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Research Project of Talon Outdoor

University: UKBC COLLEGE LONDON

  • Unit No: 11
  • Level: Undergraduate/College
  • Pages: 16 / Words 3000
  • Paper Type: Assignment
  • Course Code:

    R/508/0522

  • Downloads: 0
Answer :

INTRODUCTION

The increase in utilisation of mobile application has majorly effected the payment of products or services made by an organisation. Emergence of digital technology has lead to the major change in payment system. Mobile payment facility provided by many of the companies has encouraged as well as positively influenced customers or shoppers to make online purchase. It has provided customer as well as business entities an ease in transferring funds, but at the same time use of mobile wallet facilitating financial transaction involves high risk. Utilisation of mobile application for making as well as receiving payment has lead to the increase in security concerns in context of possibility of someone intercepting firm payment information. The implications of mobile payment technology for UK Small business,A focus on the dark side is that use of mobile apps is expected to contribute to mitigating payment fraud.

The purpose of report is to develop the understanding about disadvantages of utilizing mobile payment application for financial business transactions.

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LO 1

P1 Research Proposal

Background of the study

Earlier, the monetary business transactions were made only through bank account. Business owner or finance manager used to visit bank for making transaction or for transferring funds. But the changes in technology has bought major development in method of making or receiving payment. Earlier , facilitating business transaction was considered to be as lengthy procedure. But emergence of mobile banking application has provided various opportunities to customer and also provide companies an ease in making business transactions. But at the same time, it has also bought the major risk for organisation such as threat of financial losses etc. It has also made challenging for the firm to keep their financial record confidential. Use of mobile apps by an organisation has also given rise to security issues. Many of the companies are facing the difficulty in controlling cash flow.

Aims and Objectives of investigation

Aim of the study :To analyse the negative side of utilising the mobile application for facilitating the business transaction by small medium enterprise in United Kingdom.

Objective of conducting investigation :

  • To develop the understanding about the different issues related to using the mobile payment for facilitating the business transaction.
  • To identify the risk associated with receiving or making payment using mobile banking apps.
  • To analyse the negative side of using mobile application or other digital technology for precessing business transactions.
  • To compare the traditional payment channel with modern in order to select the best , safe , and secure mode for transferring funds.
  • To analyse the way new entrants to the mobile payments' arena ensure they have adequate knowledge and understanding of the regulatory framework related to payments.
  • To determine the way mobile banking can work better for the benefit of an organisation.
  • To suggest the strategies utilising which Talon outdoor company can bring improvement in payment system.
  • To recommend the strategies which can be implemented by firm in order to avoid the risks of financial losses.

Rationale of the study

Reason for conducting research on this topic is to analyse the causes , majority of small medium enterprise has stop using the mobile banking application for facilitating business transactions. In addition to this the other reason for selecting specific topic for investigation is to analyse the scope of mobile payment. Increase in frauds and hacking are the two factors which has encouraged researcher to facilitate investigation in order to find solution to the specific problem.

P2 Research Methodologies

Research philosophy: It includes the belief of different people or philosophers about the way several activities should be executed during the investigation. Investigation philosophy assist researcher in addressing the problem and also supports scholar in identifying the solution to specific issue.Interpretive as well as positivism are mainly two philosophies which can be utilised for conducting study (Özerdem and Bowd, 2016). In present research, investigator will use positivism research philosophy. The reason for selecting this specific philosophy has been selected as positivism research philosophy is mainly concerned with reality.

Research approach: It is considered to be as a plan which is created by the researcher on the basis of various assumptions. Research approach is generally used by the scholar when collecting, analysing and interpreting information. Three types of approaches which can be used for investigation are quantitative , mixed and qualitative (Taylor, Bogdan and DeVault, 2015). The Choice of research approach is completely based on the nature of problem. In present investigation, investigator will use mixed approach. Reason for selecting mixed reason approach is that it justifies the question of determining the perceived value as compared to other two approaches (Kumar, 2014). Mixed research approach can be utilised for getting the answer of various questions. It also increases the generalizability of the outcome.

Sampling: It is considered to be as statical process conducted by scholar for selecting the sample of few participants from wide population (Flick, 2015). Among the various sampling techniques scholar has used random sampling technique for selecting the sample of 20 people.

Data collection: Both primary as well as secondary sources has been used in present study for accumulating facts relevant to topic of investigation (Daudt, van Mossel and Scott, 2013). Some secondary sources from where information has been gathered are books , journals , articles etc. Interview and questionnaire has been used as method for gathering information directly from participants (Brown,2013).

Research design: It is defined as the overall strategy that you choose to integrate the different components of the study. Research design assist scholar in addressing the problem. Among various research design , such as explanatory , exploratory , descriptive and experimental (Silverman, 2016). Scholar will use descriptive design in present study. Reason for selecting specific research design is that descriptive research design assist scholar in developing an understanding as well as explaining a phenomenon.

Data analysis: It is defined as the procedure of refining the information collected during the investigation procedure. In present study scholar have used qualitative technique for analysing the data (Rose, 2016). The qualitative technique has been utilised by researcher in present investigation as it emphasizes on objective measurements. In addition to this some computer software has been used by researcher for refining the data .

LO 2

P3 Conducting the primary and secondary investigation utilising the appropriate Methods

There are various factors which are required to be considered by the investigator when planning to execute research activity such as access to information , costs, ethical issues etc.

Access: Some of the information during the investigation has been taken from the financial report of an organisation. Books , journal, magazines , articles has been utilised as secondary source of collecting the information (Achtenhagen, Melin and Naldi,2013). There are different research tools and techniques have been utilised for collecting the data or information from both primary and secondary sources.

Ethical issues: When executing the investigation, special consideration and high initiative has been taken by the researcher in order to obtain complete as well as reliable information from the contestant. All the respondents were informed about the goal or objective of the study (Guercini,2014). Some information as well as facts has been accumulated from the secondary sources such as journal, article , but data has not been copied (Zumitzavan and Michie, 2015). Researcher has gathered much quantity of data from the primary sources using the suitable techniques such as questionnaire and personal interview.

Cost: Cost of are the significant part in the research. It is also essential to be considered when planning to utilise the mobile application for making the business transactions. It is required by manager in Talon outdoor to have focus on identifying new and secure way of facilitating business transaction (Stankovska, Josimovski and Edwards, 2016). As This activity will allow organisation to reduce the risk of fraud or financial loss. It is important for manager in Talon outdoor to include cost factor in project management plan. It should also identify the cost element that is associated with implementation and installation of mobile application for doing business Transactions.

P4 Applying the analytical tool for analysing the research findings.

In present investigation on topic implications of mobile payment technology for UK Small business,A focus on the dark side , mixed research techniques has been used for conducting the study. Mixed research techniques includes the combination of both qualitative as well as quantitative method (Panneerselvam, 2014). Questionnaire has been prepared by the scholar for gathering the information or facts relevant to the topic. Questionnaire form consists of few open ended questions related to the investigation topic.

Questionnaire

Demographic information:

Name:________

Age:_______

Gender:___________

Position :

Ques 1: How much agree You are with the statement that using mobile application for receiving or making paying is not secure ?

  • Completely agree
  • Partly agree
  • Not agree
  • Somewhat agree

Ques 2: What is the benefit of utilising mobile for making the business transactions?

  • Customer gets an ease in making payment
  • Quick transfer of money
  • Quickly access of information and account details
  • No benefit

Ques 3: How much knowledge you have knowledge about the destructive consequences of utilising mobile software or application for making business transaction ?

  • Specific knowledge
  • Depth knowledge
  • No knowledge
  • Little knowledge

Ques 4: What according to you is the dark side of Utilising the mobile application for facilitating business transactions?

  • High chances of fraud and financial loss
  • Increase in cost
  • compatibility issues and security problems
  • No dark side

Ques 5: Do you use the mobile application for making the payment of office bills , or receiving payment from customers?

  • Yes
  • No
  • Sometimes

Ques 6: What are the chances of risk when You utilise the mobile application for making the business transaction ?

  • High
  • Medium
  • Low

Ques 7: How risky it would be to sign up mobile application using the personal details for making the transactions?

  • Very risky
  • No at all risky
  • Some what risky

Stating the precious or important recommendation or advice related toother techniques for improving the financial transaction by small medium enterprises.

LO 3

P5 Communicating the research outcomes in appropriate manner

In present study on topic implications of mobile payment technology for UK Small business,A focus on the dark side, Thematic analysis technique has been utilised by scholar for presenting the data or information in appropriate manner (Giesen, Riddleberger and Bell, 2010). The various themes have been prepared on the basis of the response provided by the respondent during the investigation. Charts , diagrams , graphs has been used in order to make the presentation easily understandable to the user.

THEME 1: Respondents are completely agreed with the the statement that using mobile application for receiving or making paying is not secure.

How much agree You are with the statement that using mobile application for receiving or making paying is not secure ?

Frequency

Percentage

·Completely agree

15

75.00%

·Partly agree

2

10.00%

·Not agree

1

5.00%

·Somewhat agree

2

10.00%

TOTAL

20

Interpretation: It has been analysed from the above information that many respondents have stated that there completely agree with with the statement that using mobile application for receiving or making paying is not secure.

THEME 2: Quick transfer of money, is the benefit of utilising mobile for making the business transactions.

What is the benefit of utilising mobile for making the business transactions?

Frequency

Percentage

·Customer gets an ease in making payment

5

25.00%

·Quick transfer of money

5

25.00%

·Quickly access of information and account details

6

30.00%

·No benefit

4

20.00%

TOTAL

20

Finding and analysis: It has been found during the investigation that out of 20 majority of respondents perceives that Quickly access of information and account details is the benefit of utilising mobile for making the business transactions.

THEME 3: Little knowledge, respondent have about the destructive consequences of utilising mobile software or application for making business transaction.

How much knowledge you have knowledge about the destructive consequences of utilising mobile software or application for making business transaction ?

Frequency

·Specific knowledge

3

15.00%

·Depth knowledge

3

!5%

·No knowledge

4

20.00%

·Little knowledge

5

25.00%

TOTAL

20

Finding and analysis: From the report it has been analysed that out of 20 , 5 respondent have little knowledge about the the destructive consequences of utilising mobile software or application for making business transaction.

THEME 4: Compatibility issues and security problems, is the dark side of Utilising the mobile application for facilitating business transactions.

What according to you is the dark side of Utilising the mobile application for facilitating business transactions?

Frequency

Percentage

·High chances of fraud and financial loss.

10

50.00%

·Increase in cost

5

25.00%

·compatibility issues and security problems

4

20.00%

·No dark side

1

5.00%

TOTAL

20

Findings and Analysis: It has been found during the study that There are high chances of fraud and financial loss has been associated with the use of mobile application for making the business Transactions.

THEME 5: Respondents have stated yes that use the mobile application for making the payment of office bills , or receiving payment from customers.

Do you use the mobile application for making the payment of office bills , or receiving payment from customers?

Frequency

·Yes

15

75.00%

·No

5

25.00%

·Sometimes

0

TOTAL

20

Interpretation: It has been found during the investigation that majority of the respondent use the mobile application for making or receiving payment which is very risky.

THEME 6: High , chances of risk when You utilise the mobile application for making the business transaction .

What are the chances of risk when You utilise the mobile application for making the business transaction ?

Frequency

·High

12

60.00%

·Medium

6

30.00%

·Low

2

10.00%

TOTAL

20

Finding and analysis- It has been analysed from the above information that There are high chances of risk when You utilise the mobile application for making the business transaction.

THEME 7: Very risky, it would be to sign up mobile application using the personal details for making the transactions.

How risky it would be to sign up mobile application using the personal details for making the transactions?

Frequency

Percentage

·Very risky

13

65.00%

·Not at all risky

5

25.00%

·Somewhat risky

3

15.00%

TOTAL

20

Finding and analysis: It has been analysed from the information that it would be very much risky to sign up mobile application using the personal details for making the transactions.

LO 4

P6 Reflection

I have learned a lot and gained knowledge about the use of mobile application for facilitating business transactions. I have also analysed the risk associated with using the mobile application for receiving or making payment. I have learned many research Techniques which I can use for executing investigation in the future. I have learned different types of sampling techniques.. I have also developed the understanding about various research approaches which will help in executing future investigation's in systematic manner. By participating in research activity I have improved my presentation as well as analytical skills. I have learned many new research techniques which I can utilise for improving the outcome of investigation.

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P7 Conclusion and recommendation

It has been concluded from the study that the use of mobile application for business transaction has dark side. There are high chances of different types of risk are associated with the use of mobile banking apps for making or receiving payment. It has been concluded from the report that compatibility as well as security are the major issues related to the utilisation of mobile banking application for facilitating business transaction. Study has also concluded that mobile payments has passed e-commerce as the top trend which ash direct as well as significant impact on the consumer spending. It has been concluded from the report that Talon outdoor company have the purpose of using the mobile application for transaction is to increase sales. But it has been identified from the investigation change in use of technology in transaction only has little effect on sales of firm. Assignment has also concluded that utilising mobile application is not all safe as well as secure especially for the business.

Recommendation

Scholar has suggested Talon outdoor company to avoid the use of such risky application for business transaction. Business entity can utilise secure payment methods for making the transactions. It is required by finance manager in an organisation to develop the understanding or increase their knowledge about the risks as well as vulnerabilities of utilising the mobile applications for facilitating financial transactions. The another advice given to Talon outdoor organisation is to use E- security products as well as services, as it will help firm in securing the financial transaction made digitally or using mobile applications. Use of E- products or services will help business entity in maintaining the highest levels of performance. It will also aid business entity in eliminating the risk of financial losses. Company has been suggested to avoid use of mobile application for receiving or making payment, as mobile payments aren’t immune to intrusions by hackers and identity thieves. It has been recommended that firm can add a credit or debit card to mobile wallet, the card number is stored securely via encryption, which disguises it with a code created by an algorithm. Finance manger in Talon outdoor utilise randomly generated payment tokens, as this strategy will help manger in ensuring that card information is not seen by merchants or even the wallet providers when business transaction has been done.

You May Also Like to Read: Research Project of Walmart

REFERENCES

  • Achtenhagen, L., Melin, L. and Naldi, L., 2013. Dynamics of business models–strategizing, critical capabilities and activities for sustained value creation. Long range planning. 46(6). pp.427-442.
  • Brown, A., 2013. Managing challenges in sustaining business excellence. International Journal of Quality & Reliability Management. 30(
  • Daudt, H.M., van Mossel, C. and Scott, S.J., 2013. Enhancing the scoping study methodology: a large, inter-professional team’s experience with Arksey and O’Malley’s framework. BMC medical research methodology.13(1). pp.48.
  • Flick, U., 2015.Introducing research methodology: A beginner's guide to doing a research project. Sage.
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