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Business Decision Making Report
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Added on 2019-12-03
Business Decision Making Report
Added on 2019-12-03
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BUSINESS DECISIONMAKING
TABLE OF CONTENTSINTRODUCTION......................................................................................................................1TASK 1......................................................................................................................................1AC 1.1 Determination of consumer profile, preferences, attitude and their buyingbehaviour...............................................................................................................................1(B) Survey methodology and sampling method....................................................................2(C) Designing of questionnaire for UK Fresh Juice organization.........................................3TASK 2......................................................................................................................................5AC 2.1 Data analysis of collected primary and secondary data............................................5(B) Quartile and percentile deviation and correlation...........................................................9Task 3.......................................................................................................................................10(A) Analysis and conclusion by construction charts...........................................................10(B) Construction of Trend Line...........................................................................................12(C)Analysis through graphical representation.....................................................................13(D) Formal Business Report................................................................................................13TASK 4....................................................................................................................................13Project plan for launching a new product in the market......................................................13CONCLUSION........................................................................................................................15REFERENCES:........................................................................................................................16
INDEX OF TABLESTable 1: sales and profit of UK Fresh Juice Industry (In £).......................................................7Table 2: Descriptive statistics.....................................................................................................8Table 3: Quartile and percentile deviation of sales (In £)..........................................................9Table 4: Quartile and percentile deviation of profits (In £).......................................................9Table 5: Correlation between sales and profits........................................................................10Table 6: Histogram of sales......................................................................................................11Table 7: Histogram of profits...................................................................................................11
INTRODUCTIONEvery organization needs to collect the necessary data and analyse it through differentanalytical tools. There are two sources available to collect the required data, that is, primaryas well as secondary. However, data analysis can be done by preparing different kinds ofcharts. Moreover, it can be done by applying variety of analytical tools such as average,correlation and quartile as well as percentile deviation. This report will help in identifyingdifferent sources of data collection for Fresh Juice Manufacturer Company in London (Laing,Ross and Joubert, 2014). Moreover, it determines the techniques that are available for dataanalysis. In addition to this, the present report will also focus on identifying the financialviability of project. TASK 1AC 1.1 Determination of consumer profile, preferences, attitude and their buying behaviourData collection is an important activity and concerned with the preparation ofnecessary data in a suitable manner. Information can be required for different purposes of theorganization for which primary and secondary sources are available.Primary sources: This kind of data is collected by the investigator himself for the firsttime. Every researcher identifies his own requirement and collects data by research (Zelenyand Cochrane, 2010). It is also termed as the original information because this is collected bythe researcher himself. Primary research helps the organization to collect quantitative as wellas qualitative data.Secondary sources: This type of data is previously collected by the others for theirpurpose. It is also termed as published sources and includes internal and external information.Internal data is already available in the organization such as their financial statements orprevious records. However, external data involves journals, newspaper, magazines and otherpublished sources outside the organization. Fresh Juice Manufacturer in UK also conducts primary and secondary research so asto identify the customer choices, consumer profile, their attitude and purchasing behaviour. Consumer profile: It is the process of classifying consumers on the basis of differentfactors. Fresh Juice Manufacturer of UK can classify the customers on the basis of theirlocality, literacy, demographic and psychological factors. It helps the organization foradvertisement and marketing purpose. Research can organize the field surveys and directobservation of customers as the primary source of data collection. However, secondary1 | P a g e
sources that are available for such purpose includes reports published by trade and businessassociation, existing market research results and customer database. Consumer Preference: Different types of customer prefer different kinds of productsto fulfil their own requirement. In context to Fresh Juice Manufacturer, customers may preferTropicana, Organic super juice, Apple juice, Pear juice and others. Primary research can bedone by experts by surveys and research. However, secondary sources can be collected fromthe industrial sales figures for the previous period and newspapers.Buying Behaviour: It is the total of consumer's attitude, preferences and theirbehaviour in the market (Anderson and et.al, 2015). It is very much affected by the cultural,social and personal factors. It has a great impact on the customer's purchasing decision for aproduct or service. Primary research can take place by making questionnaire and secondaryresearch can be done by published economic reports and previous sales records. Consumer attitude: It relates to the customer beliefs, feelings and their intentions incontext to marketing. It is concerned with the customer's past behaviour that also affect thefuture intentions to a great extent. Questionnaire method can be adopted under the primaryresearch so as to know about the customer’s likes and dislikes. However, published economicreports, commercial service reports and trade service reports can be used as the secondarysources.(B) Survey methodology and sampling methodOrganization can collect the necessary data by conducting surveys and the use ofsampling methods as described below:Surveys: It helps in getting a variety of information for different objectives of theorganization. Surveys are considered as the primary data source because it is done by theinvestigator himself. Researcher must set the target market first so as to identify the place atwhich the survey has to be conducted. Then the scholar has to determine the method to gatherthe information. Questionnaire method is considered as the best method for such purpose as ithelps the organization to collect information from wider space. Moreover, it can be filled byboth researcher and customers. Researcher can fill the questionnaire by asking questions fromcustomers (Solomon and et. al., 2014). There are different kinds of questions that can bestructured in drafting a questionnaire so as to know the customer’s preference, choices, theirattitude and their behaviour. Moreover, it helps in identifying the factors that would affect theconsumer decision for purchasing the product or service. UK Fresh Juice Manufacturing2 | P a g e
Company can also use this method. It is an appropriate method because it is a confidentialsource of information and takes less time and eliminates bias. Sampling method: It is not always possible to collect the data of complete researchuniverse, that is, the target segment. Therefore, the sampling method will be used by theorganization. In this method, researcher determines the appropriate size of sample andcollects the related data. The sample should be a representative of the universe. Through thismethod, the investigator can analyse the universe by collecting data of sample only. Thesample can be selected by two methods which are random sampling and non randomsampling. In random sampling, all the units of universe have an equal chance of possibility ofinclusion in the sample. The best advantage is that sampling error can be estimated in thismethod (Ibrahim Dumas and McGuire, 2015). However, in non random sampling, sample isdetermined on the basis of some factor. It is used by the organization for their convenienceand speed. Quota sampling and judgemental sampling is the type of such techniques.Therefore, it can be concluded that random sampling will be more appropriate method forUK Fresh Juice Manufacturers as it eliminates the present biases. Moreover, the probabilityof all the units for determining the sample is equal. (C) Designing of questionnaire for UK Fresh Juice organizationQuestionnaire is the method of primary data collection technique as it is collected bythe researcher itself. A questionnaire is designed for analyzing the customer’s preferences,attitude and choices for UK Fresh Juice Manufacturing Company.NameAgeGenderQues1: Which type of fruit juice highly satisfies your needs to prefer it?Apple JuicePear JuiceJuna Guanabana JuicePomegranate JuiceIf any other (please specify)_______Ques2: In last month, how many times you used to drink such fruit juice?10 to 15 days15 to 20 days Daily3 | P a g e
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