Business Decision Making- PDF
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Added on 2020-10-05
Business Decision Making- PDF
Added on 2020-10-05
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BUSINESS DECISION MAKING
EXECUTIVE SUMMARYBusiness decision making is considered as one of the most important component ofmodern management. Precise decision making is taken as the crucial function of management.Business decision making term can be understood as the process of selection of the best courseof action from amongst two or more alternatives for arriving at answer to a business problem. Inthe project report, a primary and secondary research is conducted by a member of research teamof Full discount Ltd. Primary research is the method where the information is collected firsthandedly by the researcher itself while secondary research is one where information for the studyis drawn out from the already established data. In primary research, a questionnaire is preparedwhere sample population of 20 is taken. In secondary data analysis, mean, median and standarddeviation is computed along with line and bar charts. The company has undertaken this researchas it planning process for introducing its own discount supermarket chain in UK.
Table of ContentsEXECUTIVE SUMMARY.............................................................................................................2INTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1Primary data collection and analysis............................................................................................1TASK 2 ...........................................................................................................................................8Secondary data collection and analysis........................................................................................8RECOMMENDATIONS...............................................................................................................13CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................15APPENDICES...............................................................................................................................16
INTRODUCTIONBusiness decision making can be best described as the check and balance method thatkeeps a company growing both in linear and vertical directions (Weygandt and et.al., 2018). Insimpler meaning, decision making is the process identifying the problem, gathering information,identifying alternatives, weighing pros and cons of each alternative, evaluating and analysis eachalternative, selecting the best course of action and monitoring the same. The present projectreport is about the Full Discount Ltd, who is undertaking research as its planning process forlaunching its own discount supermarket chain in the United Kingdom. The report will cover theprimary data collection and analysis in which a questionnaire would be prepared and analysiswould be accordingly. Further, secondary data collection and analysis will be done for thepurpose of comparison with rival discounters. TASK 1 Primary data collection and analysisPrimary data collection is the process of collecting data directly from the originalsources. The researcher itself collects data first handedly for the specific research.The data can be obtained by the way of observation, by mail, telephone surveys,questionnaire, face to face interviews etc. With due care regarding personal bias,the data collected through this method is the most accurate and reliable one foraddressing the issues in the research. In here, the research is undertaken by theresearch team of Full Discount Ltd, for assessing the competitiveness of rivals,customers preferences regarding the discounters in the market. For this purpose, aquestionnaire is prepared for collecting the first hand data directly from thecustomers (Neelankavil, 2015).For the survey, a sample population of 20 customers has been taken to whom thisquestionnaire will be given to find out the required results.Q.1 In which age group do you belong ? Respondents16-25726-35636-4541
Above 45 years3Q.2 What is your average spending in amonth ? Respondents150625083504more than 3502Q.3 What is the factor that attracts youtowards the discount supermarket?RespondentsPrices5discounts9location2product range4Q.4 Which type of supermarket do youprefer?RespondentsDiscount supermarket11Big retail supermarket9Q.5 Why do you prefer retail supermarket ?RespondentsHome delivery8ambience3branded products5after sale services/add-on services42
StatisticsQ.1 In which agegroup do youbelong ?What is youraverage spendingin a month ?Q.3 What is thefactor that attractsyou towards thediscountsupermarket?Q.4 Which type ofsupermarket doyou prefer?Q.5 Why do youprefer retailsupermarket ?NValid2020202020Missing00000Mean2.152.102.251.452.25Median2.002.002.001.002.00Mode12211Std.Deviation1.089.9681.070.5101.209Variance1.187.9371.145.2611.461Minimum11111Maximum44424Interpretation : From the above table, it can be interpreted that average of therespondents' age group is 2.15, median is 2 and mode is 1. Standard deviation is a measure thatcalculate the deviation between the mean of the variables in a data set. The standard deviation ofrespondents' age is 1.089, for average spending it is 0.968, for factors that attracts customerstowards discount supermarket is 1.070, for which type of supermarket does the customer preferis 0.510 and for reason of preference towards retail supermarket it is 1.209. Frequency TableQ.1 In which age group do you belong ?FrequencyPercentValid PercentCumulative PercentValid1735.035.035.02630.030.065.03420.020.085.04315.015.0100.0Total20100.0100.03
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