Business Decision Making Report - Fresh Juice

BUSINESS DECISION MAKING

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
A Plan and carry out secondary and primary research................................................................3
B Presenting survey methodology and sampling frame used......................................................4
C Designing questionnaire to be used..........................................................................................4
TASK 2............................................................................................................................................6
A Summarizing the data collected from primary and secondary research..................................6
Analysis of collected data through measures of dispersion.........................................................7
B Quartile percentile and correlation in drawing conclusion......................................................9
TASK 3..........................................................................................................................................10
A Graphs using spreadsheet.......................................................................................................10
B Creation of trend line..............................................................................................................13
C This task has been covered in power point presentation........................................................13
D Formal business report...........................................................................................................13
TASK 4..........................................................................................................................................14
Appropriate information processing tools.................................................................................14
Preparation of project plan and determination of critical path..................................................15
....................................................................................................................................................18
Financial tools for decision making...........................................................................................18
CONCLUSION..............................................................................................................................22
2

Index of Tables
Table 1: Secondary data analysis.....................................................................................................8
Table 2: Descriptive statistics of Sales............................................................................................9
Table 3: Descriptive statistics of Profit............................................................................................9
Table 4: Percentile calculation for profit and sales........................................................................10
Table 5: Calculation of Quartile for sales and profit.....................................................................10
Table 6: Calculation of correlation................................................................................................11
3

INTRODUCTION
Business decision making is considered to be the most crucial part of organizations. This
is conducted for the purpose of making selection of appropriate course of actions that can lead to
the achievement of desired set of outcomes by the business. It is considered as a cognitive
process that results in the selection of suitable course of actions from amongst the several
alternatives existing (Lucey, 2002). There is greater need for the organizations to take into
account various actions with aim to survive in the market for greater time span and to attain pre-
determined business goals in an effective manner.
In the present study, business decision making has been discussed in context of fresh
juice manufacturer and retailer in the London. The firm is UK listed company that is engaged in
producing fresh juice. The major aim of the business is to making analysis of emerging trends in
the market and examines the viability to introduce new product. The present report entails to
understand the series of techniques that can be used for data analysis. In addition to this, it
includes usage of wide range of sources in order to gather data. The present study includes
information generation in appropriate format for decision making.
TASK 1
A Plan and carry out secondary and primary research
The data collection tool is considered as the most crucial activity of firm that assists in
the process of decision making. Moreover, it has importance in collection of information in order
to gain knowledge in relation to preferences and opinions of the respondents with effectiveness.
In the present report, collection of the information has been done in order to take suitable
decision regarding the launch of new product of fresh juice manufacturer. For the purpose of
knowing whether the particular proposal is worth or not, data collection from primary and
secondary sources has been done in an appropriate manner. With this, better understanding can
be formed regarding the values and beliefs of customers in relation to launch of new product
(Morato, 2013). Market research is regarded as a suitable source that acts as an aid for the
organization in knowing the perception of existing customers in relation to particular project.
Data collection sources that include primary and secondary are stated as under:
4

 Primary data: In this, data is collected by the researcher through means of face to face
interaction with respondents. Survey technique has been used with an aim to collect
information from the existing customers with effectiveness (Montier, 2010). Researcher
has designed the questionnaire for the purpose of getting information regarding
agreement and disagreement of respondents towards the launch of new product for fresh
juice manufacturer.
 Secondary data: Under this, collection of information is being done by financials of past.
This involves sales records, annual reports and profitability data. It is important in
providing clear picture regarding the ability of fresh juice manufacturer to launch new
product (Newbold and et.al, 2009). It takes minimal time and efforts in order to gather
information from secondary sources. But, it’s not sure that secondary data provides
accurate and sufficient information in relation to the preferences of existing customers in
relation to plan.
B Presenting survey methodology and sampling frame used
In the present report, in order to gather information, the tool that is survey will be used. In
this, opinions of the customers are collected with assistance of method such as questionnaire.
This involves open ended as well as close ended questions. Open ended question facilitates fresh
juice manufacturer in gaining knowledge regarding the opinions, views and attitudes of
customers for the launch of new product in London project plan. On the other hand, close ended
question restricts the choice of respondents as such question includes multiple choices (Rice,
2007). Thus, there is a boundary created for the existing customers to denote their view points
from the choices provided. In the present study, sampling technique which has been used is
probability sampling. In this, selection of sample is done randomly. This is due to the reason that
it provides equal opportunity to different individuals in getting selected as a part for
investigation. The sample size would be 20. This involves existing customers of fresh juice
manufacturer. Sampling frame is considered as small population unit that demonstrates the
whole population.
C Designing questionnaire to be used
QUESTIONNAIRE
(Kindly take few minutes to provide your responses. Your feedback is appreciated)
5

Demographic information
Name:
Age:
Gender:
Male □
Female □
1. From how long you have been associated with fresh juice manufacturer?
Less than 5 year □
5-10 years □
Above 10 years □
2. Are you satisfied with the products offered by fresh juice manufacturer?
Yes □
No □
3. From amongst the following, which factor persuades you towards the purchase of fresh juice
manufacturer's product?
High quality □
Reasonable prices □
Benefit of location □
4. What is your agreement level to the statement that launch of new product by fresh juice
manufacturer can benefit people of London?
Strongly agree □
Agree □
Neutral □
Disagree □
Strongly disagree □
5. Are you satisfied with the pricing policy of fresh juice manufacturer with relation to
affordability?
Strongly satisfied □
Satisfied □
Neutral □
6