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The ever-changing needs of customers and new developments in markets and the changing needs of customers as well as new innovations in markets are an integral part of the business climate. The main challenge for companies in this age of technology is not to be able to enter the market, but to stay in the marketplace (Prajogo, 2016). To stay in the marketplace, business managers have to adjust to changes in the quickest time possible. To be able to adapt to changes is to be aware of the current business environment. The report is made to understand the workplace related problem which occurs in the business environment of the companies. The report includes an understanding of the stakeholders of the company and the importance of stakeholder communication. As part of the research process, the report considers the relevant research procedures and methodologies. It also analyses appropriate research for a project on business research and informs the intended audience of a research project's findings. A reflection on research principles and methods is also presented in the report.
A research proposition is a concept statement that, if it corresponds to actual occurrences, may be assessed to be true or untrue (Baldassarre et.al. 2017). A hypothesis is a proposition that has been developed for empirical testing. A hypothesis is an uncertain and hypothetical type of descriptive statement.
What is the importance of the business environment?
Who are the stakeholders of the company and how do they influence the business environment?
What is the method of communication and how they are used to solve business problems?
The research rationale includes the purpose and significance of the research question. The purpose is will provide the primary information as well as skills to the reader and allow them to explore workplace concerns and problems (Iannaccone, 2016). It will also help to identify viable solutions and deliver information to diverse stakeholders in a format that is acceptable and clear.
The research philosophy is crucial since it assesses the knowledge that is being used to run the research project. This study's primary focus is on the business environment, which is used to examine the qualitative approach to data collecting and assisting in the finding of relevant facts and solutions. The principles and convictions that are focused on the trusted sources employed for the examination of data are referred to as the research study's philosophy.
In this part of the research learning, the assessment of interpretivism philosophy has helped in analyzing the role of stakeholders in a business environment. This will help in decreasing the issues and problems of the topic given; it will further help in the analysis of the business environment. In addition, the interpretivism philosophy will help in collecting more reliable and credible facts as well as information, it will assist in analyzing the workplace problem related to stakeholder communication in the environment.
This particular research methodology was created using the "research onion system," which is considered the well-structured method for directing the investigation. The investigation onion has been proposed by Saunders, Lewis, and Thornhill (Sahay, 2016). This style serves to organize a concrete and cohesive philosophy by illustrating many writing processes. The following things are involved in the exploration of onion structure:
The subjective exploration technique was used to accomplish the objectives of the research. Auxiliary or supplementary sources of information served as a guide for the data review, which was conducted using an interpretivism research technique and an induction research methodology. The data have been examined for information using the substance analysis method.
Figure 1 Analysis of saunders research onion
Workplace issues and problems related to the business environment for the evidence to various stakeholders. Business environments refer to all factors that affect a company and the workings of the company (Okeyo et.al. 2016). The business environment is divided into two parts internal and external environment which can be effectively analyzed through the model mentioned in Figure 2 below used by professionals in order to succeed in the competitive world.
Figure 2 Pest analyses for business environment
The Components of the Business Environment are:
Internal - It integrates the elements that are provided inside of a company. These include labor unions, corporate culture, vision and purpose statements, value systems, and human resources.
External - All external factors that have an effect on a business's operations are collectively referred to as the external environment. It is split into two segments. The macro-environment includes socio-cultural, political, legal, and international aspects. The second is the Microenvironment; which includes Consumers, investors, vendors, etc. make up this group.
Various problems occur in the workplace due to its business environment (Hamilton and Webster, 2018). The company should follow the analysis of its business environment to grab new opportunities. All stakeholder of the company is impacted by the business environment of the company.
The theoretical framework describes the approaches, processes, and steps taken to get the information and data. One uses the information in the segment to understand the subject of study. Data research can be carried out in a variety of ways using various data collection techniques.
A "qualitative approach" to data collecting is the most effective approach for this study. It is one of the best techniques for employing the researcher's knowledge to analyze the data. The process of collecting data includes both the act of acquiring data & measuring variables according to a predetermined measurement procedure (Hamilton and Webster, 2018). As a result, the investigator would be able to gather information effectively. The study will employ various methods, one of which is the secondary data-gathering methodology. The required data will be obtained from the already sources including published articles and annual reports.
The quantitative technique of the research is the most valid and reliable research method. This technique can be used when the sample size is big and generalization is also possible. This research method has some disadvantages as well for example it involves only numbers not the qualitative aspect of the research. Some topics and information cannot be measured in terms of numbers.
Qualitative research is frequently used to carry out communal and behavioral investigation, the reason is human interactions and behavior are very complex. This study is less reliable as compared to the quantitative method. The biggest disadvantage of this method is time consumption. The advantage it helps in the deep investigation of any social phenomena with the help of interviews, case studies as well as observation (Strijker et.al. 2020). Another disadvantage is the study is not easily replicable to the all-purpose population.
The research process has several phases which are shown in figure 2. A cogent and logical argument can be supported by the different phases of research. A logical argument follows well-founded guiding principles or principles to get the desired result. In this research logical argument is that the business environment and stakeholders together have both positive and negative impacts on the company's success. This research is based on secondary research, which includes the empirical study of the business environment.
Figure 3 research process
Facts and data are the essence of the research analysis. If the collected data is relevant and reliable then the outcome of the research has more value. This research report has used data from authentic sources. The quality of data helps researchers to make the right decisions and present more valuable research outcomes (Sutton and Austin, 2015). The examination of the information that is collected is very necessary since it assists the investigator in setting up an accurate foundation for the construction of findings.
The sample is selected from the population and data is collected from the sample which represents the whole population. In other words, the sample is the target market of the research and the research is made by considering them. There is various type of sampling; they are mainly divided into probability and non-probability sampling. This study used a probability sampling technique, which means every element of the universe has an equal chance of getting selected as a sample.
Probability Sampling: With probability sampling, every part within the group has the same chance of being picked. Probability sampling offers us the greatest chance of creating the most accurate sample representative of the whole population.
Non-Probability Sampling: When using non-probability sampling all elements don't have the same chance of being chosen. This means that there is a chance of having an unrepresentative sample, which will not provide generalizable results.
While overseeing this investigation, all moral qualities were regarded as personal data of any individual not taken into consideration. The study uses secondary data, which means that none of the information is personal to any one person and that it was all obtained from published articles. To ensure the accuracy and steady quality of the information, legitimate websites and sources were taken into consideration during the information-gathering process. The research also takes into account any data that could harm a company's reputation or brand, such as information from the company's website or public records.
The qualitative research approach is calculated using reliability and validity. Determining the validity and trustworthiness of the file is a result of the inclusion of the research technique. The consistency of the control data utilized in the research is how reliability is assessed. In contrast, accuracy refers to the revision of the data and information used. To examine the aggregate data from many sources, information collected connected to research on artificial intelligence is used. The data is accurate and complies with all guidelines and standards for research. The purpose of the research described in this case is to determine how artificial intelligence analysis can assist us in outperforming human resources.
Data collection tools
The data collection is also done by using interviews and questionnaires. The research includes an interview with various managers and their teams. The research also used questionnaires; this is a systematically written question that is asked by the researchers to get information about the research topic. The questionnaire made on the business environment and the stakeholders was sent to various managers by email. Data is collected from the responses received from the managers and other experts.
To analyze the data collected there are various analytical techniques available. The research used trend analysis; this analysis says that researchers can predict the future by looking at what has occurred in the past. This report's outcome will be based on the past problems and issues in the workplace faced by companies that are related to the business environment.
1.1 Who are they?
A stakeholder is a participant with an interest in a business who has the potential to influence or be affected by it. Stakeholders are mainly divided into two categories that are internal stakeholders and external stakeholders (Fombrun et.al. 2015).
Employees are the main asset of any company; they have a major interest in the business environment of the organization. Employees are the backbone of any organization; if human resources work effectively and perform effectively results will be positive for the organization.
A shareholder is a person or institution that has given money to a firm in exchange for a "share" of ownership. Common or preference shares that the corporation publicly declares but that are owned by investors serve as a representative of that ownership.
Board of Directors:
The Board of Directors are the top-level manager in the organization; these are the person who is selected by the shareholders of the company. The Board of Directors represents the shareholders of the company (Herremans et.al. 2016).
This stakeholder belongs to the outside of the company. They have an interest in the workings of the company's environment because of various reasons.
Customers are the person who buys goods and services from the company by paying the price for them. Consumers are the king of today's business environment. The company needs to check the tastes and preferences of its target market and provide goods accordingly.
Suppliers are the person who provides input to the company; these are one of the main stakeholders of any company. Suppliers are interested in knowing the performance of the business to check how creditworthy a company is and the potential of the company
The government imposes rules and regulations on businesses to make sure that businesses contribute to the GDP of the economy. The government is the major stakeholder in the company as well as this report.
Society is the major element of the business environment and interest in the company's working. The company uses the resources of society and that why is has to pay it back in terms of social welfare. The company has to fulfill its corporate social responsibility to satisfy this stakeholder of the company.
1.2 Why would they be interested in the research outcomes?
The entire stakeholder will be interested in the report because the report provides crucial information about the business environment of the company which is very useful for them. Consumers need information about the business environment to know about the focus of the company and the operations of the business. The government will be interested to know whether the company is doing its business under the legislature or not. They also know the taxes and duties companies need to pay. Suppliers will know about the performance of the company and the uses of the resources provided to them. Employees will be more interested than any other stakeholder; they need information regarding the internal and external environment of the business. Shareholders will need the information to check that their money is used by the company in the best or worst way, and important decisions will be made on the information from the business environment.
1.3 What communication method do they expect?
The communication expected by the stakeholder is in the form of a report or online presentation. Because the stakeholder is large in number so providing a report or online presentation is suitable, and every single stakeholder will have access to the information (Allen, 2017).
Two major sources are explained below
Report: A report is a particular type of writing that is structured around briefly identifying and analyzing problems, occurrences, or conclusions that have really occurred physically, such as occurrences within an organization or conclusions from a research study. A report is a written document that organizes information for a particular audience and uses it.
Online presentations are prepared speeches or talks in which a speaker or speakers make an informational pitch, offer a fresh concept, or launch a new good or service over a video conference. An audience is presented with a presentation online, typically in a professional setting.
Research is done to increase knowledge in a specific field, whereas evaluation is carried out to judge or evaluate the performance of an individual, machine, program, or policy. Both research and assessment advance our knowledge, however, research is typically conducted to support a thesis, whereas evaluation results in improvements. While the latter takes into account the validity of the findings arguments and the utilization of evidence, the former takes into account the research method.
Reflection on the qualities and restrictions of the selected methods is very important. It will make research more understandable and will readers know about it before making any decisions. The major limitation of the quantitative technique is it only relies on numbers. This kind of method does not consider the qualitative aspect of the phenomenon (Brockbank et.al. 2017). In this research probability sampling method is used, this method has the advantage that every element of the group has an equal chance of getting selected but the major limitation is sometimes the sample is not able to represent the entire group.
Reflection in action or reflection on action
Reflection-in-action happens when an action is being carried out, and reflection-on-action happens after the event has occurred. Reflection-in-action requires me to have been thinking as I conducted the research. Reflection-in-action standard measures of sight, hearing, and/or touching or "feeling" to handle issues (Liu, 2015) The reflection-on-action kind necessitates removing oneself from the situation; as a result, it occurs after the incident has already occurred. It therefore requires a commitment of time, which is frequently challenging. In spite of this, it is important for job progress.
How to use reflection to inform future behavior and future considerations
Reflection is used to guide future behavior and future consideration. In the future, I will first plan my whole research before starting it. It will simplify the whole process and will be easier to work on. I learned about various elements of the business environment of every business and used a lot of sources. For the future before doing a literature review or collecting data will list out.
By doing this research I have learned about the business environment and how it is important to solve the problem of the workplace. This report writing also made me understand the stakeholders of the company and their role in the business environment. I have also learned about how academic report is prepared. The format is a very important part of the research report and my writing skills have also improved.
The report concluded that the understanding business environment is very important to solving the problems in the workplace. The report also summarizes that the stakeholder plays an important role in the business environment of the company. The report formed an understanding of the research process and report writing by following the effective analyses of research data and methods. The report also concluded that the reflection is an important part of this report and it will further help in the future development of the researcher.
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