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Business Decision Making Assignment Solution (pdf)

Added on - 03 Dec 2019

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Business Decision Making
TABLE OF CONTENTSINTRODUCTION................................................................................................................................3TASK- 1...............................................................................................................................................3A. Planning and carrying out secondary and primary research to determine the consumerprofile,..........................................................................................................................................3preference, attitude and buying behaviour related to fresh juice drinks(1.1).............................3B. Presenting a survey methodology and sampling frame(1.2)..................................................4C. Designing a questionnaire.......................................................................................................4TASK 2.................................................................................................................................................6A. Summarizing the data collected from the primary and secondary research using frequencytables, representative values (averages) and measures of dispersion and interpret the results asrelevant management information for the fresh juice drinks market. (2.1, 2.2, 2.3)...................6B. Explaining how quartiles, percentiles and correlation can be used to aid decision making inthe fresh juice drinks market. (P2.4)..........................................................................................11TASK 3...............................................................................................................................................12A. Creating charts using a spreadsheet to support your analysis of the fresh juice drinks marketand drawing valid conclusions on the information produced. (3.1)..........................................12B. Creating a trend line on an XY-plot using a spreadsheet and use it to forecast informationuseful to the analysis of the fresh juice drinks market. (3.2).....................................................15C. Power point presentation based on the analysis of the fresh juice drinks market in the UK.(3.3)Presented in PPT...............................................................................................................16D. Producing a formal business report for the fresh juice drinks market (3.4).........................16TASK 4...............................................................................................................................................17Preparing a project plan for the launch of a new fresh juice drink based and including ananalysis based on the projected revenues and costs regarding the financial viability of theproject. (4.1, 4.2, 4.3).................................................................................................................17CONCLUSION..................................................................................................................................19REFERENCE.....................................................................................................................................20Table 1:Responses of Consumers....................................................................................................7Table 2:Sales and profit figures.....................................................................................................10
INDEX OF TABLESTable 3: Descriptive statistics........................................................................................................11Table 4: Calculation of Quartile and Percentile............................................................................12Table 5: Correlation between sales and profit...............................................................................12Table 6: Sales frequency distribution............................................................................................13Table 7: Profit Frequency Distribution..........................................................................................14Table 8: Project Plan......................................................................................................................18Table 9: Calculation of NPV.........................................................................................................20TABLE OF FIGURESFigure 1: Sales Histogram.............................................................................................................14Figure 2: Profit Histogram.............................................................................................................15Figure 3: Trend lines......................................................................................................................16Figure 4: Gantt Chart.....................................................................................................................19Figure 5: Critical Path Diagram.....................................................................................................19
INTRODUCTIONBusiness decision making is termed as most important aspect of business managementthat has direct impact over growth and profitability of business. In order to survive in highlycompetitive market, an efficient decision making system provides significant assistance tomanagement in identification of new sources of funds, expansion of business in new emergingmarket and reduction in expenses of organization. It leads the positive impact over theprofitability of business entity (Bhardwaj, 2009). This report presents the use of statistical dataand primary data for assessment of emerging trends as per the current market trends that playsimportant role in the business decision a fresh juice manufacturer associated with introduction ofnew products. In order to examine feasibility and viability of project, management has carriedout primary and secondary research for collection of wide range of data. It also determinesvarious investment appraisal approaches.TASK- 1A. Planning and carrying out secondary and primary research to determine the consumer profile,preference, attitude and buying behaviour related to fresh juice drinks(1.1)Market research is one of the most important element of business decision makingprocess. In the context of a fresh juice manufacture, it is essential to assess the reliableinformation about personal profile, taste and preference of target consumers. In addition to thatthe assessment of secondary sources has been found very effective in evaluation of presentmarket conditions in food and beverage sector.Primary research: This approach is termed as a most important process for collection ofprimary data or first hand information associated with preference, attitude and buyingbehaviour (Dibyojyoti and Das, 2011). This kind of data has been found very effective inintroduction of new drink that would provide significant benefits to business entity. Byconsidering the information which has been collected from primary data, business entityis able to maintain appropriate quality and taste of fruit juices as per the distinct needsof consumers. This approach provides significant benefits to business entity such as highsatisfaction level among consumers from new products etc.Secondary sources: For carrying out business planning, the management of a fruit juicemanufacture firm requires to consider wide range of secondary sources for collection ofsecondary data (Hacklin and Wallnöfer, 2012). It includes online articles, past studies,4
financial data of company, online blogs of top managers. These data assist managementof fruit juice maker company in assessment of current market trends in terms of demandand supply of similar products, market share of competitive, preference of consumersetc. By considering views of top manager, management is able to apply some creativeand unique marketing tools while launching new juice products in the market (O’Fallonand Butterfield, 2005). The assessment of annual reports provides information aboutcurrent financial position of business entity through which a fruit juice markerorganization is able to assess the fund raising capabilities of business entity as well ascurrent profitability.B. Presenting a survey methodology and sampling frame(1.2)For attainment of research goals, researcher applies a systematic methodology that helpsmanagement in collection and evaluation of primary and secondary data. In the context ofpresent investigation, both primary and secondary sources of data have been considered to assessperception of consumers and various financial data. Therefore, questionnaire is developed inorder to collect primary data (Dibyojyoti and Das, 2011). The manager distributes questionnairein different restaurants and food outlets to assess response of consumers and general citizen. Inorder to manage decision related to introduction in food product or juice, management takes asample of 45 responds belongs from different age and income group. In this regard, managershave considered random sampling approach. This is because this approach enables managementto assess views of people without any discrimination. On the basis of primary data, businessidentifies the customer preference related to interest, taste and quality in different juice. Thisinformation also assists management in determination of pricing strategy according to needs andquality of services. On the other hand, researcher applies different statistical tools for evaluationof statistical data associated with the profitability of business entity(O’Fallon and Butterfield,2005). In this process, researcher uses different tools such as spreadsheet for evaluation ofstatistical data. This approach has been found very effective that increases the efficiency andappropriateness of outcomes of investigation.C. Designing a questionnaireDate_______________________________________________Name ______________________________________________Occupation__________________________________________5
1. What is your age group?16 - 20 years21 - 25 years26 - 30 years31- 35 yearsAbove 35 years2. Are you regularly consume different kinds of juice products?YesNo3. Are you satisfied with the pricing of different juices offered by company?Highly satisfiedSatisfiedNeutralUnsatisfiedHighly unsatisfied4. What is the flavor of juice you always preferred?LemonOrangeStrawberryPineapple5. What is the most important factor that influences your decision regarding the selection of juicemanufacturing company?Goodwill of firmPricingTaste and qualityVariety of Juices6. Do you think that quality and taste of juices of Fresh Juice Manufacturing Company meetsyour expectations?Highly satisfiedSatisfiedNeutral6
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