Business research and consultancy - Essay Example

? A Reflective Report: Business research and consultancy College: Introduction Business researchers and consultants specialize in the best practices of marketing research on behalf of business for their most critical decisions of strategic marketing. A meaningful positive differentiation commences with competitively advantaged consideration of market forces, the growth opportunities as well as the current, potential, and former customers of a business. For a number of years, business researchers and consultants have focused on taking leadership on recommending, deploying and designing of the optimal research capabilities in marketing for each unique situation of business and then applying the findings as a strong foundation of soundly engineered processes of strategic marketing (Bryman & Bell, 2007, p. 428). Research and consultancy are two different concepts, which have a number of variations between them. However, they have so much in common and this is quite essential towards each other. Consultants require knowing the findings of research prior to recommending any incentive technique in dealing with the practical problems of management. It is imperative for consultants to consider whether any researches had been conducted towards the utilization of such techniques in circumstances similar to the ones their clients are experiencing (Kubr, 2002, p. 58). Since this paper is concerned with my reflection, I wish to define participatory action research, which is perceived as a rather emergent process that does not necessarily commence as explicitly participatory. The aim of this kind of research is encouraging an on-going learning of both organizational members and professional researchers involved (Bryman & Bell, 2007, p. 428). Business research was in the past deemed a data collection service focusing on markets whereby clients requested particular data and the market researchers collected and provided to them. Where such data is now accessible by the various market competitors, business have continually been challenged to not only focus on marketing but also their competitors in order to diagnose the market’s current situation and the problems existing in a more detailed manners and identify their weaknesses and strengths. Market is highly dynamic and this requires businesses to constantly analyze the marketplace so as to plan and match their company strengths with the existing market opportunities and devise tactics and strategies to achieve their objectives. Market research also plays an important role in enabling businesses to continuously watch for threats to their plans achievement. Business research is also critical for monitoring progress of an organization’s strategy implementation (Kent 1993, p. 2). Marketing research and consultancy practice is concerned with collection, analysis, and interpretation of data on market, company, and its surrounding environment. Such information is relevant for problem diagnosis, business planning, and market strategies control. When firms and entrepreneurs face problems in their businesses related to issues like decline in sales, poor customer relationships and satisfaction, stiff competition or general decline in product demand, they approach business research and consultancy firms for advisory. To identify and address the problems, relevant data is required to identify factors leading to the problems and clarify the decision required to be made. Some research may involve product testing and others may involve pricing research especially for new market entrants (Kent 1993, p. 4). This paper is a reflective report in which the writer desires to give a comprehensive experience of business research and consultancy. The research has used secondary type of research to explore the debt collection software solutions used by various debt collection companies such as Line Time, Win Collect, Proclaim Case Management, Crevice, Adtec, TDX Group, Actius, Capture, Silver Link, Latitude and Experian’s Tallyman. This is a reflection of the research conducted for the client and the report compiled. Analysis of Research Methods and their Improvement In my analysis, I found out that some of the market research is categorized on the basis of the kind of data used and these include qualitative or quantitative research (Kent 1993, p. 8). Qualitative research involves collection and use of qualitative data. From my findings, I have learnt that some business research and consultancy firms specialize in qualitative research that involves in-depth group discussions and interviewing. Quantitative research involves use of quantitative data that is numerically or statistically analyzed. Such data is collected through such research methods as interviews, face-to-face, questionnaires, telephone research, experiments among other data collection methods (Ka-Ping 2002, p. 278). In the context of my business research and consultancy studies and practice in some business firms, the market research method used is purely qualitative method where data collected is on the companies’ products, services, as well as software solutions from their websites and is analyzed descriptively. I also learnt that qualitative analysis enables the consultant to describe a situation in an in-depth way as opposed to the quantitative analysis. For instance, business consultants described the software solutions used by companies in terms of code applications, interface and access by clients. This has also helped in demonstrating the solutions’ uniqueness and effectiveness in debt collection (Gliha 2011, p. 32). Business research can also be categorized as continuous research or ad hoc research. Ad hoc research involves piece of research where the project has a beginning and ends with results being put together in form of a report. Our continuous research involved regular measurements, analysis, and monitoring of changes that arise in the marketplace in order to advise clients on strategy adjustment and operational changes that are effective. In addition, business research can also be categorized as syndicate or customized research. From the clients we served, I learnt that customized research involves research on a particular issue or issues and is tailor-made for the particular client or firms that has requested for it (Rucci et al. 1998, p. 86). Syndicated research involves sharing the research data or process with a number of firms or clients. Most ad hoc research is customized while continuous research is often syndicated. The market research conducted on most firms was more ad hoc and not continuous; the research is an ad hoc and customized type of research. Business research can also be categorized as contract or consultancy research. Contract research is research where a firm is contracted to collect data, analyze it according to the specification and remit it to the firm or the client. Consultancy research goes beyond data collection, analysis, and interpretation to provide consultancy work. Consultancy research includes assisting the clients in diagnosing the problem, helping in drafting research brief, making relevant recommendations for appropriate decisions and actions, and monitoring implementation. Consultancy research is expensive and it sometimes involves the consulting firm becoming part of the client or organization’s marketing team (Wageman, 1995, p. 5). I agree with DOM (2004) that most business researches equates marketing research, which is the function linking the customers, consumers, as well as the public to the business via information. This information is utilized in identification as well as definition of marketing problems and opportunities. They also assist in generation, refining, as well as evaluation of marketing activities; monitoring the marketing performance; as well as improving the understanding of the process of marketing (Para 2). Thus, business research and consultancy aims at specifying the information needed for addressing these issues, designing information collecting methods, managing and implementing the process of data collection, analyzing the results, as well as communicating findings to their clients. I found out that business research and consultancy requires utilization of the most effective research methods. Based upon the findings above, firms should find it relatively easy to come up with decisions whether they need marketing research or market research simply by giving a definition of their decision’s nature or a problem they face. In case qualified data is required concerning the products, services, and/or of a business, it is imperative to consider using marketing research. On the other hand, market research could be the best option if the issue faced relates to the changes external to a client or the urge of influencing those individuals who are presently considered as non-customers to the given set of products or services (Legrady 2005-09, p. 62). Therefore, business research and consultancy should not be a one-time event as seen in most business cases but should be a continuous function concerning the marketing and sales department of organizations. In such ways, business researchers and consultants should track the progress of their clients effectively with exception of particular methodologies like focus groups, in order to foster such clients staying on top of their customers’ base (Rucci 1998, p. 93). Client Relationship, Group Dynamics, and Project Management Customer relationship From the business research consultancy course, I learnt that effective customer relationship is important in business research and consultancy. A strong and effective relationship with the client helps the researcher identify client’s need clearly and enhance the ways of meeting those needs. Without a strong and effective customer relationship, it is hard to know the in-depth issues that may not appear in the formal assignment but are relevant in one’s research. As mentioned by (Leibowitz 2010, p. 46), efficiency and effectiveness in work procedures and processes is vital but a strong customer relationship is as well of critical importance. I have learnt from the research that it is important to provide customized services; this requires focusing on the various features that are critical in enhancing effective customer care in order to build strong customer relationships (Gamble et al 2006, p. 315). For instance, the various software solutions analyzed by researchers shows that customization of debt collection services is important. Borrowing from the works of Storbacka et al (1994), poor customer relationship may hinder one from achieving the desired objectives. Effective relations with customers enhance transparency making it easy to understand the customer (p. 21). For instance, it is identified from the most clients examined that systems that allow for query response prove more effective not only in allowing querying of organization-wide workflow but also in making the debt collection more transparent since the customers can query about auto-escalation of debts. I also learnt that allowing for customer feedback is essential as identified in the case of most international firms like Coca-Cola and DHL (Appelbaum & Steed 2005, p. 68). Group dynamics and Project Management From the report, I learnt some important aspect of group dynamics. In the aspect of debt collection, the activity involves different sections of the organization including sales, finance, debt collection and account management, and revenue management. All these functions requires working together as a group to ensure that sales made on credit are paid on time as stipulated by the debt recover period agreed on. This requires the company to adopt a risk-based approach to debt collection activities so that timely interventions are done in case selection, delivery and the treatment of each debt (Desbarats 1995, p. 5). A system can be adopted that provides automatic up date to each of the staff in the various concerned functions such that they are up dated on the required course of action concerning the debts. Features like flexible queuing systems are essential in enabling the company to prioritize debts so that the concerned function can know how each of the debts collection should follow each other with the help of the calendar (Perlmutter 2004, p. 107). Debts left out in the prioritized list should be flagged and placed first in the priorities list. Conducting weakly ‘to do’ kind of a schedule would be vital in enabling the various functions identify the debt collection actions that should be taken at the beginning of each week. The features recommended for enhancing prioritizing of debts, flagging of the priorities left out, schedule are vital in enhancing effective workflow among the various functions. I learnt that group dynamics is an important concept in such an activity or project. The group dynamics includes the psychological processes as well as the system of behaviors demonstrated by people within a group. In pursuit of a common goal, which in this case is debt collection, group dynamics would influence how the people in the various functions involved in debt collection make decisions that affect debt collection actions (Lindby 2010, p. 65). It is important to ensure that there is coordination of all the people involved in the debt collection system, organizing these people into various groups would help in ensuring that there is shared vision and a common goal in effecting debt collection (Stone 2000, p. 5). Group cohesion is vital in debt collection. It helps in ensuring that the people involved are focused and also in promoting behavior influence among the members, which helps in enhancing shared values (Dion 2000, p. 17). It would be advisable to undertake debt collection as a continuous project whereby the various functions work as teams with the common goal of effective and timely debt collection. My Contribution to the Group As a member of the business research and consultancy group, I was charged with the responsibility of commissioning research and consultancy activities. This was fostered by my familiarity with diverse statistical tests’ technicalities, which enabled me to come up with viable number of samples for our research activities. Furthermore, I had to advise my other colleagues that the dependence or independence of the samples as well as the measurement levels did not influence the way in which data is analyzed. In submission of our business research proposals to various firms involving quantitative data, I spearheaded the demonstration of the awareness of the various factors determining the kind of capability and analysis required in undertaking such analysis. Since business researchers and consultants need to plan ahead, especially for the analysis phase, I helped in allocating duties to some individuals in data processing. The data collected from our research activities was to be analyzed through a computer program as well as manually and I had to code, clean (remove errors), as well as proposed the analytical tests for the data to ensure the effectiveness of our analysis process. I had to do this before the actual collection of data as we needed our process to run smoothly. I was also in charge of logistics planning. My duty included ensuring that once data analysis preparation task kicked off, there was uninterrupted and steady flow of the completed questionnaires and data forms to data processors from field interviewers. Otherwise, the whole exercise could have deemed inefficient. Personal Development and Learning From the business researches and consultancy reports of the different business firms I had the privilege of participating in, I have learnt that in order to make conclusions on the viability of a new market entry, it is important to carry out relevant research particularly on the existing market competitors in the market. The conducted research helps in indicating the products and services offered and technological applications applied. In such a case, one can use qualitative or quantitative type of research. I have however learnt from the market research that qualitative research is more relevant when one wants to carry out an in-depth and more detailed study. For instance, the qualitative type of research has helped in giving a broad picture of the technological applications in the various selected companies showing how the solutions enhance effectiveness in debt collection. I have also learnt that the type of research that one conducts plays a critical role in determining whether one will meet the set deadline. Qualitative type of research is often easy and fast and thus appropriate where one has a tight deadline. I have also learnt that the data collected in market research should provide adequate information. In the some business firms and entities, the market research reports recognized that there are various other issues that are of key importance to the business entities besides adopting an effective debt collection system. These are market situations and the legislations that are required by the government and the international markets (Gliha 2011, p. 74). I have learnt from the report that it is important that a research is done to explore the market situation in terms of environmental, economic, social, cultural, and political factors that influence debt collection market. Legal aspects of the business should also be enquired to ensure that regulations and laws enacted to protect clients and businesses have been complied with (William 2010, p. 93) in ensuring that the business practices does not compromise on ethical issues as they are carried out. In addition, I have learnt that enquires should be done at the revenue departments to identify the taxation requirements and the procedures of filing returns and as well as the taxation rules that guide international transactions (Council of Europe 2008, p. 15). In addition, I have leant that it is important to identify whether the data collected provides adequate information. This requires the researcher to remain responsible in every part of the research to ensure that things like research questions are structured in a way to ensure that all the required information is gathered. I also learnt that internet security is of great concern in the modern market; debt collection is a sensitive business when it comes to internet security. The company must therefore identify ways of enhancing safe and secure business transaction over the net to avoid instances of hackers, which has been there in the online market. Conclusion This report has explored the market research methods used in conducting the research and has found that secondary research was relevant since primary data has proved hard. From my view, market research methods such as continuous customized research would be recommended to help the company identify the varying trends in debt collection market. This report has also recommended that primary research still remains vital in enabling the company to identify some of the things that may not be reflected in the companies’ websites. Firms wants to get into debt collection market, however, they wish to identify the best debt collection software solutions that would be vital in enabling them become effective in the financial market. I have learnt that qualitative research is more appropriate in market research where one wants to get in-depth information about a given phenomenon. Numerous market researches done by firms have focused on their competitors and their software applications and have in conclusion advised the companies to adopt effective systems with features that resemble such firms’ as Win Collect Company’s software system. Qualitative analysis of data and consultancy approach to research enables one to give relevant findings in addition to data results. From the research findings, I would also recommend various software features such as flexible queuing of debts, customer access web, and weekly to do kind of work schedule for debt collectors and customer help desk for the client as Enders and Jongbloed (2007, p. 121) advanced. These features would enable the company to enhance effectiveness and efficiency in debt collection. References American Marketing Association 2004, Definition of Marketing, viewed 27 Feb 2012, Appelbaum, S & Steed, A 2005, The critical success factors in the client-consulting relationship. Journal of Management Development, Vol. 24 No. 1, pp. 68-93. Bryman, A & Bell, E 2007, Business Research Methods, Oxford University Press, Oxford. Council of Euroep 2008, Legal solutions to debt problems: recommendation Rec (2007)8 adopted by the.... Canada: Council of Europe. Daye, T 2011, The 5 Elements of the Highly Effective Debt Collector: How to Become a Top ...Canada: IUniverse. 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