Friday, 31 January 2025

Asking poe.com to come up with a dissertation proposal about strategic decision making, managerial economics & pragmatism

Asking poe.com to come up with a dissertation proposal about strategic decision making and managerial economics (with the adoption of pragmatism)


My question 1: "I am a part-time MBA student, currently working on my dissertation proposal. My main ideas are: (1) to adopt the research theme of examining strategic decision-making via the lens of managerial economics, (2) to adopt the research philosophy of pragmatism for the dissertation project, (3) study three bookstores in Mongkok, of Hong Kong, (4) conduct (i) narrative interviews with 3 of my friends working in the bookstores in Mongkok, (ii) a focus group with 5 participants, two of whom work in the Mongkok bookstores, two of whom are regular customers of the Mongkok bookstores, and one of the participants being a regular customer to buy books from online bookstore, and (iii) a desk research to learn information related to my research theme. It is my intention to be able to produce some original knowledge to respond to about 2 main research issues as related to my research theme as well as some practical knowledge inform the strategic decision-making of my friends who work in the Mongkok bookstores. Could you come up with a dissertation proposal for me based on the information I provided? Tks a lot."

The reply: "Certainly! Here’s a structured dissertation proposal based on your ideas:

Dissertation Proposal

Title

Strategic Decision-Making in Retail: A Pragmatic Examination of Bookstores in Mongkok, Hong Kong

Introduction

The retail industry is facing dynamic challenges that require effective strategic decision-making. This dissertation aims to explore the decision-making processes within three bookstores in Mongkok, Hong Kong, through the lens of managerial economics. By employing a pragmatic research philosophy, this study seeks to contribute both original knowledge and practical insights for bookstore managers.

Research Objectives

  1. To examine the strategic decision-making processes used by bookstore managers in Mongkok.
  2. To identify the factors that influence these decisions and their impact on business outcomes.
  3. To provide actionable recommendations to enhance strategic decision-making in the retail book sector.

Research Questions

  1. What are the key factors influencing strategic decision-making in Mongkok bookstores?
  2. How do managerial economics principles apply to the decision-making processes of these bookstores?
  3. What insights can be derived from customer perspectives to inform bookstore strategies?

Research Methodology

Research Philosophy: Pragmatism

The pragmatic approach will guide the research design, emphasizing practical solutions and real-world relevance. This philosophy supports a mixed-methods approach, combining qualitative and quantitative data.

Data Collection Methods

  1. Narrative Interviews: Conduct in-depth interviews with three friends working in the selected bookstores to gather insights into their decision-making processes and challenges.

  2. Focus Group: Organize a focus group with five participants:

    • Two bookstore employees.
    • Two regular customers of the bookstores.
    • One customer who primarily shops online.
      The focus group will facilitate discussion on customer perceptions and preferences, providing a comprehensive understanding of the market landscape.

  3. Desk Research: Conduct secondary research to gather existing information on strategic decision-making in retail, especially in the context of bookstore operations. This will include academic literature, industry reports, and case studies related to managerial economics and retail strategies.

Expected Contributions

  1. Original Knowledge: The study aims to generate new insights into the strategic decision-making processes of bookstores, informed by both managerial economics and customer perspectives.

  2. Practical Knowledge: The findings will provide actionable recommendations for bookstore managers in Mongkok to enhance their strategic decision-making, potentially leading to improved business performance.

Timeline

  • Months 1-2: Literature review and desk research.
  • Months 3-4: Data collection through interviews and focus groups.
  • Month 5: Data analysis and synthesis of findings.
  • Months 6-7: Writing and finalizing the dissertation.
  • Month 8: Review and submission.

Conclusion

This dissertation project aims to bridge the gap between theory and practice in strategic decision-making within the retail sector. By focusing on the unique context of Mongkok bookstores and employing a pragmatic approach, this research will contribute valuable insights to both academic literature and industry practices."



My question 2: "Could you suggest what questions to ask for the narrative interviews as well as for the focus group in this case? Tks."

The reply: "Here are some suggested questions for both the narrative interviews and the focus group:

Narrative Interview Questions (for Friends Working in Bookstores)

  1. Personal Experience

    • Can you describe your journey to working in a bookstore in Mongkok?
    • What motivated you to choose this profession?

  2. Strategic Decision-Making

    • How do you make decisions regarding book selection and inventory management?
    • Can you share an example of a strategic decision you made that significantly impacted the store?

  3. Challenges and Opportunities

    • What challenges do you face in the current retail environment?
    • How do you perceive the competition from online bookstores?

  4. Customer Engagement

    • How do you approach customer service and engagement in your bookstore?
    • Can you provide an example of a successful customer interaction that influenced your decision-making?

  5. Future Outlook

    • What trends do you see shaping the future of bookstores in Mongkok?
    • How do you adapt to changes in consumer behavior?

Focus Group Questions (with Participants)

  1. General Perception of Bookstores

    • What do you think distinguishes physical bookstores from online retailers?
    • How often do you visit bookstores in Mongkok, and what draws you there?

  2. Customer Experience

    • What aspects of your experience in a Mongkok bookstore do you value most?
    • Can you share a memorable experience you had while shopping in a bookstore?

  3. Decision Influencers

    • What factors influence your decision to purchase from a bookstore versus an online store?
    • How important is the advice from bookstore staff when making a purchase?

  4. Strategic Insights

    • What suggestions do you have for bookstores to improve their strategic decision-making?
    • How can bookstores better meet the needs of customers like you?

  5. Future of Bookstores

    • In your opinion, what is the future of bookstores in the digital age?
    • What innovations or changes would you like to see in Mongkok bookstores?

These questions aim to elicit detailed responses and insights that will support your research theme on strategic decision-making in the context of managerial economics."


My question 3: "Could you suggest what academic theories and notions from managerial economics I can employ to conduct the qualitative data analysis on the narrative interview and focus group contents gathered?"

The reply: "Here are some academic theories and notions from managerial economics that you can employ to analyze your qualitative data:

1. Game Theory

  • Application: Use game theory to analyze strategic interactions between bookstores and online retailers. This can help you understand decision-making in competitive environments.

2. Behavioral Economics

  • Application: Explore how psychological factors influence the decision-making processes of both bookstore employees and customers. This can shed light on consumer preferences and employee motivations.

3. Value Chain Analysis

  • Application: Assess how each bookstore adds value through its operations, customer service, and marketing strategies. This can help you identify competitive advantages and areas for improvement.

4. Cost-Benefit Analysis

  • Application: Evaluate the costs and benefits of various strategic decisions made by bookstore managers. This can provide insights into their decision-making processes and priorities.

5. Market Structure and Competition

  • Application: Analyze the competitive landscape of the bookstore industry in Mongkok, including the impact of market structure (e.g., monopolistic competition) on strategic decision-making.

6. Principal-Agent Theory

  • Application: Examine the relationships between bookstore owners (principals) and employees (agents) to understand how incentives and information asymmetry affect decision-making.

7. Transaction Cost Economics

  • Application: Investigate the costs associated with transactions, such as sourcing books and managing customer relationships, to understand how these costs influence strategic choices.

8. Information Asymmetry

  • Application: Analyze how differences in information among stakeholders (e.g., managers, employees, customers) affect decision-making and market dynamics.

9. Dynamic Capabilities Framework

  • Application: Assess how bookstores adapt to changing market conditions and consumer preferences. This theory can help you understand the strategic decision-making process over time.

By applying these theories, you can derive deeper insights from your qualitative data and contribute to the understanding of strategic decision-making in the context of your research theme."


My question 4: "Lastly, what are the relevant research gaps and research issues that I can respond to via my dissertation project so as to create some original academic value on my research theme of "examining strategic decision-making via the lens of managerial economics"?"

The reply: "Here are some relevant research gaps and issues you can address in your dissertation project:

Research Gaps

  1. Limited Focus on Independent Bookstores

    • Gap: Much of the existing literature on strategic decision-making often emphasizes larger retail chains or online platforms.
    • Opportunity: Your study of independent bookstores in Mongkok can fill this gap by offering insights into their unique challenges and strategies.

  2. Integration of Behavioral Insights in Managerial Economics

    • Gap: There is a lack of exploration into how behavioral economics influences strategic decision-making in retail.
    • Opportunity: Investigate how psychological factors affect decisions made by bookstore managers and customers.

  3. Impact of Online Competition on Traditional Retail

    • Gap: While there is research on online retail, the impact on brick-and-mortar stores, especially in niche markets like bookstores, is less explored.
    • Opportunity: Analyze how independent bookstores navigate competition from online retailers and what strategies they employ.

  4. Pragmatism in Strategic Decision-Making

    • Gap: The application of pragmatic philosophy in managerial economics is not widely studied.
    • Opportunity: Your pragmatic approach can provide a new perspective on how real-world complexities influence decision-making processes.

Research Issues

  1. Decision-Making Under Uncertainty

    • Issue: How do bookstore managers make strategic decisions in an uncertain market environment?
    • Exploration: Examine their approaches to risk management and forecasting.

  2. Customer-Centric Decision-Making

    • Issue: What role do customer preferences play in shaping strategic decisions?
    • Exploration: Investigate how feedback from customers influences inventory and marketing strategies.

  3. Sustainability in Retail Strategies

    • Issue: How do bookstores incorporate sustainability into their strategic decisions?
    • Exploration: Analyze the impact of sustainability on consumer behavior and business operations.

  4. Adaptation to Market Trends

    • Issue: How do bookstores adapt to rapidly changing consumer trends and preferences?
    • Exploration: Study the decision-making processes involved in responding to these trends.

  5. Cross-Channel Strategy

    • Issue: How do bookstores integrate online and offline strategies to enhance customer experience?
    • Exploration: Explore the strategic decisions related to omnichannel retailing.

By addressing these gaps and issues, your dissertation can contribute valuable insights to the field of managerial economics and strategic decision-making while providing practical knowledge for bookstore managers."





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