Opening A New Jewellery Store - Research Proposal Sample

Introduction of Research Proposal for Opening a New Jewellery Store Branch in London

This proposal is based on the business plan of the project of opening a new jewellery store. So Missoma Jewellery Company is chosen for opening a new branch in London. This company has already several stores in the UK now it is focused on the business plan of opening a new branch of the concerned company. This project will analyze by focusing on different types of business plan strategies that will help to aim the strategy of the business (Tani et al. 2022). The mission and vision of this company will need to analyze before understanding its profit margin. It is important to do a market analysis of the particular market segments before opening the new store.

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Therefore this study is going to discuss the literature review that will help to comprehend and demonstrate business planning. After that methodology that will use in the business plan to complete the project as per the expected plan will discuss. Therefore it will help to analyze the methods that employ the business objectives. Therefore it is important to discuss the aim of the study as well as develop the objectives that will help to achieve the research questions.

Aim and objectives

The aim of the study is to understand the business proficiency that the concerned company has to open a new store in London. It is important to develop objectives to meet the main aim of this study that will allow for achieving the expected outcome in the end.

• To analyze the Business Strategy of the plan that Missoma Jewellery Company uses in their company.
• To determine the financial projection of previous years that the concerned company has.
• To comprehend the management and organization system that this company uses to run its business.
• To discuss the target audience and market segment in London before opening the store.

Research Questions

• What is the reason to analyze the Business Strategy of the plan that Missoma Jewellery Company uses in their company?
• How does the financial projection of previous years help to determine the business strategy plan of the concerned company?
• What is the importance of discussing the target audience and market segment in London before opening the store?
• How do the market segment of London and its target audience help to determine the business management plan of this concerned company?

Rationale

This study will allow remaining the profit margin that needs to be focused on by increasing sales improving efficiency and also decreasing costs. So the goal of this new business can be executed by executing as well as planning effectively. Therefore this can help the business to grow financially in that marketplace (Hall et al. 2022). This will also help to increase or improve its service or product market share in that region. Therefore this can enhance skills and knowledge by providing opportunities for the teams of the organisation. Businesses can reach new audience segments that will increase the market zone as well as profitability.

It is important to the objectives that are developed need to target the concerned areas including marketing and customer service. The mission and vision of this concerned company need to understand to create a strategic plan. This study can develop a methodology that can increase the efficiency of the research by focusing on the qualitative research method (An et al. 2022). There are some models and theories that need to be followed to get an effective analysis of the research. Hence it will allow obtaining the opportunities that the concerned company has. The research will help the development of an influential strategy for market entry across a new region.

Introduction of Literature Review

The literature review will help to understand the organization as well as the management system of this concerned organization. Therefore it will be easy to demonstrate the growth strategy. Before analyzing the market strategy of the business it is necessary to comprehend the market segment target audience and also marketing strategy. Another important to understand is its financial projection that will assist in making the revenue. This study will help to analyze the concerned company's business strategy plan that might help to open their new store in London. in this segment the business plan model Competitive Landscape Market Penetration Product Development and many other factors will be going to discuss.

Market analysis for developing the business plan

It is important to understand the market analysis of that particular region before focusing on the outcome. Perception changes in the business strategy will assist to include the positive impact on the business. Therefore Missoma Jewellery Company will increase the number of customers in the new store that will be going to open in London (Turo? 2022). The Ansoff matrix and VRIO framework can help to explore the market analysis that will help to design the business plan for Missoma. The Ansoff matrix helps to comprehend the concerned company the strategy of market penetration market development product development and diversification.

Therefore Penetration of the market will help to understand the existing product to the existing customers and development of market yelps to enter the new market (Banka et al. 2022). On the other hand Product development will help the company to evolve the existing products and diversification focus on the process of moving into the new market with new products with the existing customers.

Organization and management of the company

The leadership and management style of a company is essential to understand their management strategy and it can impact on success as well as the failure of the business. Therefore effective leadership in the organization can handle the management of the workplace including the employees and teams (Zhang et al. 2022). On the other hand it is vital to analyze the internal and external stakeholders that include in the business. Growth strategies that the company uses in their business plan to increase the customer experience and build better relationships with them. Different types of strategies in management can help identify the customers' requirements for the jewellery. Therefore this will help to understand the management style that can help to engage the employees in the service.

Analysis of the competitive landscape

The competitive landscape refers to the different types of marketing strategies to increase the efficiency of the concerned company to open its new store. Therefore in this part to understand the competitive landscape of the new market segment in London can be identified by using the company's SWOT analysis and also the five forces model. These will help to get the strengths weaknesses opportunities and threats of the company to open its new branch by understanding the rivals bargaining power of suppliers and customers and also the new entrants (Holtström 2022). This will help the researchers by understanding the potential vulnerabilities and jewellery trifecta that can be a threat to Missoma.

The service product line and marketing strategy of the business

It has been observed that this concerned company has the goal to open its new store in a new area without changing its old marketing strategy. The market segment of the new area has been divided into four segments demographic behavioural psychological and geographical (Grabowska and Saniuk 2022). Therefore this will help the researchers to understand the different segments in that area by focusing on the customers. Targeting the audience can play a vital role as it is reported that there are approximately 19 million tourists from internationally visiting that marketplace (Rigo et al. 2022). The marketing mix of the business strategy will focus on the product price place and promotion of the Missoma Jewellery company. The researchers will concentrate on the "Serviceable Obtainable Market" of the market segment of London. There are mainly three types of service product lines including characteristics-based lifestyle-based and price-based positioning.

Funding Request for opening a new store

Funding requests of a company to forecast its financial position in the new market can help by delivering easy future plans. Therefore the pricing strategy will successfully use in the concerned jewellery company in demand of market trends that might fluctuate the pricing transformation. Therefore the elastically will allow the business in launching its new as well as new products in the new market segments at a very low amount of cost to compete with market rivals (Moro et al. 2022). Also the researchers can include the financial forecast for the upcoming two or three years that can help to understand the profit margin of the company.

Key issues and gaps in the literature review

In the literature review there are some gaps that can increase the limit to completing the research in future. Therefore a brief understanding of that is vital to get a better outcome. There is some insufficient information in the business plan that will need to be completed in the business plan strategy (Kraus et al. 2022). The population size of the area that needs to be focused on is vital but it is not done properly. The scope of opening the new store in that particular area is not described properly. Therefore there might be noticed few gaps in the business plan and the researchers cannot meet the aim of this research study.

There are some inauthentic articles that have been found at the time of analyzing the articles. So this took a certain time to finish the analysis of the articles. This might increase the knowledge gap of the researchers to plan the business strategy and also might get issues to get the answers to the research questions. There also needs to do better expansion and balance in the scope of the jeweler business in the United States.

Introduction of Research Methodology

The methodology will be undertaken based on secondary qualitative research as considering the Saunders research onion the different layers will go to be focused. Through interpretivism philosophy inductive approach and descriptive design the methodology process will proceed. Along with that selecting the better research philosophy approach and strategy research onion will provide an effective evaluation based on the research.

Research Onion

Figure 1: Research Onion

(Source: Saunder's et al. 2007)

Saunders's research online will consider the different layers based on analyzing the effective methodology process. In 2007 the layers of Saunder's research onion will involve research strategy research philosophy choices and techniques to procedures time horizon and research approach. These layers will help in the research proposal to evaluate better data collection and analysis (Melnikovas 2018). Along with that selecting the better research philosophy approach and strategy research onion will provide an effective evaluation based on the research.

Research Philosophy

Research philosophy will focus on different approaches such as positivism interpretivism and pragmatism. Thus the analysis of the research has considered that the data will be collected through a secondary qualitative approach thus interpretivism research philosophy will suitable for this proposal (Ryan 2018). Along with that the interpretivism approach will help to interpret the secondary information to analyze the researcher's viewpoint. Based on that the outcome of the research proposal will provide effective results.

Research Approach

The research will be undertaken through an inductive approach as the collection of secondary qualitative data this approach helps to use theories that will be existed used by other researchers. Along with that it will help to align with the interpretivism philosophy to undertake the methodology (Woiceshyn and Daellenbach 2018). Based on the inductive approach the research will develop the pattern of theories by observing and explaining the analysis of the business plan of the jewellery company.

Research Design

The research design will help to provide a suitable framework for the study that helps to focus on systematically obtained information for the jewellery company. The descriptive research design will be focused on as it helps to set the assumption based on different techniques. Through this design the data collection process will undergo observing the secondary research existing theory to derive better results to fulfill the objective of the research (Meyer 2022). The descriptive research design will also effectively top obtain information systematically to analyze the purpose of the jewellery business plan.

Research Method

The research method will focus on a secondary qualitative approach as through analyzing the jewellery business plan in London the pre-existed information will be considered. In market analysis competitive information has to be evaluated effectively through the qualitative method as this method provides a wide source of information that will already be used before research. Based on that the marketing strategy sales strategy and financial analysis will be undertaken to evaluate an effective jewellery business plan for the company.

Data Collection Strategy

The data collection strategy will undergo based on the secondary qualitative approach in order to consider the London jewellery market the data will be collected through market analysis. Based on collecting information through different authors' journals articles and other jewellery companies' existing market strategies the research will be undertaken smoothly. Along with that the competitive landscape will be effectively evaluated by considering the segment's market and setting product lines based on lifestyle price and characteristics in order to focus on digital marketing based. Existed thrones and other jewellery organizations in London published annual reports that will be used to collect information the influencer marketing and other marketing tactics that will be focused through an effective data collection strategy.

The secondary qualitative method will be effective to collect information from financial statements and reports of different jewellery organizations as it will help to analyse whether the business plan of the company will undergo smoothly. The data collection strategy will consider effectively through the secondary qualitative method (Sherif 2018). As it will help to analyze the financial projection and funding request of the jewellery company based on pre-existed annual reports and financial statements of different companies in London. Based on analyzing the cash flow statement balance sheet profit & loss account and revenue generation the research will further undergo an effective data collection process.

Data Analysis

The data analysis process will be processed by analyzing the collected data as data collected from different authors' journals articles jewellery organizations’ annual reports and published newsletters. Based on the collected information data will be analyzed by preparing themes and the research focused on a secondary qualitative approach thus thematic analysis will be effective for analyzing data (Davidson et al. 2019). Along with that through comparison and contrast of different authors' journals the most suitable information will further proceed. As per the analysis of jewellery organizations in London the financial statements and annual reports will be analyzed effectively.

Through filter out the important information will undergo further steps of methodology and provide effective results of the research. Themes will be prepared based on important information that will be collected and then compare and contrast with the information from different author’s information. Along with that the financial system will effectively evaluate the business plan that will be profitable was a jewellery business in London. Hence data analysis will provide effective information to evaluate whether the jewellery organization will do effective business and generate revenue from the operation.

Ethical Consideration

The ethics will be properly maintained throughout the methodology as data is collected through a secondary qualitative approach then the proper citation will be given to the authors. Along with that references will also be included to consider ethics in the data collection and analysis process (Arifin 2018). Based on the information that will be collected from other jewellery organizations' annual reports the resources will be cited properly hence the research will maintain ethics to fulfil the research objective. As per the analysis of the data analysis process the comparison and contrast of different authors' articles or journals will be done effectively without bias or discrimination.

The time plan of the proposal will undergo 40 days through effective project planning and execution. Consider the project planning will involve 11 days to identify objectives acquire resources and plan for methodology. Along with that the execution process will involve 28 days to complete that will involve a literature review analysing of data final methodology conducting research resources for further research and listing out the results of the research for evaluating the expected outcome.

Expected Findings

In the research study there are multiple vital factors related to the business strategy plan of the Missoma Jewellery Company to open a new store in London. Therefore the study focuses on the literature review and methodology of the research study. This proposal helps to know the changing perceptions of the business due to targeting new customers in new market segments. The business has been affected by the pandemic Covid-19 that needs to be in mind before starting to plan the business plan. This study can provide information on the quality of the service innovative ideas financial stability customer services and other factors that can help the researchers to get the answers of the research questions.

On the other hand the types of products that the concerned company will plan to introduce attract new customers in the new market segment. It is found that this company targets the local customers of that area as well as foreign tourists. Hence the business plan might get easy as the researchers already get to know about the target customers. The leadership styles that the organization uses to manage its employees and also will need to adopt to improve the management might get from the study. So that this can help to analyze the leadership styles that have been assisting to reshape the behaviours of employees and customers and also attitudes in a favourable way.

This also might help to get about the internal as well as external stakeholders including managers shareholders customers suppliers government and trade unions as well. Different types of growth strategies might adopt by this company to increase their new jewellery business. On the other hand the researchers might get information about the company that has been due to the expansion strategy for celebrity acceptance and also presenting celebrities to promote their brands. Therefore this can be beneficial for establishing the jewellery business in London with a greater business plan.

Consequently it is found that the research might need approximately 40 days to complete in the appropriate way. The research study will address the research problems that cannot focus on in the beginning. therefore the researchers will need to collect estimate and analyze the data of the research. The financial statement of the business in the previous two years as well as upcoming two years will help to get a brief idea about the business. Thus the study needs to explore explain and describe the facts that will help to achieve the common purposes of the research.

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