Applied Business Research Decision Making Methods

Question: Discuss about the Applied Business Research Decision Making Methods. Answer: Introduction: A number of relevant and effective studies have been conducted on the issuer of customer satisfaction and its effete on the profitability and productivity of an organization. As mentioned by Medjoudj et al. (2013), by reducing product or service complaints lead to greater customer loyally, which in turn leads to improved productivity by lowering the cost of making future transactions, favorable word of mouth and perhaps even a price premium. On the other hand, positive word of mouth and customer recommendations typically bring new customers to the brand (Sorescu Sorescu, 2016). Thus, as discussed by Oliver (2014), by lowing the organizational cost, collecting new customers and retaining the old ones customer satisfaction helps in increased level of profit count to an organization. As per the findings of the literature review, it can be stated that the marketers have focused on the issue of customer satisfaction at very early ages of business. As mentioned by Singh et al. (2016), pro fitability is directly concerned with customer satisfaction, as it is the way of retaining the customers and attracting new customer to the brand. Hence, by researching the case of Dick Smith, it will be possible to identify how empirically customer satisfaction induces organizational profit. Being an online retailer Dick Smith has faced issues with its profitability in 2016 (Dick Smith. com). A number of factors were identified as the cause of this financial collapse. Reduced customer satisfaction was one among them. Being an online marketer it is important for them to provide the highest level of satisfaction, as the connection with the customers is limited (Ennew et al. 2015). Hence, by investigating the issue of this company and their way of improving customer satisfaction will provide a broad idea about the selected topic. With the research questions, it will be easy to identify how the psyche of the customers can be altered in favor of a certain brand. It will be easier in generalizing the idea by researching on a singular brand. Moreover, the answers of the research questions will explore the pattern of organizational benefit can be achieved by improved customer satisfaction. As mentioned earlier, for increasing productivity and profitability, customer satisfaction is important for the organizations (Singh et al. 2016). Hence, the research question will provide an improved insight into the interrelation between customer satisfaction and increased profitability. Project implications: The research findings will be helpful for the business and research purposes. The companies, which are facing issues with customer satisfaction and consequent decreased level of profitability and productivity, will be assisted with ideas for improving the level of customer satisfaction. Moreover, the research findings will be helpful for the organizations in providing an insight into the causes of decreased level of customer satisfaction and profitability. In the case of the academic students, the research results will be helpful in providing a clear understanding of the relationship patterns between customer satisfaction, organizational productivity and increased profit count. The research findings will be available to the researchers college and the company Dick Smith. The interested parties need to obtain permission for consulting with the research paper. The research result will be helpful for the organizations for improving their profit count, reducing organizational cost and increased productivity. With the help of the research result, this group of the marketers mainly Dick Smith, will be helped in improving the organizational management and achieving the desired level of organizational profit. On the other hand, the group of students will be able to get a clear idea about the co-relation between customer satisfaction and organizational profit. Last but not the least, the group of the future researchers will also be helped by the research result, as it will be helpful for identifying the scope of further research on this particular topic as well as, for executing an extensive literature review for a certain research. Ethical approval: For the completion of this research, the approval of the Waiariki Research Committee will be obtained. Moreover, the committee provided Informed Consent guidelines of Waiariki Institute of technology will also be maintained. As the research will involve respondents, Informed Consent will be obtained. Moreover, the research result will not be disclosed to any parties not related to the research according to General Data Protection Regulation, 2016 (De Hert Papakonstantinou, 2012). All the data will be obtained by informing the respondents about the research objectives and no one not related to the topic will be engaged (zcan BalcÄÂ ±, 2016). Moreover, no data will be collected by coercing the respondents for reply and no respondents will be physically involved in the survey execution. Gantt chart: Tasks Time line Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9 Week 10 Week 11 Week 12 Week13 Selection of the topic Literature review Data collection Data analysis Data interpretation Presentation of the research findings Figure: Gannt chart Source: created by the author References: Medjoudj, R., Aissani, D., Haim, K. D. (2013). Power customer satisfaction and profitability analysis using multi-criteria decision making methods.International Journal of Electrical Power Energy Systems,45(1), 331-339. Oliver, R. L. (2014).Satisfaction: A behavioral perspective on the consumer. Routledge. Singh, H., Al-Amin, A. Q., Baroto, M. B., Jamil, R., Pazyar, M. (2016). Employee Job Satisfaction, Customer Satisfaction and Profitability in 5-Star Hotels in Kuala Lumpur.Advanced Science Letters,22(5-6), 1489-1492. Sorescu, A., Sorescu, S. M. (2016). Customer Satisfaction and Long-Term Stock Returns.Journal of Marketing,80(5), 110-115. Ennew, C. T., Binks, M. R., Chiplin, B. (2015). Customer Satisfaction and Customer Retention: An Examination of Small Businesses and Their Banks in the UK. InProceedings of the 1994 Academy of Marketing Science (AMS) Annual Conference(pp. 188-192). Springer International Publishing. zcan, M., BalcÄÂ ±, Y. (2016). Academicians Views on Research and the Ethics of Publication. De Hert, P., Papakonstantinou, V. (2012). The proposed data protection Regulation replacing Directive 95/46/EC: A sound system for the protection of individuals.Computer Law Security Review,28(2), 130-142. Dick Smith. Com (2016). Dick Smith | The Best in Tech at Amazing Prices. Dicksmith Australia. Retrieved 5 November 2016, from https://www.dicksmith.com.