A Case Study Of The Acquisition

In-depth semi-structured interviews, with managers and executives, having experience on change management & integration of the firms, constitute as empirical source. Findings & Discussion – The findings support that the internal factors involved in the integration and implementation phase are key to achieving success with the acquisition. Successful value creation activity can be undertaken by overcoming the challenges through an effective management of these key elements.

Research Limitations – Potentially one sided view of the managers during the integration process as the response could be partially motivated in favor f the management, neglecting the sensitive issues of human factor and limitations concerning generalization from a single case study approach. Practical implications – Management of post-acquisition phase poses unique challenges and issues. So, this research would facilitate in developing an enhanced understanding of the key factors essential for creating value during the integration process.

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Further, given the growth n the Indian economy, this research would facilitate in highlighting the managerial complexities associated with the cross border M & A. Key words – Merger & Acquisitions, Integration & Implementation, Change Management, Communication, Culture Paper type – Case study Chapter One – Introduction Researchers have been studying the Mergers and Acquisitions (M & A) activity since early 1900 (Gauguin, 2002). However, they have been unable to solve the mysteries of M & A, regularly discovering new dimensions and encountering new issues, giving an unclear picture as to what destroys or enhances value.

It therefore becomes Important to examine the phenomenon of value creation process and develop strategies that mitigate the challenges associated with it. In the 21st century, the lobar M & A activity has increased from $ 352 billion in 1992 (Weston & Weaver, 2001) to $ 3. 79 trillion until 2006 (Barman, 2007), showing a phenomenon increase. Iris has largely been to acquire competitive advantage and achieve the long term objectives of the firms. Although, there has been a many folds increase in M & A activity in the last two decades, but it faces certain issues and challenges.

It has been constantly bogged down by high failure rates, with several researchers having found that close to 80 % of the firms fail to realize their initial financial goals (Invading A Case Study Of The Acquisition Of The Jaguar And Land Rover By Data Motors and Unleaded, 1 the M & A tails to create any value tort the buyer Schneider, 2003). Yet interestingly, the M & A activity has surged, due to the potential ‘alee which exists from undertaking such an activity.

For any M & A to be successful, ‘alee creation activity is regarded as the main goal through synergy realization, Inch exists between the similar related firms However, historically, M & A have been found to erode the acquiring firms’ value after the merger (King et al, 2004). Mere existence of synergy does not create value. This is because; the value creation activity from the synergy is often faced with inherent challenges and issues, making it difficult to extract value out of the merger (Campbell and Lochs, 1992).

This value can be generated by achieving success in the post acquisition phase (Hunker, 1983).

And, it is the integration and the implementation process in the post-acquisition phase, Inch is the key to the success of the M & A activity (Haggles and Jimson, 1991). However, recent researchers have also paid attention to the human factor affecting the integration and implementation phase (Saturday’s, 1995), which apparently causes high failure rate in the M & A activity. This Human factor plays an important aspect in the creation of value.

And, by successfully overcoming the barriers which they create during the change process, wealth can be generated from the acquisition. Although, both pre-acquisition and post-acquisition are important part of the M & A activity, but it finally comes down to the integration and implementation phase, where the value has to be generated from the realization of synergy in both the firms. However, majority of the acquisitions fail to realize value from the acquisition during the post merger integration & implementation phase (Simpson, 2000).

This has been the case, largely, because firms ‘ fail to manage the multiple elements which exists during the integration and Implementation phase Emission & Sitting, 1986; Catching, 1967). Successes with these factors are essential in order to create value from the M & A. This phase of Integration and implementation fails due to the inbuilt challenges and issues with respect to lack of communication (Nilsson, 2010), cultural clash between the firms (Pablo, 1994), managing of the change process Shaken and Francis, 2000), to speed (Gnawing, 2004) and extent (Sexton and Dillinger, 2004) of integration between the firms.

Research shows that the failure tends to occur due to lack of success in overcoming the challenges and issues, which these elements produce during the post-acquisition phase. Studies have revealed that the success with these factors can generate high financial benefits for the acquiring firm (pertinence and Kavas, 2007; KEMP, 1999) during the post acquisition activity.

So, appropriate measures needs to be taken by the management of the acquiring firm, in order to achieve success with these key elements.

Otherwise, the acquisition can result in possible loss of value or failure in the overall M & A activity. 1. Aims of Research Realizing synergy from the acquisition is often faced with several difficulties. From searching possible areas for synergy creation to integration and implementation of strategies, firms encounter numerous challenges, which hinder the prospect of creating value (Gold and Campbell, 1998).

So, this research aims to look into this issues of value creation and of integration & implementation phase from an Indian firm ‘s perspective.

The research aims to examine the strategies adopted by Data Motors in order to create value from the acquisition of Jaguar & Land Rover, through realization to synergy been TTS in a cross border M & A The research intents to study the issues & problems which the management faced during the Integration and Implementation phase, and thereby the strategies applied to overcome those problems & issues. For this purpose, a case study approach has been adopted to explain the phenomenon.

In this case study, Data Motors acquired JELL in mid 2008, Inch was bleeding with heavy losses before the acquisition, but now the firm has Mandates a speedy turnaround in its fortunes with both the brands generating significant profits. Through the findings of the case study with successful value reaction and in overcoming the issues concerned with the integration and the implementation phase, a generalization would be made for the potential Indian firms looking for cross border acquisition, in similar related business activities from various sectors.

. 2 Research Questions Based on these above aims, following research questions have been framed for the study. Deep insights to the study would be generated based on the feedback from the participants. 1 . What are key challenges and issues during the post-acquisition phase, affecting the value creation activity in M & A? 2. How do these elements affect the acquisition success? 3.

How can problems associated with these key elements be solved? 1. 3 Scope of Research various researchers have explored the M & A activity in different fields and markets.

However, limited research has been conducted in studying the key factors affecting the integration and implementation. This research intent’s to fill this existing gap in the current M & A literature. In this research, a value generation activity in similar related business entities would be examined, through creation of synergy in financial, operational and managerial activities.

The problems & issues during Integration & Implementation phase which the Indian firm ‘s could possibly encounter in achieving the synergy objectives, would be brought forward through a case study approach. . 4 Structure of the Dissertation 1 . The dissertation is divided into five different chapters. Chapter one has provided a short overview about the general topics discussed in the research. 2.

A critical literature review is presented in the chapter two, focusing on the recent literature In M & A field and the area of research, thereby facilitating in laying down of a strong inundation for the research findings and the discussion. 3. In chapter three, Research Methodologies will be examined, explaining why the case study method has been adopted and its significance for this research. . Chapter four provides findings and discussion of the research 5.

Chapter five provides a brief conclusions and limitations as well as recommendations for further research. Chapter Two – Literature Review 2. 1 Theoretical Framework rhea literature review in this chapter is divided in five parts. It starts with providing a brief overview about the general M & A strategies in chapter 2. 1 thereby moving to he growth of M & A activity in the Indian Economy in chapter 2.

2. Further, chapter 2. Provides a critical review about the nature of acquisitions activity, while chapter a o the synergy and creation to value in M & A The Tindal chapter 2 about the challenges and issues during the integration and implementation process, in the post-merger phase. 2. 2 General M & A strategies Firms do recognize that they can ‘t succeed without making mergers and acquisitions MM & A) in present business environment (Harding and Robot, 2004).

Growth through organic mode is slow and time consuming and at times proves costly for the acquiring firm.

So, M & A often act as a quick source for generating more value for the shareholders. Therefore, in current business environment where every firm Ants to gain more and more business, it is inevitable for firms but to look out for M A in order to achieve that. M & A is a strategically motivated decision used by firms and top management to seek additional and new advantages in order to succeed Shower, 1997). These firms seek new and additional advantages in the form of scares and innovative resources, access to new market, improve market share, achieve economies of scale, and increase in profits.

All these elements provide an opportunity to gain advantage in the highly competitive business environment.

Setting up a new subsidiary or a new venture is not only time consuming but also expensive for the firm ‘s. So, rather than setting up a whole new operation from the scratch, M & A provides a clear advantage over the rivals, when the firm plans to grow inorganically Inherent and Park, 1993). This apparently helps the acquiring firm to gain superior competitive advantage in a relatively short period of time.

The main motive behind M&A is to create synergy through combination of financial activities, operational activities and Managerial activities of both the firms, in order to generate value for the shareholder (Gold and Campbell, 1998). So here, although pre acquisition activity plays an important aspect in the overall acquisition process, it’s the Integration and Implementation phase where the main value for the acquirer is created from the synergy.

Therefore, it becomes highly important for the acquirer firm to consider the integration and implementation phase for potential synergy gains, before going ahead with the M & A activity.

During the last two decades, M & A activity has evolved to a high level in newly emerging economies of the world, such as India. 2. 3 Mergers and Acquisitions in India Historically, Indian Companies had a very limited presence in the cross border M & A during the sass’s and sass’s (Parkas, 2007). But, a sudden upsurge was seen in the cross border M activity during the second half of the 1990 ‘s, mainly due to the liberalizing of the Indian economy in 1991 (Parkas, 2007).

With this liberalizing policy, the Indian Government opened up the local market to the foreign companies, providing them a greater access to Invest and trade.

This liberalizing policy of the Indian economy led to an upsurge in the presence of foreign companies in the Indian market, which increased competition and forced the local companies to undergo structural changes. This process of structural changes strengthened the roots of the Indian industries and facilitated them in generating great amount of wealth from the domestic market.

Through this new found strength and the increase in purchasing power, the Indian companies started looking out for M&A in International market during the second half of sass’s in order to gain competitive advantage through tout of valuable resources and access to wider global market (Piranha and Abram, 2005). This interest of gaining competitive advantage led to the boom in M & A story in the Indian economy. Witt massive economic growth in the Indian economy since 1990 ‘s, it has brought about certain changes with the pattern of M & A activity.

From limited presence during sass’s with $166 million in M, it increased to $3 billion in 2000 (Business standard, 2007) and up to $50 billion in 2008 (Research and Markets, 2009).

This phenomenal increase has been mainly been due to the fact of high economic growth in the Indian economy. The domestic firms started looking for acquisitions in cross border market in order to restructure their business activity, Inch led to an explosion in the M. And this M & A activity, is expected to increase by many folds in near future due to rapid increase in the Indian economy and larger ambitions of firms ‘ to make a global presence.

In a study conducted by Boston Consulting Group (BCC, 2008) revealed that 20 companies out of the next 100 global challenging companies would emerge from India. So, this study highlights that the future for the Indian companies is favorable and they would be highly involved with he cross border M&A activity in order to diversify and expand their reach to become global giants.

However, the Indian firms face severe challenges & issues, due to high M & A failure rate. Although, there has been a phenomenon increase in the M & A activity, yet high numbers of M & A initiatives fail. . 4 Acquisitions often fail Majority of the studies argue, that M & A has proved to be harmful to the firm ‘s overall performance (Cartridge and Schoenberg, 2006). And to a large extent, it does prove to be damaging to the acquiring firm, with as many as 83% of the acquisitions ailing to create shareholder value (KEMP, 1999).

Very often, after the merger, acquiring firm experiences problems and issues in realizing synergy through operational, managerial and financial activity from where the value is generated for the shareholders, thus failing the overall acquisition motive.

In this regard, in a study conducted by Michael Jensen (1988), a financial economist, reflected that the acquiring firm experiences a drop in the average returns, tending to be potentially damaging to the firms health, whereas the target firm shareholders often earn above average or high premium returns. Simultaneously, research conducted by the others also bring out the same results, where the acquiring sees a sharp drop in their profits and the target firm enjoys a high premium due to the fierce competition among the rivals in order to buy the target firm.

Yet, increasingly the M & A activity has surged to new levels in the last two decades, due to potential benefits which exists from undertaking such an activity. Companies are motivated to carry cross border M & A in order to create more value for the shareholders. However, studies in this field reflects that cross border M & A as a value generation strategy is not clear ND decisive, very often producing mixed and inconclusive results at international level (Touch & O ‘Sullivan, 2007).

Here, at one end Marked & Dinner (1994) argues that the acquisition provides significant positive gains to the acquiring firm.

Whereas, at the other end Augural et al (1992) argues that acquisitions provide zero or negative returns to the acquiring firm. So, although major majority of the acquisition tends to be a failure, it can be argued that they do provide the acquirer with ample opportunity for value generation through successful pre-acquisition and post- acquisition strategies. It has can be often argued that the M & A at an international level is risky with failure rate being high in not delivering returns to shareholders due to inherent complexities which it includes.

However, few researches on this Indicate that it generates greater returns to the acquiring tell, when compared to acquisitions at a domestic level (Harris and Reverberant, 1991).

So, although questions are raised against the cross border acquisition, it can be a highly profitable strategy for the acquiring firm if executed in a successful manner, thereby generating positive exults and aiding to the long term health of the firm (Hit, et al. , 1998).

One such successful example is the case of General Electric ‘s, which has grown inorganically through M & A, transforming the company into one of the world ‘s leading companies in different sectors (Shaken et Al. , 1998). So, although M & A deals have high rate of failure, successful ones reap high profits and facilitate in achieving organizational objectives. However, care must be taken by the acquiring firm while undertaking cross border M & A, as the low success rate of M & A deals brings out a negative exult with large number of failures.

It is important to consider the synergy creation during the acquisition process, as it is through active realization of synergy in different areas from which the value generation processes takes place in both the firms. 2. 5 Synergy and Creation of Value through M & A M & A take place with a motive to achieve synergy from the transaction, in due anticipation of achieving economic gains from the merging of both the firms perspective & Maryanne, 1993). So, the M & A should only take place when it provides sufficient gains to the stakeholders of the firm.

As, the main objective of the firm during acquisitions is to gain extra return over and above earned before the acquisition through achieving synergy between the firms. However, often it has been argued that in a race to buy the target firm, the acquiring firm ignores the due diligence aspect and the potential areas for synergy benefits (Hacking and Himalaya, 2005), which often results in no value generation after the merger, as a result failing the overall objective of the acquisition.

Therefore, if no or limited value generates from undertaking the M & A activity, the firm must not indulge in the acquisition recess, in the greater interest of the shareholders. In M & A, synergy is created En the combined value of the firm exceeds the sum of the two individual firms Seth, 1990). This value is created through the combination of the resources between the two firms. If synergy benefit is achieved successfully, it is reflected through economic gains in the shareholder values of the acquiring firm. However, acquisition can be risky if high premium is paid to gain control of the firm.

The risk is apparent Ninth as much as two third of the M & A failing to achieve anticipated synergy benefits Cools et al, 2007). So, it can have negative long term impact on the health of the acquiring firm, if it fails to generate synergy between them. And, the potential reasons for this failure can be unsuccessful management, poor post-merger integration & implementation and a clear lack of strategies between the firms. This clearly indicates that the objectives of creating synergies are not easily achieved, very often failing the overall acquisition motive.

So, thorough research should be conducted by the acquiring firm to forecast the possibility of synergy creation from he M & A, else it holds limited or no value for the shareholder.

Hoffman (1998) argues that M & A allow smaller firms to gain superior competitive advantage through consolidation of firms. This facilitates acquiring firm to increase its presence through combination of critical elements necessary to generate synergy between them, thus potentially providing an upper edge against the rivals while competing in en global market.

To an extent, it does provide them the opportunity to compete against the rivals at a national and international level by leveraging the combined resources of the firms. However, the potential benefits from sharing of resources are not automatically realized, and very often synergy initiatives fail to meet the set targets (Gold and Campbell, 1998). Here, it becomes critical to know that the degree of success is directly related to the capability of the senior leaders and management team to realism synergy benefits through combination of resource capabilities and successful integration & implementation processes (Hayward, 2002).

So, although gains from synergy exist from a potential M & A, realizing that synergy is necessary in order to generate value for the shareholders.

In the history of M & A, across all industries and sectors studies have revealed that by and large acquisitions in which the firms from similar industries merge, tends to generate more synergy than the firms competing in unrelated businesses (Healy et al, 1997).

This is mainly due to the fact that the resources in firms from the similar industries tends to combine easily as against the firms from different sectors, hence creating more value to the shareholders through a healthy synergy of the complementary assets. The firm generates higher value through improved operational efficiencies, financial synergy ND managerial synergy from the combination of assets from both the firms (Gold and Campbell, 1998). Thus, merger across similar industries generates a competitive advantage for the firm against the rivals through an increase in overall efficiency and power.

However, it must be noted that mere existence of synergy benefits does not always results in financial benefits (Mahogany and Wind, 1988).

There are other key factors apart from the existence potential synergy, which facilitates in achieving those financial objectives. And, ignoring these factors can possibly result in loss of alee or failure of the overall acquisition. Although, pre-acquisition activity is utmost important activity, but it is the integration and implementation phase in M & A, where the synergy and thus the potential value for the shareholders are generated.

So, it becomes highly essential for the acquiring firm to closely monitor this phase of M & A, as any issues concerning this activity can potentially destroy the value generation process. 2.

6 Integration & Implementation in M & A In M & A, Integration and implementation phase has a strategic importance in the overall success of the acquisition. Shirtwaists (1986) found that one third of the acquisitions failed due to the integration problems, while hunt et al (1987) found that there is an 83 % correlation between a successful acquisition and implementation process.

So, the core value for the firm is generated during this phase of integration and implementation. A successful integration and Implementation can generate high level of synergy benefit and thus high level of shareholder value, whereas unsuccessful ones can completely destroy potential value. So, it becomes important for the firm to successfully execute the post-acquisition strategies.

However, increasingly firms fail to do so, with as much as 83% M & A failing to yield positive results (KEMP, 1999). 2. 6. Integration rhea importance of the post merger integration is now widely recognized as being an essential element in the overall success of the M & A (Child et al, 2001). Mergers are highly susceptible of being failure if not integrated with care and urgency (Haggles and Jimson, 1991).

If synergy benefits exist with the merger, it can only be harnessed properly Witt appropriate post-acquisition integration plan (Simpson, 2 becomes necessary on the part of the management to think critically while urinating integration strategies for the merger.

However, there are certain Challenges and issues which do come in to picture during the integration process, Inch needs to be uncovered in order to create competitive advantage for the acquiring firm. These integration problems can occur while creating operational synergies, financial synergies and managerial synergies. 2. 6. 2 Implementation Process This phase of implementation is highly crucial in the success of the merger Reverberant and Scorcher, 1987); as any problems during this phase can destroy the scope of potential synergy for the acquiring firm.

So, it is essential for the acquiring firm to carefully formulate and execute the implementation strategies. On implementation strategies, Nary (1993) argues that often acquirers go ahead with the buyout of the firms without giving any serious consideration to the implementation process, thereby potentially destroying the value which can be generated through synergy. And, to an extent this is true as reflected by the acquisition success rate of 83% from proper implementation strategies (Hunt et al, 1987).

So, it is important to think critically about it, as there is a high degree of direct relation between implementation success and overall M & A success ranging from 33% (Hunt et al, 1987) to 53% (Habeas et al, 2000). So, sufficient time should be spent on formulation and execution of implementation strategies.

Within the Integration and Implementation activity, several factors needs to be considered for a successful M&A. Potential Issues with these factors can affect the success of the M & A objectives. . 6. 3 Speed & Level of Integration A Number of consulting firms have published that the speed at which the acquired firm is integrated, plays a crucial role in the creation of value (Fajitas Consulting, 001; Proprietresses, 2000).

So, on the issue of speed, few researchers argue that the quicker Integration and implementation of the acquisition strategies is beneficial for the acquired firm, as it reduces the uncertainty and ambiguity among the members (Homburg & Bacterium, 2006).

However, Rant and Lord (2002) argue that slow integration process is also beneficial for the firms, as it facilitates to build a strong relationship with the employees in the both the firms; as they are ones who are likely to be affected the most during the merger process. Further developing on his issue, Bravado (1992) argues that the speed of the integration not only depends upon certain prevailing conditions but, also on the level of Cultural fit between the two firms. As, possible cultural clash between the firms may arise, which can possible create challenges with the whole integration process.

New findings suggest that issues due to extent of integration (Sexton and Dillinger, 2005) can also come forward. As, lower level of integration during the initial stages can facilitate in obtaining sufficient internal knowledge about the acquired firm, which later on, can be deeply integrated without any severe challenges.

So, while integrating the firms, it’s essential to consider about the extent and the speed at which the firms are integrated, else potential issues can be encountered. 2. 6. Managing the Change M & A is carried out in order to generate value for the shareholders. However, the ‘alee is not Just created Witt the completion to acquisition dormitories.

The whole process needs to be managed effectively right from the selection of an acquisition target until the integration and implementation phase in order to generate value out of the merger. For generating this value, it’s highly essential that the senior management of the acquiring firm gives high priority to the team managing the change process.

Often, it has been found that the success rate of the merger increases with an experienced management, which is competent in managing and executing the post-acquisition strategies (Shaken & Francis, 2000). However, the benefit from the merger is not realized from relatedness but is generated when the merger is successfully managed. Also, it has been found that the integration and Implementation is effectively realized if the management team has a prior local experience and knowledge about the national culture of the acquired firm (L’, 1995).

This relatively helps in reducing the complexities during the merger phase. Managing the integration and implementation process successfully is evident from the very fact that there is an 83% correlation between implementation and acquisition success ratio (hunt et al, 1987). So, an effective management of the post- acquisition phase is highly beneficial in order to create the value. 2. 6. 5 Top Management Turnover It is highly important to consider issues concerning the managerial area during the integration process.

The acquiring should take the top management of the acquired firm into confidence and work together with them. Often, it is argued that the senior management of the acquired firm should not be removed immediately in order to gain corporate control, as it can directly affect the performance of the acquiring firm after the merger (Canella and Humpback, 1993). Such a move can potentially be harmful for the acquiring firm, as it can create a brain drain situation in the acquired firm and thus affect the overall business activity in the firm.

However, simultaneously possibilities of the management being incompetent in operating the business activity may also exist, which otherwise may require a change. Also, Hassling and Jimson 1991) argue that after the acquisition, the management of the acquired firm is not given considerable amount of autonomy in the working of the firm. So, at times lack in autonomy can possibly demoralize the senior management & managers and result in loss of valuable assets for the firm due to increase in turnover.

Therefore, management in the both the firms should work together and make the acquisition a success through cooperation. In one study Krishna et al, (1997) found that performance and success in both the firms improved positively with greater cooperation and understanding between the management of the firms. . 6. 6 Cultural Issues During the integration process, it becomes highly essential for the acquiring firm to pay close attention to the cultural differences between the firms.

As Studies have revealed that failure to address cultural differences between the firms have been one of the main causes for acquisition failure (Mitchell and Holmes, 1996) in international M & A.

However, few studies have revealed that a positive relationship exists due to lack of cultural fit between the acquiring firms (Morning et al, 1998). So, it can be argued that the cultural fit is not the main cause of failure. So, these two contrasting news do raise questions whether the lack to cultural tit between the trims is a concern for the overall acquisition success or not.

However, if cultural issues exist, in such cases exposure to local experience (L’, 1995) can facilitate in addressing those concerns. It is important to think about the cultural aspects at times, as failure to address this cultural issues, can create a sense of wide spread panic and uncertainty among the members of the acquired firm, which potentially can result in an increase of employee turnover in the acquired firm. And with these increase in the employee remover, the firm tends to lose the opportunity to generate value, as employees are the most valuable assets which a firm can possibly have.

So, it becomes highly essential for the firm to address these cultural issues with care and any negligence on this area can result in failure of the acquisition objective. 2. 6. 7 Communicating the change process Often, it is found that the employees from the acquired firm feel stressed and tensed due to the fear of losing their Job during the merger process. And this fear is very much rationale as after the merger a wide scale restructuring is seen in the acquired rim in order to create value out of the acquisition. However, this is not always the case.

Often, the restructuring in the firms is done at different levels which do not create any concerns for the employees. So during such times, it becomes a prime duty of the acquiring firm to properly communicate with the employees of Just not Ninth the acquired firms but also with their own, in order to create an environment of peace and reduction in ambiguity (Napier et al. , 1989). Lack of information here may cause problems and issues concerning poor motivation, rumors of mass layoff and neural discontent among the employees during the integration process (Mitchell and Holmes, 1996).

So, looking after these concerns, the firm should take appropriate measures in order to properly channeling the communication process effectively and efficiently, so that it does not impact the performance of the firm.

Summary From the literature review, it can be seen that high numbers of M & A fails, due to lack of success with the key factors as mentioned above. Success with these factors is highly essential in order to create value from the acquisition. Failure to overcome Ninth either of the factors can disturb the value creation process and possibly fail the Manhole acquisition.

So, appropriate strategies needs to be framed in order to achieve success with all these factors. Indian firms which have limited exposure to cross border M & A, are potentially subject to higher failure rate. So, critical attention needs to be given in overcoming these inherent challenges during the post- acquisition process.

Chapter Three – Methodology This chapter describes about the proposed methodology adopted for the research. rhea chapter 3. 1 introduces with the method approached for the research, while Chapter 3. 2 provides a detail explanation about the case utilized.

The Chapter 3.

3 & 3. 4 talks about the research design and research sample. Access, participation & data collection method along with ethical issues and limitations have been examined in chapter 3. 5, 3. 6 & 3.

7, thereby providing a strong base for the research findings. 3. 1 Case Study Method rhea Choice of the research method employed largely depends upon the research problems and issues concerned in the study. Morgan and Smirch (1980) here argue that the application of a certain research method depends upon the nature of the