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Business Decision Making Study

The assignment requires the submission of an individual written report and a brief presentation on a business decision making topic.

20 Pages4145 Words394 Views
   

Added on  2019-12-03

Business Decision Making Study

The assignment requires the submission of an individual written report and a brief presentation on a business decision making topic.

   Added on 2019-12-03

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BUSINESSDECISIONMAKING1 | P a g e
Business Decision Making Study_1
Table of ContentsINTRODUCTION......................................................................................................................1TASK 1......................................................................................................................................1(A) Primary and secondary research.....................................................................................1(B) Survey methodology and sampling frame:......................................................................2(C) Preparation of questionnaire............................................................................................3TASK 2......................................................................................................................................5(A) Summarization of primary and secondary collected data:..............................................5(B) Quartile, percentile deviation and correlation ..............................................................11TASK 3....................................................................................................................................12(A) Analysis and interpretation through different types of charts.......................................12(B) Trend Line and chart for analytical purpose.................................................................13(C)Analysis through Graphical presentation.......................................................................14(D) Formal Business Report................................................................................................14TASK 4....................................................................................................................................14Project Plan of launching a new fresh juice drink ..............................................................14CONCLUSION........................................................................................................................16REFERENCES.........................................................................................................................172 | P a g e
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INTRODUCTIONStatistical analysis is a component of data analysis. It is the study of collection,analysis, interpretation and organization of data. It is very important for every organization tocontinue analyse the data by various statistical and financial methods. In this report, weidentify the methods of data collection for Fresh juice Manufacturer Company in London.Moreover, Survey will be conducted for such purpose (Black, 2011). In addition to it,different statistical methods will be used to analyse the data such as Frequency table,Average, dispersion and correlation. The report also helps in identifying the financialviability of the project by with reference to cost and revenues. TASK 1(A) Primary and secondary researchData collection is a term used to describe a process of preparing and collecting data.Data research can be done for different purposes according to the requirement. Data can becollected by two sources primary as well as secondary sources. Primary data: The data which are collected for the first time, called primary data.This is the original data collected by the investigator itself (Zsambok and Klein, 2014). Itmay be of two kinds Quantitative and qualitative research. Quantitative research can becollected from sampling method. Secondary data: This type of data are prior collected by someone for their purpose,also called published source of data. It may be of two kinds Internal as well as Externalsources. Internal source include organizations previous records or statements whereasexternal source of data include journals, books, magazine and newspaper. Primary andsecondary research for fresh juice drinks with subject to consumer profile, preference;attitude and buying behaviour are explained below:Consumer Profile: It is a way of describing consumer categorically so that they can begrouped for marketing and advertising purpose (Bazerman and Moore, 2012). It helps toclassify the customer on the basis of various factors such as demographic, education, andpsychological. Primary data for consumer profile can be collected through field research byinvestigator itself. However, Secondary data can be collected from trade and businessassociation. Consumer preference: It refers to the choice of customer for variety of goodsavailable in the market for fresh Juice Drinks such as Tropicana, Real, Fresh gold and Leh3 | P a g e
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berry. Primary data for such purpose can be collected by experiments. However, secondarydata may be collected by newspapers and previous year industrial sales.Attitude and Buying Behaviour: Consumers have a positive general attitude towardsthe consumption of fruit juice. Consumer behaviour is driven by optimisation of nutrition.However, attitude is defined as a kind of psychological tendency with some degree of likesand dislikes. It is also affected by various factors such as cultural, social and personal factors.Primary data can be collected by questionnaire method and secondary data can be collectedby published economic reports and commercial service reports (Kimmel, Weygandt andKieso, 2010). (B) Survey methodology and sampling frame:Surveys are important for getting specific information for various purposes. It is theprimary source of data and includes field research. In field research firstly, researcher shouldset the target market in which survey will be conducted. Thereafter investigator shouldidentify the type of field research it can be done through Questionnaire method. Furthermore,it helps to identify the type of information according to the objective of investigator.Questionnaire can be filled by investigator itself through personal interview and also can befilled by customers themselves. It is a set of questions to gather different type of informationsuch as customer preferences, their attitude and purchasing behaviour (Pettigrew, 2014). T. Itis the best method when resources are limited and data are required from various type ofcustomers. In such method, all the information can be collected by drafting an appropriatequestionnaire. It should include all type of questions which fulfil the investigatorrequirement. It is very confidential source of data and the information collected trulyrepresent the situation. However, if it is filled by researcher himself then bias may arise.Moreover, Web based questionnaire may be used in it will be send through email. Therefore,information can be collected from widespread area (Jerry, Paul. and Donald, 2009). Hence, itis considered as best method for Fruit Juice Company to identify the customer preferences,their choice, and attitude also the behaviour. Sampling: It refers to the selection of sample from a target population to conduct asurvey. It is very convenient way to identify the behaviour of the entire universe based on therepresentative sample. It can be classified into two types such as probability sampling andnon probability sampling (Black, 2011). In probability sampling each member of thepopulation has a known probability whereas in non probability sampling probability isunknown. 4 | P a g e
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