Business Decision Making– Doc
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Added on 2019-12-18
Business Decision Making– Doc
Added on 2019-12-18
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Business Decision Making
TABLE OF CONTENTSIntroduction.................................................................................................................................................3Task 1...........................................................................................................................................................31.1 Plan for data collection......................................................................................................................31.2 Survey methodology and sampling framework.................................................................................41.3 Questionnaire ...................................................................................................................................5Task 2...........................................................................................................................................................72.1 Measures of central tendency...........................................................................................................72.2 Analysis of results..............................................................................................................................72.3 Measures of dispersion......................................................................................................................82.4 Quartile, percentile and correlation coefficient.................................................................................9TASK3...........................................................................................................................................................93.2 trend line.........................................................................................................................................133.3 Business presentation......................................................................................................................143.4 Business report for new product development...............................................................................14Task 4.........................................................................................................................................................154.1 Information processing tool for the launch of a new tour product..................................................154.2 Project plan and critical path...........................................................................................................15...............................................................................................................................................................184.3 Project evaluation method..............................................................................................................19
Conclusion.................................................................................................................................................20References.................................................................................................................................................21
IntroductionFuture of an organization completely depends upon the business decisions. It can be related to assets, liability, investment etc.For accomplishing the objective entity has to opt the best option through which it can meet with its target. Present report is based onthe Thomas cook which is an international tour operator and working tremendous in the travel and tourism industry. Surveymethodology and sampling frame related to business will be described in this assignment (Bharadwaj and et.al, 2013). Currentassignment will discuss the sources of primary and secondary data collection for the new tour products. In order to gather informationrelated to consumer profile, preferences, buying behavior questionnaire will be prepared by the researcher. Data will be collected from90 customers and this information will be analyzed in this study. Mean, mode, median, standard deviation, investment tools will becalculated in this report for making the sound business decision so that company can make its new tour product more successful andcan achieve its target significantly (Cao, Duan and Li 2015). Task 11.1 Plan for data collectionIn the modern life, people have high interest in the holidays and travel. They like to visit new places and attractive points etc.In technological era most of the tour operators are offering them attractive tour packages. So it is essential for the Thomas cook that toknow consumers behavior, their needs, market trends in order to provide them satisfactory tour packages. For that data will becollected by two sources; primary and secondary (Merigó. and Gil-Lafuente, 2012).Primary sourcesThese are first hand information which are collected for specific subject matter by researcher own. This is very important tooland can give real detail about market trends and needs of travelers. Several methods of primary sources are such as interview, survey,
observation etc. For developing the new tour product Thomas cook is required to gather information related to major needs ofconsumers and what they expected to get. On the bases of this cited firm can design its products and services. For collecting detailssurvey is the great way and can help in achieving goal of the company. Researcher can communicate with the customers via email,social networking sites etc. Questionnaire is the way that can support the scholar in getting details for the same (Newell, Lagnado andShanks, 2015). London population would be sample an individual can ask the questions with 90 customers. They can share theirfeelings, needs, and desires with the help of questionnaire. That would be beneficial in identifying the requirement of people andaccordingly company will be able to design appropriate tour package.Secondary sourcesResearcher can take support of already available data such as books, journals, internet articles etc. These are such informationwhich have been gathered by other scholars for other purposes but these detail can help in knowing the consumers behavior and theirperception about travels (Resende and de Sousa, 2013). By this way Thomas cook will be able to measure and uncertainties and willbe able to plan accordingly. Previous studies on the same topic has discussed about taste and preferences of the consumers. That willbe taken into consideration by the entity and it can design its new travel package as per the needs of the travelers. Apart from thiscompany will be able to know about risk which has taken place in other tour organization in past few years so it will formulatestrategy that can help in reducing uncertainty in advance. 1.2 Survey methodology and sampling frameworkSampling frame workThere are several types of sampling frame work majorly it is divided into two main sections; probability and non probability.The main aim of the researcher is to gather information about desires, buying behavior of the London population so that Thomas cookcan design its tour package. For that probability sampling would be good. In this there are several techniques such as random, stratumetc. But for present study random sampling frame work would be appropriate. In this scholar can select 90 customers randomly with
whom individual can fill up questionnaire (Wang and Zhang, 2013). That would be best way and investigator will be able to gatherrelevant information about current trends, preferences of consumers.Survey methodologyBefore designing the tour package it is necessary to identify the needs, preference of the consumers. With the help of surveyindividual will be able to gather relevant information about their needs and expectation. Survey is the way through which lackingpoint in existing tour packages can be identified and accordingly manager of Thomas cook will be able to design new package in orderto enhance its sales volume and profit (Kacprzyk and Fedrizzi, 2012). There are many methods of survey such as questionnaire,interview, documentation review etc. All these techniques support the researcher in gathering in depth information about the subjectmatter. In the questionnaire individual prepare questions and collect large size information in very less period. Interview is thetechnique in which people give response as per their emotional status, experience. In the present report scholar has taken support ofquestionnaire. By this way individual can gain large data and reliable information soon. 1.3 Questionnaire Que. 1. How old are you ?20-35 years35-50 years50-65 years65 years and moreQue. 2: Do you agree that Tour services and products offered by Thomas are satisfactory ?Highly disagree
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