Master Steel Pty Ltd: How can they expand their business? Methodology and Results Section
Methods:
The paper adopts a mixed methods approach for taking the results from respondents. A questionnaire has been developed for quantitative research in which responses have been received on the Likert scale. The quantitative methodology has been applied to these responses. Correlation and regression have been tested. A questionnaire has been developed for conducting interviews from respondents, and content analysis has been undertaken on responses. For quantitative research, responses have been obtained from 50 respondents, while in qualitative research methodology five respondents have been taken from interviews. Respondents include managers and employees from Master Steep Pty Ltd. They have responded against asked questions to help establish a relationship between variables of the study (Morse, 2016).
The methodology used has addressed the problem of expansion. Innovation may solve this problem, and that is why it is the independent variable of the study. Expansion is the dependent variable which is under the effect of innovation. The literature review has taken innovation in detail, and its attributes confirm its relationship with expansion of any organization. Employees and managers are respondents in this study those have their views about innovation. The aim of choosing these respondents is based on taking information from employees and managers. They can guide the research and add their valuable contribution to help the organization to expand further. They have expressed the innovation variable, and their responses have been tested under qualitative and quantitative research methods in this study (Gibson, 2017).
A mixed methodology is an effective form of research methodology which covers the limitations of quantitative and qualitative research methods. Research evidence confirms its effectiveness and usefulness for making valid research on practical implications. The following section presents the results of these applied tests.
Results:
Quantitative Research:
The results section has been divided into two parts. The first part contains the results of quantitative research. Regression and correlation tests have led to getting results on the relationship between the independent variable, i.e., innovation and dependent variable, i.e., expansion of Master Steels. The results show that there is a slightly positive relationship between both variables; however, there is an overwhelmingly positive response in responses to questions on the independent variable. Innovation is a beneficial and effective solution to grow, and most of the respondents have confirmed it. The overwhelming majority have assured us that innovation brings new opportunities. The steel industry has a dependence on innovation. Innovation increases the level of competitiveness of an organization. Respondents have also favored the statement that new business models and strategies are inevitable for business success. Competitiveness and innovation are positively related to each other, but most of the responses to this statement are neutral. These responses are for statements on the independent variable. Thus, respondents have confirmed that innovation is useful for the company to achieve success. However, the statement on the dependent variable has received neutral responses.
In response to this statement, respondents have been neutral as thirty out of 50 respondents have opted to stay with this option. Only ten respondents each have agreed and strongly agreed with the statement. It shows that innovation and its link with expansion may not be positive. At the moment, correlation and regression results have not been discussed. However, it is clear now that respondents do not categorically link expansion and innovation. Based on this initial understanding, correlation and regression results should be interpreted as well to get a clear effect on the relationship.
Correlation results have confirmed that the relationship is slightly positive, which means innovation has a positive impact on expansion. The correlation within the responses of independent variables is somewhat positive, which reveals that respondents understand and admit the positive effect of innovation. Several aspects of performance have in a positive relationship with the innovation variable. For example, innovation brings new opportunities is positively related to the dependence of the steel industry on innovation. However, the same statement is slightly negative as other statements. Dependence of the steel industry on innovation is positively correlated with the statement of innovation and opportunities. It is also in positive correlation with a competitive advantage because of innovation. Overall, the correlation table shows each statement is positively correlated with other statements. They are slightly negatively correlated, as well. It shows mixed results where there is no single response or results in these statements (See Appendix B).
However, expansion and its occurrence due to innovation have been noted as positively correlated with other statements. Expansion is positively related to bringing innovation as it brings new opportunities. Expansion is positively associated with innovation as the steel industry depends on innovation. Expansion is positively related to innovation, as it causes a competitive advantage. New business models and strategies result in the success of the business, and thus, it is positively correlated with the expansion. Similar is the case with the competitive advantage statement for small organizations. It is also in a positive relationship with expansion. Thus, results have shown slightly positive results. One of the reasons may be overwhelming neutral responses to the statement on the dependent variable.
Regression results show that results of innovation can be explained and predicted based on innovation. The model of the study is significant, and both variables have a relationship with each other. It shows that innovation may lead to an effect expansion. In other words, the problem can be solved by increasing the level of innovation. Thus, the hypothesis has been accepted that there is a positive relationship between innovation and expansion. The hypothesis has been accepted that Master Steel has to take steps for enhancing innovation (See Appendix B).
Qualitative Research:
An interview is a data collection tool for qualitative research. Five questions have been asked from five respondents, and these five respondents have been taken from the sample of quantitative analysis. Items from the interview have been included in the appendix. They are about the relationship between the two variables of the study. The purpose of the interview was to explain the relationship as the questionnaire takes on Likert scale only. Interviews give in-depth information and knowledge on variables. Questionnaire responses have noted that both variables are positively related. The interviews highlight different aspects and perspectives around this relationship. Interview answers have helped to draw different themes, and the content analysis has been conducted around these themes. In the following, results are based on drawing ideas from qualitative research data.
Questions for interviews resemble questionnaire statements because the objective is not to take new information. Instead, the purpose is to take in-depth and more knowledge from respondents. Interview questions start with words of how and why most. Some common themes have emerged like respondents agreed to the relationship of innovation with expansion. They tended to relate innovation with technology, and they used this word. It led to revise the scope of innovation, which should not only be connected to new ideas for business models and strategies only. It should contain technology, as well. However, innovation doesn’t need to be always associated with technology.
Another common theme was the concern of respondents regarding abrupt changes in operations. They admitted that business in Master Steel and the steel industry are experiencing sudden changes. They also raised concerns for employees those have lost jobs because of these changes. They were of the view that the pace of change has increased to a high level. Thus, the industry has to adopt a contemporary approach in business. In particular question on expansion, they considered that innovation is one meaningful way to expand in the market. They have commonly indicated that innovation alone cannot bring changes in an organization. Its impact is, no doubt, significant, which is hard to neglect. But it is not an absolute reality as one might think. Thus, these themes revolve around the importance of innovation. They agree that the pace of change is fast. They relate innovation with technology the most.
Moreover, they also agree that innovation is essential for expansion, but it is not the sole variable to cause expansion. Thus, the results of qualitative research are aligned with quantitative analysis. Results of quantitative research are slightly positive. Qualitative research results also indicate that innovation causes expansion, but it is not solely responsible for it.
Interview results have opened possibilities of more variables to affect the expansion of organizations. It might have been suggested through quantitative results, but qualitative research has clearly shown the need to include more variables. It would let Master Steel expand in the industry. However, the importance of innovation has been confirmed. Every respondent has established the impact of innovation and realized its importance. The pace of change in the steel industry indirectly denotes the need for innovation. The pace of change can be responded to the need for change. Need for change is an inevitable result of innovation because innovation is the process of thinking about new ideas and methods.
Thus, a mixed – method approach has the results of quantitative research method and qualitative research method. Both research methodologies have confirmed that innovation is an important variable to expand Master Steel. Objective and subjective responses have stressed this importance. However, interpretation of results has indicated the need to include more variables like technology, business model, and change of strategy management in an organization. Findings may be drawn through these results quickly because of the precise interpretation of these results. Common themes would help to bring outcomes from quantitative research as they are aligned with qualitative research results.
References
Gibson, C. B. (2017). Elaboration, generalization, triangulation, and interpretation: On enhancing the value of mixed method research. Organizational Research Methods, 20(2), 193-223.
Morse J. M. (2016). Mixed method design: Principles and procedures (1 ed.). Routledge.
Appendix A
Questionnaire
Independent Variable: Innovation
Question No. 1: Innovation brings new opportunities.
| Strongly Disagree | Disagree | Neutral | Agree | Strongly Agreed |
Question No. 2: Steel industry has been largely dependent on innovation.
| Strongly Disagree | Disagree | Neutral | Agree | Strongly Agreed |
Question No. 3: Innovation gives rise to competitiveness.
| Strongly Disagree | Disagree | Neutral | Agree | Strongly Agreed |
Question No. 4: New business model and strategies are inevitable for business success.
| Strongly Disagree | Disagree | Neutral | Agree | Strongly Agreed |
Question No. 5: Innovation causes competitive advantage for small organizations as well.
| Strongly Disagree | Disagree | Neutral | Agree | Strongly Agreed |
Dependent Variable: Expansion
Question No. 6: Expansion can be brought through innovation.
| Strongly Disagree | Disagree | Neutral | Agree | Strongly Agreed |
Interview Questions
- Why is innovation helpful for Master Steel to expand?
- How do you think innovation is inevitable for expansion of your organization?
- Is Master Steel doing enough to being innovation in its business?
- How do you suggest bringing innovation into the organization?
- Why should innovation be considered as the most important variable for innovation?
Appendix B
| Correlations | |||||||
| Expansion can be brought through innovation. | Innovation brings new opportunities. | Steel industry has been largely dependent on innovation. | Innovation gives rise to competitiveness. | New business model and strategies are inevitable for business success. | Innovation causes competitive advantage for small organizations as well. | ||
| Pearson Correlation | Expansion can be brought through innovation. | 1.000 | -.011 | -.077 | .238 | -.020 | -.281 |
| Innovation brings new opportunities. | -.011 | 1.000 | .368 | -.343 | -.204 | -.262 | |
| Steel industry has been largely dependent on innovation. | -.077 | .368 | 1.000 | -.171 | -.028 | .004 | |
| Innovation gives rise to competitiveness. | .238 | -.343 | -.171 | 1.000 | .142 | -.010 | |
| New business model and strategies are inevitable for business success. | -.020 | -.204 | -.028 | .142 | 1.000 | -.066 | |
| Innovation causes competitive advantage for small organizations as well. | -.281 | -.262 | .004 | -.010 | -.066 | 1.000 | |
| Sig. (1-tailed) | Expansion can be brought through innovation. | . | .469 | .296 | .048 | .446 | .024 |
| Innovation brings new opportunities. | .469 | . | .004 | .007 | .077 | .033 | |
| Steel industry has been largely dependent on innovation. | .296 | .004 | . | .117 | .425 | .489 | |
| Innovation gives rise to competitiveness. | .048 | .007 | .117 | . | .162 | .473 | |
| New business model and strategies are inevitable for business success. | .446 | .077 | .425 | .162 | . | .325 | |
| Innovation causes competitive advantage for small organizations as well. | .024 | .033 | .489 | .473 | .325 | . | |
| N | Expansion can be brought through innovation. | 50 | 50 | 50 | 50 | 50 | 50 |
| Innovation brings new opportunities. | 50 | 50 | 50 | 50 | 50 | 50 | |
| Steel industry has been largely dependent on innovation. | 50 | 50 | 50 | 50 | 50 | 50 | |
| Innovation gives rise to competitiveness. | 50 | 50 | 50 | 50 | 50 | 50 | |
| New business model and strategies are inevitable for business success. | 50 | 50 | 50 | 50 | 50 | 50 | |
| Innovation causes competitive advantage for small organizations as well. | 50 | 50 | 50 | 50 | 50 | 50 | |
| Model Summaryb | |||||||
| Model | R | R Square | Adjusted R Square | Std. Error of the Estimate | Change Statistics | ||
| R Square Change | F Change | df1 | |||||
| 1 | .375a | .141 | .043 | .790 | .141 | 1.443 | 5 |
| Model Summaryb | ||
| Model | Change Statistics | |
| df2 | Sig. F Change | |
| 1 | 44 | .228 |
| ANOVAa | ||||||
| Model | Sum of Squares | df | Mean Square | F | Sig. | |
| 1 | Regression | 4.509 | 5 | .902 | 1.443 | .228b |
| Residual | 27.491 | 44 | .625 | |||
| Total | 32.000 | 49 | ||||
|
Coefficientsa |
||||||
| Model | Unstandardized Coefficients | Standardized Coefficients | t | Sig. | ||
| B | Std. Error | Beta | ||||
| 1 | (Constant) | 4.464 | 1.411 | 3.163 | .003 | |
| Innovation brings new opportunities. | -.006 | .152 | -.007 | -.041 | .967 | |
| Steel industry has been largely dependent on innovation. | -.040 | .171 | -.035 | -.232 | .818 | |
| Innovation gives rise to competitiveness. | .174 | .110 | .237 | 1.582 | .121 | |
| New business model and strategies are inevitable for business success. | -.079 | .153 | -.075 | -.518 | .607 | |
| Innovation causes competitive advantage for small organizations as well. | -.279 | .144 | -.285 | -1.931 | .060 | |
