Business Decision Making BDM: Assignment

BDM

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Plan for the primary and secondary research to assess the consumer preference, attitude
and buying behavior...............................................................................................................1
1.2 Survey methodology and sampling frame used in order to carry out the research..........2
1.3 Designing of Questionnaire..............................................................................................2
TASK 2............................................................................................................................................3
2.1 Summarizing the secondary data in order to create information for decision making.....3
2.2 Analysis of the results to draw valid conclusion..............................................................4
2.3 Analysis of the data by using measures of dispersion for the decision making...............7
2.4 Use of quartiles, percentiles and correlation coefficient in the business decision making8
TASK 3............................................................................................................................................9
3.1 Producing graph by using spreadsheet and drawing the valid conclusion based upon it.9
3.2 Creating the trend line to forecast the market for the fresh juice drink..........................10
3.3 Business presentation.....................................................................................................11
3.4 Producing of formal business report for the fresh juice drink market............................11
TASK 4..........................................................................................................................................12
4.1 Using suitable information processing tools..................................................................12
4.2 Preparation of the activities for the project plan and determination of the critical path 12
4.3 Use of financial tools in decision making aspects..........................................................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
Business decision making can be defined as a process in which finance manager of an
organization selects the best option among the several alternatives. Optimum utilization of
financial resources is highly dependent upon the decision taken by the finance manager. Thus,
finance manager plays a vital role in attaining success in the dynamic business environment
(Anderson and et.al, 2015). The present report will help ABC, a fresh juice manufacturer and
retailer, in assessing the emerging trend in relation to the new juice product. This report depicts
the primary and secondary research which helps organization in assessing the consumer
preference, attitude and buying behavior towards the fresh juice product. Besides this, it will also
develop the understanding about the trend line which helps organization in assessing the future
sales pattern. Further, it will help in understanding the information processing tools which
support organization in making suitable decision.
TASK 1
1.1 Plan for the primary and secondary research to assess the consumer preference, attitude and
buying behavior
ABC fresh juice manufacturer undertakes both primary and secondary research in order
to assess the profile, preference, attitude and buying behavior of the customers. Primary and
secondary research both provides assistance to researcher in assessing the market potential for
the fresh juice product. Plan for the primary and secondary data collection are enumerated
below:
Plan for the primary data collection: In order to collect primary data, researcher
undertakes survey technique which helps in collecting the suitable data that addresses the
research problem. Researcher conducts survey by preparing an appropriate questionnaire. For
survey, researcher needs to select the sample size upon which survey will be conducted. After
the selection of sample size, researcher will conduct survey with the help of questionnaire. By
including both close and open ended questions, researcher will be able to assess the consumer
attitude and preference towards the fresh juice drink.
Plan for the secondary data collection: Along with the primary data, secondary data is also
collected by the researcher which helps in assessing the buying behavior of customers towards
the fresh juice. Secondary data consists of that information which is already collected by the
1

other researcher for their own research purpose (Badri and et.al, 2015). There are several sources
which can be used by researcher in their research study. Secondary data includes sources such as
books, journals, research papers and government sources which will provide assistance to the
researcher in collecting suitable data. Library has the wide stuff of the books, research papers
and articles which are published by another researcher (Zsambok and Klein, 2014). In addition to
this, government also publishes periodical reports which provide deeper insight about the current
market position, trend and development.
1.2 Survey methodology and sampling frame used in order to carry out the research
Survey methodology can be defined as a tool which provides assistance to the researcher
in carrying out the research in an appropriate manner (Xue and et.al. 2014). Researcher has
decided to undertake survey in order to assess the consumer preference and buying behavior
towards the fresh juice which ABC ltd. plans to introduce in the market. Researcher will acquire
e-mail id of the existing and potential customers in order to carrying out the survey. Once e-mail
id of the customers acquired, thereafter researcher become able to conduct the online survey.
Through this, researcher is able to understand the customer preference towards the fresh juice.
Along with this, researcher needs to select an appropriate sample size from the population
in order to carrying out the research. Finding of the research is highly dependent upon the sample
size that is selected by the researcher (Gupta, Niyogi and Misra, 2014). There are various
sampling techniques which researcher can use in selecting the suitable sample size. For the
present study, researcher undertakes purpose sampling technique which helps in assessing the
market trend for fresh juice. In order to assess the consumer preference and attitude, 50 people
are selected upon which online survey will be conducted by the researcher.
1.3 Designing of Questionnaire
Demographic information
Name.....
Age .....
1. Which kind of drink does you like most?
 Soft drinks ( )
 Fresh juice drinks ( )
2. How frequently you intake the fresh juice drink?
 Daily ( )
2