Business Decision Making

BUSINESS DECISION-
MAKING

Table of Contents
INTRODUCTION................................................................................................................................3
TASK 1..............................................................................................................................................3
1.1 Plan for the collection of primary and secondary data.........................................................3
1.2 Survey methodology and sampling frame.............................................................................4
1.3Designing a questionnaire to carry out the survey................................................................4
TASK 2..............................................................................................................................................6
2.1 Creating information by summarizing the raw data in spreadsheet.....................................6
2.2 Analyzing the results to aid in solid decision-making with regards to the market...............7
2.3 Analysis of the data using measurement of dispersion to develop the new tour................8
2.4 Explaining the use of quartile, percentile and correlation coefficient..................................9
TASK 3............................................................................................................................................10
3.1 Graphical presentation and charts......................................................................................10
3.2 Create a trend line in spreadsheet and its use to forecast demand for 2017 & 2018........11
3.3 Preparing a business presentation based on your analysis.................................................12
3.4 Produce a formal business report for the proposed new product development initiatives
...................................................................................................................................................12
TASK 4............................................................................................................................................13
4.1 Use of appropriate information processing tools...............................................................13
4.2 Preparation of a project plan using appropriate software..................................................14
4.3 Use of financial tools to take viable investment decisions.................................................14
CONCLUSION.................................................................................................................................15
REFERENCES...................................................................................................................................17

INTRODUCTION
In the competitive corporate scenario, businesses success is greatly depends upon the
solid, rationalized and effective quality of business decisions. Before making any decision,
managers are responsible to search out all the possible solutions and analyze each & every
alternative to select the best course of alternatives or actions to combat hurdles and fuel growth.
The thrust of the current research is to investigate the effectiveness of business decisions in the
growth of a leading tour operator, TUI Group. It is a multinational tour operator which design
luxurious tours for providing the best leisure services, accommodation, hotels, airlines, cruises &
others for giving the best holiday experience to the visitors. It has gained a strong brand
popularity in the market by delivering the exceptional quality offerings to the visitors and
currently, it is looking to introduce a new tour package for attracting crowd audience. Thus, the
report will gather data by surveying 90 customers and other secondary source. However, analysis
will be made by employing statistical tools & techniques like central tendency, dispersion &
correlation-coefficient.
TASK 1
1.1 Plan for the collection of primary and secondary data
TUI Travel Group is looking to bring a new tour product in the market and for which, it
is require obtaining a multitude of information which can be collected by two sources,
enumerated underneath:
Primary source: The first-hand or highly-fresh materialistic information can be obtain
by the researcher using primary source i.e. survey, field observation, interview, questionnaire
and others. The obtained information from these sources are highly-realistic and considered
reliable, authentic and valid because researcher himself gather it from the respondents
(Solomon, 2014). Thus, it is decided to organize a web survey wherein participants will be
invited to participants in the survey on their free consent for providing their responses to
examine their preference and perception towards the new tour product offering.
Secondary source: It is just inverse source to the opposite wherein TUI Group marketer
will not have to carry any real survey and can use other’s reports, library sources, published
articles, research papers, useable industrial statistics, TUI’s annual financial reports and other
online material (Poussaint and et.al., 2016). For assessing the business performance, it is
decided to make a secondary analysis of sales and profit of TUI Group over last one decade.
The data about the same will be gather from the official website or any other web source.