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Chapter - 6
36 This chapter describes the way in which the study is conducted in terms of methods of data collection Analyzing, Interpreting and Reporting Results. It also describes the motivation, scope and limitations of the study along with the objective of the study.
6.1 Research motivation
India's economy is on the fulcrum of an ever-increasing growth curve. With robust growth of the Indian economy, the demand for commodities has been on the rise which has already enforced huge investment into various sectors and has resulted into heightened activity in the domestic sectors like Oil &
Gas, Petrochemicals and Nuclear Power. In turn, Engineering Industry is also showing continuous upward trend in growth for last couple of years by catering the need of expansions and new projects of these sectors. This clearly indicates that a study is required for an untouched manufacturing sector of process plant equipments in India from global recession.
6.2 Problem Definition
How different business sector‟s growth affects Process Plant Equipment manufactures growth. How this opportunity can be encased by correct product mix, diversification, and new product development. What are the areas of improvement to cater industry demand.
6.3 Research Objectives
The specific objectives of the research were:
1. To identify business opportunities in various business sectors for process plant equipments
37 2. To understand organization buying behavior
3. Marketing Strategies to be adopted for heavy engineering company 4. Importance of detailed competitive analysis to develop future business
plan
5. Importance of Correct product mix and New Product Development in process plant equipment industry
6.4 Scope of study
India is flooding with expansion of existing plants and development of new projects in Oil & Gas, Petrochemicals, Power, Fertilizers, Metal etc. It is importance to tap these opportunities by proper market research, identifying area of interest, strengthening company‟s capabilities and developing marketing strategy. Scope of Study is limited to Hindustan Dorr-Oliver Ltd.
6.5 Hypotheses
There are a set of hypothesis that has to be substantiated to bring justice to research topic and they are:
H1: Oil and Gas Sector is having better business prospectus than other business sectors with current workshop facility.
H2: HDOL cannot become LEVEL-1 Company with current workshop facility.
H3: Heat Exchangers are better than Pressure Vessels in terms of profitability.
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6.6 Research Approach
Both qualitative to better define our research problem and get a deeper insight into it and quantitative methods to produce data that can be statistically analyzed and whose results can be expressed numerically were used.
6.7 Type of research
Exploratory research is a type of research design that has its primary objective the provision of insight and understanding of problem setting. The nature of research is exploratory based on sample that provides insight understanding and problem setting. It involves approaches such as informal discussion with HDOL officials in the initial stage.
The research was also descriptive research i.e. to identify the cause of something that is happening or something happened because of that cause.
The research will be a quantitative analytical research which will be descriptive in nature.
6.8 Sampling Technique :
Broadly there are two methods of sampling were used:
Judgmental sampling is a form of convenience sampling in which the population elements are selected based on the judgment of the researcher.
Here, we have selected four major business sectors like Oil & Gas, Petrochemicals, Fertilizers and Power. Other business sectors are also contributing in growth, but their contribution is very less, hence, not covered.
39 The sampling technique used here is a non random sampling technique called quota sampling i.e. the population is divided into subclasses and then picking up the data non-randomly. In the present case, we have selected Competitors as well as Business Sectors based on their revenue among the groups. The company showing the highest revenue in their respective field is taken.
6.9 Data Collection strategy
Both primary and secondary data was collected. In Primary data collection, HDOL‟s status of enquiries, order booking, interview of HDOL official are evaluated. The secondary data was gathered through books, journals, articles, web-sites of Ministry of Petroleum, BSE, NSE and various companies website of different business sectors.
6.10 Data Analysis Strategy :
The analysis of the available data will be based on the tools and techniques used in financial management and statistics. Mainly MS Office Excel Package would to use to carry out the hypothesis testing and descriptive statistics.
The analysis will include the performance of the sample companies for last five years.
The analysis will include both technical and fundamental analysis, which includes comparison of annual results of companies from different business sectors for selection of companies. We have also done simple competitive analysis of competitors.
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Chapter - 7
Analysis &
Interpretation for
Hypothesis – 1 (H1)
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