It is essential to adopt the effective strategic management techniques in order to sustain the business in the current competitive market. In this regards, the implementation of the ethical business practices is considered as one of the pivotal elements of the strategic management techniques and indirectly affects the sustainability status of the business enterprises. Ethical business activities are essential for all type of business firms starting from small scale industries to the large industries with global spread. The imperative feature of ethical practice can be viewed by the fact that any corrupt or unethical activity performed by the employee of a company causes high damage to reputation of the business firm (Mellahi and Frynas, 2015).
The most appropriate way to implement the ethical practice is to actively invest in the corporate social responsibilities techniques (CSR). Execution of the CSR techniques is not about only improving the ethical practice in the business firm but also to maintain loyalty and satisfaction towards the customers. Thus, the researcher has chosen the topic of the current research work as “Importance of the business ethical practice in the sustainability of the business firm.” The research study will also explain the major consequences of not implementing ethical practices in the organisation (Lee, Park and Lee, 2013).
The research questions would help the researcher to provide a framework which needs to be followed at the time of literature review for the collection of the requisite data and information. There are some essential questions related to the research study work are as listed below:
- What are the enabling factors for the adoption of ethical business practices in the business firm?
- What are the relation between the ethical practice execution and the sustainability of the firm in the global market?
- What are the adverse effects of not following the ethical business practices in the business enterprises?
Research Methodology and Techniques
It has been found from various research studies that the selection of appropriate research methodology will cause an accurate outcome and lesser expenditure in regards to the time, capital, efforts etc. Research methodology is a set of methods, or techniques adopted in order to conduct the research work in the process of collecting data from many sources and using various analysis techniques to examine the collected data and finally expressing them into useful forms (Hillier, 2006). The various aspects of research methodology that are involved in the research process are as follows (Flick, 2015).
- Research Design
- Research Approach
- Research Philosophy
Research design provides a suitable path to collect the requisite data set or information needed for the research work. The researcher will use the exploratory research design for the current research work. The main objective for selecting this research design is the nature of the research topic, since the researcher wants to collect data by investigating the various issues and factors related to the business ethical practice in detailed manner and the exploratory research design provide the data by the same manner (Taylor, Bogdan and DeVault, 2015).
The researcher will follow the inductive research approach to collect the significant information and data from the bulk of collected data and then examine it in well specified manner to determine the best possible outcomes of the research questions (Hillier, 2006).
It is required for the research work that the factors must be based on the experience or real facts of the business ethics practice. Hence, the researcher will implement the positivism philosophy, because this research philosophy will provide the aspects and data related to the actual scenario and conditions (Eriksson and Kovalainen, 2015).
Research Process Steps
Research process provides a synchronic sequence of steps that must be followed for the research work (Flick, 2015).
- To understand the research topic and their issues in detailed manner
- Creation of central research questions based on the research topic
- Literature review will also be conducted based on the previous research work so that the researcher can distinguish the outcomes of previous research work with the current research work
- Selection of suitable research methodologies based on the requirement of the research topic and related problem
- Selection of methods and techniques for data collection and analysis
- Processing of the collected information and data and presenting the respective findings in terms of tables, graphs and charts in MS excel
- Final step is to conclude the imperative findings, factors on the basis of the outcomes of the research work and preparation of the final report
- This report and outcomes will prepare a ground for further research work.
Data Collection and Analysis
In order to collect the primary data the researcher will select the survey method and also unstructured interview for certain sample.. The targeted sample population is 10 managers and 5 senior managers along with the 30 employees and 5 retired managers of the selected frim. Thus, the sample size will be 50. The sample population would have experience and strong perception related to the research questions. The survey will be conducted by offline mode based on the questionnaire formed by the researcher in regards to the research questions and research issues. Interview would be conducted for 10 employees and would be of unstructured nature so as to bring out exhaustive information with regards to popular perception. Secondary data from the journals and article will be obtained by the researcher. In this particular emphasis would be laid on various cases where the firms did not follow the ethical practices.
Analysis of Data
The research will have several responses from the primary data. There would be some common responses and some different response. Thus, the number of variables will be obtained by the researcher based on the type of response received. The mixed procedure (combination of qualitative and quantitative) will be selected by the researcher to analyse the data. The quantitative technique will examine the outcomes of the conducted survey (Hillier, 2006). The various factors and findings of the literature review or secondary data along with the findings in the interview will be analysed in detailed manner by qualitative techniques of data analysis. The final outcome will be expressed based on the mathematical modal and would be defined in terms of relevant statistical techniques (Eriksson and Kovalainen, 2015).
Possible Research Outcomes
From the above research study, the researcher will able to determine the various factors related to the business ethical practice in the business firm to sustain in market and the crucial aspects which will affect the implementation of suitable method of ethical practices in the firm. The necessary recommendations will pave way for further research work. These essential finding will provide a detailed set of features for the ethical practice that must be adopted by the business firm to enhance its market position and sustainability.
Eriksson, P.and Kovalainen, A. (2015), Quantitative methods in business research, London: Sage Publications
Flick, U, (2015), Introducing research methodology: A beginner's guide to doing a research project, New York: Sage Publications
Hillier, F. (2006), Introduction to Operations Research, New York: McGraw Hill Publications
Mellahi, K. and Frynas, G. (2015). Global strategic management. London: Oxford University Press.
Lee, E.M., Park, S.Y. and Lee, H.J. (2013). Employee perception of CSR activities: Its antecedents and consequences. Journal of business research, 66(10),1716-1724.
Taylor, S.J., Bogdan, R. and DeVault, M. (2015), Introduction to qualitative research methods: A guidebook and resource, New York: John Wiley & Sons