Data Analysis and Visualization Techniques
Added on 2020-01-07
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Business DecisionMaking
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3Task 1...............................................................................................................................................3A...................................................................................................................................................3B...................................................................................................................................................4C...................................................................................................................................................5TASK 2............................................................................................................................................6A...................................................................................................................................................6B...................................................................................................................................................7C...................................................................................................................................................8TASK 3............................................................................................................................................9A...................................................................................................................................................9B.................................................................................................................................................14C.................................................................................................................................................15D.................................................................................................................................................15TASK 4 .........................................................................................................................................16A.................................................................................................................................................16B.................................................................................................................................................18CONCLUSION .............................................................................................................................19REFERENCES..............................................................................................................................20
INTRODUCTIONBusiness decision making plays important role in success of the business under whichcorporation focuses upon determining long run growth. It includes different aspects such asproject management, statistical tools and survey as well as investment appraisal techniques fordrawing valid outcome. Present report is based on case scenario of Thomas cook which issuffering from the issue of lower profitability. Owing to this, focus has been laid onunderstanding the preferences of buyers to product appropriate product and services as per theirexpectations. Furthermore, information related to sales and profit is assessed and then focusing isdone for future time span. In addition to this, project management techniques are applied alongwith investment appraisal tools. It helps management of business to select the best proposal in acost effective manner so as to recovers cost of production and increase overall rate of return.TASK 1AAccording to the given scenario, Thomas cook appointed a consultant to advice theproduct development team. It want to launch a new product on the basis of emerging markettrends, customer preferences (Pettigrew, 2014). For this purpose, some primary data andsecondary data is collected on the basis of consumer profile, preferences, attitude, and buyingbehavior as well as competitor products.For gathering a primary data is normally in the form of survey, interview, questionnaireetc. it can be in the form face to face by phone call, by internet and or through email. There isalso a form a data collection is a market research in this a sample product is placed in store fordetermining the demand. These all methods are common and useful for the Thomas cook. Forlaunching a new product company will use questionnaire method for knowing the customerpreferences. Primary data is collected by observing a customer related to the products.Questionnaire which was prepared is send to customer through email or by face to face contactand by social networking websites. Company collect a primary data thorough its customer in thisquestion are asked related to buying behavior, competitor products and their attitudes. In asequestration to question are asked their consumer profile is also required so that it can be statedthat form which type of consumer question were asked.
There are many disadvantage and advantage of questionnaire that is it is a cheaperactivity if questionnaire is end form email or by cost to the customer (Hartman, DesJardins. andMacDonald, 2014). On the other hand, it is disadvantage of the questionnaire that Thomas cooknot get respond form its competitor. Questionnaire should be face to face or a phone call it willbe best for the company. Further secondary data is collected through it is very cost effectivenessand it can be collected form the books and journals. Form the previous research report, internetand statistical records help in gathering a secondary data for launching a new product. Furthercompany can also scan the competitor product and price so that they get idea which type ofproduct are most liked by the people. Secondary data is time consuming process because it needto collect an information form the internet and books and journals (Gabriele. and Chiaravalloti,2013). However, the researcher of secondary data gives a knowledge and good guide lines to thecompany for making a new product. Research which is carried out should be quantitative andqualitative it can be decided through a secondary research. It have a biggest advantage that iscompany can get the knowledge of the other tour operator so that strategy of launching a newproduct become successful.BSurvey methodology and sampling frameSurvey methodology: - In this report, Thomas Cook will collect data regards study ofsampling of particular unit through population by survey methodology. This technique ishelpful method for increase in the quantity of accurate response. This technique involvessteps to ask questions step by step and collect inquiries and data, this methodology usesby questionnaires who survey about travel business entity and collects data from andinformation (Barlett, ed., 2016). Questionnaires will determine demographic variableslike ethical, socio economic status and attitude, perception towards goods and services ofthe travel agency. He can also compare customer satisfaction towards other travelbusiness with Thomas Cook agency. To determine feedback of goods and services provided by travel business considershelpful tool to find out solution of the problems if any problem or negative feedback comes fromcustomers and consumers of Thomas Cook. Therefore, the method of survey to find out position
of the product in market and feedback of goods and services in positive and negative way willhelpful tool for travel business (Barake, 2011). Sampling frame: - As Thomas Cook is global wide spread travel business in UnitedKingdom. To determine feedback towards goods and services remains quite difficult with eachand every individual of UK. So, questionnaires will select 50 individuals and take feedback byquestioning. These 50 individuals remains as sample and to make structure on the basis of theirattitude, perception and interest towards goods and services of Thomas Cook. It will be helpfulto make a framework of customers' opinion in both ways positive as well as negative (García-Peñalvo. and Conde, 2014). Therefore, to prepare sampling frame in proper way will useful fortravel agency to provide extra facilities and solutions to solve out negative feedback. It will alsoable to compare Thomas Cook with other travel trades and useful technique to predict itsposition in competitive market of UK regarding travel business.CQuestionnaire to carry out the survey with relevant instruments to reflect the required data.1. How do you rate the product of Thomas Cook?OutstandingSatisfactoryDissatisfactoryOther 2. Are you satisfied with the quality of products offered by the Thomas Cook?Satisfactory Unsatisfactory3. Product of Thomas cook is better than others competitor products available in the marketYesNo4. Would you recommend the product of Thomas cook to friend, family and in social circle?YesNo5. Price charged by the Thomas Cook is affordable by all type of people?
YesNo 6. Price of product is reasonable of Thomas cook as compared to other tour operator productsYesNo7.Anyrecommendationfortheimprovementoftheproduct___________________________________________________________________________________________________TASK 2ATheme 1: Customer rate product offered by Thomas Cook as outstandingRespondentsResponses%20Product information40%20Product Packaging40%10Product performance20%According to the collected information, it has been found that customers rate productoffered by Thomas Cook as outstanding. On the other hand, 20% respondents stated that productperformance of corporation is satisfactory (Popovič and et.al, 2012). Apart from this, 20%participants reflects that services offered by mentioned corporation is not satisfactory. However,60.0%20.0%20.0%OutstandingSatisfactoryDissatisfactory
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