In$-$Class Exercise: Business Research Process for Managerial Decision$-$MakingCourse: Business SimulationExercise Title: Simulating the Business Research Process for Managerial Decision$-$Making Duration: $2$ hoursTotal Marks: $15$Exercise Overview:This in$-$class exercise aims to provide students with hands$-$on experience in conducting a business research process to inform managerial decision$-$making. Students will work in groups to simulate a real$-$world business scenario, conduct research, analyze data, and present their findings through a video recording. The exercise emphasizes the importance of effective research and communication skills in managerial decision$-$making.Scenario:Your class is divided into groups, and each group represents a consulting team hired by a mid$-$sized manufacturing company, "TechPro Manufacturing," which is considering expanding into a new market. The company is undecided about which market to enter and has requested your team to conduct research and provide a recommendation based on your findings.Objectives:$1.$ Understand the business research process and its importance in managerial decision$-$making$\mathrm{.}2.$ Develop skills in data collection, analysis, and interpretation$\mathrm{.}3.$ Enhance teamwork and collaborative problem$-$solving abilities$\mathrm{.}4.$ Practice presenting research findings effectively using video recording.Instructions:$1.$ Form Groups: Work in current groups$\mathrm{.}2.$ Assign Roles: Within each group, assign specific roles such as Project Manager, LeadResearcher, Data Analyst, and Presenter$\mathrm{.}3.$ Research Plan Development $(30$ minutes$)$: Pick a hypothetical company and identify the key research questions your team needs to address. Determine the data sources and methods for data collection $($e$.$g$.,$ surveys, secondary data, interviews$).$ Develop a timeline for the research process$\mathrm{.}4.$ Data Collection and Analysis $(45$ minutes$)$: Collect relevant data based on your research plan. Use available resources such as the internet, academic databases, and any provided materials. Analyze the data to identify trends, opportunities, and risks associated with entering different markets$\mathrm{.}5.$ Prepare Findings and Recommendations $(30$ minutes$)$: Summarize your research findings. Develop a clear recommendation for which market TechPro Manufacturingshould enter. Prepare a short script for your video presentation, highlighting key points andsupporting evidence$\mathrm{.}6.$ Video Recording $(15$ minutes$)$: Record a $5-$minute video presentation summarizing your findings and recommendations. Ensure that all group members participate in the video. Focus on clarity, conciseness, and effective communication of your researchoutcomes$\mathrm{.}1.$ Research Plan Document: Outline the research questions, data sources, methods, and timeline $(1$ page$)\mathrm{.}2.$ Data Analysis Report: Summarize the data collected and analyzed, including key findings $(2$ pages$)\mathrm{.}3.$ Video Presentation: A $5-$minute video summarizing your findings and recommendations.Evaluation Criteria $($Total: $15$ marks$)$:$1.$ Research Plan Quality $(3$ marks$)$: Clearly defined research questions $(1$ mark$)$ Appropriate data sources and methods $(1$ mark$)$ Realistic and detailed timeline $(1$ mark$)2.$ Data Analysis and Findings $(5$ marks$)$: Accuracy and relevance of collected data $(2$ marks$)$ Depth of analysis and interpretation $(2$ marks$)$ Logical and well$-$supported findings $(1$ mark$)3.$ Recommendations $(3$ marks$)$: Clear and actionable recommendation $(1$ mark$)$ Strong justification based on research findings $(1$ mark$)$ Consideration of potential risks and benefits $(1$ mark$)4.$ Video Presentation $(4$ marks$)$: Clarity and coherence of presentation $(1$ mark$)$ Effective communication and engagement $(1$ mark$)$ Professionalism and team participation $(1$ mark$)$ Adherence to the $5-$minute time limit $(1$ mark$)$Deliverables: Submission Guidelines: Format: Research plan and data analysis report in PDF; video presentation in MP$4$ or another common video format. Due Date: End of the class session. Submission: Via Google classroom online platform.This exercise will help students gain practical experience in the business research process, enhance their analytical and decision$-$making skills, and improve their ability to communicate research findings effectively.