Business Decision Making Introduction 3 TASK 13
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BUSINESS DECISION MAKING INTRODUCTION 3 TASK 13 1.1 Source of primary and secondary data for the development of new tour product 3 1.2 Present the survey methodology with an appropriate sampling frame: 4 1.3 Questionnaire: 4 TASK 26 2.1 Creating information for decision making by summarizing data 6 2.2 Analyze the range of results: 7 2.3 Analyzing data using measures of Dispersion:7 2.4 Analyzing the quartiles, percentiles and correlation coefficient: 8 TASK 39 3.1 Graphs and charts 9 3.2 Creating
Business Decision Making Introduction 3 TASK 13
Added on 2020-02-05
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Table of ContentsINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................31.1 Source of primary and secondary data for the development of new tour product.................31.2 Present the survey methodology with an appropriate sampling frame:.................................41.3 Questionnaire:........................................................................................................................4TASK 2.................................................................................................................................................62.1 Creating information for decision making by summarizing data..........................................62.2 Analyze the range of results:.................................................................................................72.3 Analyzing data using measures of Dispersion:......................................................................72.4 Analyzing the quartiles, percentiles and correlation coefficient:..........................................8TASK 3.................................................................................................................................................93.1 Graphs and charts...................................................................................................................93.2 Creating a trend line:............................................................................................................113.3 Presentation..........................................................................................................................123.4 Formal business report.........................................................................................................12TASK 4...............................................................................................................................................134.1 Information processing tools:..............................................................................................134.2 Preparing a project plan:......................................................................................................144.3 Using financial tools:...........................................................................................................16REFERENCES:..................................................................................................................................182
INTRODUCTION Decision making is considered to be very useful for a business. Decision making leads tothe prosperity and success of the business. Decision making has always be an important part ofbusiness and good decisions always leads to good and successful business. Problems should beidentified, assessed and evaluated to make a quality decision. Choosing among differentalternatives and analysing the selected alternative is the main aim of a decision maker to make abusiness successful. In this report, a tour operator of UK has been selected “TUI Travels” touroperator who is organizing tour in various countries. This study aims at identifying the attitudeand perception of the customers regarding the launching of tour operations at a new destinationby using some survey methods and statistical tools and techniques. These tools and techniquesare used to analyze the preferences of customers.TASK 11.1 Source of primary and secondary data for the development of new tour productPrimary sources:Primary sources are the first hand data collected by the the researcher. Primary data canbe obtained by the researcher using survey methods, questionnaires, observation or by interviewmethods. In this study, TUI Travels is using both primary as well as secondary data to analyzethe customer preferences as well as attitude regarding the new product launch i.e planning newdestination for the tour. Primary sources mainly includes survey methods or questionnairemethod which must be filled by the prospective customers. Customers fill the questionnaires andaccording to their perception tour operator plans exotic and customized destinations (Alexakosand et.al., 2016.)Secondary sources:secondary sources can be defined as the data collected originally by someone else and notby the user. This data source is considered as the second hand data as it has already beencollected. Secondary data can be collected by using past records, magazines, referrals, businessjournals, census methods, internet etc. in the current research, tour operator can collect secondarydata by referring past sales records that is used to analyze what customers prefer, what are their3
needs and wants, what is their attitude towards trying a new destination etc. Tour operatorsshould select the location according to the age group of the customers who are willing to visit. Competitor products must be taken into consideration before selecting and launching a newproduct (Popovič and et.al., 2012)1.2 Present the survey methodology with an appropriate sampling frame:Survey Methodology:To assess the customers attitudes survey must be done by the tour operator on the basis of whichdestination can be launched. After all, for any tour operating agency, customized product mustbe the main aim. Questionnaires must be considered as the main instrument for analyzing thecustomer perception towards new tour product. Various e-questionnaire, online questionnairescan be used to survey for the new product launch. Sampling strategies must be used to make asurvey of the customers (Neuman and Robson, 2012)Sampling:sampling can be defined as a statistical tool or a technique to determine the characteristics ofsome elements based on a larger population. Sampling technique is mainly used by the touroperator because as TUI Travels is a diverse tour agency operating in UK so it becomes verydifficult for them to make a survey of large number of customers. Therefore, sampling techniqueis used so that on the basis of some elements, attitude or preferences of the whole population canbe determined (Baum and Crosby, 2014)Quantitative data is to be used by the tour operator as quantitative data refers tomeasuring facts, figures and numbers. In the present study, tour operator must considerquantitative data as they must ask to the customers about the prices they are ready to pay for thenew tour product launch. Price decision must be taken by the tour operator before launching anynew product. It may also include qualitative data as questionnaire method is used andqualitative data is concerned with the human behavior and attitudes. This factor is analyzed bythe qualitative data. Therefore, tour operator can consider quantitative as well as qualitative datafor assessing the attitude of the customers.1.3 Questionnaire:Dear participants4
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