BUSINESS RESEARCH METHODS (524

)

& ITS IMPORTANCE IN BUSINESS

RESEARCH REPORT

Submitted by:

(AH524979)

ACKNOWLEDGEMENTS
First of all I would be thankful to Allah Almighty without whose blessing and mercies I were not able to complete this project. This project is refined from splendid efforts of many people who contributed regardless of any reward. I thank them from the core of our hearts. May Allah give them success by leaps and bounds.

I can’t forget the guidance’s and knowledge which our kind teachers have provided us. We were lucky to have such a kind teacher who taught us and with such devotion and zest, which I could never forget. I thank him from the core of my heart.

In the end we would like to thank to all those people who provided us with useful suggestions, useful data and facility of composing.

ABSTRACT
For more than a decade, HR Pakistan has been providing safe, challenging, life-changing study abroad experiences to students and professionals in Pakistan and abroad. It helps in achieving goal of people who wish to study abroad or get professional qualification. HR-Consultants is a private limited company. Board of directors includes Mr.Shahid Rauf, Mr.Hamid Rauf, Mr.Arafat Shahid, Mr. Osama Hamid and Mr. Bilal Shahid. Established in 1993, HR Consultants is the official representative of a number of prestigious foreign universities and has a strong reputation for helping students to study in a foreign country. There are many universities/institutions worldwide where HR Pakistan is closely working with or have agreements and admissions can also be arranged in one of them. HR is one of the leading education consultants in Pakistan. Research reports have played a vital role in the efficiency of HR. The research paper will put light on different uses that HR extracts from the research reports.

TABLE OF CONTENTS
Introduction to the Topic .............................................................................................................................. 1 1.1 1.2 1.3 Research Report ............................................................................................................................ 1 Business Research Report ............................................................................................................. 1 Types of Research Report ............................................................................................................. 1 Informal Reports ................................................................................................................... 2 Formal Reports...................................................................................................................... 3

1.3.1 1.3.2 1.4 1.5

Organization of the Research Report............................................................................................ 3 Importance of Business Research ................................................................................................. 4 Research Report Before Starting a Business ......................................................................... 4 Research Report in Business Management .......................................................................... 6

1.5.1 1.5.2

Practical Study............................................................................................................................................... 8 2.1 Introduction to HR-Consultants .................................................................................................... 8 Mission Statement .............................................................................................................. 10 Services ............................................................................................................................... 10

2.1.1 2.1.2 2.2 2.3 2.4

Research Reports in HR ............................................................................................................... 11 Examples of Research Reports in HR .......................................................................................... 11 Importance of Research Reports in HR-Consultants .................................................................. 14 Market Analysis ................................................................................................................... 14 Market segmentation ......................................................................................................... 14 Developing promotional strategies..................................................................................... 14 Analyzing competitive edge ................................................................................................ 14 Increasing profits................................................................................................................. 15 Decreasing costs & Future Forecasts .................................................................................. 15 Budget Allocation ................................................................................................................ 15 Facilitating clients ............................................................................................................... 15

2.4.1 2.4.2 2.4.3 2.4.4 2.4.5 2.4.6 2.4.7 2.4.8

Data Collection Methods ............................................................................................................................ 16 SWOT Analysis............................................................................................................................................. 17 4.1 4.2 4.3 Strengths ..................................................................................................................................... 17 Weaknesses ................................................................................................................................ 17 Opportunities .............................................................................................................................. 17

4.4

Threats ........................................................................................................................................ 17

Conclusion ................................................................................................................................................... 18 Recommendations ...................................................................................................................................... 19 References .................................................................................................................................................. 20

Assignment II – Business Research Methods (524)

INTRODUCTION TO THE TOPIC
1.1 RESEARCH REPORT
Research experience is as close to a professional problem-solving activity as anything in the curriculum. It provides exposure to research methodology and an opportunity to work closely with a faculty advisor. It usually requires the use of advanced concepts, a variety of experimental techniques, and state-of-the-art instrumentation. Ideally, undergraduate research should focus on a well-defined project that stands a reasonable chance of completion in the time available. A literature survey alone is not a satisfactory research project. Neither is repetition of established procedures. Research is genuine exploration of the unknown that leads to new knowledge that often warrants publication. But whether or not the results of a research project are publishable, the project should be communicated in the form of a research report written by the student. It is important to realize that science depends on precise transmission of facts and ideas.

1.2 BUSINESS RESEARCH REPORT
Business report writing happens to be an indispensable part of the communication process. Executive summary is written in a non-technical manner. By and large, audience for business reports will consist of upper level manager, for that reason you should take the audience needs in consideration. Go on with the introduction to articulate the problem and determine the scope of the research. To attain the desired results, don't fail to state about the precise quantitative tools.

1.3 TYPES OF RESEARCH REPORT
To presents the tangible proof of the conducted research is the major intention of the academic assignment. When writing on research report, you must ponder over clarity, organization, and content. Research reports are all the more same to technical reports, lab reports, formal reports and scientific papers which comprise a quite consistent format that will facilitate you to put your information noticeably, making it crystal clear.i The two basic types of Research report are:  Formal Reports (Long Reports) 1|Page

Assignment II – Business Research Methods (524)  Informal Reports (Short Reports)

1.3.1 INFORMAL REPORTS
A short report informs the reader about a specific subject to help her make a decision. Usually no longer than 10 pages, a short report consists of facts and sometimes an analysis of the facts, as well as recommendations. The information is arranged in a memo format with both first- and second-level headings. Readers of these reports expect the information to be written clearly, concisely and completely.  Begin your short report with an Introduction heading. Include a statement about the report's subject, an explanation of why the report was written and a summary of its contents. Also mention the intention of the report, which is usually to help the reader make a decision about something.  Present the facts about the subject clearly and concisely, but compose a complete report, giving the reader all the information necessary to make an informed decision. Present the most important information first, keeping in mind the decision that needs to be made.  Use appropriate first-level headings (for example, Facts, Discussion, Findings, Costs, Limitations, Advantages, Conclusions, and so on). Under these, use more specific second-level headings (for example, System Temperature Requirements, Current SelfService Options, or Factory's Exterior Condition).  Be objective in your report, presenting both sides of an issue when possible and clearly separating fact from opinion. If, for example, you are writing about the condition of a factory's exterior condition, be sure to present both the positive things and the negative things.  Cite your sources to persuade the reader of your information-gathering reliability. These may include interviews, articles, company records, surveys, your own observation, and so on.  Share your recommendations if asked to do so, using an appropriate first-level heading such as Recommendations or Suggestions, followed again by more specific second-level headings. Use a numbered or bulleted list if presenting more than two. When persuading your reader, always give your strongest argument first. 2|Page

Assignment II – Business Research Methods (524)  Proofread your short report carefully before sending it to the reader.

1.3.2 FORMAL REPORTS
Formal reports are also called the long reports. There are two types of long/formal reports:  The Technical Report  Management Report

1.3.2.1 TECHNICAL REPORT
Technical reports present facts and conclusions about your designs and other projects. Typically, a technical report includes research about technical concepts as well as graphical depictions of designs and data. A technical report also follows a strict organization. This way, when other engineers read what you write, they can quickly locate the information that interests them the most.ii

1.3.2.2 MANAGEMENT REPORT
As one of Management in a bank, the management makes decisions almost every day during the meeting. I believe most of the time of top management is attending regular meeting and where we make decisions on operational issues and policy matters. Management make decisions on the reports given before the meeting or many times during the meeting. A challenge to management is to make decision solely on the report presented during the meeting. It becomes harder when management have limited time to think, analyze, evaluate and decide.iii

1.4 ORGANIZATION OF THE RESEARCH REPORT
Most scientific research reports, irrespective of the field, parallel the method of scientific reasoning. That is: the problem is defined, a hypothesis is created, experiments are devised to test the hypothesis, experiments are conducted, and conclusions are drawn.

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Assignment II – Business Research Methods (524) This framework is consistent with the following organization of a research report:  Title  Abstract/Executive Summary  Table of Contents  Introduction  Problem Statement  Research Objective  Experimental Details or Theoretical Analysis  Results  Discussion  Conclusions and Recommendations  References

1.5 IMPORTANCE OF BUSINESS RESEARCH
Business research consists of a program which tells how applicable information is to be gathered and examined, so that the consequences are helpful and appropriate for making promotion decisions. Once the research and analysis are done, the outcome is communed to management. This is why business research is important as it provides information concerning critical issues that have an influence on the aim market and existing marketing mix. Business research also helps to make great changes in the market. Without research business cant run in an efficient way. Research is important in each and every field. Research helps us to know that how our business is running and it also helps us to know that what all changes we have to do in our business to earn more profit. So in simple way we can’t run our business without research.
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1.5.1 RESEARCH REPORT BEFORE STARTING A BUSINESS
No matter how brilliant your idea might be, but before plunging into a business, you should research about the feasibility of your idea. Research should be the first step of a sound business plan. 4|Page

Assignment II – Business Research Methods (524)

1.5.1.1 IS THERE A MARKET FOR YOUR PRODUCT?
You might think that you have created a wonderful product, but if there is no demand for your product, all your resources will be wasted. Therefore, before launching a business, you should search whether there is a market for your product. You can go through the yellow pages or conduct online search for similar products or services. Spending some resources in conducting a market survey would help you to draw a proper conclusion. Presence of many similar businesses might suggest that there is a market for the product.

1.5.1.2 IS THERE ROOM FOR MY PRODUCT?
If there are several businesses in the same sector, it will suggest that there is intense competition. To survive the cutthroat competition, you must have something new to offer. You should look for lacunas in the sector, which your new product or service could fill. If you do not have any innovative idea that can hit the industry with a bang, try operating in areas in similar fields where there is least competition.

1.5.1.3 DO YOU HAVE THE RESOURCES TO RUN THE BUSINESS?
You have an innovative idea, but to run a successful business you should have enough resources. Right skills, proper knowledge and financial resources are required to run a business. Check whether you are capable of investing enough money to employ the right person for the right job. If you are unable to operate a business efficiently, despite the feasibility of your idea, your business will not survive.

1.5.1.4 EMPLOY A MARKET RESEARCH AGENCY
It might not be possible for you to do the research job yourself. Several market research service agencies are available to handle the task on your behalf. The report prepared by the market research agencies would help you to design your business efficiently.v

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Assignment II – Business Research Methods (524)

1.5.2 RESEARCH REPORT IN BUSINESS MANAGEMENT
The business world is becoming increasingly competitive due to rapid advancement of Internet technologies whereby many business organizations have incorporated the web as the new marketing channel to reach out for their stake holders in the global market, particularly the suppliers and the customers. Many companies are finding it difficult to sustain competitive advantage in today's markets as more and more new entries are competing in the same market segment, also known as the red ocean market which has become overcrowded and profits are thinning. With the looming of the possible recession facing the largest economy in the world and possibly the whole world, the future of business organizations look groom and many of them will finally collapse if nothing is done about it. So the big question how do the business organizations survive in such troubling time? I think the best strategy is to venture into something totally new, a market that nobody or very few competitors exist, a strategy which is now popularly known as the blue ocean strategy as advocate by W.Chan Kim and Renee Mauborgne. However, it might not be so easy to put the blue ocean strategy into practice, so the next best thing to do could be to think of new strategies which could give the particular business organization competitive advantage over the competitors, even in the traditional red ocean market. Irrespective of which two strategies above to be adopted by a business organization, a new strategic planning is the key for survival and success. Human capital is becoming very important now as the world economy is transforming into knowledge economy, where human intelligence can be used to generate useful knowledge which can tapped to bring profits to the business organization. For R&D facilities, one of the most important components is the Management Information system (MIS) which researchers can use some of the automation tools to conduct research. These automation tools are software that was cleverly designed to do data mining and to generate information and knowledge as well as to help the managers make decisions. Some of these tools are the Decision Support System (DSS) and Executive Information System (EIS). Combining human intelligence and ICT automation tools, the business organization will be able to carry out 6|Page

Assignment II – Business Research Methods (524) effective research and would be able to produce innovative and creative ideas that will certainly help the organization to implement new strategies that will enable it to ride on the wave of change and push it to a greater height.vi

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Assignment II – Business Research Methods (524)

PRACTICAL STUDY

2.1 INTRODUCTION TO HR-CONSULTANTS
For more than a decade, HR Pakistan has been providing safe, challenging, life-changing study abroad experiences to students and professionals in Pakistan and abroad. It helps in achieving goal of people who wish to study abroad or get professional qualification. HR-Consultants is a private limited company. Board of directors includes Mr.Shahid Rauf, Mr.Hamid Rauf, Mr.Arafat Shahid, Mr. Osama Hamid and Mr. Bilal Shahid. Established in 1993, HR Consultants is the official representative of a number of prestigious foreign universities and has a strong reputation for helping students to study in a foreign country. There are many universities/institutions worldwide where HR Pakistan is closely working with or have agreements and admissions can also be arranged in one of them. HR Pakistan is highly recommended by the foreign institutions and foreign missions in Pakistan such as the British Council, Australian Trade Commission, New Zealand Trade Commission etc. to process/assist admissions and visas for students and professionals interested to study in a foreign country such as UK, USA, Canada, Ireland, Switzerland, Australia, New Zealand and other countries. HR Pakistan is also providing foreign professional education in Pakistan, in both campus based and distance learning mode. Also test preparations such as ACCA, GMAT, TOEFL, IELTS are provided by highly trained and qualified professionals. Some of HR offices are approved Testing Centers for TOEFL - (iBT).ACCA, UK has also approved one of its subsidiaries UCAT as a Computer Based, HR is an Examination and Teaching Center for several courses. vii 8|Page

Assignment II – Business Research Methods (524) HR Pakistan provides complete assistance to students in admission in a foreign university and visa filing at the respective embassy or high commissions. Complete visa filing and documentation is assisted by HR after verifying students' Educational records, Financial background and Motivation to study abroad subject to meeting all requirements/conditions by the students. Visa applications are processed under the Student Select Scheme (SSS) under the cover letter of HR Consultants. HR Pakistan also provides Free Pre-Evaluation to the students. Some of the top universities represented ~ recommended by HR Pakistan are; Brunel UniversityWest London, Birmingham City University, Bournemouth University, Queen Mary, University of London, University of Reading, Middlesex University, Kingston University London, University of Bradford, University of Bolton-Manchester, University of Salford-Manchester, University of Birmingham, University of Leicester, University of Glasgow, Nottingham Trent University, Glasgow Caledonian University, University of Paisley, Queens Belfast University, Coventry University, University of Sheffield, LIBT - at Brunel University West London, West London College, Cavendish College, Holborn College London, BPP - London, Bradford College, City College Manchester, Nottingham Trent International College, FTC London, London College of Accountancy (LCA), London College of Advanced Studies, Oxford Media and Business School, London School of Business & Finance (LSBF), Sheffield International College, Pembrokshire College, Dublin Institute of Technology, Griffith College Dublin, Curtin University of Technology (Curtin Sydney), University of Wollongong, Charles Sturt University, La Trobe University- Melbourne, Deakin University, Melbourne, Swinburne UniversityMelbourne, University of Western Australia- Perth, Murdoch University- Perth, Central Queensland University Sydney- Melbourne- Brisbane, Holmesglen Institute of TAFEMelbourne, Northern Melbourne Institute of TAFE- Melbourne , Melbourne Institute of Technology, TAFE NSW, IHTTI School of Hotel Management, HIM School of Hotel Management, SHMS School of Hotel Management. University College of Advanced Technologies (UCAT) - UCAT is an approved teaching and examination center of ACCA UK, ABE UK, ACP UK, Edexcel International UK, CTHCM UK, Pakistan Computer Bureau, Islamabad, Skill Development Council, Government of Pakistan.

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Assignment II – Business Research Methods (524)

2.1.1 MISSION STATEMENT
HR Pakistan is incorporated under the companies ordinance Act 1984 of Government of Pakistan. The main purpose of the company is to provide education counseling and education opportunities in Pakistan and abroad i.e. we (HR) emphasize on quality, full fee paying/scholarship holders international students to be placed in highly reputed educational institutions abroad.

2.1.2 SERVICES
HR services include:  Advising you about course/degree selection  Evaluating your application and all your educational documents and helping you in completing all the requirements  Advising you about enrolment procedures, fee payment modes, scholarships, accommodation etc.  Assisting you in processing your application and filing for visa  Providing you TOEFL/IELTS preparatory classes (if required)  Preparing you for visa interview  Counseling you regarding pre-departure and post arrival issues  Providing options for travel arrangements and health insurance etc. Educational institutions represented by HR Consultants (Pvt.) Ltd are large and comprehensive institutions. They are located in major and popular cities. While the range of institutions and locations is varied, all of the institutions we work with have certain criteria in common. First and foremost, the universities’ programs, facilities and staff are of the highest quality and are located in a safe environment conducive to learning. Second, institutions are willing to make you an integral part of their university and have committed staff to ensure your success.

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Assignment II – Business Research Methods (524)

2.2 RESEARCH REPORTS IN HR
The work HR-Consultants do, requires a lot of homework. They need to have full information about the universities, courses and the market requirement. HR-Consultants maintain both formal and informal research reports. Formal Research reports are made, annually for the top-level management, whereas informal reports are made in every trimester. HR maintains confidential formal reports that deal with the financial analysis of the company, and informal/short reports that show the market research. Hence long-term decisions are made on the basis of formal reports and quick decisions are made on the basis of informal reports. HR uses informal reports for the following purposes:  Market Analysis,  Market segmentation,  Developing promotional strategies,  Analyzing competitive edge,  Increasing profits,  Decreasing costs,  Budget Allocation,  Facilitating clients, etc.

2.3 EXAMPLES OF RESEARCH REPORTS IN HR
The data and reports produced by HR are confidential. Therefore dummy data and report sample is given. The report consists of the following data:  Tabular data (Based on data from the clients and market)  Charts and figures (Based on tabular data)  Description of analysis driven  Forecast / Decision Making

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Assignment II – Business Research Methods (524)

*The Data is fake

*The data is fake

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Assignment II – Business Research Methods (524)

*The data is fake Graphical representation of data is done to elaborate the results.

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Assignment II – Business Research Methods (524)

2.4 IMPORTANCE OF RESEARCH REPORTS IN HR-CONSULTANTS
HR-Consultants rely a lot on their research reports. An expo is conducted every trimester following the analysis given by the previous expo. Research and Development Department along with the research analysts give options, and the board of directors finalizes the decisions. HR uses research reports for the following purposes:

2.4.1 MARKET ANALYSIS
Using various techniques, the research work is analyzed and a team of experts take the trends from the market. For example: Which city gives the highest number of students, from which source large number of students are coming etc.

2.4.2 MARKET SEGMENTATION
Market segmentation is very important for the development of promotional strategies. Using the research report, the market is divided into segments. For example, citizens of City like Islamabad prefer UK, citizens of Karachi prefer Australis, etc.

2.4.3 DEVELOPING PROMOTIONAL STRATEGIES
On the basis of the research reports, promotional strategies are developed, by keeping in view the market analysis.

2.4.4 ANALYZING COMPETITIVE EDGE
Research reports are quite helpful in analyzing the competitive edge.

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Assignment II – Business Research Methods (524)

2.4.5 INCREASING PROFITS
Research report is helpful in cost analysis. With the cost analysis, future forecasts can be made and future costs can be reduced, and profits can be increased, efficiently. HR uses the Blue Ocean Strategy to decrease its costs and increase its profits.

2.4.6 DECREASING COSTS & FUTURE FORECASTS
Research report is helpful in cost analysis. With the cost analysis, future forecasts can be made and future costs can be reduced, and profits can be increased, efficiently. HR uses the Blue Ocean Strategy to decrease its costs and increase its profits.

2.4.7 BUDGET ALLOCATION
The budget of the company is allocated on the requirement of the company, which is derived from the research conducted.

2.4.8 FACILITATING CLIENTS
Research reports are helpful in getting idea about the clients’ needs. HR uses the information for creating healthy relationships with its clients, by offering them scholarships, and programs that they are interested in.

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Assignment II – Business Research Methods (524)

DATA COLLECTION METHODS
Primary as well as secondary data was used. Secondary data was collected from the internet and several books, the references of secondary data are available in the “reference” section. I visited HR-Consultants for the collection of primary data. The data was confidential therefore description of data and research work was expressed by the concerned person.

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Assignment II – Business Research Methods (524)

SWOT ANALYSIS
4.1 STRENGTHS
 Best consultants in Pakistan  Highlight the universities of developed countries

4.2 WEAKNESSES
 Does not cover universities of many small/under-developing countries  Limited to Pakistan only

4.3 OPPORTUNITIES
 Due to inflation, people are trying to get out of Pakistan  International office can be setup

4.4 THREATS
 Low economy and poverty in Pakistan can lower the rate of clients per year  Other consultants in the market can be a threat to HR

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Assignment II – Business Research Methods (524)

CONCLUSION
Research experience is as close to a professional problem-solving activity as anything in the curriculum. It provides exposure to research methodology and an opportunity to work closely with a faculty advisor. HR maintains confidential formal reports that deal with the financial analysis of the company, and informal/short reports that show the market research. Hence longterm decisions are made on the basis of formal reports and quick decisions are made on the basis of informal reports. HR uses informal reports for the following purposes; Market Analysis, Market segmentation, Developing promotional strategies, Analyzing competitive edge, Increasing profits, Decreasing costs, Budget Allocation, Facilitating clients, etc.

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Assignment II – Business Research Methods (524)

RECOMMENDATIONS
HR-Consultants should expand the business to international market in order to gain more clients and maximize profits. The list universities should be revised; more universities should be added to the portfolio. Moreover other small countries like china, Sweden etc should be covered as well. Research reports should be used to analyze the target audience and response and the market analysis. Measures should be taken to improve the quality of services, provided by HR.

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REFERENCES
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http://EzineArticles.com/878637 http://writing.colostate.edu/guides/documents/ce-trpt/pop2a.cfm http://www.mindrs.com/mindrs/?p=157 http://www.blurtit.com/q967425.html http://www.ayushveda.com/tipson/importance-of-research-before-starting-a-

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business/
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http://www.blurtit.com/q299845.html http://www.hrpakistan.com

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