Best Practices in Business Research Methods

This report discusses the best practices in business research methods and their importance in resolving issues of low profit and low sales. It explores the concept of low profit and low sales, the best practices in research methods, and the theories and approaches that can be adopted. The report concludes that adopting best research practices can help in resolving issues.

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Executive Summary
The following report strives to discuss about the inculcation of best practices in the
business research methods and ideas. This report indulges into a concrete analysis
of the various best practices that need to be inculcated to resolve issues. The report
also takes into consideration the various organizations facing the challenge of
addressing and reducing the idea of low profit and low sales. The following
literature review assess the available literature and provides information about the
facts that the best practice in business research and trends include the practices of
inculcating proper research designs, inculcation of proper approach. The research
concludes that the adoption of best research practices can help in resolution of
issues.

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Table of Contents
Introduction......................................................................................................................................4
Company Overview.....................................................................................................................4
Literature Review............................................................................................................................5
Concept of Low Profit and Low Sales.........................................................................................5
Concept of Best Practices in Research Methods.........................................................................6
Research Theories........................................................................................................................8
Conclusion.......................................................................................................................................8
References......................................................................................................................................10

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Introduction
Aiming to generate a comprehensive view about the aspect of low sales and low profit.
The report will also endeavor to delve deeper into the myriad nuances of low sales and low profit
of various companies. The following report will argue for the fact that it is quite important to
adopt the best practices and trends in business research to address the management problem of
addressing and erasing the cases of low profit and low sales. The following literature review will
also endeavor to establish the fact that in the case of business research, it is quite important to
adopt the best practices to arrive at proper conclusions of problems and questions. The literature
review will serve to highlight about the research methods and areas through which the problem
of low profit and low sales can be resolved. After the literature review the following paragraphs
will also throw light on the research philosophy and other areas.
Literature Review
Concept of Low Profit and Low Sales
Recent studies are emblematic of the fact that the idea of low profit and low sales are the
problems that have impeded the progress of various companies. Studies reveal that a low profit
margin means that the average margin of profit is reduced within specific businesses (Pearson et
al., 2015). In addition to this, it is also seen that lower profit margin is inversely proportional to
the idea of reducing the selling price. Studies have also revealed that in certain cases the
reduction of selling price helps in the generation of higher customer base and loyalty of the
required customers. However, low profit margin reduces the possibility of lowering the sales
price for the customers. It is also seen that a lower profit margin reduces the operational
efficiency.

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The Markov Decision Process strives to arrive at concrete decisions by taking into consideration
the mathematical framework (Dick, Gyorgy & Szepesvari, 2014). In order to solve the problem
of low profit and low sales, the business researchers need to analyze the data and results
following a mathematical framework.
Many companies are facing the challenge of low profit and low sales. Studies also reveal
that business enterprises such as transportation and related areas face the challenge of low prpofit
and low sales due to innumerable fluctuations. In addition to this, ventures based on agricultural
enterprises also faces the challenge of collating the low profit and low sales (Crépon et al.,
2015). A closer look at the available resources will unearth that the reason for the increase in low
profit and low sales is based on the increase in the overhead expenses of the business enterprises.
Needless to say, this is a surging problem that needs to be addressed through proper business
research.
Concept of Best Practices in Research Methods
Research methods can be defined as the methods that are employed in the various
processes of conducting the research in a concrete manner. There are many research methods
that are available for the purpose of business research (Business.qld.gov.au, 2019). The chief
constituent of business research method is the process of collection of data. The best research
methods start from the correct collection of data by following the secondary research methods.
The research based on the secondary resources can assist in understanding the perspectives of the
previous researchers.
The best practices in business research point towards the collection of data through a
thorough reading and analysis of the available secondary resources such as articles, databases,
journals and government sources (Dunn, Arslanian-Engoren, DeKoekkoek, Jadack, & Scott,

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2015). Given the topic, the research have tried to encompass the research based on the secondary
resources. The available secondary resources had assisted in acquiring relevant conceptions and
in gauging the various theories and strategies related to the occurring, causes and erasure of the
cases of low profit and low sales. The secondary method of data collection helps in the
acquirement of the various statistical figures in relation to the best practices in relation to
business research (Connelly, R., Gayle, V., & Lambert, 2016).
In addition to this, the best practices of business research consists of the idea of basing
the research on the concrete philosophy. Framing a concrete research philosophy helps in
establishing a concrete foundation for the business researches (O'Gorman & MacIntosh, 2014).
In the above-mentioned scenario, the research philosophy of intrepretivism can assist in
gathering the objective and subjective data about the various strategies that can assist in
understanding and devising ways to reduce the cases of low profit and low sales. The best
practice of interpretivism can help in interpreting the available data and facts. In addition to this,
the philosophy of interpretivism is justified because as against the philosophy of positivism, the
philosophy of interpretivism concentrates attention on the fact that the notions of reality and truth
are subjective and the idea that reality also exists on the realm of the internal (Khan, 2014). The
best practice of the philosophy of interpretivism have assisted in the development of relevant
ideas that are tested and justified.
The best practices in business research point towards the inculcation of the proper data
analysis method by adopting the process of data cleansing and segregation. It can be said that
this is an important aspect that has been discovered by the studies. After acquiring the secondary
data, the collected secondary data had been segregated to relate the relevant sources to the topic
of the reduction of the aspect of low profit and low sales to accentuate the performance of the

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business enterprises. The best practice of business research also consists of the idea of
implementing data analysis of the acquired secondary data by analyzing the available data. Data
analysis of secondary data encompasses the process of content analysis (Walliman, 2017).
However, it can be said that the analysis of secondary data can also be done by employing the
method of segregation. By analyzing the content that is available from the secondary sources
such as articles and journals, business research practices can arrive at proper results. In addition
to this, recent studies also reveal that the best practice in secondary data analysis also
encompasses the idea of employing proper methods of decoding and converting them into
concrete figures or results. In addition to this, correct secondary data analysis demands the
inculcation of methods of data analysis through gauging the authenticity of the acquired sources.
Further, recent studies also reveal that the correct and best practice of business research
consists of the idea of adopting a proper research approach. Research approach is defined as the
approach that is used while conducting the process of research. Selecting a proper and relevant
research approach can help in the implementing the best practices. Given the topic, the given
research had inculcated the approach of deductive approach. The deductive approach helps in the
deducing the available ideas to form a hypothesis from acute observations and to relate the
conclusion of the research (Rahi, 2017). In addition to this, the best practices in business research
also encompasses the notion of selecting a coherent research design. Research design can be
defined as the overall process that is involved in the process of conducting research
(Libguides.usc.edu, 2019). The research design of descriptive research design helps in the
analysis of the problem following a descriptive manner. This practice enables the researcher to
indulge in an in-depth analysis of the mentioned problem and the possible resolutions. However,
it can be said that the other designs such as exploratory designs also assist in the research

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process. Given the research topic and the supposed solutions, it is important to inculcate the
descriptive research design that can help in arriving at solutions.
Research Theories
Many theories related to the processes of research in business. The theoretical stance
serves to elaborate the various aspects of research. It is essential to build a research theory to
arrive at proper conclusions. The research theory helps in building a clear foundation for the
concrete research.
Conclusion
After analyzing the above-discussed ideas, it can be mentioned that the best practices in
the field of research can be implemented in a proper manner. In conclusion, it can also be said
that the above-mentioned findings can be applied in the future proposal research. The above-
mentioned research findings will help in reducing the risks associated with the process of
research. It can also be concluded that the identified best practices can aid the research process.
In conclusion, it can also be said that the best practices and methods in research has helped in
understanding the causes, consequences and the measures to be adopted to reduce the cases of
low profit and low sales.

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References
Business.qld.gov.au. (2019). Market research | Business Queensland. Retrieved from
https://www.business.qld.gov.au/starting-business/planning/market-customer-research/
basics
Connelly, R., Gayle, V., & Lambert, P. S. (2016). Statistical modelling of key variables in social
survey data analysis. Methodological Innovations, 9, 2059799116638002. DOI:
10.1177/2059799116638002
Crépon, B., Devoto, F., Duflo, E., & Parienté, W. (2015). Estimating the impact of microcredit
on those who take it up: Evidence from a randomized experiment in Morocco. American
Economic Journal: Applied Economics, 7(1), 123-50.
Dick, T., Gyorgy, A., & Szepesvari, C. (2014, January). Online learning in Markov decision
processes with changing cost sequences. In International Conference on Machine
Learning(pp. 512-520).
Dunn, S. L., Arslanian-Engoren, C., DeKoekkoek, T., Jadack, R., & Scott, L. D. (2015).
Secondary data analysis as an efficient and effective approach to nursing
research. Western journal of nursing research, 37(10), 1295-1307. DOI: DOI:
10.1177/0193945915570042
Home | Atrium on Elliott. (2019). Atrium | Puti Info. Retrieved from
https://www.atriumonelliott.co.nz/puti-info
Khan, S. N. (2014). Qualitative research method: Grounded theory. International Journal of
Business and Management, 9(11), 224. DOI: http://dx.doi.org/10.5539/ijbm.v9n11p224

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Libguides.usc.edu. (2019). Research Guides: Organizing Your Social Sciences Research Paper:
Types of Research Designs. Retrieved from
http://libguides.usc.edu/writingguide/researchdesigns
O'Gorman, K. D., & MacIntosh, R. (2014). Research methods for business and management.
Goodfellow Publishers Limited.
Pearson, J., O'Connell, J.F., Pitfield, D. and Ryley, T., 2015. The strategic capability of Asian
network airlines to compete with low-cost carriers. Journal of air transport
management, 47, pp.1-10.
Rahi, S. (2017). Research design and methods: A systematic review of research paradigms,
sampling issues and instruments development. International Journal of Economics &
Management Sciences, 6(2), 1-5.DOI: 10.4172/2162-6359.1000403
Walliman, N. (2017). Research methods: The basics. Routledge.