Table of Contents
Introduction
The development of comprehensive research design and approach is essential to conduct a research study successfully. Research design and approach constitutes the extensive outlay of necessary procedures, parameters, tools and standards applicable in collecting, analyzing and presenting the research findings (Gliner, Morgan, & Leech, 2011). Studies presume either quantitative or qualitative design in line with the type of information required for the research. According to Zimmerman, Stolterman, & Forlizzi (2010), the development of a research design plan constitutes an extensive arrangement of the corresponding components of each research approach. The use of either qualitative or quantitative approach dictates the necessary design and plan to collect sufficient, relevant and useful data for the research. The study of factors affecting newly started business entails statistical information as well descriptive data hence the suitability of qualitative and quantitative approaches.
Quantitative Research Approach
The quantitative research approach entails the use of empirical statistics to deliver congruent research findings. The discretion of the quantitative approach involves the use of statistical evidence which is collected and analyzed using statistical tools (Creswell, 2013). Quantitative research establishes comprehensive statistical data that perfectly describes the subject of study. Quantitative research approach hence relies on empirical evidence of the parameters being studied. Furthermore, quantitative research approach demonstrates the nature and extent of the effect of the independent variable on the dependent variable (Gliner, Morgan, & Leech, 2011). Arguably, the approach provides a numerical metric of variables relation whereby the research findings could be built on it.
The study on the factors affecting the success of newly started business incorporates financial performance as a fundamental measure of success. The analysis of financial performance indicators comprises extensive inquisition into financial data of the new business. Financial data of the business can be useful in the ascertaining what performance indicators contribute to the success of the newly started businesses. The collection and analysis of financial data incorporate a quantitative research approach. It is imperative to provide sufficient financial information that would reveal trends in the past and facilitates the prediction of the future fortunes of the business (Trochim, Donnelly, & Arora, 2016). Moreover, it is critical to establish a convenient metric to ascertain the financial data which is necessary for a successful research study.
Under the quantitative approach of measuring the factors that impact the success of a newly started business, various techniques and procedures are paramount. The quantitative approach necessitates the provision of population and population sample, data collection approach and methods, data analysis approach and also ethical concerns of the research (Creswell, 2013). Collectively, the techniques and methodology involve the systematic arrangement of the fundamental data in a presentable and easy to interpret format (Van Den Akker et al., 2006). Considerably, the analysis of the performance of the newly started business may not incorporate historical financial data. It is therefore imperative to identify the limiting factors of the quantitative approach including the insufficiency of data to include a comprehensive mechanism to overcome the shortcoming.
The quantitative approach presumes some notable significances which makes it ideal for the study of the success factors impacting newly started restaurants. First, the quantitative approach establishes a relationship between critical business parameters in financial performance. The analysis of the financial performance entails an evaluation of the internal indicators of success (Creswell, 2013). Secondly, the approach involves extensive of a particular factor hence accommodating diverse tactics of understanding in detail how the dependent and independent variables can be optimal. The other significance consists of the simplicity and easy to collect and analyze sufficient data for the research study (Trochim, Donnelly, & Arora, 2016). The establishment of an empirical relationship between the independent and dependent variables also represent the development of a model which can easily be applied in the measure of success for the newly started businesses.
Correlation Research Design
The correlation research design entails the determination of a relationship between the independent variable (financial performance) and the dependent variable (firm’s success). The adoption of the research design ensures that a relationship coefficient can easily be found and applied in the estimation of further studies in the future (Gliner, Morgan, & Leech, 2011). The use of a correlation research design is ideal for the study as it concerns the expression of functional parameters including the financial performance as a key determinant of the progress of newly started businesses over a period (Sekaran & Bougie, 2016). Correlation research design evaluates the nature of the relationship and also the extent of influence of the independent variable on the dependent variable.
Population and Sampling
The study population constitutes the ideal study variables that would conveniently satisfy the criteria of sufficiency and relevancy of data for the research study (Sekaran & Bougie, 2016). In the city of Scottsdale, Arizona, many restaurants business mushroom while others sink even before they could link to the target market. The target population for the research study is new restaurant business that has opened within a span of the last five years in Scottsdale city, Arizona. The accessibility and understanding of the market dynamics of the Scottsdale city make it an ideal site for study (Sekaran & Bougie, 2016). More so, a span of five years is ideal for a restaurant business to start and thrive or eventually fail. The target population for the study incorporates an extensive evaluation of newly established restaurants to gain a good insight concerning determinant factors.
It is essential to employ a convenient sampling technique that would aid in the collection of an appropriate set of information for the study (Creswell, & Creswell, 2017). The research study incorporates a systematic sampling technique to develop an ideal study sample. The systematic sampling techniques present a diverse and well-balanced study population. Systematic sampling has the advantage of being convenient and straightforward for information limitation (Sekaran & Bougie, 2016). More so, the technique provides an excellent study profile ensuring that the diversity of the data collected perfectly suits the objective of the study. The study sample will include restaurants selected under each year of start and operation over the last five-year period (restaurants which are 1, 2, 3, 4 and 5 years old).
Data collection Procedure and Techniques
The development of a comprehensive plan for data collection is essential to ensure that sufficient and relevant data is collected. Data collection involves activities distributed across a month’s timeline to facilitate an ample schedule to distribute, respond and collect the data collection instruments. The study adopts the use of survey questionnaires as the primary data collection instrument while the financial reports of the study restaurants will apply as the secondary data collection tools. The first week is dedicated to the distribution of the survey questionnaires to the managers of the restaurants and two further weeks will be allocated to the filing of the survey questionnaires. The last week would be dedicated to the collection of the filled questionnaires and financial reports for the period that the business has been in operation.
Data analysis
The analysis of data will include the utilization of Microsoft excel program to ensure a comprehensive financial performance analysis is done. The responses to the survey questionnaires will be sorted and grouped in accordance with the line of information for example sales and marketing information, working capital management as well as overall financial management scope. Moreover, the excel program will also apply in the financial performance analysis whereby the data of the financial reports are synthesized to meaningful information. The financial reports could be interpreted as ratios and common size statement which are vital financial analysis tools.
Ethical Issues
The research approach entails the use of managers or their representatives as participants to survey questions. It is therefore imperative to observe fundamental ethical norms while handling the participants and the utilization of data provided. In this case, consent forms will be issued as part of data collection formality while the data collection will be used for academic purposes and disposed off accordingly (Cozby, 2014). Regular communication with the participants will be maintained in the course of data collection period as well.
Qualitative Research Approach
Qualitative research approach entails the study of non-empirical information relating to the study topic. Moreover, according to Creswell, & Creswell (2017), the approach constitutes the evaluation of descriptive data that fits the context of the research study. The study of factors impacting the success of newly started restaurants in Scottsdale city, incorporate the evaluation of parameters such as managerial approach, strategic management, and logistic information management. The formulation of a qualitative research approach comprises an extensive inquisition into a diverse range of data sources including theories and empirical evidence in support of different topics (Lewis, 2015). Maxwell (2012), further identifies that a qualitative approach is essential as it supplements the empirical findings on financial performance analysis of the newly started restaurants.
The scope of the qualitative research approach comprises the analysis of secondary data which includes publications, managerial reports, analytical journals as well as theoretical analysis on the success of restaurant businesses (Creswell, 2013). It is imperative to include a qualitative research approach in the research as it provides a comprehensive insight into fundamental parameters other than numerical statistics relating to business success or failure. The utilization of business strategies, management approach suitability, and logistical analysis entails considerable factors that influence the success of newly started restaurants. According to Trochim, Donnelly, & Arora (2016), the qualitative research approach concentrates on the factors that are impossible to quantify in numerical means and are vital for the relevance of the research study.
Case Study Research Design
The research study adopts a descriptive case study research design which incorporates a comprehensive evaluation of specific instances. The primary focus of the case study includes strategic management, management approaches and logistical information management of ten newly started restaurants. The focus of each of the factor facilitates a comparative assessment of the non-quantifiable factors. The case study research design accommodates an in-detail analysis of the fundamental success factors. The case study design is appropriate for the research study on newly started restaurants since it focuses on the precise and comprehensive details of the success factors and its implication on the prosperity of the new businesses.
Data collection procedure and instruments
The data collection approach entails the uses of secondary sources which constitutes annual managerial reports, journals, and publications. The use of secondary sources provides for the collection of a significant portion of information making it easier to compare and complement the data. Besides, the qualitative research approach relies on well research and analyzed evidence on the subject of study hence the data is valid and reliable. The data collection timeframe entails two months to gather and compile the necessary reports, journals, publications, and other relevant secondary materials. Moreover, the research study integrates data from the different sources to develop comprehensive details concerning the subject of study.
Data Analysis
The analysis of the data collected from secondary sources involves the use of a descriptive analysis of information and relevant supportive statistic to develop a detailed descriptive publication of the research findings. Deductive inferences of the information on the reports, journals, news articles, and publication constitutes the primary analysis approach. Moreover, an analytical report involves the compilation of different facts, statistical evidence and theoretical information in relation to the orientation of the topic of study. The presentation of the research findings involves a comprehensive descriptive report.
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Ethical issues
The observation of ethical conduct is necessary to facilitate responsibility in the data collection and utilization. A qualitative research approach does not entail human personalities while it comprises the use of other people’s work, research, reports, and publication to make significant deductions about the topic of study. It is imperative to provide a substantial account of all the information from the secondary source as well as provide a proper citation for the research (Trochim, Donnelly, & Arora, 2016). The provision of adequate citation in a research paper indicates the acknowledgment of authors input into the research study. It is unethical to disregard the contribution of the ‘borrowed’ information from the secondary sources for the qualitative research approach.
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