Project Report on Business Decision Making | Thomas Cook
26 Pages5637 Words180 Views
Added on 2020-02-03
Project Report on Business Decision Making | Thomas Cook
Added on 2020-02-03
ShareRelated Documents
BUSINESS DECISION MAKING
INTRODUCTIONThe role of statistics has increased with the increasing interfaces that clarify the datarelated problems of an entity on a global level. Business analytics are using the traditionalstatistical measure that helps an entity in order to predict the future. Thomas Cook has beenselected for this project report which has been used in order to develop their new product to liremost of their customers. This is all about collecting primary data by conducting survey throughquestionnaires. The data collected by an entity is summarized by using measures of centraltendency such as mean, median and mode majorly. The business projects are evaluated by usingcapital budgeting tools in order to assess the feasibility and viability of the projects.TASK 11.1The complex job involves while opening a new business is to conduct market researchwhich helps in enhancing the business efficiency. The market research conducted by researchwill be able gather facts and figures to support the research. Data that can be collected forconducting a smooth research can be obtained by applying two major research approaches suchas primary and secondary sources of the data. Information can be in the form of different factsand figures collected from first-hand and original source of data by individual person. Secondarysources of data are also referring to as taking external and highly efficient data which saves thetime of an individual. It is the best suitable data which can be obtained without wasting time orappointing any counsellor in gathering the data personally. The primary objective of thisparticular research study is to gather facts and figures in order to launch their new product ofoffering tour packages to lure their customers. Primary data collection- The Thomas Cook can use Primary data collection methods in orderto gather evidences to support their research. The questionnaires can be used in order to developtheir overall products.The primary data will be collected by developing questionnaires in whichthe questions are related with the overall consumer profile by seeking their taste and preferenceswhile designing new tour package. The questions are asked related to the consumer profile,buying behaviour, competitive products and their attitude in buying new product.Secondary data collection- The secondary research can be obtained by using books, journals,articles and several records of the government. The data regarding the market can be collected byaccessing the internal materials and the government records.1.2Sampling is regarded one of the important element in conducting particular researchstudy which stresses on gathering data from various sources that can produce reliableinformation. There are several forms of sampling methods which can be used by an entity inorder to produce accurate results to support an entity which are given as below:Random sampling- The random samples are selected blindly by applying personal belief of anindividual and rely on the intuition to achieve their project aim. The samples size is selected inthe advance before conducting research in a particular area. The samples are randomly selectedfrom large base of population without specifically observed its efficiency and relevancy. For
instance, The Thomas cook has designed a batch of 200 customers which are further segmentedinto different areas to catch the interest of wide number of customers according to their tastesand preferences.Stratified sampling- This form of sampling method is recognised with another name of clustersampling technique which are gathered data in strata or a kind of group of same category.Samples are designed which is basically a group of samples categorised as per different criteriaof the research. The products are designed by an entity which will segmented their overallproducts into different demographic features such as age, gender. The sampling techniques will be used by a researcher in order to conduct their survey inorder to obtain the right information to support the aim of the research study. The survey will beconducted in two modes such as primary and secondary data modes. The researcher willpersonally collect the data by asking respondents in form of questionnaires and interviewmethods. On the contrary to it secondary research will be organised by observing the governmentrecords and census data.The 50 respondents are asked in a set of 4 that is in total 200 customersare asked personally by the researcher in order to take their positive or negative feedbacks inorder to add or improve the current development of products. The customer are asked by gettingtheir responses immediately on the spot to resolve the problems.1.3QUESTIONNAIRE FOR RESEARCH Name:____________Age: ______GenderMale () Female () Transgender ()Do you visit Thomas Cook centre?Yes []No []Frequency of visiting Thomas cook travel centres?Once in month {}Once in year {}What factors beat competitors of Thomas Cook?oDiscount ()oQuality ()oBrand ()oLocality ()Which are the factors you considered before Booking for any tour packages at Thomas Cook?Price []Quality []Store location []Refund policy []In terms of service quality what rank you want to give Thomas Cook as compare to theircompetitors?Excellent ()Good ()Average ()Poor ()
Which rival firms store you often visit?Cox& kings []Make my trip []Please give your valuable suggestions in relevant areas where Tesco must bring changes in itsservices __________________________________________________________________TASK 22.1&2.2CustomersResponses%50Product information45.00%60Product Packaging40.00%50Product performance30.00%50.0%25.0%15.0%OutstandingSatisfactoryDissatisfactoryIllustration 1: Pie chartThe feedback from different customers are collected and presented in form of pie chart onthree different parameters such as outstanding, satisfactory and dis-satisfactory performance ofThomas Cook while designing their new product to be offered to the variety of customers. Theabove pie chart has shown that the products are 50% liked by the customers and one fourthcustomers are showing satisfactory performance.Table 1: Calculation of mean, median and modeAmount Spent(£)Number ofcustomers (f)Mid- value(x)fxCumulative Frequency (CF)10-2018152701820-3020255003830-40163556054
40-5014456306850-6012556608060-708655208870-806754509480-904853409890-1002951901001004120Mean calculationMean Formula(Average values)= ∑FX/∑F=4120/100=41.2The calculation of the average value will further helpful for an entity in order to designnew travel and tour packages offered by the Thomas Cook. The mean value has shown that 14customers will purchase the packages in the range of 40-50GBP. The Thomas Cook will designtheir tour package in the range of 40-45 to steal the attention all those customers who arecurrently not purchasing the packages of this entity.Computation of MedianFormula= ∑F/2=100/2=50The median value of 50 is in range of 30-40Median= L1+[(N/2-C)/F]*i(class size)M=30+[(100/2-38)/16]*10M=30+7.5=37.5L1= Lower limit of the class intervalN= number of frequencyC= preceding cumulative frequency of 30-40 intervalF= Frequency of 30-40 class intervali= class size that is difference between the class intervalMode calculationZ= L1+ (F1-F0)/[2(F1)-F0-F2]*i(class size)Z= 20+ (20-18)/[2(20)-18-16]*10=23.33L1= Lower limits of class intervalF1= preceding frequency of class interval 30-40F0= Succeeding frequency of class interval 30-40F2= Frequency of class interval 30-40InterpretationsMean- The arithmetic mean is regarded as one of the important methods of central tendency isplay a significant role in the overall statistics. This unique concept of the statistics has raised thebusiness efficiency that created wider scope of innovative and creative technology (Rao and Tilt,2015). In the present case scenario, the arithmetic mean of above set of data is 41.2 which obtain
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Business Decision Makinglg...
|27
|3944
|387
Business Decision Makinglg...
|22
|3550
|397
Business Decision Making– Doclg...
|28
|4556
|272
Thomas Cook Tourism Company in United Kingdomlg...
|21
|4285
|425
Business Decision Making : Assignment Solutionlg...
|22
|3999
|216
Business Decision Making- Reportlg...
|19
|3458
|34