Branding as tool for Increasing Sales Volumn of Organization Assignment
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Introduction
Business ideas are often widespread and extensively used for the purpose of developing higher potential which can be bright around for ensuring the development of a surrounding business community. For the purpose of the area which is chosen by me, it revolves in the integration of supply efficiency to the market. As per the work of Mahajan and Tomaar (2021), it can be derived that there has been a great amount of discrepancy in the light of the COVID-19 pandemic which has been brought around. Thus, my business area of interest is in the development of supply chain potential through the maintenance of an online supply chain vendor which allows for the booking of slots for transport and delivery of items for small businesses. To develop effectiveness through this prospect I will be generating a higher rate of effectiveness which can be generated through the means of sustainability. The current supply chains are not well integrated and thus, they lack the capacity to adapt to the new COVID-19 regulations with ease. Thus, this business area is an open opportunity which is present for the market and the development of the same will be more amicable and feasible. The prospect of sustainability will be upheld as the branding will be done through the digital mediums which will be used for the same.
Overview of the area of business interest
The area of interest of mine has been brought out effectively through the impacts of the Coronavirus pandemic effectively. To ascertain the relevance of the business idea, it can be gauged that a total of 85 % of the global supply chains faced a reduction and withdrawal of operations. Apart from this, it has further been noted that an estimated 6 % of the total global supply chains shut down. However, it can be viewed that out of the total a 77 % range of supply chain owners believed that their owners were moderately prepared for such a crisis and further it is expected that a total of 60 % of the global supply chains could be recovered for businesses. This still leaves a total market gap of 27 % on a global scale. It can be void that according to a report published by McKinsey a total of $ 5 trillion was estimated to be the global business loss due to this impact (Consultancy, 2020).
Figure 1: Projected reduction in imports for manufacturing input
(Source: International Trade Centre, 2020)
A report by the international trade centre indicated that there is a wide variation in the total rate of supply chain deficiencies across the globe. The reduction in import for manufacturing imports across the globe can be considered to be one of the major actors of consideration. It is indicated that for the world the region of Europe has had the largest impact with a loss of $ 48 billion in manufacturing inputs and alongside this, the Asia-Pacific region has seen a $ 42 billion decrease in the same. The case for the United States is different and it can be viewed that a total of $ 38 billion can be seen to have occurred which is not far behind the other regions. The sector which was hit the hardest by the case of COVID-19 were that of Machinery (which saw a significant), plastics & rubber (which also saw a great impact) and the third most affected area is that of chemicals (International Trade Centre, 2020).
Figure 2: Sectors Affected due to supply chain disruption
(Source: International Trade Centre, 2020)
A report by PWC reveals that investment in digital supply chains is currently very feasible. Out of a survey conducted by the company after surveying 1600+ executives, it showed that 9 % of supply chain costs were being invested into digital channels effectively. In addition to this, a cost-savings rate of 7 % on average was received by digital channels and 8 % of revenues increased sharply and soundly (Pwc, 2020). Thus, it can be ascertained that this indicates that the area of business interest which has been chosen by me is extremely relevant and has numerous benefits which can be beneficial for the case of the overall economic impact of currency.
Research Methodology for identification of business opportunity
Philosophy
To develop an understanding of the prospect which is present in the UK with relevance to the case of the research it can be understood that the philosophy of research which is present essentially is developed through the framework of positivism. Snyder (2019), indicates that this philosophy draws upon scientific observation as a basis for underpinning inferences. It can be ascertained from the case of this that the philosophy of the research is appropriate to generate inferences.
Design
The design of the research will be conclusive in nature as the study will seek to conclude the necessity of the business area of interest with respect to the business conditions in the case of UK It can be viewed that a conclusive research approach Attia and Edge (2017), helps in drawing out proper inferences. This plays an important role in supporting the philosophy of research effectively.
Approach
The approach to this research will further be deductive in nature. Goldberg et al., (2017), states that deductive research steps out hypotheses which need to be verified for further action to be undertaken. Essentially this study will set out hypotheses based on the theoretical framework which needs to be developed with respect to the business area of interest and this approach will play a crucial role in supporting this element.
Type of research
This study will be following a type of research which essentially is formed on the basis of a mixed methodology to research. Thus the use of literature reviews and the questionnaire surveys will be used for conducting effective and efficient research. Snyder (2019), indicates that a mixed methodology provides greater reliability and validity of a study. For this research, this is important for the manifestation of the business idea.
Sampling
The sampling of the researches which need to be considered for the basis of the theoretical framework is to be done through the means of developing a sound proponent of database searching and virtual library searches. In addition to this, for the survey, a population of 1000 for the small business owners of the UK will be selected and further, sample size will be assorted not from this.
Ethical Considerations
The participation in this research needs to be kept at the comfort of the participants and coerced participation is not to be followed. Alongside this the informed consent of the participants will be derived effectively from the case of the individuals who are participating and the risks will be informed. The statutes of the “Data Protection Act 2018 (c.4)” will be followed for the protection of data.
Proposed plan of analysis
The proposed plan of analysis which is set out for the case of this research will be to follow a stoic method of analysis. Prior to this however, the database and library searches will yield data which is effective for setting out the theoretical framework for the same. Wahab et al., (2018), indicates that setting out a theoretical framework is extremely important for the case of a study. This would help to gauge the propensity which is available for ensuring success. Thus, hypotheses will be developed after conducting this part of the research effectively.
Furthermore, the feasibility of the business idea will be conducted through the surveys which are to be undertaken. The development of the questionnaires will be in accordance with the areas to be analysed such as that of financial feasibility, need for the same demand in the palace and such other factors. These will play an important role in highlighting the overall impact of the business idea and the area of interest on the current market which is present. It will also play a crucial role in ensuring a higher propensity of development and manifestation of the idea.
The financial model for the business area will be analysed through the means of developing an understanding of the overall impact which is present in the case of finances. It can be viewed that according to the study of Valenti et al., (2018), the use of financial ratios and feasibility metrics such as that of IRR, Payback Period and other such financial ratios help in gauging and undressing financial feasibility. For the case of this study, this will be undertaken to ensure that the research potential is not skewed by a lack of downgrading the important elements which are present.
Date Sources
The sources of data which will be sued are that of different databases for the derivation of preliminary data. The databases which will be used are that of Google Scholar International Trade Centre databases, WHO databases, World Economic Forum databases, databases of companies such as that of PwC, Deloitte and Mckinsey and Statista. Apart from these data sources, the primary data will be collected through the means of engaging in a survey which is to be undertaken for ensuring a sound research efficacy and sound idea of the feasibility of this business area. The collection and processing of data for this research area is important as it helps to understand the relevance.
Project Plan Timescale
The time scale for the project plan which is present is divided into three distinct parts. The entire business idea execution will take an average of 3 months to be completed. It can be discerned from the case of the study that there is a heavy element of efficacy which needs to be developed through the potential impacts which are present. It can be viewed that the first month will be dedicated towards the gathering of theoretical information and concocting the same after revealing different studies and gauging their overall feasibility in comparison to this research. The CASP tool will be used for the same. Then the hypotheses will be set out by the end of the first month.
The second month will be dedicated towards the development of the questionnaires primarily. The questionnaires will be developed alongside financial metrics which are to be discerned and gauged for understanding the probability and feasibility of the study which is being conducted. In addition to this, it can be ascertained that for the case of the research which is being conducted the third month will be dedicated towards assorting the results of the survey and analysis of the same. The financial feasibility which was conducted prior to this will be cross-checked with the same and finally the results of the study will be enumerated. These will be tested along with the hypothesis and the optimum feasibility will be gauged by the end of the third month for this business idea. This would help to ensure a proper and sound system of quality assurance and feasibility study.
Probable Issues
There are a couple of issues which are to be probably in the case of their research. One of the primary issues is that the financial feasibility is extremely dynamic and the economic conditions are uncertain. Thus, the primary financial feasibility may be open to human error of interpretation. Nullifying this would require us to engage in statistical tool usage of standard deviation and variance to ensure that risk percentages are cut out before gauging the feasibility of the idea in its full capacity. This also sounds to be a more feasible plan which is present for the study.
Viewing the overall element of the feasibility of this project, it can be observed that there is a higher prospect of distortion. It can be regarded that the population of the survey is probable to be indicative of the population of UK which requires the business system proposed. However, the correlation needs to be well integrated and the explanation of how the digital system will function needs to be conveyed properly. This would require the generation of a sound idea in the mind of participants regarding the system to amicably provide their opinions on the same.
Reference List
Attia, M. and Edge, J., 2017. Be (com) ing a reflexive researcher: A developmental approach to research methodology. Open Review of Educational Research, Vol. 4(1), pp.33-45.
Consultancy.uk, (2020). How supply chain is responding to the Covid-19 pandemic. Available at: https://www.consultancy.uk/news/25685/how-supply-chain-is-responding-to-the-covid-19-pandemic [Accessed on: 2 January, 2021]
Goldberg, S.B., Tucker, R.P., Greene, P.A., Simpson, T.L., Kearney, D.J. and Davidson, R.J., (2017). Is mindfulness research methodology improving over time? A systematic review. PloS one, Vol. 12(10), p.e0187298.
intracen.org, (2020). The Great Shutdown: How COVID-19 disrupts supply chains. Available at: https://www.intracen.org/covid19/Blog/The-Great-Shutdown-How-COVID19-disrupts-supply-chains/ [Accessed on: 3 January, 2021]
Mahajan, K. and Tomar, S., (2021). COVID‐19 and Supply Chain Disruption: Evidence from Food Markets in India. American journal of agricultural economics, Vol. 103(1), pp.35-52.
pwc.com, (2020). Connected and autonomous supply chain ecosystems 2025. Available at: https://www.pwc.com/gx/en/industries/industrial-manufacturing/digital-supply-chain.html [Accessed on: 3 January, 2021]
Snyder, H., (2019). Literature review as a research methodology: An overview and guidelines. Journal of Business Research, Vol. 104, pp.333-339.
Valenti, W.C., Kimpara, J.M., Preto, B.D.L. and Moraes-Valenti, P., (2018). Indicators of sustainability to assess aquaculture systems. Ecological indicators, Vol. 88(2), pp.402-413.
Wahab, S.N., Sayuti, N.M. and Talib, M.S.A., (2018). Antecedents of green warehousing: A theoretical framework and future direction. International Journal of Supply Chain Management, Vol. 7(6), pp.382-388.
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