Business Decision Making | Study

Added on - 03 Dec 2019

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BUSINESS DECISIONMAKING
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Plan for collection of primary and secondary information....................................................11.2 Survey methodology and sampling frame used.....................................................................21.3 Questionnaire for the survey..................................................................................................2TASK 2............................................................................................................................................42.1 Information for decision making by summarizing information............................................42.2 Analyze results to draw valid conclusions.............................................................................52.3 Analyzing data using measures of dispersion........................................................................52.4 Explain how quartile, percentile and correlation coefficient are used to draw validconclusion....................................................................................................................................5TASK 3............................................................................................................................................73.1 Producing graphs using spreadsheet......................................................................................73.2 Trend lines in spreadsheet for forecasting sales revenue.....................................................103.3 Business presentation...........................................................................................................133.4 Formal business report.........................................................................................................13TASK 4..........................................................................................................................................134.1 Appropriate information processing tools...........................................................................134.2 Plan for the activity and determination of the critical path for Wm Morrison plc..............144.3 Use of financial tools for decision making..........................................................................15CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................18
INTRODUCTIONIn present era, organizations operate in the competitive environment due to which it hasbecome difficult for firms to sustain in the market for longer period of time and is leading todecline in their overall efficiency level. Further, various decisions have to be taken by themanagement which are linked with the overall development and growth of company in market(Leach, 2011). Decisions have to be taken by top authorities of firm at strategic, tactical andoperational level. Moreover, without analysing the market conditions, it is not possible forenterprise to take appropriate decisions and in turn, it acts as the hurdle in accomplishment ofdesired goals and objectives. For carrying out the present study, organization chosen is WMMorrison which operates in retail sector and is well known in the market for range of productswhich it offers to its target market. The basic aim of present research is to understand theconsumer behaviour and attitude of people in relation with food discount survey and throughthis, business enterprise can take effective decisions. Various tasks have been covered in thestudy which involves plan for the collection of primary and secondary data, survey methodologyetc.TASK 11.1 Plan for collection of primary and secondary informationIn order to obtain effective decisions, it is necessary to collect the information from bothprimary and secondary sources so that organization can easily enhance its performance in themarket. Main mission of organization is to make it “Different and better than ever”. Main stressof management is on enhancing the efficiency, capturing the growth and driving the top line.Therefore, by considering both primary and secondary data, it is possible for firm to know theperception of consumers about food discount retailing (Smit and Trigeorgis, 2011).Plan for collection of primary informationFor collection of primary information, technique of online survey has been consideredand well structured questionnaire has been designed with the help of which attitude and overallpreferences of customers can be known in Greater London regarding food discount retailing. Dueto this basic reason, collection of primary information is considered to be more effective and inturn, leads to the accomplishment of desired goals and objectives (Jankowicz, 2004).Plan for collection of secondary data1
For acquiring secondary information, various books, journals and online articles havebeen referred. Further, specific information has been taken from annual report of WM Morrisonwith the help of which effective decisions can be taken easily.1.2 Survey methodology and sampling frame usedSurvey methodologyFor conducting survey in an effective manner, customers of WM Morrison have beenselected who are living in Greater London. Main aim behind carrying out survey is to determinethe behaviour of consumers and preferences towards food retailing by WM Morrison (Day,2005). Further, for conducting online survey, email id of customers has been obtained who areliving in Greater London. So, with the help of this survey methodology, it is possible to obtaineffective primary information and it can support in accomplishing the aim of research as well.Sampling frameSampling frame is associated with the selection of sample size from which data has to becollected (Greasley, 2004). For acquiring information, technique of simple random has beenadopted where every individual is having equal chance of being selected for providing theinformation regarding food retailing. Sample size of 40 customers has been selected who areabove the age group of 18 and are regarded as adult. Therefore, by considering customers of WMMorrison as the sample, it is possible to collect accurate and up to date information and effectivedecisions can be taken easily.1.3 Questionnaire for the survey1.Name2.Age18 to 2525 to 3535 to 4545 and above3.GenderMaleFemale4.Working statusEmployedStudentBusinessmen5.Do you prefer to buy products from discount retailing shops by WM Morrison?Yes2
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