Business Decision Making - TUI
Assignment 1 of 1 for Unit 6 Business Decision Making in the Pearson BTEC Level 5 HND in Business program. The assignment is an Individual Written Report and is due on 5-10 June 2017.
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Added on 2020-01-28
Business Decision Making - TUI
Assignment 1 of 1 for Unit 6 Business Decision Making in the Pearson BTEC Level 5 HND in Business program. The assignment is an Individual Written Report and is due on 5-10 June 2017.
Added on 2020-01-28
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BUSINESS DECISIONMAKING
Table of ContentsIntroduction......................................................................................................................................3Task 1...............................................................................................................................................31.1 Identifying different sources of primary and secondary data...............................................31.2 Survey methodology and sampling frame.............................................................................31.3 Designing a questionnaire......................................................................................................4Task 2...........................................................................................................................................52.1 Create information by summarising the raw data..................................................................52.2 Analysing a range of result....................................................................................................72.3 Analysing data using suitable measure of dispersion...........................................................72.4 Explaining How quartiles, percentiles and correlation coefficient can be used to aiddecision making in packaged tour market................................................................................10Task 3 ............................................................................................................................................113.1 Producing graphs and charts................................................................................................113.2 Creating a trend line on a XY plot.......................................................................................153.3 Preparing business presentation...........................................................................................153.4 Producing a formal business report......................................................................................16Task 4.............................................................................................................................................174.1 Using appropriate information processing tools .................................................................174.2 Preparing a project plan and determining the critical path..................................................184.3 Using financial tools ...........................................................................................................20CONCLUSION .............................................................................................................................21REFERENCES .............................................................................................................................22
IntroductionIt is required that decisions should be taken in business for performing the requiredfunctional activity and strategies that are formed in the business ( Kimmel, Weygandt and Kieso,2010). Present report is based on TUI which is a leading tour operator firm of the UK. The reportis made for creating a plan for collecting primary and secondary data for the entity. With this thereport present the survey methodology and time frame used. Task 11.1 Identifying different sources of primary and secondary dataAs per accordance to the given scenario, TUI group want to launch new tour package forits customer as per there taste and preference. For this purpose it has appointed new consultantfor advising the product development team. At the time of collecting primary and secondaryinformation it is important to collect some primary and secondary information for identifying thetaste and preference of customers and its competitor products. Further primary data can becollected through interview, survey, and questionnaire (Zimmerman and Yahya-Zadeh, 2011).So, TUI group can gather primary information from its customer by conducting surveys. Here itcan ask question related to product and services from its customers (Ho, Xu, and Dey, 2010).Further secondary information can be collected through the help of books and journals. Inaddition to this the organisation can also scan its competitor product and services. Thus primaryand secondary information helps TUI group company in launching attractive tour package. 1.2 Survey methodology and sampling frameSampling frame: TUI group is one of the leading tour company which business is expanded inUnited Kingdom. Here, questionnaire is prepared and 90 customers were selected in order to takefeedback by questioning (Vercellis, 2011). These 90 individual will be selected randomly andremains as sample, in respect to make structure on the basis of their taste and preference for tourpackages. Through the help of survey it is easy for the organisation to find out both negative andpositive opinion of customers. Further it sampling prepared in an effective manner then it willhelp in providing best facility to its customers. Survey methodology: Survey methodology is helpful for the organization in order to enhance thequantity of accurate responses. Under this there are some techniques which help in askingquestions in systematic way for collecting inquiries and data. Further questionnaire is prepared
and it help in finding out the demographic variables such as customer taste and preference,ethical and financial status. In addition to this, it can also use customer satisfaction after theytravel through TUI group. 1.3 Designing a questionnaireQuestionnaire1.) How do you rate your satisfaction level of the TUI group products and servcies?ExcellentSatisfactorydisatisfactory Poor2.)Does price of products and services of TUI group is reasonable for types of people?YesNo3.) Do you think that product of TUI group is better as compare to its competitor?YesNo4.) Are you satisfied with quality of TUI group products and services?Satisfieddissatisfied4.) According to you what changes TUI group need to make in its products?Product qualityProduct priceproduct informations5.) Would you like to recommend TUI group products to your relatives and family?
Yes noTask 22.1 Create information by summarising the raw dataTheme 1: Customers are not satisfied with TUI group products and services1.) How do you rate your satisfaction level of the TUI group products and services?No. of respondent Excellent40Satisfactory5satisfactory 10Poor2590Interpretation; From the above chart it show that there are 10 respondent who are not satisfiedwith products of TUI group. On the other there are 40 who state that product of TUI company isexcellent while 25 replied that its product are poor. Hence it show that organisation need to makechanges in its product in order to enhance satisfaction level of its customers.Theme 2: No, price of products and services of TUI group is reasonable for types of people.2.)Does price of products and services of TUI group is reasonable for all types ofpeople?No. of respondent Yes55No3590Interpretation: From the above chart it can be interpreted that 55 out of 90 state that price of TUIgroup products and services are not reasonable. On the other hand there are 35 who state that
organization provide it products at reasonable price. Hence it show that organization need tokeep its product price reasonable so that it can easily increase sale as well as profit. Theme3: Product of TUI group is better as compare to its competitor.3.) Do you think that product of TUI group is better as compare to its competitor?No. of respondent Yes60No3040Interpretation: From the above report it can be interpreted that there are 60 participants who statethat product of TUI group is better as compare to its competitor. On the other side 30 participantsnot agree from the above statements. Theme 4: Customer are highly satisfied with quality of TUI group 4.) Are you satisfied with quality of TUI group products and services?No. of respondent Satisfied65dissatisfied2590Theme 5: Product price changes TUI group need to make in its products5.) According to you what changes TUI group need to make in its products?No. of respondent Product quality35Product price24product informations32Theme 6; customer like recommend TUI group products to your relatives and family6.) Would you like to recommend TUI group products to your relatives and family?No. of respondent
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