Assignment- Diversification Into New Market
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Added on 2020-02-12
Assignment- Diversification Into New Market
Added on 2020-02-12
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BUSINESS DECISION MAKING
TABLE OF CONTENTSIntroduction......................................................................................................................................3Task 1...............................................................................................................................................31.1 Primary and secondary sources of data..................................................................................31.2 Survey methodology and sampling frame work....................................................................61.3 Questionnaire.........................................................................................................................7Task 2...............................................................................................................................................92.1 Calculations of Mean, mode and median...............................................................................92.2 Analyses of results...............................................................................................................112.3 Calculation of range, inter-quartile and standard deviation.................................................122.4 Calculation of correlation and quartiles...............................................................................13Task 3.............................................................................................................................................153.1 Graphs and interpretation.....................................................................................................153.2 Trend lines and scatter graphs..............................................................................................203.3 data presentation..................................................................................................................203.4 Business report.....................................................................................................................25Task 4.............................................................................................................................................264.1 Use of information processing tool to mange inventory......................................................264.2 Project plan..........................................................................................................................264.3 Investment decisions............................................................................................................28Conclusion.....................................................................................................................................29References......................................................................................................................................302
INTRODUCTIONDecision making is indispensable part of business; innumerable decisions affect theoverall performance of organization significantly. Managers have to take appropriate decisionsout of many alternatives which can help in growth of the company. Present report is based onKitchen Design Ltd (Kennedy and Avila, 2013). It is a reputed brand of contemporary kitcheninstallation. Firm is aiming to explore opportunities for bathroom design and equipment.Assignment will discuss primary and secondary source of data that can help the cited firm todiversify into new market. For carrying out the research, survey methodology and samplingframe work will be discussed in this study. Calculations of mean, mode, median will be done formeasuring working of the organization. Graphs, line chart will be presented for drawing validconclusion so that managers can make sound decision. Use of information processing tool willbe discussed for managing inventory effectively. Calculations of investment appraisal techniquesNPV & IRR will be done in this study (Poonnawat and Lehmann, 2014). TASK 11.1 Primary and secondary sources of dataData collection is detailed systematic approach that gathers relevant data for measuringinformation so that accurate picture of work area can be identified significantly. It ensures thatthe company should have accurate data so that sound decision can be taken by the firms. Datacollection plan prevents from errors so that researcher can collect valid details which can beworthwhile for the business (Franks and et.al, 2014).Data collection planStageDescriptionPurpose of data collectionAs Kitchen Design Ltd wishes to explore itsopportunity in the market so this research willsupport the cited firm in knowing the realmarket situation. The main purpose of thisresearch is to identify the accurate picturewhether this market is potential or not forhome furniture (Teirlinck and Spithoven,3
2013). Type of dataPrimary data: These are such details which are collected bythe research specific for the work area.Researcher can collect data through personalinterviews, surveys, questionnaires,observation and testing. Email, internet etc. aremany more options through which theresearcher can communicate with therespondents and can know their point of views.Secondary data:These are such details which already exist.These data are collected by other scholars fordifferent purposes. It can be collected frominternal and external sources. This isinexpensive technique and provides clear pathfor the research. Books, journals, internet,articles, etc. are the secondary data (Cao andet.al, 2015). Quantitative:These are factual data that have some figuresor are based on statistical figures. As validnumerical data is collected so sound decisionscan be taken by the firm.Qualitative:These are such details which discuss theopinion or views of the respondents. This issubjective and personal. Research topics areexplored in depth. Sources of dataInternal source:4
It is such information which are related to theinternal working of the organization. Salesrecords, customers records, prior research,balance sheet, stock record, retail data can givedetail about previous history of the firm(Drumwright, Prentice and Biasucci, 2015). External data:These are such information which is gatheredby the external environment. It is used whenresearcher cannot take appropriate judgmentwith the help of internal data. Governmentpublication, media such as TV, Radio, tradeassociation, retail prices etc. are such detailswhich can help researcher of Kitchen DesignLtd in knowing the potential of particularmarket (Anderson and et.al, 2016). Tools of data collectionQuestionnaireSurveyinterviewsObservationExperimentSampling frameSimple random sampling and systematicsampling are two frameworks. Probability andnon probability are two sampling framework.For the research probability technique ofsimple random sampling will be appropriate. For the research potential, respondents wouldbe builders because they Know betterpreferences of consumers.Sampling methodsFor the research, stratified random sampling5
will be chosen. Sample sizeFor the research, 2000 sample size is beingchosen (Padilla-Garrido and et.al, 2014).ResourcesTimefinancial resourceshuman resource (5 researchers)Data storageData of the research will be stored in the Harddisk and memory cards. Further, for the backupit will be stored in the magnetic tape. It isneccesary to look upon the protection of thedata so that no misused take place.Researcher of Kitchen Design Ltd will notcommercially use this information. It will beused just for the cited firm. Data analysesFor analyzing the data bar, line, pie charts willbe used. Standard deviation and correlationcoefficient will be calculated for analyzing thedata. 1.2 Survey methodology and sampling frame workSampling frame work is the technique which is used by the researcher for statisticalanalyses. There are generally two types of frame works probability and non probability (Nguyenand et.al, 2016). Probability methods:Simple random samplingSystematic samplingStratified random samplingCluster samplingNon-probability methodsQuoto6
ConvenienceJudgmentFor the research regarding Kitchen Design Ltd, Stratified random sampling would bebetter. It is the method in which population is divided into strata and then the researcherrandomly selects respondents for the research. As there are number of builders so it is notpossible fill questionnaire with mass people. So scholar collect information from the strata as itwill fill up the questionnaire with 2000 builders. By this way, researcher will be able to gatherdata from different builders those who are constructing building in different areas. So testsregarding designing and equipment of mass customers can be identified easily. Stratified randomsampling in probability frame work would be better for the market research (Grund and Meier,2016). Further, by following this method sampling errors can get reduced to a great extent, asthere is heterogeneity and homogeneity in the strata so research can give more accurate results.By this way, scholar will be able to cover mass area. Questionnaire strategy is one of the beststrategies which can help in knowing buying behavior, preferences of consumers in design ofbathroom and homes. Survey methodology: It is an effective tool through which scholar of Kitchen Design Ltdcan gather authentic and real information about preferences of consumers, their test etc in aparticular area. Questionnaire will be selected by the researcher as the survey technique. By thisway, builders will be able to tell their point of views regarding test of actual buyers in thebathroom designing. So Kitchen Design Ltd will be able to provide equipment according to thedemands and needs of the service users (de Morais Bezerra, Melo and Costa, 2014). 1.3 Questionnaire1. Age of customers those who take interest in remodeling of bathrooms?18-2728-3738-4748-572. Gender of customers who have more interest in the designed bathroom?FemaleMale7
3. What are the annual spending of customers in remodeling of bathrooms??<£25000<£50000<£75000<£100004. What is the satisfaction level of customers of Kitchen Design Ltd?Strongly satisfiedSatisfiedDissatisfiedStrongly dissatisfied5. What is the major factor that influences buying behavior of home owners?PriceQualityAfter sales serviceOther6. New bathroom can be described asmaster bathMain/Children bathGuest bath7. Which type of theme is generally preferred by customers?ColonialEuro-lookSouthwesternOther8. What is the size of bathroom?10Emp20Emp50EmpMore than 50Emp9. What material is generally preferred by customers in their bathroom?8
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