Business Decision Making

This report focuses on analyzing the changing consumer behavior and preferences to make effective business decisions. It covers topics such as data collection, survey methodology, questionnaire design, and analysis.

BUSINESS DECISION
MAKING

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Developing plan for data collection.................................................................................1
1.2 Presenting a survey methodology and sampling frame....................................................2
1.3 Designing the questionnaire which helps in acquiring all the information......................3
TASK 2............................................................................................................................................5
2.1 Compressing the gathered information with the help of representative values................5
2.2 Drawing conclusion over surveyed details.......................................................................6
2.3 Implication of measures of dispersion..............................................................................7
2.4 Analysing the quartile, percentile and correlation coefficient..........................................7
TASK 3............................................................................................................................................8
3.1 Presenting the graphs which represents a valid conclusion over presented survey.........8
3.2 Preparing an analysis of sales and profits retain by a business through Trend line graph10
3.3 presenting poster which contains all the findings...........................................................14
3.4 Writing a formal report...................................................................................................15
TASK 4..........................................................................................................................................15
A ..........................................................................................................................................15
B ..........................................................................................................................................16
C ..........................................................................................................................................17
D...........................................................................................................................................17
E............................................................................................................................................18
CONCLUSION..............................................................................................................................18
REFERENCES..............................................................................................................................19

INTRODUCTION
To analyse the changing consumer behaviour and preferences which impacts the
businesses on various segmentation. These are in information which in turn will be effective and
suitable for appropriate decision making. In present report, the main emphasis is payable over
analysing changing behaviour of consumers with shopping through high street shops and malls.
This will be beneficial in terms of making proper analysis over the facts which help in analysing
the convenience level of consumers. It also comprises with various surveys and data collecting
technique which will be measured with the help of representative’s values and measures of
dispersion. There is analysed data will be communicated among the professionals to make
necessary changes into operations as well as plan the business objective which matches to the
consumer needs.
TASK 1
1.1 Developing plan for data collection
The changing environment operations as well as implications of various technologies
which in context with a funnel to the professionals from various businesses as to make necessary
changes in their operational activities. Thus, the report consists of analysing the technical
changes influence consumers buying behaviour. The technical advancement will be effective and
helpful to the business in terms of covering a large number of consumers as well as have fruitful
growth in sales and revenue. On the other side, it will be convenience to the consumers as to
have the satisfactory level of products and services from the retail stores. Therefore, in relation
with analysing the factors which mainly influences the shopping behaviour as well as business
activities which will be analysed through various data collection techniques such as:
Primary data collection:
These are the information which in turn will be effective and adequate for the business
management as well as brings the accurate details relevant with the facts and issues. Thus, it
consists of assorted informant of data gathering such as observing the focus group. Preparing
questionnaires, taking interviews and study over various cases. Therefore, it brings the clear
details and analysis through all the issues (Baker, 2018). However, with the influence of such
techniques and methods of collecting the data will be effective and helpful to determine the
consumer preference, current market trends and fashion stated in the environment. On the basis
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of such collected information the professionals will become able to make necessary changes into
operations. They will be get to known consumer’s wants and demands which will provoke them
in making effective decisions. Therefore, there will be appropriate development of techniques
and operations which in turn have effective impacts over sales and profitability of the
organisation. Similarly, in the present study to analysing the impacts of technical changes into
the operations of retails and small businesses there will be preparation of questionnaires which
will be asked to 30 professionals which in turn make necessary changes into operational
activities of the business. They will correspond their views and ideas which gives the quick
review to the issues faced by the business in the current times.
Secondary data collection:
These are mainly examined the annual reports, assemblage information through internet
sites, articles, blogs as well as research over newspapers articles. Therefore, the use of various
secondary sources of data aggregation which in turn will be influential as to have right
information and details regarding the facts (Ferrell and Fraedrich, 2015). Moreover, this method
will be convenient, suitable and prominent in relation with covering the large areas and gathering
the effective information there can be use of several techniques which in turn has the positive
impacts over preparing the effective plans and forecasts which leads them to manage the
lucrativeness and intensify their product line in the market.
1.2 Presenting a survey methodology and sampling frame
Collecting data and information from different lactations, area and the group of
population there will be consideration of various activities which in turn will be effective and
helpful as to use the right techniques of generating the ideas. (Zsambok and Klein eds., 2014)
Similarly, in relation with collective the effective data and information through market there will
be implication of various techniques and operations to gather the relevant information.
Survey methodology: this a statistical approach which enables the researchers for
analysing the human behaviours. It will have done on mass population, individual unit. This
survey includes preparation of questionnaires and number which in turn helps in improving the
accuracy of outcomes (Popovič and et.al., 2012). Thus, to analyses the shopping behaviour of
consumers on the basis of their preferences for buying the goods and services will be beneficial
to them as to have the most satisfactory outcomes. It comprises with preparation of various
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questions which will be helpful to students or researchers in analysing the problems and changes
n the recent times which has influenced the buying behaviour of consumers.
Sampling frame: to conduct a survey over mass units or population there will be selection
of the group with the help of various sampling techniques. However, in the present research
techniques there will be analysis based on various operational needs and wants of the consumers
as to have appropriate designing of the work (Ford and Richardson, 2013). Thus, it consists of
simple random sampling techniques on which the particular location will be randomly selected
and analysed as to have appropriate determination of the research issues. To analyse the buying
behaviour of consumers there has been preparation of various questionnaires and data set which
will be helpful to them for gathering accurate outcomes. It will be fruitful to the industries to
make necessary changes in their operational criteria.
1.3 Designing the questionnaire which helps in acquiring all the information
To fetch the exact issues and demands of the consumers as well as the impacts of
technical changes over business efficiencies. There will be consideration of various questions
which in turn will be effective as well as fruitful for analysing the respective factors such as:
Questionnaire
Demographic substance
Name:
Age:
Operating area:
Question 1. Do you accept that there has been changes in buyer’s purchasing power in a current
situation?
 Yes
 No
Question 2. The reduction in sales volume of organisation is due to business offering services
and products.
 Agree
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 Disagree
Question 3. Do you believe that the reduction in sales volume is due to changing preferences of
consumers in relation with purchasing goods from online sites instead of visiting shops and
malls?
 Yes
 No
Question 4. What do you think is the main reason and motive behind the consumer preferences
which vary their habit of purchasing products through online segmentation?
 convenience
 Satisfactory costs
 Effective comparison
Question 5. What do you think that employees’ female employees will have impacts over
consumer buying behaviour?
 Strongly agree
 Agree
 Disagree
 Strongly disagree
Question 6. According to you, what are the factors which provoke industries to operate the
online business instead of shops and malls?
 Cost efficient
 Large numbers of consumers
 Higher profitability during season
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 Effective offers to generate adequate revenue
Question 7. Do you think the consumer buying behaviour will be regulated as on their
understanding, learning or educational level?
 Yes
 No
TASK 2
2.1 Compressing the gathered information with the help of representative values
Survey outcomes:
Participants Question.2
Question.
4 Question. 6
1 1 2 2
2 1 1 2
3 2 2 3
4 1 1 2
5 2 1 2
6 1 1 4
7 2 3 4
8 1 1 1
9 2 1 1
10 1 3 1
11 2 1 2
12 1 1 2
13 2 1 1
14 1 2 1
15 2 3 1
16 1 1 3
17 2 1 3
18 1 3 4
19 2 3 2
20 1 2 1
21 1 2 1
22 1 1 1
23 1 2 2
24 2 2 4
25 1 2 4
26 1 2 4
27 2 3 3
28 1 3 3
29 1 2 3
5

30 2 2 3
Descriptive analysis over surveys:
Question 2 Question 4 Question 6
Mean 1.4137931 Mean
1.8275862
1 Mean
2.3448275
9
Standard Error
0.0930760
8 Standard Error
0.1494568
6 Standard Error
0.2121660
6
Median 1 Median 2 Median 2
Mode 1 Mode 1 Mode 1
Standard
Deviation
0.5012300
1
Standard
Deviation
0.8048498
3
Standard
Deviation
1.1425492
2
Sample Variance
0.2512315
3 Sample Variance
0.6477832
5 Sample Variance
1.3054187
2
Kurtosis
-
2.0072063 Kurtosis
-
1.3607125
8 Kurtosis
-
1.3801279
8
Skewness
0.3694614
8 Skewness
0.3333194
1 Skewness
0.1800013
3
Range 1 Range 2 Range 3
Minimum 1 Minimum 1 Minimum 1
Maximum 2 Maximum 3 Maximum 4
Sum 41 Sum 53 Sum 68
Count 29 Count 29 Count 29
Largest(1) 2 Largest(1) 3 Largest(1) 4
Smallest(1) 1 Smallest(1) 1 Smallest(1) 1
Confidence
Level(95.0%) 0.1906577
Confidence
Level(95.0%) 0.3061485
Confidence
Level(95.0%)
0.4346024
8
Interpretation: in consideration with the questions asked to 30 respondents on which
they have presented their views and thought by presenting the most appropriate outcomes
(Hwang and Masud, 2012). Moreover, after analysing the data set there will be analysis over the
outcomes which bring the accurate outcomes. However, the mean value of the first question is
stated as 1.41 the fourth question stated as 1.82 while the sixth question stated as 2.34.
2.2 Drawing conclusion over surveyed details
Theme 2: The reduction in sales volume of organisation is due to business offering
services and products’
Interpretation: on the basis of the proposed theme it has ben asked to the consumers that there
will be changes in the sales of business as per their products and services. Therefore, there are 18
respondents were reflected the positive response towards such articles and they have agreed over
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it. Similarly, 12 individual believes that there is no such influences of the products and services
which will reduce the sales of business (Pettigrew, 2014). Moreover, it can be said that there
have been necessary changes into the operations which brings the clear estimation of the facts
that there will be influences of products and services which were being offered among
consumers
Theme 4: main reason and motive behind the consumer preferences which varies their habit of
purchasing products through online segmentation
Interpretation: In consideration with the above theme it has been asked to the
professionals that the motive behind consumer shopping behaviour through online segmentation.
Therefore, it represents that there are a majorities of response such as 40% in favour of
convenience. 36.67% are in favour of cost efficiencies while 23.33% are in favour of effective
comparison. Moreover, the main reason is convenience of the online sites which bring the
professionals most appropriate gains.
Theme 6: the factors which provokes industries to operate the online business instead of shops
and malls
Interpretation. It has been asked to the consumers that the factors which provokes
industries to make online operations are mainly associated with the cost efficiency as there are
lower labour rates which in turn will be effective and helpful for generating the appropriate
amount of revenue.
2.3 Implication of measures of dispersion
Interpretation: In relation with analysing the measures of dispersion. In question 2 it
was 0.501, in question 4 it was 0.80 and in question 6 it was 1.14.
2.4 Analysing the quartile, percentile and correlation coefficient
Quartile/percentile:
Correlation:
correlation Question.2 Question. 4
Question.
6
1 1
2 0.09463543 1
2 0.05376158 0.22231168 1
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TASK 3
3.1 Presenting the graphs which represents a valid conclusion over presented survey
Theme 2: The reduction in sales volume of organisation is due to business offering services and
products’
Answers participants percentage
A. Agree 18 60.00%
B. Disagree 12 40.00%
Total 30 100.00%
Theme 4: main reason and motive behind the consumer preferences which varies their habit of
purchasing products through online segmentation
Answers participants percentage
convenience 12 40.00%
Satisfactory costs 11 36.67%
Effective
comparison 7 23.33%
Total 30 100.00%
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Theme 6: the factors which provokes industries to operate the online business instead of shops
and malls
Answers participants percentage
Cost efficient 9 30.00%
Large numbers
of consumers 8 26.67%
Higher
profitability
during season 7 23.33%
Effective offers
to generate
adequate
revenue 6 20.00%
Total 30 100.00%
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3.2 Preparing an analysis of sales and profits retain by a business through Trend line graph
To identify assorted changes in the revenue and gains of business for making effective
analysis over the factors which will be effective and adequate as to analyse the sales revenue
retention by retail businesses over the period (Laudon and Laudon, 2015). Therefore, it will be
helpful to the business professionals to have all the relevant information regarding the
profitability and growth after impacts of technical changes in the entity.
Year Sales Cost Profit
2010 15000 4000 11000
2011 15600 4500 11100
2012 16800 5200 11600
2013 17500 5600 11900
2014 17600 5000 12600
2015 16600 4300 12300
2016 16400 4200 12200
2017 15900 4600 11300
2018 15500 3800 11700
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2010 2011 2012 2013 2014 2015 2016 2017 2018
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
sales
cost
Profit
Sales:
year sales
2010 15000
2011 15600
2012 16800
2013 17500
2014 17600
2015 16600
2016 16400
2017 15900
2018 15500
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2010 2011 2012 2013 2014 2015 2016 2017 2018
13500
14000
14500
15000
15500
16000
16500
17000
17500
18000
sales
2010 2011 2012 2013 2014 2015 2016 2017 2018
13500
14000
14500
15000
15500
16000
16500
17000
17500
18000
s ales
Interpretation: In relation with sales made by firm during the period which has the
growth in the sales outputs but after reaching to the maturity phase it has started declining.
Therefore, the sales operation made by the industry over the period needs serious improvements
which in turn will be helpful as to make productive changes into operations therefore, there will
be increment in the profitability as the professionals make productive changes into operational
activities. In 2010 total sales was 15000, in 2011 it was 15600, in 2012 it was 16800, in 2013 it
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was 17500, in 2014 it was 17600, in 2015 it was started declining and represents the sales as
16600, in 2016 it was 16400, in 2017 it was 159 and in 2017 it was 15500.s thus, the reduction in
the sales is due to changing consumer behaviour and preferences towards the online stirs.
Therefore, with the influences of such facts there will be increments and decrement in the sales
volume of an industry it is because the preferences of consumers are currently stands for buying
the product through online business (Provost and Fawcett, 2013). It is convenient to them in
terms of having the desired product on the efficient costs as well as on their door steps.
Profit:
year Profit
2010 11000
2011 11100
2012 11600
2013 11900
2014 12600
2015 12300
2016 12200
2017 11300
2018 11700
2010 2011 2012 2013 2014 2015 2016 2017 2018
10000
10500
11000
11500
12000
12500
13000
13

Profit
2010 2011 2012 2013 2014 2015 2016 2017 2018
10000
10500
11000
11500
12000
12500
13000
Profit
Interpretation: in context with analysing the profits of the organisation there is need to
deduct the costs from the analysed data set. Therefore, it can be said that the costs of the
production are comparatively higher which does not bring them fruitful outcomes. Thus, there
has been huge changes in operational activities which will be indicative and inappropriate as to
have growth in gross profit margin. In 2010 the profits were 11000, in 2011 it was 11100, in
2012 it was 11600, in 2013 it was 11900, in 2014 it was 12600, in 2015 it was 12300, in 2016 it
was 11300 and in 2017 it was 11700. Therefore, after analysing such factors there will be
appropriate development of operations which in turn will be helpful and beneficial as to have
appropriate revenue generations thus, it will be suggested to the professionals that they must
make improvements in sales and manufacturing the articles (Bajomi-Lázár, 2014). The
administration over costs will be helpful to them as to bring necessary improvements in the
business operations.
3.3 presenting poster which contains all the findings
Enclosed in poster
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3.4 Writing a formal report
TASK 4
A
Transaction Processing system TPS: It is the process which in turn helps in dividing the
work into computing the variable on the basis of individual, indivisible operations and several
transactions (Yager and Kacprzyk, eds., 2012). Therefore, the process of analysing the
transactional data through implication of various software will be effective and helpful as to
analyse the cost efficiencies.
Management information system MIS: This is the computerised software which will be
indicative and helpful to the business organisation as to have adequate implication of all the
accounts and records of all the transactions made during the period. It brings the ability to the
managerial professionals as to make necessary improvement in their operational activities
(Solomon and et.al., 2014).
Decision support system DPS: It consists of all the relevant information with the
organisation which in turn helps in decision making as well as planning for improving the
business efficiency therefore, in relation with this the managerial professionals will have
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effective influences of the work and better operational management in the firm (Decision support
system, 2018).
B
GANTT CHART
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C
Network Diagram:
D
years
cash
flows
disc.
Factor
@10%
present
value
0 -15000
1 8000 0.909 7272.727
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2 10000 0.826 8264.463
3 5000 0.751 3756.574
4 5000 0.683 3415.067
total present value 22708.831
initial investment 15000
net present value 7708.831
E
IRR1:
years cash flows
0 -15000
1 8000
2 10000
3 5000
4 5000
35%
CONCLUSION
By considering the above report it can be said that there has been analysed based on changing
consumer behaviour and shopping preferences in the market. Similarly, there has ben changes
into technological activities which has influences over purchasing motives of the consumers. The
report comprises with set of questions which were being asked to the consumers as to have
appropriate analysis over the facts. Further there has been influences of various activities which
wil be helpful as to develop the business operational criteria.
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REFERENCES
Books and Journals
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Modern Business Decision Making in Central and Eastern Europe. Central European
University Press.
Baker, A. J., 2018. Business decision making. Routledge.
Ferrell, O. C. and Fraedrich, J., 2015. Business ethics: Ethical decision making & cases. Nelson
Education.
Ford, R. C. and Richardson, W. D., 2013. Ethical decision making: A review of the empirical
literature. In Citation classics from the Journal of Business Ethics. (pp. 19-44). Springer,
Dordrecht.
Hwang, C. L. and Masud, A.S.M., 2012. Multiple objective decision making—methods and
applications: a state-of-the-art survey. (Vol. 164). Springer Science & Business Media.
Laudon, K. C. and Laudon, J. P., 2015. Management Information Systems: Managing the Digital
Firm Plus MyMISLab with Pearson eText--Access Card Package. Prentice Hall Press.
Pettigrew, A. M., 2014. The politics of organizational decision-making. Routledge.
Popovič, A., Hackney, R., Coelho, P.S. and Jaklič, J., 2012. Towards business intelligence
systems success: Effects of maturity and culture on analytical decision making. Decision
Support Systems. 54(1). pp.729-739.
Provost, F. and Fawcett, T., 2013. Data science and its relationship to big data and data-driven
decision making. Big data. 1(1). pp.51-59.
Solomon, M. R., Dahl, D.W., White, K., Zaichkowsky, J.L. and Polegato, R., 2014. Consumer
behavior: Buying, having, and being (Vol. 10). Pearson.
Yager, R. R. and Kacprzyk, J. eds., 2012. The ordered weighted averaging operators: theory and
applications. Springer Science & Business Media.
Zsambok, C. E. and Klein, G. eds., 2014. Naturalistic decision making. Psychology Press.
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Online
Decision support system. 2018. [Online]. Available through :<https://www.techopedia.com/>.
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