposal, to provide in detailed outlook regarding the topic. The methodology will consist of research approach, philosophy, methods, technique along with questionnaire and sampling
While conducting this research proposal, the researcher will apply the primary research method. Due to this reason, the research will apply the primary data collection methods (Larsson, 2017). With the help of this method, the researcher will be able to collect and provide the first hand and most authentic data to the proposal. This indicates that the research will be able to execute the proposal a reliable one (Gerring, 2018). As a result, the key reason for selecting this method is to provide the learners with a credible piece of research. Moreover, authentic and reliable data will also help future researchers to lead the research further. However, primary research can be expensing to conduct. Therefore, the research will apply some other cost-effective methods (Stanley, and Jarrell, 2015). Along with this, the researcher will also apply the quantitative research approach along with positivism research philosophy. The researcher has selected these approaches to apply to make the proposal more trustworthy while not concluding being bias (Dörnyei, 2017). The key benefit of using this approach is that the researcher will be able to conduct the research more scientifically and systematically. However, this approach can create an inflexible situation for the researcher while conducting the researcher further (Hox, and Boeije, 2015). This methodology will also include the sampling along with a questionnaire process that will be conducted on a hundred global company executives. The researcher has selected this process, as it will help him or her to gain a variety of opinions to support the topic of the proposal (Wilcox, and Bakken, 2015). The possible disadvantage of these approaches will be the ignorance or indifferent behaviours of the interviewees.
The research proposal was conducted on the various strategies that a business organisation implement to enter an emerging market. The project was focused on a retail company named Waitrose & Partners and it focused on the benefits and drawbacks that it faces from entering the emerging market.
The present business world has become very much competitive and thus the companies have been trying to find out various methods to attract more customers and raise their sales. In order to strengthen their position in the business environment, the companies have been trying to expand their business in various parts of the world. This is the reason for which they use effective strategies such that they can easily adjust within the new market and spread their goodwill among the customers and various investors. After the implementation of thee strategies, the companies experience various benefits and drawbacks. Thus, this research will find out these benefits and drawbacks that companies like Waitrose & Partners experience while operating their business within the new market. Along with that, the research project will find out the effective business plan of the company that it uses to adjust in the emerging market.
This project involved Waitrose & Partners which is a food company. It is based in the UK and it started to exist in the market from around 1904. The company deals in various types of groceries, food products, and drinks have been expanding their business in several other countries and regions. The company sells its products both online and offline and thus it has been able to acquire a huge customer base (waitrose.com, ND).
To determine the most effective business strategies while entering a new market
- To understand the benefits experienced by Waitrose & Partners while emerging a new market
- To understand the drawbacks faced by Waitrose & Partners while emerging a new market
- To understand the efficient business plans of Waitrose & partners while emerging a new market
- What are the benefits experienced by Waitrose & Partners while emerging a new market?
- What are the drawbacks faced by Waitrose & Partners while emerging a new market?
- What are the efficient business plans of Waitrose & partners while emerging a new market?
In this research, the benefits and drawbacks that Waitrose & Partners will experience due to their involvement in the emerging market will be covered. Along with that, their business plans will also be found out. This research will seek out information from various executives of the company who has proper and factual information about the company.
In the past, various subjects were chosen relating to emerging markets. However, the experience that the companies get after entering the market has not researched on. Thus, this research project has the aim to find out the effective strategies that are needed for striving in the emerging market. In case if this research succeeds and a thesis is made on it than the information collected in this research will be able to provide information for other companies who wants to expand their business.
This chapter will involve the information about the merging markets and the benefits and drawbacks that these markets provide to the companies. This information is collected from various business journals and articles that involve the viewpoints of several business entrepreneurs.
2.1 Advantages that companies get in emerging market
In order to strive in the competitive market and get better recognition, companies have started to expand their business in other countries and regions. These new markets have provided companies with various advantages (Dawar and Chattopadhyay, 2015). The companies use various types of strategies to strive in the new market and thus they get huge opportunities in return. The companies get to increase their customer base, reduce risks, and increase their stakeholders (Hennig-Thurau and Gremler, 2016).
Increased customer base- It is obvious that the UK has a huge population however it cannot be denied that the companies can get a huge number of new customers when they expand their business in other countries. They become able to attract the customers with their perspectives and ideas that is quite new for the customers of the new market (Chandler and Hanks, 2017). The company gets a huge number of customers in the middle as well as upper-class societies of the new country. The varied cultural beliefs help customers get attracted to products and services. Their curiosity for the company helps to raise the sale of the products and services (Wilcox, 2017).
Risks get diversified- In case, if companies operated their businesses in their home countries than they will be subjected to various risks when the country gets into certain natural calamities or financial emergencies. Thus, companies that expand their businesses in other markets get a chance to cover up the losses that they face in their home countries with the income that they earn in the new markets (Honig and Karlsson, 2015).
Increased number of stakeholders- With the increases of customers, various suppliers become interested to do business with the companies. In case when the companies get to increases their productivity and spread their goodwill in the new market, various investors get interested in the companies due to its huge income good potentiality. Along with that, they get offers from various companies for working in partnerships. In this way, the company gins new stakeholders in the new market (ameriprise.com, ND).
Disadvantages that companies get in emerging market
Companies that expand their business in a new market are subjected to various advantages that might affect their business to a great extent.
Cultural differences- The country or region however the company has expanded its business has different beliefs and thoughts. Thus, the company finds it difficult to meet the needs of the customers who have different viewpoints. The new customers might not like the products and services that are quite popular in the UK market (Hills, 2016). Thus, in this case, the company might suffer losses. The people of the new country, who apply in the company, get into problems due to the differences in language and their cultural differences. They become unable to adjust to the existing employees. This leads to internal chaos within the company’s workspace (McNeill, 2016).
Political risks- The policies, rules, and regulations of the UK are quite different from other countries. Thus, the company might have to pay different interest rates and might have to face different trade laws. This might affect the budget of the company and it might affect the products and delivery of the products and services (Nunn and McGuire, 2016).
Unavailability of relevant stakeholders- In the new market the company might not be able to trust the suppliers and shareholders and they might charge more money and shares from the company. Thus, the company finds it difficult to trust these stakeholders. As a result of that, the productivity of the company decreases and interval chaos increases (Kilsgard, Nero, & Sundin, 2008).
Significance of business plans in the emerging market
Business plans are very much significant for companies who expand their business in the new markets. These plans help the companies to run the business in an organised manner and help them in the following ways-
Rises finance for the business- Investors who are interested to invest in the companies needs a proper business plan such that they can understand whether the company has potentiality or not. Thus, a proper business plan helps a company to gain proper investment and utilise it in improving the business activities (Hair, and Bush, 2018). The business plans provide better and descriptive knowledge about the business ideas on which the company is operating. It also provides information regarding the financial help that the company needs to succeed (Hurduzeu and Hurduzeu, 2015).
Identify weaknesses and strengths- The companies which want to expand the business need to understand the weaknesses and the strengths. Business plans help the company to revise the ideas that they are working on. This is in return helps the company executives to understand whether the company can achieve the objectives. This helps them to understand whether the workforce and business functions of the company have the potentiality to succeed in the business environment. This might help them to recognise the weaknesses of the company and thus they might be able to find out strategies to eradicate these weaknesses (McLafferty, 2017).
Make effective decisions- Business plans enable the company to concentrate on the business objectives and aim. This further helps the company to concentrate on the cash flows and other business functions such as human resource, management, promotion, etc. The company executives become able to find out the various effective strategies that can help the company to eradicate its weakness. Along with that, the company will be able to decide the best strategies that it can cause in the company activities. The company executives can even be able to decide whether they have to recruit more employees or not. These business plans even provide the cash flows of the company. This might help the company management to divide the methods that they can use to keep their budget under control, and strategies their sale to cover up the expenses (Rina & Basudha, 2014).
The key focus of this chapter was to gathering information about the study conducting methods and data gathering procedures of the researcher. This chapter enabled the researcher to gain knowledge about the suitable research guiding courses and procedures that highlighted the topic justification of this research project.
3.1 Research approach/Design
After considering the temperament of this given project, the researcher had selected only the primary information-gathering procedure as a suitable one. Along with that, the researcher had also chosen quantitative methods to support the primary information gathering method. Here, a questionnaire survey was also presented by the researcher to gain accurate information related to the research topic(A., 2015). The primary information gathering process facilitated the researcher and helped him/her focused on a particular process to collect the required information. At the same time, the quantitative process enabled the researcher to meet the key object and purpose of the given research. Besides that, with the aid of this quantitative process, the researcher was successful to complete the overall project in a limited monetary amount. Besides that, the questionnaire survey enabled the researcher to meet the purpose and object of this project in proper time-bound. However, the researcher faced few problems while collecting information by following these above-mentioned methods(Bhat, 2019). Both primary and quantitative processes made the project completing process a little difficult for the learner as the researcher had to completely depend on the online information and research materials. On the other hand, the questionnaire survey highly confused the researcher as many of the interviewees gave diplomatic and contradictory information related to the topic. Hence, the researcher was confused about whether to take the information or not. However, in this situation, the researcher used his/her perception and knowledge to analyse the reliability of that collected information. Along with that, he/she also took help from the university tutors to understand the trustworthiness of the gathered data and information(Writer, 2018).
In order to conduct research properly, an appropriate methodology is very much important. The methodology helps to find out information regarding the topic of the research. The methodology used in this research involved appropriate techniques that are quite better for getting information from the executives of Waitrose & Partners. The methodology in this research involves a primary data collection method and questioner survey for gathering information.
Research Philosophy refers to the principle regarding the technique with which the information about a research topic is collected. This principle even helps the research to get an understanding of the methods with which the data collected can be analysed and utilised. The present research was conducted to find out the benefits and drawbacks that a company can have in the emerging market. Along with that, the research was done to find out the business plans that the companies used to strive in the emerging market. Thus, the researcher needs to conduct a short and simple researcher as per which the basic information is gathered about the benefits and drawbacks of the emerging market. Thus, to collect relevant and basic information, positivism was used as the research philosophy. This research philosophy brought out factual information about the benefits and drawbacks of the emerging market. The researchers do not require a descriptive analysis thus this research philosophy was appropriate for the topic as this research philosophy allowed the researcher to do an overall yet short analysis of the data thus collected (Churchill, and Iacobucci, 2016).
The research topic was quite general however it might help the company to spread its goodwill and potentiality. Thus, access to permission to enter the company for collecting information was quite easy. The research just put forward the motive of the research in the form of the proper research plan. The research topic is not at all a source of threat for the company. The reason for the research that was presented to the executives of the company indicated that the researcher had no intention to access the secret documents of the company. He just wanted to interact with the executives for gathering information. The research is even solely meant for an assignment of the university. Thus, considering this point, the company owners provided permission to the research quite easily (Sills, and Song, 2015).
This project needs short and pithy information which are factual at the same time. Thus, for this research project, the primary data collection method was used. This method was quite appropriate as it helped to provide factual and basic information about the topic. This research did not need descriptive information and thus the perspective of the company members was enough for this research. Thus quantitative research method was used for this project which provided statistical information about the topic and the company. A primary data collection method usually involves a survey, observation and experiments. However, for this topic basic and factual information were needs and thus the researcher has done a questionnaire survey on the executives of the company. The researcher contacted the executives of the company and asked for their cooperation. The survey was conducted for almost 6 weeks (Scandura and Williams, 2017).
Sampling technique is used for getting proper and statistical information while conducting researches. This method helps to gather information from a group of people. This helps to get an understanding of the perspectives of a group of people regarding a particular topic. In this research, 100 executives of Waitrose & Partners were chosen for the sampling technique. They all were asked similar questions and their perspectives regarding the company and the emerging market. Their response to these questions was recorded. In this method, the executives were contacted and they were asked certain question and along with that there were provided with certain options (Patton, 2016).
In this research, a quantitative method was used while gathering information. The data and its analysis were presented in Ms- Excel spreadsheet. This spreadsheet helped to present the information in an organised method. The responses of the participants of the survey were converted into percentages and presented in tables. The percentages of responses acquired from the survey were recorded and then analysed with the help of pie charts (Newman and Ridenour, 2018).
In order to conduct research, certain ethics are needed to be kept in mind. The participants of the surveys are needed to be kept safe and their answers are needed to be kept secured. This might help to protect the important information about the company or the topic from being exploited. In this research, the identity of the participants of the survey was kept hidden. They were not forced to answer all the questions. They were allowed to remain quiet about the question that they were not interested to talk about (Marczyk and Festinger, 2015).
A proper plan was made for this research such that it can be completed on time. The research was completed within 11 weeks. The research proposal was formed within 5 weeks, whereas the implementation of the research project was completed within week 4 to week 9. The analysis of the data collection took 5 weeks to complete. The data and the analysis were presented in an organised manner within 2 weeks. The research was divided into various parts and they were completed within a proper time limit.
|Task||Week 1||Week 2||Week 3||Week 4||Week 5||Week 6||Week 7||Week 8||Week 9||Week 10||Week 11|
|Formulate research proposal (LO1)|
|Formulate research proposal (P1)|
|Research methodology (P2)|
|Identify Relevant Literature review|
|Implementation of Research project (LO2)|
|Questionnaire Design (P3)|
|Data Collection and Report (P4)|
|Evaluation of Research out comes (LO3)|
|Data analysis of results (Task P5)|
|Present Findings and Discussion (LO4)|
The key work of this section was to gather information about the finding and analysis related to the research project. With the help of this chapter, the researcher was able to conduct the questionnaire survey properly. Along with that, this section helped the researcher to evaluate the collected data with the help of accurate graphs and charts.
5.1 Finding and analysis:
3. Are you thinking about emerging your business in a new market?
(Source: Author’s survey, 2019)
Analysis- The researcher had tried to complete a questionnaire survey among the company executives of Waitrose & Partners. Among the prepared question sheet, the first question was about the business emerging thought process of the organisation. The researcher has asked if the organisation is thinking about emerging its business in a new market or region. Almost 65% of the company executives said that the organisation is planning on emerging their business territory in a new market. At the same time, 10% of the executives ignored this question and they gave a pessimistic reply. According to them, their organisation is not trying to emerge their business in a new market. They are planning on doing their business in the UK market. On the other hand, 25% of the company executives gave a diplomatic answer and they said that they were confused about whether the organisation is planning on emerging their business in a new market or not.
4. Do you have any preference in the market region?
(Source: Author’s survey, 2019)
Analysis- In the next section, the researcher tried to know about the market preference of the company executives of Waitrose & Partners. Hence, he/she asked whether the organisation executives have any market preference related to their business emerging process. 45% among the business executives said that they have some particular market preferences for their business emerging process. On the other hand, 25% of the business executives contradicted this opinion. They said that they are still exploring various market regions for their business emerging purpose. They do not possess any particular market preference at present. At the same time, 30% of the executives gave a diplomatic answer. They were trying to maintain organisational confidentiality. Hence, they said that they had no idea about the market preferences of the organisation regarding their business emerging purpose.
East Asian market
|South Korean market||45|
(Source: Author’s survey, 2019)
Analysis- Next. The researcher asked about the target market or country name where the organisation is planning on emerging their business. 25% among the company executives said that they are exploring and considering the African market for their business emerging purpose. At the same time, 45% of the company executives contradicted this opinion. According to them, the company was planning on emerging its business in the South Korean market. However, on the other hand, 30% of company executives depicted that, the owner and managers of the organisation are trying to capture the market of East Asia for their business emerging purpose.
6. Have you noticed any positive element in the new market that benefited your business?
(Source: Author’s survey, 2019)
Analysis- Next, the researcher wanted to know whether the organisation and its members faced any positivity in the new market that can provide benefit to the business emerging purpose of the organisation. Almost 50% of the company executives depicted that, they have explored many positive aspects in the new market that can provide benefit to the business emerging purpose of the organisation. On the other hand, 25% of the executives said that they were not successful in finding any positivity in the new market that they have chosen for their business emerging purpose. At the same time, to maintain the confidentiality of the organisation, 25% of other company executives said that, they were not interested in giving any information about their market exploration. Along with that, they also said that they were not sure whether the new market holds any positive aspects for their business emerging purpose.
7. What positive aspects did you notice in the new market?
Financial stability of the citizens
|High product demand||30|
|High investment possibility||35|
(Source: Author’s survey, 2019)
Analysis- Next, the researcher wanted to know about the particular positive aspects of the market faced by the organisation. After hearing this question, 30% of the company executives said that the most positive aspect of the new market is their high product demand. With the help of this high product demand, the organisation can gain success in the new market. On the other hand, 35% of the company executives said that the financial stability of the common citizens in the new market is the key positivity that they have discovered. At the same time, 35% of the company executives depicted that, they have discovered high investment possibility in the new market. This high investment possibility according to them, can augment the business market of the organisation.
8. Have you noticed any negative aspects of the new market that might hamper your business?
(Source: Author’s survey, 2019)
Analysis- After the positive aspects, the researcher wanted to know about whether the organisation has faced any negative aspects in the new market that can hamper their business emerging process. Almost 35% among the company executives depicted that, they have faced some particular negativity and obstacles while pursuing their business emerging process in the new market. On the other hand, 25% among the company executives said that they were not able to find any negative aspects in the new market while pursuing their business emerging process. At the same time, 40% of the company executives said that they were not sure whether the organisation has faced any obstacle or negative aspects of the new market.
9. What negative aspects did you notice in the new market?
|Fluctuating GDP rate||30|
|Shortage of service/raw material providers||35|
(Source: Author’s survey, 2019)
Analysis- Through the next question, the researcher wanted to know about the particular negative aspects of the new market that the organisation faced while trying to emerge their business in that new market. 35% of the company executives demonstrated that high competition was the key obstacle they faced in the new market. This issue damaged its business emerging process. At the same time, 30% of the executives highlighted the fluctuating GDP rate of the new market as their key negativity. On the other hand, 35% of executives said that service/raw material providers are limited in the new market. Hence, it can be considered as one of the key negative aspects of the new market.
10. Do you have any particular plan to improve your business emerging process in the new market?
(Source: Author’s survey, 2019)
Analysis- Next, the researcher wanted to know about the business planning of the organisation related to their business emerging process. 40% of them said that they have prepared some suitable strategy for the development of their business emerging plan. On the other hand, 30% of executives said that they do not have any particular plan related to their business emerging process. At the same time, 30% among the company executives gave a diplomatic answer and said that they were not sure about the organisation’s plan.
11. What kind of strategies are you taking to emerge your business in the new market?
|Improving marketing and promotion||35|
|Developing the production department||35|
|Hiring a skilled HR manager||30|
(Source: Author’s survey, 2019)
Analysis- Next, the researcher wanted to know about the improvement strategy of the organisation regarding their business emerging project. 35% of the company executives said that they need to improve their promotional activities and flourish their product marketing style. 35% of executives highlighted that they are trying to develop their production department. On the other hand, 30% of executives depicted that, they are planning on hiring a skilled HR manager to improve their business emerging strategy.
12. Is there any scope for your business to gain success in the new market?
(Source: Author’s survey, 2019)
Analysis- Lastly, the researcher asked about whether the organisation has any success scope in the new market. 45% of executives said that they can easily capture the new market and emerge their business. On the other hand, 25% of executives pessimistically said that they have no business success chance in the new market. At the same time, 30% of executives said that they were not sure whether the organisation can get any success in the new market or not.
The purpose of this chapter is to highlight the overall key findings of the project in the form of a conclusion. Along with that, it also helped the researcher in suggesting an alternative process and methods related to the project in the form of a recommendation section.
The topic of this project was to bring out the strategies of a company related to their business emerging process in a new market. This project’s aim focused on the effective business plan of an organisation named Waitrose & Partners related to their business emerging process in a new market. Along with the strategies, the objectives also discussed the negative and positive aspects of the new market experienced by this organisation. All these objectives were supported by previous researches that the learner had presented here in the form of a literature review. With the help of this literature review, the researcher was able to gather information about the various positive and negative business aspects of a new market. Some key research approaches, data collection and analytical methods were also presented here to provide richness to the project. The learner had also used a questionnaire survey to meet the aim and purposes of the project. Both primary and quantitative process had been used by the researcher to complete the overall project.
From the above project, it is evident that Waitrose & Partners are trying to emerge their business in a new market. They have selected three different markets such as the African market, the South Korean market and the East Asian market. However, their first preference is the South Korean market due to their high investment opportunity. It is recommended that the organisation can use digital marketing and business strategy to embrace their business in the South Korean market. However, they should not neglect the business possibility in both East Asian and African market. It is recommended that the organisation should explore the positive aspects of these two markets and thinking about emerging their business in here in future. Another highlighting point that came out from the questionnaire survey was that the organisation is facing some obstacle in the new market. The fluctuating GDP rate, shortage of raw material and competition are significant among them. Hence, it is recommended that the organisation should export raw material from their own country and solve the shortage of raw material problem. They can also improve their business strategies to diminish competition. Along with that, the organisation is trying to develop its production, marketing and HR department. It is recommended that the organisation should also focus on developing its market value and the skill of its employees to develop their business emerging process.
The learner’s thinking and viewpoint about the overall project are covered by this chapter. Here, the learner has presented his/her idea and concept about the research in the form of a reflection.
After conducting the whole research, I analysed the processes and methods through which I have completed the project. Besides that, I took the help of my university tutors to identify the future developing scope in my project. In this way, I was able to identify both the optimistic and pessimistic aspects of my project. After analysing the key positive elements of my project, I have realised that I might have developed the actual research topic. I could have focused only on the particular business strategies of the selected organisation related to their business emerging purpose. My overall research went smoothly. However, some issues created hindrance in the success path of my project. Lack of monetary resource was highly significant among those issues. However, I was surprised by the cooperative nature of the company executives of Waitrose & Partnership. They helped me gather information about the research project. If I would get another chance, I might change the process of conducting this project. I would rather take the qualitative method and analyse only the previously researched data and statistics. In this way, the hazardous and hectic questionnaire survey method could be avoided. To sum up, it can be said that, from the overall project, I have discovered the new market emerging strategies of a global company.
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