Marketing Statistics and Business Research Methods

Question: Discuss about the Marketing Statistics and Business Research Methods. Answer: Introduction The style of leadership where the leader works with their subordinates and identifies the changes needed in their organizations provides the vision that would guide the changes is known as transformational leadership (Zhu et al. 2014). The changes are guided through inspiration and the committed members of the group execute them. Building of good brand image is important for any company to attract and retain more customers (Zhu et al. 2013). Thus, transformational leadership style has its own importance to build up a brands identity. In this assignment, the role of transformational leadership in building a good image of brand would be studied. The idea about the collection of data for the role of transformational leadership in building a good image of brand would be provided in this assignment. The idea about the methods of analysing the data would also be provided in this assignment. Problem statement The problem statement of this research is to identify the role of transformational leadership in building the good brand image. The relationship between the transformational leadership and building of good image of brand would be studied in this assignment. The traits and progress of the engagement of the employees for bringing positive changes in the face of branding would be studied in this assignment. Aim of the research The aim of the research is to identify the role of transformational leadership in building the good brand image and understand the traits and progress of the engagement of the employees for bringing positive changes in the face of branding would be studied in this assignment. Objective of the research The objective of the research is as follows: To understand the concept of transformational leadership To find the impact of transformational leadership in an organization To identify the factors that influence the relationship between transformational leadership and good brand image To identify the factors to determine the relationship between transformational leadership and Elfin Cars brand image To recommend strategies to Elfin Cars to build their brand image through transformational leadership Research questions The questions of the research are as follows: What is the concept of transformational leadership? How is the impact of transformational leadership in an organization? What are the factors that influence the relationship between transformational leadership and good brand image? What are the factors to determine the relationship between transformational leadership and Elfin Cars brand image? What strategies do you recommend to Elfin Cars to build their brand image through transformational leadership? Hypothesis The hypothesis of this research is as follows: H0: There is no significant relationship between transformational leadership strategies and good branding image H1: There is a significant relationship between transformational leadership strategies and good branding image Variables The variables of this research involve a dependent variable and an independent variable. The dependent variable of the research is denoted as Y and Good Brand Image would be considered as the dependent variable. The independent variable of the research is denoted as X and the variable Transformational leadership would be considered as the independent variable. The selection of the variables as dependent variable and independent variable is done based in their importance. Transformational leadership do not depend on the good brand image where as Good Brand Image depends on the Transformational leadership. Literature review The concept of transformational leadership involves the style of leadership where the leaders and subordinates work hand in hand to identify the changes needed in the organisation (Mittal and Dhar 2015). This type of leadership is essential to create the vision and guide the changes by inspiring and executing the changes. Building of brand image is very important to draw customers and enhance the business of the company. As per the viewpoint of DuBrin (2015), Elfin Cars is the company that manufactures sports cars and motor racing cars. This Australian manufacturing company had been operating since 1957 and it was founded by Garrie Cooper (Xie et al. 2016). According to the viewpoint of Wallace et al. (2013), the cars manufactured by Elfin Cars are for the sports persons who are into the sports of motor racing and the people who are fascinated about sports cars. Choosing the proper target market enhances the sell of any company. Targeting the customers who are into motor racing and people who are fascinated about the sports cars are the main aim of the company (Matanda and Ewing 2012). Choosing the proper target market and marketing the cars of Elfin Cars to the chosen target market using the appropriate strategies helps to enhance the business of the company. Framing of the appropriate strategies is the most essential aspect in this case. A leader alone cannot frame the appropriate strategy for any company. Discussing with the subordinates and involving employees in framing the strategies would provide various ideas and the best idea for the business of the company would come out from the discussion (Xie et al. 2016). As per the viewpoint of Hankinson (2012), it was seen that the transformational style of leadership helps the management of the company to identify the changes needed in the company and the appropriate decisions to implement the changes in their business. The style of transformational leadership is found to be advantageous for the company as well. The employees and subordinates who are considered while identifying the changes required in the company and creating the vision, which would guide the changes get motivated to perform their jobs and it makes them feel important for the company. The employees and subordinates feel motivated and they get encouraged to perform their work properly. As per the viewpoint of Cameron and Green (2015), transformational leadership enhances the job performance of the followers by various mechanisms. The leader becomes the role model of the followers, inspires them to perform their work and raise their interest in any project, thereby enhancing the per formance of the task. In the modern world, every organisation has the constant state of flux and they experience changes in a large scale. This makes the guidance of the visionary leadership an important one for the success of any business. The need of managers and leaders in any organisation is important as they help the employees to develop the zeal and commitment towards their work (Matanda and Ewing 2012). By using behavioural and personality characteristics like charisma, the ability of high influence and extended vision the managers and leaders of the organisation encourage their employees to perform their task efficiently. Similarly in the business of manufacturing sports cars, the managers and leaders should motivate and encourage their employees to perform their jobs effectively (Bouckenooghe et al. 2015). This influence and motivation helps the employees of Elfin Cars to manufacture better cars and understand the demands of the customers. As per the viewpoint of Lhndorf and Diamantopoulos (2014), the sports cars should have the best technologies, equipments and mechanisms in their cars in order to compete in the business of sports cars. Elfin Cars have various others competitors like Toyota, Ford and other companies in this industry who manufactures efficient sport cars (Wallace et al. 2013). They provide tough competition to Elvin Cars, though the company is an old and popular sports cars manufacturing industry. According to the viewpoint of Vlachos et al. (2013), Elvin cars had been one of them most successful sports car makers and they had been the champions for 29 times and major Grand Prix titles. British racing driver, Tom Walkinshaw currently owns Elfin Cars and he performs in the motor race with their cars. Transformational style of leadership of this company had helped them to win these major titles of championships and give the best performance in the racing events. Transformational style of leadership had motivated the employees of the company and they had been completely dedicated towards the company while performing their work (Hackman and Johnson 2013). The leaders of Elfin Cars had involved their subordinates and other employees while conducting discussions on the sports cars. The employees and subordinates had provided their valuable information regarding the use of technologies in manufacturing the sports cars. The employees and subordinates of Elfin Cars had also helped their leaders to decide the best technology and materials that could be used for their cars (Vlachos et al. 2013). According to the viewpoint of Bouckenooghe et al. (2015), the leaders and managers of the company had included the employees and sub ordinates of their company while analysing the performance of th e cars of Elfin Cars and had asked them for the suggestions regarding the changes. This had encouraged the employees of the company and had motivated the employees to put up their best performance for the company. As per the viewpoint of Mittal and Dhar (2015), Elfin Cars and their managers, leaders and employees had made their company a successful one in the sports cars manufacturing industry. The style of transformational leadership had helped the company to get the best ideas from the experts of the company, which includes the employees and subordinates of the company apart from the leaders. It had also helped them to bond as a better team and put up their best performance during the sports events. This team performance had helped the company to win maximum Grand Pix championships and other championships over the years (Kapferer 2012). Thus, the style of transformational style of leadership is seen to increase the satisfaction level of the employees and they tend to contribute their best in manufacturing of the sports cars and framing the effective strategies for the business of the cars. This leadership style had also seen to encourage the employees and create the best team and put up the best team performance to succeed in their business (Hackman and Johnson 2013). However, the role of transformational leadership in building the good brand image of the company Elfin Cars is to be studied in the assignment. The impact of this leadership style on the performance of Elfin Cars in the motor races and the sales of the cars manufactured by the company would also be studied in this research. Methodology Data collection process The methods of collection of data to understand the role of transformational leadership in creating the brand image of Elfin Cars would involve survey methods. Primary data would be collected for this purpose with the method of questionnaire survey. The survey will be conducted on the 30 employees of the company. Close-ended questions would be asked to the chosen 30 employees of the company. The samples of the research would be chosen randomly from the population of the employees of Elfin Cars. The method of Likert scale would be used to frame few questions of the questionnaire. Data would be collected for both independent variable and dependent variable of the research. Explanatory research would be conducted for this research h and the approach of the research would be deductive in this case. The verification of the hypothesis of the research would be done by the deductive approach. The impact of transformational leadership on the brand image of the Elfin Cars would be studied usin g quantitative methods of research. Sampling The methods of sampling would involve surveying 30 samples with the help of questionnaire. Close-ended questions would be asked to the samples and the method of non-probability sampling would be used for convenient sampling. Quantitative methods and Likert scale would be used in the questionnaire to collect the data. Data analysis tools The analysis tool that would be used to analyse the collected data is SPSS. Proper management of data in satisfactory manner would be done using the tools of SPSS. The reliability of the collected data would be checked at first. After conducting the reliability test of the collected data, correlation would be conducted between the dependent variable and the independent variable. The test of correlation would be done to perform the hypothesis test. The value of correlation would be used to accept or reject the hypothesis of the research. Ethical considerations The primary data would be collected for the research by the methods of survey. The researcher must not force the respondents to provide responses to the questionnaire. The researcher must also take the consent of the respondents prior to the use of the data collected through their responses. If the respondent objects in using their responses, the researcher must abide by the decision. The researcher should not alter the responses of the respondents. He should use the responses as provided by the respondents in his research. The researcher must clearly state the aim and purpose of the survey to the respondents prior to conducting the survey. The researcher must be patient and must not harm the respondents during the survey. The researcher must not alter the responses during using them for the research. The identity of the respondents must be kept confidential during the research and the researcher must not attempt to reveal the identity during the research. Gantt chart Week 1 Week 6 Week 10 Week 12 Week 14 Introduction Literature review Data collection Data analysis Expected outcome Table 1: Gantt chart of the research (Source: created by author) Expected research outcome It is expected that the leadership style of transformational leadership had helped the company, Elfin Cars to succeed in their business. The management of the company is expected to create a better bonding among the employees, managers and leaders of the company. It was seen that Elfin Cars had been the winners of various championships of motor race including Grand Pix events. This might be the positive impact of the transformational leadership that the managers and leaders of the company follow in their work. It is expected that the employees of the company and the leaders regard the leaders and managers of the company as the role model and managers of the company inspire the employees to put on their best effort in making their business a successful one. Thus, it is expected that there is significant relationship between transformational leadership strategies and good branding image of Elfin Cars. References Bouckenooghe, D., Zafar, A. and Raja, U., 2015. How ethical leadership shapes employees Job Performance: The mediating roles of goal congruence and psychological capital.Journal of Business Ethics,129(2), pp.251-264. Cameron, E. and Green, M., 2015.Making sense of change management: a complete guide to the models, tools and techniques of organizational change. Kogan Page Publishers. DuBrin, A.J., 2015.Leadership: Research findings, practice, and skills. Nelson Education. Hackman, M.Z. and Johnson, C.E., 2013.Leadership: A communication perspective. Waveland Press. Hankinson, G., 2012. The measurement of brand orientation, its performance impact, and the role of leadership in the context of destination branding: An exploratory study.Journal of Marketing Management,28(7-8), pp.974-999. Kapferer, J.N., 2012.The new strategic brand management: Advanced insights and strategic thinking. Kogan page publishers. Lhndorf, B. and Diamantopoulos, A., 2014. Internal branding social identity and social exchange perspectives on turning employees into brand champions.Journal of Service Research, p.1094670514522098. Matanda, T. and Ewing, M.T., 2012. The process of global brand strategy development and regional implementation.International Journal of Research in Marketing,29(1), pp.5-12. Mittal, S. and Dhar, R.L., 2015. Transformational leadership and employee creativity: mediating role of creative self-efficacy and moderating role of knowledge sharing.Management Decision,53(5), pp.894-910. Vlachos, P.A., Panagopoulos, N.G. and Rapp, A.A., 2013. Feeling good by doing good: Employee CSR-induced attributions, job satisfaction, and the role of charismatic leadership.Journal of business ethics,118(3), pp.577-588. Wallace, E., de Chernatony, L. and Buil, I., 2013. Building bank brands: How leadership behavior influences employee commitment.Journal of Business Research,66(2), pp.165-171. Xie, L., Li, Y., Chen, S.H. and Huan, T.C., 2016. Triad theory of hotel managerial leadership, employee brand-building behavior, and guest images of luxury-hotel brands.International Journal of Contemporary Hospitality Management,28(9). Zhu, W., Newman, A., Miao, Q. and Hooke, A., 2013. Revisiting the mediating role of trust in transformational leadership effects: Do different types of trust make a difference?.The Leadership Quarterly,24(1), pp.94-105. Zhu, Y., Sun, L.Y. and Leung, A.S., 2014. Corporate social responsibility, firm reputation, and firm performance: The role of ethical leadership.Asia Pacific Journal of Management,31(4), pp.925-947.