A Market Research on Business Decision Making in UK

   

Added on  2020-10-22

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Business Decision Making
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EXECUTIVE SUMMARYBusiness decision-making is an important concept which is required full considerationsof whole aspects so that any difficulty wouldn't be faced in future. This report is related with amarket research which is conducted by research team of full Discount Limited so that they canestablish their own discount supermarket successfully in UK. For conducting research inappropriate manner, Investigators have collected both kind of data like primary or secondary sothat products can be delivered in market as per the demand of customers. Findings andrecommendation are also covered in present report so that management can take better decisionsfor establishing new venture in UK market.
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Table of ContentsEXECUTIVE SUMMARY.............................................................................................................2INTRODUCTION...........................................................................................................................4Main Body.......................................................................................................................................4Primary Data Collection - ...............................................................................................................4Data Interpretation and Analysis ....................................................................................................7Secondary Data .............................................................................................................................19..........................................................................................................................................................3Key findings.....................................................................................................................................3Conclusion and Recommendation..................................................................................................4REFERENCES................................................................................................................................5
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INTRODUCTIONDecision-making in business can be defined as a technique of selecting a suitable optionfrom several alternative availabilities. In addition, it is a process of making best or appropriatedecisions through evaluating available informations. These are formed by the top management soas to gaining profitable outcomes in future. In order to making correct decisions it is veryimportant that research should be performed properly along with related aspects. Present report isbased on Full-Discount limited which is a newly setup company and wants to launch its discountsupermarket chain in UK so as to compete their rivals like B&M and Home bargains. Thisassignment will covers primary data collection along with analysis that includes various kind ofquestions which are based on preferences and demographics of customers. In addition, secondarydata will be also collected that is based on Market shares and earnings before tax and interests.Main BodyPlanning for data collection is very important in order to establish the business. It alsofacilitates the management of organisation in identifying the demand, preferences and factorsthat provides contribution in smooth functioning of business. Therefore, it can be said thatMarket research is an important function that must be done in first hand manner so that bysatisfying the needs of customers in effective manner managers of firm can gain good return infuture. In order to collect data for launching discount supermarket chain in UK market researchwill be conduct that comprises of both primary or secondary data (Visinescu, 2017).Primary Data Collection - This kind of data collection is first hand data which is gathered by investigator for thevery first time. As it is relevant with the topic then there is a less chance of manipulation of data.For collecting such kind of data surveyor can use different kind of sources like questionnaire,surveys, Panel Interviews etc. In present research, data would be gathered from customers likemen or women in order to know their preferences or identifying the factor which attractscustomers towards discount supermarkets. For this, researcher have decided to frame aquestionnaire so that valid results would be given at the end of research. With the help of thisdata Management of Full-Discount Limited will be able in forming strategies which will behelpful in improving their existing performance.
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Secondary Data collection -In it, informations are gathered from external sources likebooks, journals, websites, catalogues so that all objectives of research would be accomplish ingiven time- frame. This kind of data collection is cheaper than the other data collection methodsand also assists the investigators in understanding and providing reliable results in a very lesstime period. Sources which are used in this project for establishing new Discount supermarketare avail from internet sources along with 3 years data on market shares and EBIT. Survey Methodology is an essential method which is used by researchers for collectingbetter informations for establishing discount supermarket in UK. It also support the researcher totake views from large population by implementing data collection techniques. For e.g. throughquestionnaire, researchers can collect data for the full discount limited who wants to launch itsown discount supermarket chain. In order to successfully conducting the research, researcher hasselected questionnaire method so that better results would be provided at the end of research.Sampling methods – These methods are used for selecting a sample from a generalpopulation. There are mainly two kinds of data sampling methods like Probability or non-Probability in which convenience sampling method which is a part of non-probability is used inthis research because it is cost and time saving for the researcher and assist the researcher ingetting reliable response from the selected respondents in a short time period. In presentscenario, Managers of firm wants to identify preferences and taste of customers about thediscount supermarket (Peng, 2016). For this, researcher has targetted the respondents forresearch are employees, stakeholders or customers and sample size is decided for the study is 50.Questionnaire – It is a set of written questions which is given by researcher to itsselected respondents for collecting reliable informations from them. QuestionnaireName _______________Q.1 What is your Gender ?MaleFemaleQ.2 In which age group you belongs ?
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20-30 years old30-40 years old40-70 years oldQ. 3 Which place you prefer most to buy products ?Supermarkets Discounted supermarketsLocal shopsQ.4 How do you think physical presence of a supermarket should be ?ExcellentGoodAverageQ 5: Which factor attracts most to the buyers for buying products and services ?Quality of goodsPrice Looking of productQ. 6. Is Full-Discount Limited financially capable for launching new supermarket in UK ?AgreeStrongly AgreeDisagreeStrongly DisagreeQ. 7. Does pricing of product affect the buying behaviour of customers?YesNoQ. 8: What kind of products do you buy most from the supermarket ?
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