need help with business studies task (1 Viewer)

[astroman]

i have an assignment where i am required to make a business plan however i am stuck on what this outcome is supposed to mean: Demonstrates excellent use of research methodology

any help is appreciated.

 

[Machiavelli1]

I'm assuming you have to present a bibliography with your business plan. How good your bibliography is, is that outcome I think.

 

[seremify007]

I'm assuming you have to present a bibliography with your business plan. How good your bibliography is, is that outcome I think.

I'm very confused as to how you came up with that?

Isn't the Op's assignment where they're meant to essentially research a business, and then write up what their business plan would be in terms of how it operates, what they do, how they make money, how they run, etc...?

 

[Machiavelli1]

I'm very confused as to how you came up with that?

Isn't the Op's assignment where they're meant to essentially research a business, and then write up what their business plan would be in terms of how it operates, what they do, how they make money, how they run, etc...?

I thought they had to make their own hypothetical business. Therefore to get a full understanding on how a business operates, they would research other businesses and what they do. I could be wrong though.

 

[astroman]

I have to make up a business

 

[Katsumi]

In terms of research my viewpoint is that they are asking for real world information in relevance to your said business. For example, facts of a certain industry, sales statistics, economic figures (i.e. unemployment) for influences, competitors, industry growth and the cost of certain advertising methods and strategies. In addition to any other useful information you can locate within the correct means. As long as you back up your statements with solid fact (i.e. you can say that economic growth is an influence on your business, but that will only get you so far. going the extra step and saying "as shown through the Australian Bureau Of Statistics in the following image" is what i personally class as research) you should be fine

An example from my preliminary business planning task

Shoot me a PM if you need something to go off assuming that you are doing a preliminary task. I still have my 20/20 one lying around somewhere

TL;DR It's asking you to know your stuff. Show an extensive understanding of the business environment, backed up by evidence and you should tick all the boxes in the research section