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Business Decision Making: Strategies to Address Stock Out Issue

   

Added on  2023-06-10

7 Pages1764 Words482 Views
Data Science and Big Data
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Business Decision Making
Business Decision Making: Strategies to Address Stock Out Issue_1

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................1
INTRODUCTION...........................................................................................................................1
PROBLEM STATEMENT..............................................................................................................1
RESEARCH OBJECTIVES............................................................................................................1
SOURCES OF SECONDARY DATA............................................................................................2
Advantages of using secondary data sources...............................................................................2
Disadvantages of using secondary data.......................................................................................2
METHODS OF PRIMARY DATA COLLECTION......................................................................3
Advantages of primary data collection........................................................................................3
Disadvantages of primary data collection....................................................................................3
RECOMMENDATIONS.................................................................................................................3
REFERENCES................................................................................................................................5
Business Decision Making: Strategies to Address Stock Out Issue_2

EXECUTIVE SUMMARY
Strategic decision-making affects the business in the form of the productivity and
profitability because these decisions are taken for the specific situations. The study on Heavenly
Chocolates will be carried out to address the issue related to stock out through which company is
unable to meet the increased demand of the product. Owing to this, it has been proposed that
interview will be carried out to gather the specific information related to current production
capacity and forecasting related aspect. Also, the secondary data will be gathered fpm the annual
report through which solution ca be derived. In this way, strategies to improve the current
scenario will be formed whereby company can meet the demand of customers and retain them
for longer time span.
INTRODUCTION
Strategic decision-making refers to choose the best alternative among various options for
the development of the business (Lunenburg, 2011; Pettigrew, 2014). Further, decision-making
is one of the important aspects for the management to take decisions and act on the problems.
The current report is based on the Heavenly Chocolates that is situated at Hay Market, Sydney is
dealing with the products such as premium and dark chocolate pralines (Heavenly Chocolates,
2018). The study is to deal with the stock out issue of the company wherein demand of the
product is high but business is unable to meet the same. For this purpose, research will be carried
out to uncover potential issues and accordingly form the suitable strategies. In this context,
primary and secondary data will be collected with the use of suitable alternative. It would be
helpful to understand the issue and accordingly address the same with the application of effective
strategies. Also, recommendations have been provided to use the gathered data.
PROBLEM STATEMENT
According to the case study, Heavenly Chocolates is facing the problem in meeting the
increased demand of the due to production constraint. However, company has an opportunity to
increase the sales turnover by retaining the customers for longer time span. This affects the
competitive edge of the business because customers are switching towards the next brand which
1
Business Decision Making: Strategies to Address Stock Out Issue_3

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