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Business Decision Making in Traveling Industry | Report

This assignment is for Unit 6 Business Decision Making in the Pearson BTEC Level 5 HND in Business program. It is an individual written report that is due on 5-10 June 2017. The assignment requires the use of proper referencing and the submission of a list of references at the end of the document. Feedback will be provided throughout the assignment process.

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Added on  2020-01-28

Business Decision Making in Traveling Industry | Report

This assignment is for Unit 6 Business Decision Making in the Pearson BTEC Level 5 HND in Business program. It is an individual written report that is due on 5-10 June 2017. The assignment requires the use of proper referencing and the submission of a list of references at the end of the document. Feedback will be provided throughout the assignment process.

   Added on 2020-01-28

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Business Decision Making
Business Decision Making in Traveling Industry | Report_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Identify the sources of primary and secondary data .............................................................11.2 Survey methodology and sampling technology.....................................................................21.3 Questionnaire for the survey..................................................................................................3TASK 2............................................................................................................................................52.1 Statistical summary of information........................................................................................52.2 Analysis of the data................................................................................................................62.3 Analysis using dispersion measures.......................................................................................62.4 Quartiles, percentiles and correlation coefficient..................................................................7TASK 3............................................................................................................................................83.1 Graphs using spreadsheets.....................................................................................................83.2 Trend line chart....................................................................................................................113.3 Business presentation...........................................................................................................123.4 Formal Business Report.......................................................................................................12TASK 4..........................................................................................................................................134.1 Information processing tools................................................................................................134.2 Use of financial tools...........................................................................................................13CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................172
Business Decision Making in Traveling Industry | Report_2
INTRODUCTIONBusiness decision making can be define as the action that has been chosen from the set ofalternatives available to achieve the organizational goals and objectives. It is the continuesprocess and helps to manage the business activity. In the present case the Thomas Cook a touroperator and consultancy has to analysis of market trend, customer trend as well as customerattitude. The sources of primary and secondary data required for development, survey methods,sampling frame and strategies has been discussed. Furthermore the analysis of software tool thathas to be uses. Appropriate information processing tools and the new launch of the tour producthas been discussed. TASK 11.1 Identify the sources of primary and secondary data There are two types of data collection. One is the primary data and another one issecondary data. Primary data is the first hand data which is collected as per the requirement ofthe research (Ferrell and Fraedrich, 2015). The primary data is the fresh new data collection .The sources for the collection of primary data are as follows:Case study: It is used to have the detailed comprehensive understand of the consumer responseabout the particular product or service. The Thomas cook can use the case study method to getthe primary data . He has to provide the case of the tour which he is planning to do and canprovide to the customers or the other people for the data.Conducting survey: It is the common method that is used by every organization for the primarydata collection. It is the most popular method, the sample of population is been selected for theinformation to collect.Interviews: This method is used by organization to track the actual consumer experience for theparticular product or services (Zsambok and Klein, 2014). The question are framed and asked tothe people personally. It is the way through which the organization can focus on the consumerresponse. Focus groups: It is the source in which the research has been focused on the particular group forthe information. It is used to get the honest feedback or the suggestions from the customers abouta specific product and services. Secondary data is the information which is already available. This is second hand datawhich is used by the organization which is collected by someone else than the user. The sources1
Business Decision Making in Traveling Industry | Report_3
for the collection of secondary data are government departments, organizational records or thedata which was originally collected for other research purpose (García-Peñalvo and Conde2014). The information of facts and figure can be collected from the internet. The research canbe done on the basis of the available data and the new research can be done on the basis ofprevious data. Thomas cook required the data for the purpose of doing research are as follows:customer profilepreferencesage groupBuying behaviourattitude1.2 Survey methodology and sampling technologySURVEY METHODOLOGY:Survey methodology studies the sampling of an individual unit among the wholepopulation, and the associate data. The collection techniques such as questionnaire constructionand improving the responds of survey (Pettigrew, 2014). The survey methodology has the fourmethods to collect the information for the survey that are as mention below:Personal interview: It is the most preferred method also known as face to face method of survey.The survey is mostly used for the specific population which is targeted. The main motive of thisparticular interview is to get the view of the people for the particular product or services. Mail interviewing: It is the survey which is conducted by sending the questionnaire through emails to the people. It helps and make possible to reach all the people. The interview through thequestionnaire in which the questions are framed for the particular product or survey. SAMPLE TECHNIQUES:It is the techniques is the specific process by which the sample has been selected from theentire population (Hartman and et.al., 2014). To conduct the research it is essential to identify theresearch unit or sample of unit. The sample represent the entire population. Some of the sampletechniques are mention below:Simple random sampling: It is the method which is used in research in which the sample unitshas been selected randomly among the population. Any specific type of sample unit is requiredor mandatory for the research then this techniques is good to use for the collection ofinformation. And in the present case it is used to analyse the buying behaviour of the people. 2
Business Decision Making in Traveling Industry | Report_4

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