Business Decision Making and Marketing Strategies

This assignment covers various aspects of business decision making and marketing strategies. It involves analyzing different business models, understanding the role of top management teams in international strategic decision-making, and exploring multiple attribute decision-making methods. The assignment also touches upon neuromarketing, sustainable supply chain management, and the importance of participation in decision-making for job satisfaction among academic staff. With a focus on real-world problems and case studies, this assignment aims to provide students with practical knowledge and skills in business management.

BUSINESS DECISION-
MAKING

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK.1............................................................................................................................................1
1.1 ...............................................................................................................................................1
1.2................................................................................................................................................3
1.3................................................................................................................................................4
2.1 ...............................................................................................................................................6
2.2:.............................................................................................................................................13
2.3:.............................................................................................................................................14
2.4..............................................................................................................................................14
TASK.2.........................................................................................................................................14
3.1..............................................................................................................................................14
3.2..............................................................................................................................................16
3.3 Covered in PPT...................................................................................................................17
3.4..............................................................................................................................................17
4.1..............................................................................................................................................18
4.2..............................................................................................................................................18
4.3..............................................................................................................................................18
CONCLUSION..............................................................................................................................19
REFERENCES..............................................................................................................................20

INTRODUCTION
Business decision making is one of the most imperative tool which is used in the business
to grow in a better manner so that the firm could get the competitive advantage over the other
rivals. Balti palace want to expand its another units in London that is why business is conducting
surveys in order to frame the key strategies about the diversification (Wu and Pagell, 2011).
Balti palace wants to make the decisions in a most crucial manner that is needed about after
having deep insight research and implementing the skills by the talented staff under the firm in
order to gain the competitive advantage over the others. Balti palace is required to assess the
market where it can frame the strategies and able to make the decisions.
TASK.1
1.1
Decision making is the most crucial thing which needs to follow by the company and this
has gone through after having extensive research. This will also make the business sustainable
and profitable. To set up the unit, there is need to know about the market by way of doing survey
in the specific market where the company is going to set up (Vercellis, 2011). The data collection
process is one of the most important thing under which the data is collected. However, this is not
an easy task. As, it requires so much attention while gathering the data. However, there is need to
know about the data which company is going to gather for the its benefits. This has become one
of the most important thing for business decision. There are many tools and techniques which are
used by the organisation while collecting information in order to gain advantages. There are few
methods and tools which are needed to gather the data. Few of them are: Determine methods: Identifying methods becomes one of the most tough task as this
may lead to consume your most of the productive time (Tzeng and Huang, 2011).
Although, there are so many tools which are used for the purpose of gathering and
collecting data. Basically, for collection of data, there are only two methods which are
used mostly. These are: Primary and secondary data collection methods. And these are
further categorised under qualitative and quantitative data method.
 Know the need about the user: the researcher required to know about the information for
which they are collecting the data. This helps the company to gather only relevant data so
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that the company could frame the policies in a better manner in order to expand the
business. The need of the information is totally based on the quality of the data.
However, qualitative and quantitative data played a most important role while dealing
with the survey. The survey is entirely based on the market where the company is going to set up
the new unit. The cited company wants to know about the potential consumers in order to know
about the potential outcomes in the business. Primary and secondary data are elaborated in
details:
Primary data technique: This is the data collection technique which is collected for the
first time and the survey is totally based on the quality information which the company wants
form the market. Under this technique, the company spends lots of money and time for collecting
data. The data collecting process does require so much attention under primary data process
(Sosna, Trevinyo-Rodríguez and Velamuri, 2010). As, this process supports when the data
collection is at small size and primary data technique does not need to be considered for the
business which requires huge data. The primary data collection sources are interviews, surveys,
questionnaire and so on.
Secondary data technique: This is the data collection technique which is used mostly.
As, it is the most cheapest way to collect the data in a better manner so that the information what
the researcher wants to get is attainable in a better manner (Smith, Binns and Tushman, 2010).
Under this process, the data is already published and the company does not need to collect the
data from the market. There are so many ways the secondary data is collected, these are from
books, journals, and any other matter which have published earlier. Secondary data technique is
easy to use and it is suitable where the company needs general information and the data
gathering is so vast.
Qualitative data: It is related to the understanding of the human behaviour form any
informational prospective. It is persevered from dynamic and changing reality on basis of
negotiation. The collection of such kind of data can be collected from particular individual's
observation and theirs view about any specific topic (Nielsen and Nielsen, 2011. This gives the
analysis of the factors on the basis on people's reaction and thoughts. Themes can be used to
carry out assumption from any distinct data material. And once the information is received it is
presented in description forms. Also one important fact is that this data is reported in any kind of
languages so that there would be no issues or in convenience in understanding the matter. The
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information gathered for qualitative study is not usually in numeric form, in spite it is in theory
like dairy accounts, questionnaires, unstructured interviews and some observations. It is that
typical kind of presentable data that is very difficult to analyse or process. This search is
basically useful for cases when an individual person is carrying out the process of analysis, and
finds out in-depth meaning of what ways the people will react to a particular things and their
expectations. Carrying out process investigation of qualitative data is basically difficult. It
requires very accurate statistics of people responses, which can not go wrong even slightly,
because that can cause a blunder mistake in the research procedure (Muindi, 2011). Usually the
keen interest of this type of data comes from the dissatisfaction of particular psychologists while
doing there scientific study of human behaviour and their perceptions.
Quantitative data: This kind of data basically deals with discovering facts about social
phenomena. It tries to put an assumption of fixing some measurable quantity to the real world
scenario. This type of data is usually collected through calculating the things and measuring
them. Here the analysis of data is carried out through numerical comparisons and their statistical
analysis. This is far more accurate than the qualitative data because it is in confined limit which
can be calculated and measured. The data is reported through statistical analysis and not like
qualitative data gathering. This analysis is carried out by gathering information and putting them
into some categories so order, so that it facilitate the user if they have to use this data for analysis
at any time in future. The quantitative data is essential for creating graphs and tables of any raw
data which has been gathered (Li, 2010.). This analysis is much easier to be carried out, as it is
based on real world data. Also it gives much accuracy than qualitative data analysis. There are
many research methods by which observation and measuring of the data can be done so as to
collect both kind of data. By using qualitative data one can know what would the user may want
or expect and what is the reaction of the user and by using quantitative data the measure of any
analysis can be drawn.
1.2
Survey is the methods or tool that is implemented in the firm to have the productive
knowledge about the potential market so that, on the basis of such information, company could
frame the strategies in a better manner in order to gain the business (Kahneman, Lovallo and
Sibony, 2011). Balti Palace uses the primary research technique in order to gather the
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information so that the firm could reach the conclusion about the expansion. But, the data
collection from the entire people who resides where the company is going to set up its chain, will
be most toughest process. That is why, the company pick some changes and choose the sampling
methods for collecting the data.
Survey methodologies: The survey which the company is going to convene, needs to be
most crucial for making decisions about the diversification. The cited entity is going to frame the
questionnaire in order to convene the survey. Under the questionnaire, there are various types of
questions that are going to ask from the general in order to get their responses, and then frame
strategy. Under the given scenario, there are so many questions that is going to be made after
deep insight. The questions covers so many things like- quality, price and other things.
Sampling framework: Under the survey, the sampling framework is used in order to get
the sample out of the total number of population (Ho, Xu and Dey, 2010). For convening the
sample, there are various kinds of sampling methods are used such as random sampling, cluster
sampling, stratified sampling and so on. However, random sampling is one of the easiest method
for gathering the data as it pick any respondents to answers the questions and put a fruitful
conclusions for the entire population. For random sampling, there is no systematic manner is
mentioned. Hence, it is selected on any basis. However, there are so many advantages which are
used in order to get the valid outcome. Hence, Balti palace implemented this at the time of doing
survey. By using these data, in order to attain the valid outcome.
1.3
This Questionnaire is shown below for Balti palace that are going to be provided to 135 visitors.
Q 1. Do you like our food quality ?
Ans- A. Very good
B. Good
C. Average
D. Poor
Q 2. Would you like to have our restaurant near your home?
Ans- A. Yes
B. No
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Q 3. Give your suggestions, if we need to introduce new dishes in our new restaurant?
Ans- A. Yes, but not the entire dishes.
B. Yes, each are to be new covering crockery.
C. No, varieties needs to be similar.
Q 4. Where would you want our new restaurant?
Ans- A. In prime location
B. In out-skirt area
Q 5. What are the foods serve in our main dishes?
Ans A. Chinese
B. Italian
C. Indian
D. Thai
Q 6. Is there any manner to improve quality of the product?
Ans- A. Yes.
B. No, quality is fine.
Q 7. Is there anything needs to introduce weekends?
Ans- A. Yes
B. Yes, but not including weekends
C. No
Q 8. Is there any need to recruit extra staff to cut down waiting time?
Ans- A. Yes, it need be done ASAP
B. Yes, but after few months later
C. No, waiting time is very short
Q 9. Do you think we need to diversify more than our expectation?
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Ans- A. Yes
B. No
Q 10. Kindly give your rating about our services out of 5?
Ans- A. 5
B. 4
C. 3
D. 2 or below 2
2.1
The survey which have been conducted from the market, needs to be properly analysed
and summarized so that the fruitful decision can be made in order to frame the decisions
(Gigerenzer and Gaissmaier, 2011). For this purpose the data is to be used by the managers of
the company for knowing the market in details.
The survey is being convened by taking sample of 135 respondents out of total local population
Age group:
Gender: Male (65%) Female (35%)
This survey has been taken from 135 respondents, some of them are permanent and some are
first time visitor.
Q 1. Do you like our food quality ?
Ans- A. Very good 65
B. Good 12
C. Average 17
D. Poor 6
mean 25
median 14.5
mode 5
6

Ans- A. Very good B. Good C. Average D. Poor
0
10
20
30
40
50
60
70 65
12
17
6
Q 2. Would you like to have our restaurant near your home?
Ans- A. Yes 32
B. No 68
mean 50
median 50
mode 32
7

Ans- A. Yes B. No
0
10
20
30
40
50
60
70
80
32
68
Q 3. Give your suggestions, if we need to introduce new dishes in our new restaurant?
Ans- A. Yes, but not the entire dishes. 45
B. Yes, each are to be new covering crockery. 26
C. No, varieties needs to be similar. 29
mean
33.3333333
333
median 29
mode 16
8

Ans- A. Yes, but not the entire dishes.B. Yes, each are to be new covering crockery.C. No, varieties needs to be similar.
0
5
10
15
20
25
30
35
40
45
50
45
26
29
Column E
Q 4. Where would you want our new restaurant?
Ans- A. In prime location 64
B. In out-skirt area 36
mean 50
median 50
mode 28
Ans- A. In prime location B. In out-skirt area
0
10
20
30
40
50
60
70
Q 5. What are the foods serve in our main dishes?
Ans A. Chinese 36
9

B. Italian 34
C. Indian 20
D. Thai 10
MEAN 25
MEDIAN 27
MODE 6
Ans A. Chinese B. Italian C. Indian D. Thai
0
5
10
15
20
25
30
35
40
36 34
20
10
Column B
Q 6. Is there any manner to improve quality of the product?
Ans- A. Yes. 67
B. No, quality is fine. 33
MEAN 50
MEDIAN 50
MODE 1
10

Q 7. Is there anything needs to introduce weekends?
Ans- A. Yes 65
B. Yes, but not including
weekends 15
C. No 20
11
Ans- A. Yes. B. No, quality is fine.
0
10
20
30
40
50
60
70
80
67
33 Column B

MEAN
33.3333333
333
MEDIAN 20
MODE 5
Ans- A. Yes
B. Yes, but not including weekends
C. No
0
10
20
30
40
50
60
70 65
15
20
Column B
Q 8. Is there any need to recruit extra staff to cut down waiting time?
Ans- A. Yes, it need be done ASAP 45
B. Yes, but after few months later 23
C. No, waiting time is very short 32
MEAN
33.3333333
333
MEDIAN 32
MODE 22
12

Ans- A. Yes, it need be done ASAP
C. No, waiting time is very short
0
5
10
15
20
25
30
35
40
45
50 45
23
32
Column B
Q 9. Do you think we
need to diversify more
than our expectation?
Ans- A. Yes 64
B. No 36
MEAN 50
MEDIAN 50
MODE 28
Q 10. Kindly give your rating about our services out of 5?
Ans- A. 5 43
B. 4 34
C. 3 13
D. 2 or below 2 10
MEAN 25
13

MEDIAN 23.5
MODE 3
Ans- A. 5 B. 4 C. 3 D. 2 or below 2
0
5
10
15
20
25
30
35
40
45
50
43
34
13
10
Column B
From the response that have been collected it can be said that most of the customers are
satisfied with the services that are provided by Balti palace (Chang, Van Witteloostuijn and
Eden, 2010).
2.2:
Year Sales Net Profit
2008 4205 1471.75
2009 4500 1575
2010 4860 1701
2011 4950 1732.5
2012 5150 1802.5
2013 5250 1837.5
2014 5800 2030
2015 6250 2187.5
2016 7200 2520
2017 7500 2625
Sales Net profit
Mean 5566.5 1948.275
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median 5200 1820
mode 4205 1471.75
Mean: It is the average number from the set of variance. As, this represents the average number.
The sales and net profits mean are: 5566.5 and 1942.
Median: This represents the middle number from the series of numbers. The median of the
company's sales 5500 and net profits 1820.
Mode: This is the most frequent number of the set of numbers. The mode of the company's sales
is 4205 and net profits are 1471.75.
2.3:
Particular Sales Net profits
standard deviation 1109.1 388.2
minimum range 4205 1471.75
maximum range 7500 2625
Correlation coefficient 0.97
Standard deviation: This represents the uncertainty in the business. The standard deviation of
the company represents sales 1109.11 and net profits 388.21.
Range: The range divides into two parts: minimum and maximum. The minimum range
represents the minimum value while maximum range reflects the maximum value of the
company (Casadesus-Masanell and Ricart, 2011).
Correlation coefficient: This represents the basic relationships between sales and net profits of
the organisation. 0.97 is the connection between both.
2.4
Quartiles are of three sorts i.e. first quartiles, second quartiles and third quartiles. first quatiles
demonstrates the 1/25th estimation of the factor, second shows 50th esteems and the third
quartiles indicates 75th esteem and the last quartile demonstrates the 100% estimation of the
factor. Coefficient of corelation demonstrates the connection in the vicinity of third and first
quartiles. Here, first, second third and fourth quartiles values of sales are 4470,5200,6487. and
1669.5, 1820 and 2270.63. percentile demonstrates the incentive in percentile. For illustrations if
there is to know the 1/twentieth percentiles then the esteem will be of 1/twentieth percentile.
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Coefficient of connection demonstrates the connection between one percentile to another. All are
characterized underwith:
Sales Profits
25TH
PERCENTILE Q1 4770 1669.5
50TH
PERCENTILE Q2 5200 1820
75TH
PERCENTILE Q3 6487.5 2270.625
TASK.2
3.1
Year Sales Net Profit
2008 4205 1471.75
2009 4500 1575
2010 4860 1701
2011 4950 1732.5
2012 5150 1802.5
2013 5250 1837.5
2014 5800 2030
2015 6250 2187.5
2016 7200 2520
2017 7500 2625
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1
2
3
4
5
6
7
8
9
10
0 1000 2000 3000 4000 5000 6000 7000 8000
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
4205
4500
4860
4950
5150
5250
5800
6250
7200
7500
1471.75
1575
1701
1732.5
1802.5
1837.5
2030
2187.5
2520
2625
Year
Sales
Net Profit
1
2
3
4
5
6
7
8
9
10
17

1 2 3 4 5 6 7 8 9 10
0
1000
2000
3000
4000
5000
6000
7000
8000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
4205 4500 4860 4950 5150 5250
5800
6250
7200 7500
1471.75 1575 1701 1732.5 1802.5 1837.5 2030 2187.5 2520 2625
Year
Sales
Net Profit
From the above graphs, it has been seen that the sales of the company in the initial year
was 4205. and the profits of the company was 1471.75. but later on, in 2016, the sales goes to
7200 and the net profits 2520 and in the last 2017, This represents the good sign for the company
(Casadesus-Masanell and Ricart, 2011).
3.2
Year 2018 2019 2020
Sales 8700 9000 9400
Profits 3250 3500 3850
Year Sales Profits
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
2018
8700
3250
2019
9000
3500
2020
9400
3850
Column B
Linear (Column B)
Column C
Column D
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From the above mentioned report and graph, it has been seen that the Estimation for the year
2018, 2019 and 2020. the sales of the cited company was 8700, 9000 and 9400. The profits in
2018 was 3250, 2019 was 3500 and 2020 was 3850. This represents the great sign for the
business in the near future.
3.3 Covered in PPT
3.4
Formal Report
To,
The Managing Director,
11th July 2017
This report is set up in connection to the Balti palace which works in the field of eateries. In the
changing condition, it is required that the services that are given to the clients ought to be new
and of the best quality. For this it will be required that progressions ought to be embraced in the
business with the goal that the necessities and requests of the clients are fulfilled in the best
way. Business is choosing to grow its business for which it is thinking about to open new
eateries in the different parts of the world (Ariel and Berns, 2010). For this reason it will be
required that appropriate overview ought to be led with the goal that the zone in which it ought
to be opened and the requests of that range can be distinguished.
By doing as such the important information will be gathered by the directors and that will be
introduced as diagrams and outlines as by this it will be simple for them to comprehend the
entire information and afterwards choice will be made by it.
By this the business will have the capacity to extend its offer in the market and furthermore the
productivity will be expanded.
4.1
Management information system: MIS is basically a system that provides services of
informations. This term is broadly refer to as a computer based instrument that provides the
leader to have some tools for organising, evaluating and efficiently making decisions in an
organisation.
19

Decision support system: DSS is a computer based information team that supports the
organisation to help in making decisions. They are required to manage, operate and plan the
strategies of the company. This system help people to make decisions even in conditions which
are changing rapidly.
Executive Information System: EIS is one which facilitates and support senior executive
information and improved decision making needs.
4.2
Keeping in mind the end goal to decide the basic way it will be required that every one of the
exercises that will be embraced should be recognized with the goal that they can be utilized to
make the system outline and furthermore the succession that will be taken after will likewise be
resolved. It can be seen that action A will take 2 days and B takes 4 days and will be performed
after A then comes C and D which will take 6 and 3 days separately. For D it will be required
that it is done after A. E will be done after B and will take 6 days. G can be finished after
Activities C and D. also, H after F and G. the action which will be taking most time is E and
minimum time will be required to do F inside 1 day.
From the above system chart it can be recognized that there are three ways in it which can be
utilized to finish the venture on time and they are:
Way A: 1+4+7+8 = 10Days
Way B: 1+2+5+6+8 = 15 Days
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Way C: 1+2+3+7+8 = 17 Days
In a venture there are different routes by which it can be finished and with the assistance of basic
way the way in which the venture will be finished at all conceivable time will be distinguished.
In the given case the venture will be finished in 10days which is the briefest span and is dictated
by the way A.
4.3
YEARS Cash flow PV@10% PV PV@15% PV
0 -15000 1 -15000 1 -15000
1 8000 0.909 7272.72 0.87 6960
2 10000 0.826 8264.46 0.756 7560
3 5000 0.751 3756.57 0.658 3290
4 5000 0.683 3415.06 0.572 2860
Total PV 22708.831 20670
NPV 7708.831 567
IRR = 28.91%
From the above estimation it can be seen that the net present value of project is resolved
at 7708.831 at 10% and 5670 at 15% rate, that is not negative so the venture will be taken by the
school as this will be profited and will be making extra preferred standpoint (Muindi, 2011).
The other system that will be utilized as a part of this is the IRR in which the aggregate of the
present estimation of inflows will be deducted from the venture that has been made at starting
level. because of current circumstances the NPV that will be computed will be inferred to be 0 so
this will be a circumstance of no benefit and no misfortune. in the given case it is touched base at
21

28.91% and as this is increasingly that the required rate so the venture will be embraced by
school.
22