Sample HI6008 Business Research Project Report 1

HI6008 Business Research Project Report Sample

Purpose:

This unit aims to give you an opportunity to combine many facets of your acquired MBA skills into the production of a high-quality research Literature Review. Your tutor’s main role will be to FACILITATE you through the process, week by week. You will need to be watching to the weekly video lectures as well as attending tutorials and engaging in discussion with your tutor during the interactive tutorials and drop-in sessions.

Literature Review

Your Literature Review research must and include a mix of academic articles from relevant English language peer- reviewed journals that are current (post 2018) and may also include some industry / company-specific information obtained from published online open-access sources. You will form a group with three other students (i.e. the specified size of an assignment group in this unit is 4 persons). Please follow the instructions in the Blackboard site of this unit regarding assignment group formation.

Assignment 1 – Literature Review – Required Structure

Your Literature Review Report should be in accordance with the following structure:

1. Page 1: Official Group Assignment Cover Sheet (from Blackboard site)

2. Page 2 and main body of report: Use a new sub-heading for each of the 4 RQs you selected. For each RQ, discuss relevant literature and demonstrate how it has provided you with a good contextual understanding of each of the Research Questions (RQs).

3. Append your Team Charter

Team Charter Appendix

Your ‘Team Charter’ must be included as an appendix within your Literature Review submission. The Team Charter appendix must indicate what roles were undertaken by each member of the team.. [note: If you are working SOLO, the team charter appendix is NOT required.]

1. Explain the team’s agreed goals and timeline for completion (Due dates, meetings, milestones, deliverables)

2. Who will be responsible for each activity? and/or What particular team-roles will each member contribute to the team?

3. How will your team ensure that members contribute as expected to the team and that the team performs as expected, including: What are your team’s expectations regarding meeting attendance (being on time, leaving early, missing meetings, etc.) and what process will team members follow if they have an emergency and cannot attend a team meeting or complete their individual work promised to the team (deliverable)?

Solution

1.0 Introduction

In this analysis of relevant literature, Kiana's successful "Dragons' Den" business proposal is dissected, along with the endorsement of her idea by the show's titular investors. It delves into the ways in which the concepts of good negotiation and communication played a major part in her proposal, which in turn piqued the interest of the Dragons.

2.0 Literature Review

2.1 Kiana’s Pitch to the Dragons and their Validation

Kiana's pitch to the dragons on the TV programme "Dragons' Den" is an excellent example of numerous principles of good negotiation and communication. For Assignment Help, She explains how those factors made the dragons' validation and investment possible in her pitch.

Clarity and Conciseness: Kiana begins her pitch with a clear and concise introduction. She introduces herself, reveals her hometown of Montreal, and lays out her exact request: $200,000 for a 10% ownership in her business (Yellow TV, 2022). Her presentation starts on the right foot, and the dragons can grasp the fundamentals without any misunderstandings because of her crystal-clear explanations. The theory of effective communication stresses the need for a brief message to attract and hold the target audience's attention (David & Quang, 2015, p73(3)).

Engaging Storytelling: Kiana expertly engages the dragons with storytelling. She discusses how the pandemic caused her to lose her job at a soap shop. This story helps to humanise her and connect with the investors on a more personal level. According to negotiation theory, sharing a story is a great way to create rapport and trust with the other party (David & Quang, 2015, p73(2)).

Product presentation: Kiana's decision to include the dragons in a live product presentation was inspired. She gives them a once-in-a-lifetime experience by having them help her set off her cocktail bombs (Yellow TV, 2022). According to negotiation theory, this is similar to establishing a common ground, which may lead to more cooperation and confidence (David & Quang, 2015, p73(6)).

Visual and Sensory Appeal: The fizz and effervescence of the cocktail bomb not only appeal to the sense of taste but also to the senses of sight and sound. Capturing the dragons' attention requires appealing to all of their senses. The communication theory indicates that using more than one sense might increase the message's effect and longevity (Van Ruler, 2020, p43(4)).

Market Validation: Strong proof of market validation is provided by Kiana. Within a year of her product's release, she reports a staggering $1.5 million sales (Yellow TV, 2022). This proves that people want to buy her stuff, and her business model is sound. Data and facts may help you seem more credible and reinforce your position in a negotiation.

Problem-Solution Approach: Kiana draws attention to a widespread issue in the industry—the unavoidable messiness of liquid cocktails. She then pitches her wares as the answer, demonstrating the many uses for which her cocktail bombs may be used. This problem-solution framework is a tried-and-true method of communication that wins over investors because it addresses a real issue and proposes a workable solution (Budiyono et al. 2021, p76(2)).

Scalability and Growth: Kiana made a smart move by admitting that her business is expanding quickly and needs assistance. One of the major tenets of negotiation theory is that of open communication (Ashcraft, 2021, p584(4)). She positions herself favourably in the negotiation by acknowledging the need for strategic partners.

Handling Multiple Offers: Kiana expertly handles the situation when presented with multiple offers from dragons (Yellow TV, 2022). She stops to think things over, not wanting to make a snap decision. The theory of successful negotiations suggests that careful consideration of an offer is a wise tactic. Kiana's hesitation shows that she intends to choose carefully.

Leveraging Competitive Bidding: Kiana makes the most of her negotiation advantage by enabling a group of dragons to make a single, combined bid. Commonly utilised in negotiations, this strategy forces the dragons to make their best offer as a group (Van Ruler, 2020, p43(4)).. This helps Kiana get a better bargain than she would have gotten alone.

Closing the Deal: Kiana's decision to accept the combined offer from Robert, Vincenzo, Michele, and Manjit demonstrates her negotiation abilities. She attracted the $400,000 investment in exchange for a 20% equity stake, a positive development. In the theory of negotiations, this highlights the significance of a successful deal close and the satisfaction of both parties (Yellow TV, 2022).

Kiana's pitch to the "Dragons' Den" investors is a model of persuasive communication and negotiation. She has been successful in getting investment due to her clarity, narrative, product presentation, and market validation. Her negotiation skills are on display in her skill with various proposals and taking advantage of competitive bidding (Budiyono et al. 2021, p76(2)). Kiana's pitch is a wonderful example of how a well-crafted presentation, anchored in negotiation and communication theory, may lead to a mutually beneficial conclusion in the business world.

2.2 Future opportunities for this business

The reasons why the "Dragons' Den" investors were so enamoured with Kiana and her cocktail bomb business are grounded in entrepreneurship theory. These factors clarify their enthusiasm and explain why they think her enterprise has such promising prospects.

Innovative Product: Kiana's cocktail bombs are a cutting-edge offering in the alcoholic beverage market. Entrepreneurship theory places a premium on creative problem-solving when starting and growing a business (Baker & Welter, 2020, p188(1)). Her cocktail bombs are a creative take on the classic drink, and the dragons see this as a selling point for her business as customers seek new and exciting ways to enjoy cocktails.

Market Demand: Identifying market demand and satisfying unfulfilled wants are central to the entrepreneurship theory. Kiana's invention solves a widespread problem: the time and effort required to mix cocktails. Consumers looking for convenience, quality, and pleasure in their beverage options have the dragons convinced of the market potential (Rauch, 2020, p852(3)).

Scalability: The capacity to expand a business to a larger scale is key to entrepreneurship success. Kiana's business has already reached remarkable success in a very short period, demonstrating the scalability of her offering. According to entrepreneurship theory, Scalable enterprises may increase their market share and income significantly (Porfírio et al. 2020, p256(5)). This potential piques the interest of the dragons.

Diverse Product Line: Kiana's product line has 15 distinct flavours, providing customers with various options (Yellow TV, 2022). The entrepreneurship theory emphasises the need for diversification and meeting the needs of a wide range of consumers. The dragons see this variety as a strength, allowing the company to appeal to a wide range of customers and respond quickly to shifting consumer preferences.

Strong Sales Performance: Kiana's business has reportedly generated $1.5 million in sales since its inception (Yellow TV, 2022). Financial results and future development opportunities are typically examples of why entrepreneurship theory is important. The dragons are optimistic about the company's prospects because of the proven sales success.

Retail Presence: Kiana's goods are already accessible at 500 distribution points throughout Canada, including retail locations and online platforms (Yellow TV, 2022). This is consistent with the entrepreneurship theory's emphasis on market penetration and distribution tactics. The dragons see this storefront as groundwork for future development and market penetration.

Consumer Engagement: Kiana's interactive product presentation, which included the dragons in the fizzing process of her cocktail bombs, demonstrates her ability to engage customers. The theory of entrepreneurship stresses the significance of consumer participation and satisfaction (Mehmood et al. 2019, p7(4)). The 'dragons' believe this exciting strategy will increase consumer retention and popularity.

Adaptability: The entrepreneurship theory stresses adjusting to a rapidly changing business environment (Porfírio et al. 2020, p256(5)). Kiana's ability to switch gears during the pandemic and make cocktail bombs instead of hot chocolate bombs indicates her flexibility and fortitude. The dragons admire this trait because they know it will serve them well when they face new chances and overcome new obstacles in the future.

Strategic Business Partnerships: Kiana's desire to seek help growing the business and her openness to strategic partnerships are consistent with the entrepreneurship theory. Growth and expansion are both possible outcomes of cooperative efforts (Mehmood et al. 2019, p7(4)). The dragons respect her as an innovative businesswoman who is open to bringing in outside help.

Global Expansion: Although Kiana has launched her company in Canada, worldwide growth is often explored in the literature on entrepreneurship. The dragons should see a chance to capitalise on their worldwide connections and knowledge to help Kiana's revolutionary cocktail bombs break into new markets worldwide.

Entrepreneurship theory lies at the heart of the dragons' optimism for Kiana's cocktail bomb business (Rauch, 2020, p852(3)). They have an optimistic outlook because of their novel product, high market demand, capacity to scale, impressive sales success, and flexibility. Kiana's proven customer engagement, interest in exploring strategic collaborations, and potential for global expansion are all consistent with the principles of entrepreneurship, which prioritise development, flexibility, and invention.

2.3 Mentoring issues

Beyond the funding infusion of $400,000 from Kiana's four investor-mentors on "Dragons Den," there are positive and negative mentoring aspects to consider in this multi-investor arrangement (Yellow TV, 2022). Mentorship from several people may be a great boon regarding knowledge and connections, but it can also lead to complications and tensions.

2.3.1 Advantages of Multiple Investor-Mentors

The four investor-mentors in this venture each contribute something special to the table regarding expertise. Kiana may learn from a wider variety of perspectives and perspectives than she would from a single mentor due to this diversity. One investor could have a knack for product design, while another might be great at e-commerce (Alaba, 2020, p.15(5)). Kiana benefits from having numerous investor mentors because she can tap into their combined spheres of influence. Partnerships, distribution channels, and new suppliers are some of the many opportunities that may present themselves via these networks (SOUTHEAST, 2021, p45(2)). The business's development and market penetration may be sped up considerably by the combined influence of the four mentors. Business decision risks may be reduced by increasing the diversity of mentors.

Kiana may consult her other mentors for guidance and perspective if the advice or approach she receives from one of them runs into problems (Alaba, 2020, p.15(5)). The partners' willingness to share risk may bolster the venture's robustness. With four role models to draw from, Kiana can gain a more well-rounded perspective in her decision-making. The chance of making biased or one-sided conclusions is decreased when other perspectives and areas of knowledge are considered (SOUTHEAST, 2021, p45(2)). The investor-mentors can distribute tasks and duties under their respective skill sets and areas of expertise. One mentor could deal with issues of promotion and branding, while another would handle money management. This division of labour may help establish a systematic approach to mentoring.

2.3.2 Challenges of Multiple Investor-Mentors

There is a higher chance of disagreements and tensions arising when four investor-mentors are involved. Kiana may get confused if she receives advice or techniques at odds with one another. The success of the enterprise depends on how well these tensions are managed. Maintaining open lines of communication among a group of mentors may be difficult (Burns, 2019, p52(7)). Kiana has to ensure that all of the business's mentors are on the same page, communicating effectively, and working towards the same goals. Misunderstandings and inefficiency may result from sloppy communication. There may be a wide range of expectations for how much time and focus Kiana devotes to each investor-mentee. When the priorities and deadlines of various commitments conflict, it may be difficult to strike a balance between them. Kiana may need to establish firm limits and guidelines in order to deal with this problem (Alaba, 2020, p.15(5)).

When faced with conflicting advice and feedback from several mentors, indecision makes it easy to get paralysed. When Kiana hears two opinions contradicting one other, she may feel paralysed by indecision. It may also reduce the speed at which decisions are made and the flexibility with which the business can respond to changing conditions. Dealing with numerous investor-mentors and determining how much ownership each should get may be tricky (Burns, 2019, p52(7)). Kiana may want to consider how the distribution of shares would affect her stake in the business and her ability to make decisions. A mentor-entrepreneur relationship's success depends on accommodating both parties' needs. Getting all of the business' investor mentors on the same page might be difficult regarding the company's long-term vision and objectives (Alaba, 2020, p.15(5)). Conflict may arise when people have divergent goals or expectations. To promote harmony, Kiana must actively participate in honest and open dialogue.

2.4 Ethical Dilemmas and Mitigations

The presence of alcohol in Kiana's product and its possible effect on customers raises several ethical questions about its advertising and selling. Maintaining honesty and openness in business practices requires discussing these ethical issues and considering solutions (Citeseerx.ist.psu.edu, 2023).

a) Responsible Alcohol Consumption

- Marketing a product that can be mixed with alcohol raises ethical questions about encouraging responsible drinking. The cocktail bombs might be abused by customers, resulting in drunkenness or underage drinking (Dumbili et al. 2022, p.103646 (3)).

- Kiana can solve this problem by adopting ethical marketing policies. There must be prominent warnings on the packaging stating the product is only meant for those of legal drinking age. Ethical drinking may be encouraged by educating customers on how to drink responsibly and connecting them with relevant resources (Delobelle, 2019, p.727(6)).

b) Misleading Advertising

- Ethical problems arise when advertising exaggerates the product's advantages or uses other deceptive techniques. Disappointment and scepticism on the part of consumers might result from overpromising or otherwise misleading advertising (Fayazi et al. 2021, p.40(7)).

- Kiana has to make sure that the product's attributes and advantages are fairly presented in all marketing materials. Having no secrets is essential. Potential purchasers may get honest opinions through reviews and testimonies. Ethical standards require adherence to advertising rules and laws (Cheah & Shimul, 2021, p.690(4)).

c) Health and Safety Concerns

- Concerns about the product's possible impacts on one's health or the lack of clear instructions on using the product safely are reasonable.

- Kiana has to identify all ingredients, allergies, and possible adverse effects of their products on their packaging and promotional materials. It is also important to provide directions for proper storage and usage. The product's security may be guaranteed by means of constant testing and inspection (Matzopoulos et al. 2020, p.486(5)).

d) Environmental Impact

- Waste and carbon emissions may be produced during the manufacturing and packing of the cocktail bombs.

- Kiana could look into sustainable packaging and manufacturing practices to ease environmental worries. The environmental impact of a product may be minimised via waste reduction and the use of sustainably sourced components (Matzopoulos et al. 2020, p.486(5)). She should share the eco-friendly initiatives openly with customers.

e) Product Quality and Consistency

- As a company expands, it might be difficult to keep product quality constant. Quality changes that negatively affect customers raise ethical considerations.

- Rigorous quality control techniques and constant monitoring of manufacturing operations may achieve consistent quality. In addition, showing concern for the customers' happiness and doing business ethically by responding quickly to quality complaints and replacing or refunding their purchases when appropriate (Akanmu et al. 2023, p.337(2)).

f) Pricing and Accessibility

- The issues of cost and availability might raise ethical concerns. Concerns regarding social equality may arise if the product is priced so high that only a select group of people can afford it (Wirtz et al. 2021, p46(8)).

- Kiana should provide flexible price tiers to solve this problem and attract a wider audience. These moral issues may be addressed by investigating collaboration opportunities or programmes that expand service to underprivileged groups (Hecht et al. 2020, p.7381(8)).

g) Impact on Local Businesses

- Local businesses like bars and restaurants may feel the effects of the cocktail bomb industry's potential growth as consumers seek for at-home drink experiences.

- Kiana can ease this worry by working together with established companies in the area. She may, for instance, team up with local watering holes to develop innovative cocktail menus using her wares (Björklund et al. 2020, p.56(7)).

h) Ethical Sourcing and Labor Practices

- Ethical standards can only be maintained if every supply chain step is conducted with integrity, from selecting ingredients to treating workers.

- These issues may be resolved by the practice of due diligence in selecting vendors and in acquiring ingredients. Additional confidence may be gained via certifications or collaborations with groups that advocate for ethical practices in the food and beverage sector (Erhun et al. 2021, p645(9)).
3.0 Summary

Kiana's pitch supported negotiation and communication theories by emphasising clear communication, compelling narrative, product presentation, and market validation. Inspired by entrepreneurial theory, the Dragons are excited by her business's creative product, market demand, scalability, wide product range, and great sales success. A multi-investor mentorship model has pros and cons, and product marketing ethics must be addressed openly. Kiana's business's profitability and ethics depend on these factors. 

References