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Business Research Project Unit 3

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  • Level: Undergraduate/College
  • Pages: 10 / Words 2422
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Introduction

In today's market, every business organization wants to enhance their profitability level in the market. To attain the same, companies have to serve quality products to their customers which directly impacts their performance level in the market (McGrath, 2012). In this, firms use various new and innovative technologies to improve the quality of the products in the marketplace. Along with this, Ozone Coffee Roasters deal in hospitality sectors in which they specialise in offering flavour coffee to their customers. In this, they also offer breakfast, brunch, lunch, dinner and drinks to their customers. To enhance profitability level, the company improve product quality in which they easily invite a larger number of customers towards its services.

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1.1 Project proposal

Aims and objectives

Aims and objectives are considered as an important part of the whole business research project which defines better guidance for the researcher. With the help of this, they easily attain positive outcomes in an appropriate manner. In this, the main aim of this research is To analyse the effectiveness of high-quality products and their impact on developing organization profitability. A case study on Ozone Coffee Roasters (Rahim, 2017.). Along with this, all the objectives are also important for conducting effective research in which manager attain better success in the marketplace by delivering high-quality products to their customers. This researcher made some main objectives as per its aims by which firm enhance their profitability level at the market place. All these are as follows:

  • To determine the importance of quality products for enhancing the profitability of the business organization.
  • To analyse those ways by which firm can measure their effectiveness.
  • To determine tools used by the company for retaining loyal customers.

A timed research plan building in reviews of and possible amendments

To attain better results, it is important for the researcher to make an effective plan for setting all the activities within the particular time frame. With the help of this entire activities can be done in the set time frame which helps in increasing the effectiveness of the project. Along with this, the manager of the project is required to execute entire project activities in an appropriate manner. It helps in saving both time and cost as well (Aaker and Joachimsthaler, 2012). Mainly, the researcher takes approx 60 days to complete all the activities of the project which may increase the chances of increasing profitability level.  Thus all these help in attaining positive outcomes as per the set time frame. It aids in making successful business projects. Along with this, every research project has various risk factors in it is important for researchers to examine it effectively. For this, researcher formulated an effective document which may lead to reducing the negative impact of the risk in a project which may leads to attaining positive outcomes. In the context of  Ozone Coffee Roasters, they effectively analyse entire risk factors in order to establish their positive brand image in the marketplace. With the help of this, they enhance their profitability level by attaining the satisfaction level of the customers.

 Research Project

Timed Research Plan

Possible sources primary and secondary

The researcher has been using both primary and secondary methods for collecting as well as gathering relevant data which may lead to making the final decision. Basically, collecting data plays a vital role in in whole research (Kam Sing Wong and Tong, 2012). By using primary sources, the researcher easily gathers data obtained from first-hand. It includes observations, surveys, experiments, questionnaires and so on which may lead to collecting relevant data in order to take a final decision. On the other side, secondary data also an effective method in which researchers also collect information which is collected as well as analysed by another one. It includes books, newspapers, magazines and so on. All these help in gathering important as well as relevant information which helps the researcher to execute the entire activities of the project in the most effective manner. It also helps in understanding the customer's perception towards the company its its services. This firm improves its process and the quality of products to enhance its profitability level in the marketplace.

1.2 Carry out approved research project noting changes to plans following review

It is an effective section which is based on the views and opinions of various authors and specialists. With the help of this researcher easily attain positive outcomes and enhance the effectiveness of the project in an appropriate manner (Green and et. al., 2014). Along with this, the researcher also draws a valid conclusion which may lead to maintaining the overall performance level of the company. In this context, researchers use secondary resources in which they use the sample size method to collect information from the number of people. It helps in making the right decisions in the most effective manner.

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To determine the importance of quality products for enhancing the profitability of the business organization

Quality products and services are more important for every business organization to enhance their profitability level in the market marketplace. According to Lan Linton, (2018), it is important for Ozone Coffee Roasters to manage the quality of the product because it helps in satisfying customers' needs and wants in the most effective manner by which the firm boosts their sales. It directly contributes in enhancing the profitability level by which firms build their positive brand image at the market marketplace. It also helps in meeting customers' expectations, managing reputation managing costs by which they easily capture a larger market share.

To analyse those ways by which firm can measure their effectiveness

To attain better success, it is important for business organization to measure their overall effectiveness in the marketplace in which they improve their profitability level. As per Fowler, 2013) Ozone Coffee Roasters have achieved sustained market share by selling the products and services. With the help of this company enhance their profitability level. This company should provide better training and development programs to their workers so that they effectively serve their quality services by understanding their needs and wants in the most effective manner. Along with this, the company should determine the market change in which the company easily attain a competitive advantage over its rivals.          

To determine tools used by the company to retain loyal customers

Retention of loyal customers is more important for business organizations to attain better growth levels in a market place which helps in attaining a larger market share in an effective manner. According to Santos-Vijande, 2012 It is Ozone Coffee Roasters have to manage their product quality in order to retain their customers for a long time period. For this, companies use customer loyalty programs within their company to attain better retention of customers which may lead to enhancing the overall performance level (Epstein and Buhovac,  2014). In this, they should offer a variety of products and services to its customers as per their demands which my lead in attaining better success in the market marketplace.

2.1 Present, justify and evaluate their choice of method to present the findings and completed research project

Questionnaire

 

Q1) Does high quality products are beneficial for firms to retain loyal customers?

Frequency

Yes

25

No

5

Q2) What are to tools used by firms for enhancing their profitability indexes?

Frequency

High quality products and services

17

Friendly environment

5

Gift vouchers an discounts

8

Q3) What are the major products which are offered by  Ozone Coffee Roasters?

Frequency

Flavoured Coffee

15

Ice cream

6

Chocolates

6

Sweets

3

Q 4) Provide recommendations by which Ozone Coffee Roasters can enhance their profitability level.

 

Theme 1: High-quality products are beneficial for business.

 Effect of High quality products

Interpretation: From the above-mentioned graph it can be concluded that it is important for  Ozone Coffee Roasters to offer high-quality services to its customers which is more beneficial for the company to enhance their positive brand image in the marketplace.

Theme 2: Tools used by companies to enhance their profitability.

 Tools used for profitability

Interpretation: As per the above graph it can be summarised that Ozone Coffee Roasters provides high-quality services to its customers which easily enhances their profitability level. In this 17 respondents agree with this statement by which firm improve their performance level.

Theme 3: Products are offered by Ozone Coffee Roasters.

 Products Offered by Ozone Coffee Roasters

Interpretation: From the above-mentioned graph, it can be concluded that 15 people said that Ozone Coffee Roasters offer Flavoured Coffee to their customers as per their demands. This company easily enhances its profitability level at the market marketplace and at the same time also captures a larger market share from its rivals.

3.1 Evaluate:

Strengths and limitations of the project's subject

The main strength of this project is that the company offer high-quality products and services to its customers (Jiang and et. al., 2012). By which they easily enhance their profitability level at the marketplace. On the other side, sometimes their product's price is very high due to their high quality. This will reduce the number of customers towards the company.

The extent to which the project met its aims and objectives

The main aim of the project was to analyse the effectiveness of high quality products and their impact on developing an organization's profitability. This will help in increasing their effectiveness in the marketplace. As per this, all the objectives have been made which aid in increasing the profitability level of the company at the marketplace (Chang and Taylor, 2016). All the objectives can be met by serving high-quality products and services to its target customers as per their needs. With the help of this company easily captures a larger market share from its rivals.

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The plan and impact of their reviews of the plan

The main plan was developed in which activities were executed and according to which the operation of the coffee shop was performed. The questionnaire was filled out by customers to know their improvements which can be determined (Why Is Quality Important for a Business?. 2018). As per all these customers' reviews company modify their services and produce high-quality products to their customers as per their needs. With the help of this company enhance their profitability level in the most effective manner. It directly contributes to enhancing a positive brand image at the marketplace.

The presentation of findings and conclusions

From he above-mentioned research it can be concluded that every business wants to enhance its profitability level at the market place in which they have to serve its variety of products with high quality to its customers. With the help of this, they enhance retention of the customers and profitability level as well. Along with this, the firm is responsible for serving high-quality of products at affordable costs to boost overall sales.

 

References

  • McGrath, M. E., 2012. Setting the PACE in product development. Routledge.
  • Aaker, D. A. and Joachimsthaler, E., 2012. Brand leadership. Simon and Schuster.
  • Kam Sing Wong, S. and Tong, C., 2012. The influence of market orientation on new product success. European Journal of Innovation Management. 15(1). pp.99-121.
  • Santos-Vijande, M. L., and et. al., 2012. How organizational learning affects a firm's flexibility, competitive strategy, and performance. Journal of Business Research. 65(8). pp.1079-1089.
  • Fowler, A. ed., 2013. Striking a balance: A guide to enhancing the effectiveness of non-governmental organisations in international development. Routledge.
  • West, M. A., 2012. Effective teamwork: Practical lessons from organizational research. John Wiley & Sons.
  • Green Jr, and et. al., 2014. Total JIT (T-JIT) and its impact on supply chain competency and organizational performance. International Journal of Production Economics. 147. pp.125-135.
  • Rahim, M. A., 2017. Managing conflict in organizations. Routledge.
  • Jiang, K., and et. al., 2012. How does human resource management influence organizational outcomes? A meta-analytic investigation of mediating mechanisms. Academy of Management Journal. 55(6). pp.1264-1294.
  • Chang, W. and Taylor, S.A., 2016. The effectiveness of customer participation in new product development: A meta-analysis. Journal of Marketing. 80(1). pp.47-64.
  • Epstein, M. J. and Buhovac, A. R., 2014. Making sustainability work: Best practices in managing and measuring corporate social, environmental, and economic impacts. Berrett-Koehler Publishers.

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