A business model refers to the core architecture of a firm, specifically how it deploys all relevant resources (not just those within its corporate boundaries) to create differentiated value for customers (Tapscott, 2001). It refers to the process through which organization makes profits and generates revenue. There are two components of business model: cost and pricing. Profit of the organization is the function of these two components. Organization can reduce cost and increase price and hence enhance profits. Designing a research to understand a business model is important. Research design can be used for formulating knowledge which will be beneficial for the company.
Research design refers to the framework or structure of a research. It includes method of data collection, data analysis, reporting and interpreting data. There are two types of research. Quantitative research means that the data is in the form of numbers. In qualitative research, the data is non numeric and is usually in the form of words and phrases. The most common types of qualitative data collection methods are interviews, observations, case study, diary or log. Qualitative data can be divided into two forms: primary data which results from direct participation of the employees and secondary data which can be gathered through analysis of a company’s reports and documents (Easterby-Smith, Thorpe and Jackson, 2015).
Before starting a data collection, the first and the most important step is formulating a hypothesis, that is, prediction about the outcomes of the results. After formulating hypothesis, research questions are developed. The research question of the study is “when and how working with BMI may be beneficial for a firm?” After deciding research question, methods of data collection are decided. Since it is a qualitative research, data will be in the form of paragraphs, words or phrases.
Interviews are most commonly used method of data collection. In interviews, the researchers ask employees questions about the organization. It can be structured, semi-structured or unstructured, depending on the structure or format of the questions. Researcher needs to be skilled and sensitive to conduct interviews. Some researchers also use remote interview techniques which are conducted over emails or telephone or videoconference. Interviews can be individual or group. Focus groups include group of 4-6 participants who discuss a given topic. Interviews can help find out the causes or reasons for the problem and help in in-depth and detailed analysis (Longhurst, 2003).