Business and Management Studies - Assignment
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Added on 2020-01-16
Business and Management Studies - Assignment
Added on 2020-01-16
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ICON College of Technology and ManagementFaculty of Business and Management StudiesBTEC HND in BusinessCoursework...................Tutor: .................Submitted by:ID No: ............Session: February 2011 Page 1
Table of ContentsINTRODUCTION............................................................................................................................................5TASK 1............................................................................................................................................................51.1 Plan for the collection of primary and secondary data.......................................................................51.2 Survey methodology and sampling frame..........................................................................................61.3 Preparation of a questionnaire............................................................................................................6TASK 2............................................................................................................................................................92.1 Summarizing the information............................................................................................................92.2 Draw valid conclusion from the results............................................................................................132.3 Analysis of data using dispersion measurement...............................................................................152.4 Quartile, percentile & correlation coefficient...................................................................................18TASK 3..........................................................................................................................................................203.1 Making graphs using a spreadsheet and conclusion.........................................................................203.2 Creating a trend line to forecast future.............................................................................................243.3 Presentation.....................................................................................................................................303.4 Formal business report.....................................................................................................................34TASK 4..........................................................................................................................................................374.1 & 4.2 Information Processing tools and preparation of project plan for the new product................374.3 Use of financial tools for viable investment decisions.....................................................................40CONCLUSION..............................................................................................................................................41REFERENCES...............................................................................................................................................43Page 2
List of tablesTable 1 Questionnaire..................................................................................................................................................................................................6Table 2 Summary of age group of the people and frequency.......................................................................................................................................9Table 3 Histogram for the age group and frequency....................................................................................................................................................9Table 4 Frequency table for the price and tourist frequency in Morocco..................................................................................................................10Table 5 Histogram for the price and tourist frequency...............................................................................................................................................11Table 6 Calculation of mean, mode and median for the prices..................................................................................................................................12Table 7 Calculation of range and standard deviation for the prices............................................................................................................................15Table 8 Calculation of frequency % and cumulative frequency % of prices..............................................................................................................16Table 9 Calculation of correlation coefficient............................................................................................................................................................19Table 10 Calculation of 5 quarters moving averages.................................................................................................................................................24Table 11 Calculation of seasonal variations...............................................................................................................................................................26Table 12 Calculation of average seasonal variations..................................................................................................................................................27Table 13 Actual sales, forecasted past and forecasted future year's sales...................................................................................................................28Table 14 Project plan for the launching new tour in Morocco...................................................................................................................................39Table 15 Calculation of net present value of the project............................................................................................................................................40Page 3
Table of figuresPage 4
Figure 1 Histogram for the age group and frequency10Figure 2 Histogram for the price and tourist frequency in Morocco11Figure 3 Ogive Graph of price ranges17Figure 4 Column Graph of price ranges20Figure 5 Histogram of the price ranges21Figure 6 Column graph for the sales of tour in Africa and Middle East22Figure 7 Line graph for the sales of tour packages in Africa and Middle East23Figure 8 Graph of 5 quarter moving averages and actual sales25Figure 9 Scatter graph of sales in Africa and Middle East26Figure 10 Trend line for sales in Africa and Middle East29Figure 11 Network diagram for new tour in Morocco39Page 5
INTRODUCTIONBusiness decision-making refers to the process of selection of a logical choices from number of alternative options available tothe business. It is important for the business to choose the most suitable decisions for driving large success. Present report is based ona leading British Tour operator, TUI Travel & Group who renders best quality travelling services to provide excellent travellingexperiences to the people. The current assignment report is prepared with the aim to emphasize upon distinctive statistical tools i.e.measurement of central tendency, dispersion as well as financial tools like capital budgeting for making rationalized investmentchoices. In despite of this, project management tools will be utilized for preparing Gantt chart and network diagram for the purpose ofadministrating and managing a project and complete it timely. TASK 11.1 Plan for the collection of primary and secondary dataPrimary sources: This sources are new in origin and investigator need to carry out a new research for the same. It providesfirsthand information which helps to resolve researcher’s specific issue and problem. Survey (field, telephonic or web), questionnaire,interviews, experiments, observation are the several types of it which can be used by TUI to determine the likes and dislikes &preferences of the target audiences about new tour product (Babajana and Phillips, 2016). With the help of primary sources, TUI canexamine their consumer profile, desires, buying behavior, attitude and competitor’s offerings as well through gathering both thequantitative & qualitative data set. Keeping into account the objective of new tour product, it is considerable to segment TUI’s globalcustomer base on the basis of demographic factors i.e. age, gender, lifestyle and so on who will be surveyed through e-questionnaire. Secondary sources: This sources are not new in nature because such information already has been gathered earlier by someoneelse for different objective. Thus, it is just like as the process of analyzing, interpreting and examining primary set of data. Forinstance, journal articles, case studies, newspaper, books, internet & TUI’s annual financial reports are secondary sources. TUI’smarketing analyst can also use market intelligence report, tour operator reports and tour industrial reports for the same (Gong andPage 6
et.al., 2016). Its total turnover and profitability performance for the last 5 years will be obtained from TUI’s annual reports to assessconsumer satisfaction and growth potential of the business. 1.2 Survey methodology and sampling frameSurvey methodology: As discussed above, it is a technique of primary data collection that gather data from the sample unitsby using different instruments like questionnaire and evaluate the same for the purpose of concluding the entire population. With thestated case, as TUI Travel is looking to introduce a new product, therefore, it is extremely important for the firm to identify the needs,desires and preferences of the target audiences to whom new tour product will be offered (Sharma, Brar and Kaur, 2016). Moreover,in the intense competitive edge, it is not only sufficient to identify the wants of target people but also need to evaluate the competitorslike Thomas Cook’s offerings so as to render a distinctive and unique product to attract millennial audiences. Therefore, it has beendecided to conduct an online survey by creating e-questionnaire which will design a set of questions keeping into account TUI’sinformation need to introduce a new tour product in the market. Sampling: As surveying all the people is not an easy task, therefore, it is preferable to select a representative sample ofadequate size. Here, as already said that demographic market segmentation is used by TUI, therefore, random selection is consideredunbiased and appropriate, in which, randomly a number of 90 customers will be selected from whom questions will asked as per theirvoluntary consent (Howell, 2016). Biasfree selection helps to find out the right information about target audience and enable TUI tosuccessfully introduce the new goods. 1.3 Preparation of a questionnaireTable 1 QuestionnaireDear participants(We are interested in knowing your travel preferences, so kindly give me a few minutes in completing this questionnaire, your responses will be highly appreciated). Page 7
Q.1. What is your age group? 10-2020-3030-4040-5050-6060-7070-80Q.2. With whom you often travel?AloneFamily FriendsCo-workersOthers (Kindly specify)Q.3. How extremely you are satisfied with the travelling services offered by us?Extremely satisfiedSatisfiedNeutralDissatisfiedExtremely dissatisfiedQ.5. How much would you like to pay for the new tour product which is going to launch by TUI in Morocco?Page 8
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