7BUS2002- 0901-2022 Research Business Methods
7BUS2002- 0901-2022 Research Business Methods
1. Introduction
1.1 Research Background
The impact of the global economy helps to decrease the overall costs of every industry and provides help to every company to provide products at low prices. The proper globalisation process of every biopharma industry helps to increase the economic scale and provides an integration process to the global economy (Ahmad and Khan, 2019). In terms of the slowdown of the growth of the global economy in the UK market, the pharmaceutical organisation “GlaxoSmithKline” got very much hampered and the growth of this company decreased.
According to the above figure, the overall revenue of this GSK company in the UK market has got increased by around “29.3 billion British pounds” in the year 2022. The development in the economic growth of this organisation helps to increase the financial services and develop the capital flow of this company (Lambert et al. 2020). This process includes the development of the products and helps to improve the international relationship with all foreign markets.
1.2 Aims and Objectives
Aim
The main aim of this research study is to “investigate the positive and negative impacts of the economic growth of the GlaxoSmithKline organisation and suggestions to mitigate all the issues of this industry”. In terms of meeting the aim of this research study, effective objectives have been created in the following section.
Objectives
- To identify the positive impact of economic slowdown on the growth of GSK
- To investigate the negative impacts of economic slowdown on the growth of GSK
- To assess the possible problems the company can face in an economic slowdown
- To suggest solutions to recover growth after facing an economic slowdown
1.3 Research Rationale
The main issue of this global economic process is the chance of climate change, supply chain issues and so on. Other issues of this process are the chance of a natural disaster and the lack of technologies that can able to reduce the profit level of this organisation. This process refers to issues due to the reason, this process can not able to provide proper development to the organisation (Kumar et al. 2019). This global economy is an issue nowadays, due to the reason of, lack of qualified members who are present in this organisation to give good growth in the business. Moreover, this study sheds light on the good as well as bad impacts of the process of a global economy based on the organisation GSK in the UK country.
1.4 Significance of Research
This research study has a high significance on the development of the global economic process based on the organisation GSK. The main importance of this research is to know the proper impacts of this global economy on the development of this organisation in terms of reducing all the possible challenges from the business (Årdal et al. 2020). Moreover, this research study aims to create many effective processes to develop a good business environment for all the individual people in the UK market.
2. Literature Review
2.1 Positive impacts of the economic slowdown on the growth of GSK
High economical growth refers to the part of the increases meant in the profitability of the organisation and helps to provide all the managers more time spending process for this research. According to the opinion of, Shang et al. (2021), this process also helps in the leading process of technological breakthroughs in terms of giving a proper improvement in the medicines and green technologies for this industry.
As per the above figure, sustained economic growth can able to increase the confidence level as well as helps to mitigate all the possible risks from the improvement of the organisation.
2.2 Negative impacts of the economic slowdown
The negative impacts of this economic slowdown refer to the process of lack of possible inflation in terms of reduction of all the growth. As stated by, Demirgüç-Kunt et al. (2020), moreover, this process temporarily provides reduction of all the profit level of the organisation. The natural disaster and decrement in income levels can able to create many issues in the proper growth of the economy.
According to the above figure, there are many challenges and negative impacts which are present in the organisation in terms of maintaining all essential factors for business development.
2.3 Challenges Faced by the Company
The challenges which are faced by the company can able to reduce the profit level of the business and decrease the overall growth of the organisation in the UK market. As per the opinion of, Pirali et al. (2019), the issues of the global economy can able to reduce the profit level of the organisation and reduce all the development of the entire company in the UK market. Global economics can able to increase the overall revenues of the business in respect to reducing all the potential success factors of the business.
2.4 Possible solutions to reduce all the issues
The managers of this organisation GSK need to take some effective technology to reduce all the issues of this company. As per the opinion of, Chen et al. (2021), need to develop the quality of the products which are provided to them and need to develop good market research for the successful conduction of this research.
According to the above figure, with the help the effective strategies the overall reduction of all the issues can be able to solve by the managers of this organisation in the UK.
2.6 Theoretical Framework
Transaction cost theory
The use of this theory helps to optimize the organisational structure to achieve all the goals of the business and to minimise all the extra costs of the organisation. This theory helps all the procedures of the development of the growth in terms of minimizing all the costs of the company and to increase the customer level of the firm (Thakur-Wernz et al. 2020). This process helps to return all the company resources in addition to collecting all the essential factors for the enhancement of the Uk organisation.
According to the above figure, the important factors of this theory help to achieve all the success factors of the business and increase the development of the business.
2.7 Literature Gap
This research study has faced several challenges in terms of the proper development of the pharmaceutical industry. Many issues are faced by the research participants in terms of lack of proper timer for this research as well as lack of proper availability of all the information. On the other hand, the pharmaceutical industries are facing many challenges in the proper development of the business. The research participants face many issues in the proper conduction of this research process as there is a lack of proper information which is present in the full conduction of this research.
3. Methodology
3.1 Research Philosophy
The researchers will be going to choose “positivism philosophy” for the successful conduction of this research study. The main advantage of using this philosophy is this process helps all the research participants to cover a wide range of information in a short time period (Flaherty, 2020). In terms of using this philosophy, the research participants also have to face issues in terms of the collection of experience of knowledge.
Based on the above figure, among the three main philosophies, the research participants will choose this particular philosophy, as this helps to provide proper information about the research study.
3.2 Research Approach
Among the three effective research approaches, the research participants will be going to choose the “deductive research approach” for the successful construction of this study.
The use of this research approach helps to provide more opportunities for all the managers to expand the research and it helps to measure all the ideas for development of the economic growth (Knight et al. 2022). The use of this approach helps to provide all the legal proof of this process and helps in problem-solving skills. The researchers will be able to get all the benefits of this research study for the use of this research approach process.
3.3 Research Design
Based on the above figure, among all the important research designs, the research participants will be going to choose the “descriptive research design” for the successful result of this study. This process helps to provide all the researchers to allow all the descriptions of the distribution process to get good advantages of the business (Wang et al. 2020). This process helps to create good relationships with the more variable resources with the help of the casual hypothesis. The researchers will be able to get all the advantages of this process with the help of these research approaches.
3.4 Data Collection and Analysis Technique
The “Secondary quantitative data collection” method will be going to use by the research participants for getting successful results in the research study.
According to the above figure, the researchers will choose the secondary quantitative method to collect all the essential information from the inline articles and journals. This secondary data collection process helps all the researchers to save time, money and energy as well (Pastorino et al. 2019). This secondary process helps to gather all the appropriate research information, which will be able to give good advantages to all the researchers.
3.5 Ethical Consideration
Research ethics has the most significant role in terms of the proper conduction of overall the research study. In the case of, the secondary qualitative data collection process, all the authentic resources, and information from the authentic websites will be maintained by the researchers to get good results in the organisation. In terms of maintaining all the ethics of the research, the researchers maintained the “Data Protection Act” (Legislation.gov.uk, 2018). All the information which is used in this study is totally authentic and any information is not used by the researchers for their own benefit.
3.6 Research Timeline
4. Expected Outcomes
The growth of economics in terms of proper enhancement of the business is very essential for the growth of the business in the UK market. This process helps to analyse the maximisation process of all the extra costs and provides all the extra benefits for the healthcare industries (Lambert et al. 2020). The impacts of this economics help to overcome all the challenges which occur in the proper development of the business in the UK healthcare sectors.
Additionally, this process also gives many negative impacts on the proper development of the business as this process includes many negative impacts. Effective technologies help all the employees of this organisation to increase the motivation level of the work process to get good success in the research study (Ahmad and Khan, 2019). With the help of the successful theory, the research participants can able to achieve all the potential success of this study.
References
Journals
Chen, R.J., Lu, M.Y., Chen, T.Y., Williamson, D.F. and Mahmood, F., (2021). Synthetic data in machine learning for medicine and healthcare. Nature Biomedical Engineering, 5(6), pp.493-497.
Cuypers, Ilya and Hennart, Jean-François and Silverman, Brian and Ertug, Gokhan. (2020). Transaction Cost Theory: Past Progress, Current Challenges, and Suggestions for the Future. Academy of Management Annals. 15. 10.5465/annals.2019.0051.
Demirgüç-Kunt, A., Lokshin, M. and Torre, I., (2020). The sooner, the better: The early economic impact of non-pharmaceutical interventions during the COVID-19 pandemic. World Bank Policy Research Working Paper, (9257).
Flaherty, R., (2020). Benefits of quantitative and doctrinal methodological approaches to fan studies research. Transformative Works and Cultures, 33.
Knight, G., Chidlow, A. and Minbaeva, D., (2022). Methodological fit for empirical research in international business: A contingency framework. Journal of International Business Studies, pp.1-14.
Kumar, A., Zavadskas, E.K., Mangla, S.K., Agrawal, V., Sharma, K. and Gupta, D., (2019). When risks need attention: adoption of green supply chain initiatives in the pharmaceutical industry. International Journal of Production Research, 57(11), pp.3554-3576.
Lambert, H., Gupte, J., Fletcher, H., Hammond, L., Lowe, N., Pelling, M., Raina, N., Shahid, T. and Shanks, K., (2020). COVID-19 as a global challenge: towards an inclusive and sustainable future. The Lancet Planetary Health, 4(8), pp.e312-e314.
Matuzeviciute, Kristina and Butkus, Mindaugas. (2019). Remittances, Development Level, and Long-Run Economic Growth. Economies. 4. 28. 10.3390/economies4040028.
Pastorino, R., De Vito, C., Migliara, G., Glocker, K., Binenbaum, I., Ricciardi, W. and Boccia, S., (2019). Benefits and challenges of Big Data in healthcare: an overview of the European initiatives. European journal of public health, 29(Supplement_3), pp.23-27.
Pirali, T., Serafini, M., Cargnin, S. and Genazzani, A.A., (2019). Applications of deuterium in medicinal chemistry. Journal of medicinal chemistry, 62(11), pp.5276-5297.
Shang, Y., Li, H. and Zhang, R., (2021). Effects of pandemic outbreak on economies: evidence from business history context. Frontiers in Public Health, 9, p.632043.
Thakur-Wernz, P., Bruyaka, O. and Contractor, F., (2020). Antecedents and relative performance of sourcing choices for new product development projects. Technovation, 90, p.102097.
Wang, W., Wu, Q., Yang, J., Dong, K., Chen, X., Bai, X., Chen, X., Chen, Z., Viboud, C., Ajelli, M. and Yu, H., (2020). Global, regional, and national estimates of target population sizes for covid-19 vaccination: descriptive study. bmj, 371.
Website
Legislation.gov.uk, (2018). Data Protection Act 2018. Available at: https://www.legislation.gov.uk/ukpga/2018/12/contents/enacted [Accessed on: 29/04/2023]
Statista, (2023). GSK’s revenue from 2006 to 2022. Available at: https://www.statista.com/statistics/266297/glaxosmithkline-revenue-since-2006/ [Accessed on: 29/04/2023]
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