To complete this assignment on research method process for strategic managers, I will locate a local business and submit a research proposal. The purpose of this research is to help design a plan of research methods for strategic managers which they are interested in undertaking and to explain this project to other people. The research methods include: 1. What is the main research question? 2. What are research methods and techniques? 3. What is the main hypothesis? 4. What data collection and techniques? 5. Research analysis 6. Findings 7. Recommendations.
The evaluators will be less well informed about the background and motivation of my research methods, so I will have to provide information that will help put the details in perspective. No two methods are alike, and there is no general recipe which, if followed to the letter, will guarantee a good research. Most methods do share—or can share—a few common structural features, however. These are indicated by the headings below. A good method includes either a hypothesis (keep in mind that a hypothesis is not a foregone conclusion but a testable scientific idea) or a problem statement (a recognized problem in need of a solution). It is important to be realistic about the impact of my research project. While it may be unlikely that my project will result in a major breakthrough, indicate how it is a part of a research plan to address a larger scientific question.
Research methods are the basic need which cannot be ignored by any strategic manager in any way, anywhere. This is most recent trend in fulfilling business world and this basic need used by many strategic managers in any organisation. Any organisation has a number of players in this regard that seek good strategy in quick, innovative and satisfying ways is very important thing. But the modern business world does not permit any segment of any type of business to exist in isolation. All businesses have to face competition at some point in their life-span, both local and foreign. Anticipating this competition is natural for any business, but fighting it off and retaining its customers is quite a different ball game.
In my assignment I will research my local fast-food restaurant which is was open by people from my country Lithuania. To this fast-food restaurant I am going every Friday with my boyfriend. I have chosen this fast-food restaurant because I would like to research and understand strategy in this recession tome to see it growth and downside. After recession in 2008 started this restaurant was nearly surviving but it started losing profits and a place among other big food providers. A few years ago, local restaurants like “Juada Balta” alone were seeking to fulfil this need and were actually able to cater to Lithuanian consumers quite well.
But when foreign franchises like KFC, McDonald’s, and Pizza Hut expanded operations into this area “Juada Balta” faced a huge setback, as it failed dismally to retain its customers, who drifted away to the new restaurants in flocks. The local consumers saw an opportunity to experience different and varying tastes right in their hometown, tastes which they were not aware of before except by hearsay. Attracting local consumers towards themselves was not as difficult as retaining them, a task which these foreign franchises achieved wonderfully, and a task which left “Juada Balta” floundering in confusion at its own home turf, thereby hurting the their profitability along with itself as a local business.
Through this example, let’s first look at what strategy managers faces with. “Juada Balta” is a chain of local food restaurants serving fast food at different locations at Beckton. It remained a thriving business until the late 1990s when suddenly McDonalds, KFC and Pizza Hut jumped in. “Juada Balta” was a hot choice of fast food lovers then, but they began exploring the newly introduced variety of restaurants. “Juada Balta” still exists but the exponential growth it should’ve experienced is nowhere to be seen.