Discuss about the Operational Consequences of Private Equity.
This research proposal will focus on innovation in the restaurant business that will lead to effectiveness in the hospitality and tourism industry. It is important to move away slightly from the traditional forms and experiment with new and modern technologies and equipments. In the contemporary business environment, every sector is trying to adopt innovation for getting competitive advantage in the business (Lee, Hallak and Sardesmukh 2016). Similarly, the tourism and hospitality sector is also implying innovation in their restaurant business to attract the customers.
As innovation is an emerging trend in the business sector, therefore the hospitality and tourism sector is also implementing the same. Innovation has always led to potential benefits with proper application. The problem statement for this research proposal will be the importance of innovation in the restaurant business.
The primary objective of this research is to use innovation in the form of new and modern technologies in the restaurant business. Many restaurants all over the world have started experimenting with their product and service delivery in order to bring in innovation (Bernstein and Sheen 2016). It is intended to attract more customers in the restaurant thus, providing them with ultimate satisfaction.
There are two types of research design in core function- pure and applied research. Pure research is carried out without thinking about any practical outcome and it is driven by intuition. Applied research refers to the scientific work carried out to solve a specific problem (Lewis 2015). For this particular research, applied research will be used. This is because the research will be carried out with the intention of finding an effective solution to the research problem.
Again, there are four types of research design in information requirements- exploratory, descriptive, explanatory and predictive. Exploratory research refers to the pattern of research when there are limited existing studies on similar problem. Descriptive research refers to acquiring more information about the problem. Explanatory research refers to analyzing the cause of the problem. Predictive research refers to the general relationship for finding out the probability of similar problems. In this case, descriptive research design will be used in order to gather more information on the research problem related to innovation in restaurant business.
With respect to research methodology, there are three types- qualitative, quantitative and mixed (Taylor, Bogdan and DeVault 2015). Qualitative research refers to the measurement of the categories represented by name, code or symbol. Quantitative research refers to the measurement of numeric variables. Mixed method refers to the combination of qualitative and quantitative by evaluating, gathering and combining the name, numbers and symbols. For this particular research, mixed method will be used to consider the measurement of both qualitative and quantitative data.
There are two different forms of data collection methods- primary and secondary. Primary data is collected from the first- hand and original sources. These kinds of data are collected in the form of surveys and interviews. Secondary data is collected from the existing sources, which were used for previous researches on similar topics. These kinds of data are collected from company reports, shareholder reports, censuses, government documents, journal articles and others (Orkin 2014). The benefit of using primary data is that the researcher collects the information for a specific purpose, but it is expensive and time- consuming. Secondary data has the benefits of using for future research as it was already used, but the data collected might be inappropriate and invalid. For this particular research, primary data will be collected in the form of survey by using questionnaire.
The survey is a systematic method for the gathering of information from a selected group of sample or entities for the use of the construction of different qualitative descriptors of the different attributes of the larger population of which the entities acts as the members. The main purpose of conducting the survey is to gain an idea about the personal attitudes, behaviors, options and different beliefs that cannot be observed directly. The more closely the answers the people give to the survey questions, the more is the chance of the success of the survey.
The researcher in this particular topic will be using either the open ended or the close ended questions to complete the particular process of the following research. The research on the identifying the innovativeness of the Australian restaurants can be identified only through the conduction of the survey to get the ground level responses of the customers and the employees of different types of restaurants. A key part in the creation of the excellent online surveys will be the proper and efficient use of the open ended as well as the close ended questions. It is important for the formulator of the research to gain a thorough knowledge on both the types of the survey question types.
The open ended questions are exploratory in nature. These types of different exploratory questions provide the respondent with the freedom of answering questions without any form of pressure. This type of questions does not have any options and thus the customers get the right to answer in a detailed way. These questions generally contains rich amount of qualitative data that provides an opportunity to the formulator of the research to gain the valuable insights into the topics of the data. This type of questions does not at all refer to any form of statistical data or provides conclusive research. The open ended questions are useful for the research in a number of different ways which includes the likes of the;
Just in contrast with the open ended questions the closed ended questions on the other hand needs to have explicit options for a respondent to select from. There are a large variety of different survey forms in this particular type of the close ended questions. This includes the likes of the multiple choice questions, semantic differential, check boxes, ranking and many more as such. Each type of question does not allow the participants in the research to provide unique or unprecedented answers. The participants have to choose from the pre selected range of the different types of answer that are provided to them.
The following research will be using the close ended questions to conduct and complete the main research. The use of the closed ended questions is justified due to a variety of different reasons. The huge time consumed to complete the research by means of the open ended questions is one of the main reasons for the selection of the close ended questions. The next big reason for the selection of the close ended questions will be its ability to provide to the point answers as the multiple choice format will be used by the researcher to complete the following study. Thus the use of the following questions is justified and explained.
In order to conduct the research properly and efficiently, the formulator of the research must make sure to select the appropriate range of the sampling technique. The most widely used range of sampling technique Re the likes of the probability and the non-probability methods of sampling. The samples of the following survey will be collected from a large range of different population that will be based on the specific criterion, visit to the restaurants, experience and gender. The probability sampling technique can be defined as the equal chances for each and every participant that must be selected for the data collection process. In this particular case, the different participants of a selected population have equal range of chances for their selection in the responses collection process.
The Non-Probability sampling process on the other hand can be explained as the unequal or uneven chances that are presented to the participants of the survey to be conducted in the research for the collection of the data. In this particular case the researchers selects the data by judging the suitability in respect to the research topic.
In the research where the innovativeness of the Australian Restaurants will be identified the research will use the systematic sampling technique. The particular form of research sampling technique will be used in this research to avoid any bias and also to provide a much greater scope to the research. A number of around 60 employees and customers of the different restaurants will be involved in the following research.
This research will be carried out by maintaining strict ethical considerations. This is because a research including primary data needs to maintain more ethical considerations than the ones involving secondary data. The reason behind this is that while collecting primary data a researcher needs to be in direct contact with the respondents. According to Lyles et al. (2017), following are the important ethical consideration that will be focused on while carrying out this research. The participants will not be harmed in any way during the course of this research and the. On the other hand the top priority will be given to the dignity of the research participants. The information that will be gathered in the research will be protected and the confidentiality will be maintained. Apart from this, no information will be disclosed without the permission of the respondents and the anonymity of the research participants will be maintained. There will not be any deception or exaggeration with the aims and objectives of the research or any chance of possible conflicts will be informed beforehand.
The data collected will be from the primary data collection that will be conducted through the survey will be analyzed to prove both the null and the alternative hypothesis of the following research. The collected data will be represented with the help of graphs and bar charts.
The case of the current research, the formulator of the research will be using the SPSS analysis method for the analysis of the collected data. The data will be collected from the different types of customers and employees of restaurants. This forms the variable of the survey. The content will be analyzed with cross tabulation method.
References
Bernstein, S. and Sheen, A., 2016. The operational consequences of private equity buyouts: Evidence from the restaurant industry. The Review of Financial studies, 29(9), pp.2387-2418.
Boyack, K.W., Smith, C. and Klavans, R., 2018. Toward predicting research proposal success. Scientometrics, 114(2), pp.449-461.
Creswell, J.W. and Creswell, J.D., 2017. Research design: Qualitative, quantitative, and mixed methods approaches. Sage publications.
Lee, C., Hallak, R. and Sardeshmukh, S.R., 2016. Innovation, entrepreneurship, and restaurant performance: A higher-order structural model. Tourism Management, 53, pp.215-228.
Lewis, S., 2015. Qualitative inquiry and research design: Choosing among five approaches. Health promotion practice, 16(4), pp.473-475.
Lyles, C.R., Fruchterman, J., Youdelman, M. and Schillinger, D., 2017. Legal, practical, and ethical considerations for making online patient portals accessible for all. American journal of public health, 107(10), pp.1608-1611.
Marczyk, G., DeMatteo, D. and Festinger, D., 2017. Essentials of research design and methodology. John Wiley.
Neuman, W.L., 2016. Understanding research. Pearson.
Orkin, K., 2014. Data Collection Methods. Encyclopedia of Quality of Life and Well-Being Research, pp.1430-1432.
Patten, M.L., 2016. Proposing empirical research: A guide to the fundamentals. Taylor & Francis.
Taylor, S.J., Bogdan, R. and DeVault, M., 2015. Introduction to qualitative research methods: A guidebook and resource. John Wiley & Sons.
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