As Homeware Greens is a small Australian firm that is based om Adelaide and is been into the business of selling certified environmentally sustainable homeware and gift products, it needs to be expanded effectively to grow its business. Besides that, the willingness of the owners of Homeware Greens firm to expand their business to other markets of Australia creates positivity towards change in its business prospects. The owners have identified Melbourne as a potential market that would help them effectively to gain profitability and prosper success. It is evident that when the business expanded it tends to grow and ensure maximum profit at the same time. Initiating an online gift store for Homeware Greens will be an effectual idea for the business to attract a greater number of customers and gain a competitive advantage within the market. In the traditional setting, bricks and mortar theory of stores can be defined as typical road-side business or store that offers products and services to its customers directly through face-to-face interaction or approach within an office space or rent (Xu and Chen, 2017). With the emerging new needs and wants of customers and change in advance technologies influences buyers and sellers to be flexible and adaptable towards chances and new approaches of business respectively. Expanding business through brick and mortar theory will be a lengthy and complex prosper and it will assure 100% success. However, with the utilization of the online approach of business by creating an online gift store for Homeware Greens will be an effectual idea to prosper growth and success consecutively. The key to the success of opening an online store for the company is to gather and personally design a one-of-a-kind product line that is unique and attractive to customer views. Providing customer made products and services to customers concerning their exact needs and requirements. Besides, offering discounts, seasonal offers, quality merchandise at a reasonable cost, and ensuring a comfortable shopping experience from anywhere in the world. However, in the case of bricks and mortar concept, the traditional market research like market segmentation would have taken place and which would not be effective to reach the organizational goal of expanding. Overall, the idea of an online gift shop for the company will create a more positive impact as compared to bricks and mortar type of store as online business is the new game-changer in the competitive business environment (Bplans, 2019).
In total, there are seven crucial components of a research report that are of utmost significance to add within a professional and effective research report. Moreover, it is the standards format of a research report that helps to work inflow and provide readers with factual information in a logical manner. Specifically, the seven vital components of a research report include Abstract, Introduction, Literature review, Methods, Results, Conclusion, and References (Kalu, 2017).
Abstract: An abstract can be summarized in a single paragraph of approximately 300 words covering the major factors of the overall research paper within an arranged classification. It includes the overall aim of the research study, research problem, investigation, research design, major findings, results, and conclusion of the study.
Introduction: It articulates the reader what the entire research report is about. It provides the background information through which the reader needs to comprehend the research report effectively. Initially, it introduces the topic in context, explains the issue, states the aims of the report, signifies the purpose, and briefly summarizes the structure of the report (Kalu, 2017).
Literature review: Specifically, it surveys scholarly articles, books, news articles, industry reports, and any other sources that are relevant to the research topic, specific issue, or area of research. Overall, it provides an explanation, summary, and critical analysis of the relevant research issue that were being investigated by previous researchers.
Methods: Methods in research report signifies how subjects were operated to answer the investigational questions, how the analysis was made and how the results of the study were analysed. In addition, it provides an understanding through which a research study’s legitimacy is arbitrated effectively (Kalu, 2017).
Results: It is the section of the research report where the readers find the findings of the study based upon the collected data as a result of the applied methodologies. Overall, it represents the core findings of the study which were derived from the applied analysis, for example, data shown in charts, tables, graphs and any other statistical figures.
Conclusion: This section comes after results which are intended to assist readers in understanding the significance of the research report after finishing reading the report. Specifically, it restates the research topic, the thesis of the study, a summary of main points, results or significance, and concluding thoughts about the arguments made (Kalu, 2017).
References: This section of the research report comprises the source materials that are used in the study. Each of the references needs to be listed alphabetically as per the asked referencing styles such as Harvard, MLA, APA, Chicago, or any other (OpenPR, 2019).
In a research report, the process of data collection to assess the evidence and conclude the study logically, it is important to apply an effectual and appropriate research methodology to execute the research study effectively. Two research methodologies are used in developing research methods such as quantitative research method and qualitative research method. To be specific, quantitative research method implies to calculation, statistics, and measurement relating to quantity rather than its quality (Noyes et al., 2019). Whereas, relating to the qualitative research method, all theoretical frameworks and previous empirical research pieces of evidence explored by past researchers rather than its quantity. Now, concerning the qualitative research questions, they primarily based on open-ended questions and are designed specifically to collect contextual data regarding specific sets of information that are focused on reasoning a respondent’s answer (Pollfish Resources, 2019). Whereas, quantitative research questions are referred to as best for collecting broad perceptions and developing fundamental profiles and validating expectations concerning an unknown target audience effectively. Identification of quantitative research questions can be done by assessing the statistical figures, numbers that are presented in graphs, tables, and charts respectively. Besides, about the qualitative research question, it can be identified by the contextual framework, theories, and quality of size, appearance, and value of the collected data (Noyes et al., 2019).
Been working for a company that is into the business of making hand-made acoustic guitars, it is important to penetrate the market with something different and unique amongst the competitors in the market (Diaz Ruiz and Holmlund, 2017). By analysing the market of vintage acoustic guitars through secondary research on online e-commerce site like Amazon, several models of guitars can be found for selling to customers at specific sets of prices. Identifying four key brands of vintage acoustic guitars that listed for sale and are associated with highest prices shall provide a clear and concise understanding of the factors to keep in mind while setting premium prices for the company’s hand-made guitars. After assessing various acoustic guitars in Amazon, there are four key brands with higher prices which includes Dean Cadi USA priced at $6,622, Sero priced at $5,549, Takamine priced at $4,405, and ESP priced at $3,708 (Amazon.com.au, 2020). All of these guitar brands fall under the premium segment of acoustic guitars and are made of premium quality at the same time. Besides, the materials and quality used to make these types of guitars are quite similar to the company. In addition, by evaluating the set prices of different bands gives an idea the potentiality of consumers to buy at set cost by companies and differences in quality of the product (Diaz Ruiz and Holmlund, 2017).
The five issues that require researchers’ consideration when designing market research includes ethical considerations, prevailing market research methodology, quality of data, research outcomes, and distinguish from market competitors (Hulland, Baumgartner and Smith, 2017).
Ethical consideration: Ethical considerations such as the incursion of privacy, violations of discretion, undertaking unbiassed market research, and utilization of misleading approaches while collecting data from respondents and individuals. Thus, it important to ensure ethical considerations while designing market research effectively.
Prevailing market research methodology: With an overwhelming amount of information that is available in various sources makes it complex to filter factual and accurate information from the noise. Thus, manual scanning and acquiring the right information for the research study is crucial (Hulland, Baumgartner and Smith, 2017).
Quality of data: The manually collected data might be at risk of poor quality due to increasing possible human errors or fatigue. Thus, when the data being gathered is of poor quality, it is obvious that the extracted data will be of bad quality as well.
Research outcomes: It is important to provide logical and effective research outcomes for the study to ensure its effectiveness and reliability to readers. Thereby, it is important to scrutinize the insightful strategic reports of various markets and industries to ensure authenticity and reliability for the research report effectively.
Distinguish from market competitors: By ensuring noble and valuable contribution in market research approach, helps researchers to set a unique standard for their research reports. Besides, staying pertinent to changing technologies and adopting advanced methods ensure effectiveness (Edwardlowe.org, 2019).
There are major differences amongst descriptive statistics and inferential statistics and considered as broad features in the field of statistics. Concerning such fact, in the case of descriptive statistics, it utilizes the data to describe the population or audience set for the research study specifically. It includes all the numerical figures, calculations, graphs, charts, or tables. Overall, it describes the sets of data that are measured for definitive measurement for the performed research effectively (Amrhein, Trafimow and Greenland, 2019). It describes a group of interest and summarizes about the raw data that were selected for the study. Whereas, in the case of inferential statistics makes implications and forecasts regarding a specific population that are based on the collected sample for the research study. In addition, with inferential statistics, data collected from selected samples and make generalizations regarding a population effectively, for example, asking a sample of 100 respondents regarding their preferences and likes shopping at any specific store or mall. Overall, it is the collection of methods to estimate the population features, sample's features, or differences amongst categories of the statistics effectively. It draws a conclusion which cannot be originated from the descriptive statistics that infers the opinions from selected samples efficiently (Surbhi, 2019).
Amazon.com.au, 2020. Amazon.Com.Au : Guitars. [online] Amazon.com.au. Available at: <https://www.amazon.com.au/s?k=guitars&s=price-desc-rank&dc&qid=1602132175&ref=sr_st_price-desc-rank>
Amrhein, V., Trafimow, D. and Greenland, S., 2019. Inferential Statistics as Descriptive Statistics: There Is No Replication Crisis if We Don’t Expect Replication. The American Statistician, 73(sup1), pp.262-270.
Bplans, 2019. Gift Shop Business Plan. [online] Bplans: Business Planning Resources. Available at: <https://www.bplans.com/gift-shop-business-plan/>
Diaz Ruiz, C. and Holmlund, M., 2017. Actionable marketing knowledge: A close reading of representation, knowledge and action in market research. Industrial Marketing Management, 66, pp.172-180.
Edwardlowe.org, 2019. Issues to Consider When Outsourcing Market Research. [online] Edwardlowe.org. Available at: <https://edwardlowe.org/issues-to-consider-when-outsourcing-market-research/>
Hulland, J., Baumgartner, H. and Smith, K., 2017. Marketing survey research best practices: evidence and recommendations from a review of JAMS articles. Journal of the Academy of Marketing Science, 46(1), pp.92-108.
Kalu, F., 2017. What makes qualitative research good research? An exploratory analysis of critical elements. International Journal of Social Science Research, 5(2), p.43.
Noyes, J., Booth, A., Moore, G., Flemming, K., Tunçalp, Ö. and Shakibazadeh, E., 2019. Synthesising Quantitative And Qualitative Evidence To Inform Guidelines On Complex Interventions: Clarifying The Purposes, Designs And Outlining Some Methods.
OpenPR, 2019. Types of References In Research Papers. [online] openPR.com. Available at: <https://www.openpr.com/news/1625977/types-of-references-in-research-papers.html>
Pollfish Resources, 2019. Qualitative Vs Quantitative Survey Questions | Pollfish. [online] Pollfish Resources. Available at: <https://resources.pollfish.com/market-research/the-difference-between-quantitative-and-qualitative-research/>
Surbhi, S., 2019. Difference Between Descriptive and Inferential Statistics (With Comparison Chart) - Key Differences. [online] Key Differences. Available at: <https://keydifferences.com/difference-between-descriptive-and-inferential-statistics.html>
Xu, B. and Chen, J., 2017. An Integrative analysis of brick-and-mortar fashion store shopping motives, activities and experience. Proceedings of the 2nd International Conference on Education Technology and Economic Management (ICETEM 2017).
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