The Role of Business Decision Making | Report

BUSINESS DECISION
MAKING

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INTRODUCTION
Decision plays an important role in the every company for enhancing financial
performance of the firm in the industry. When an entrepreneur takes better and effectual business
decisions then it can easily improve its profitability ratios in the industry. The current case is
based on a tour company which is going to launch a new tour product and package in the market.
The present report shows different techniques for gathering data and analyse them in effectual
way. Further, it shows analysis and interpretation of data using different graphs and charts.
Beside this, the various information processing as well as financial tools are analysed in the
current report of business decision making. With the help of effective and appropriate business
decisions are taken by the tour company to make it profitable.
TASK 1
1.1 Plan in order to collect data and information
When a business entity is going to do particular research on any specific problem for
assessing various business problems different sources are used. In the current report the company
going to offer new tour product for which it carries out the overall research. For this, the firm
analyse about the expense behavior of the potential and new customers as well as local
community of the country. There are mainly two types of approaches and sources are used by
any researcher for gather and collect data to analyse a particular business problem. The two
approaches are such as primary and secondary which are used by most of the scholars (Weise
and Chiong, 2015). In context to the data when scholar research about the current market trend
and analyse first time are identified as primary data. On the hand side, when the investigator take
data from those sources where informations are already published and used by another scholar.
When compare with both the types of data then it can be said that secondary are less reliable and
proper than primary sources.
In addition to this, for collecting primary data various sources are used which are like as
questionnaire, observation, interviews, group discussion etc. Further, for collect and gather
secondary data the scholar can use publications, articles, magazines, newspaper etc. In the
current scenario, data are collected using primary source such as questionnaire which framed by
the scholar and then distributed among 90 local community. Further, plan to collect data in this
case is questionnaire by which effective feedbacks are taken from consumers. In addition to this,
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for collect secondary data annual report and articles of the tour company is used by the scholar
(Arnold, 2015).
1.2 Methodology for survey and method for collecting sample data
For conducting survey there are various methods and techniques used by the scholar by
which effectual data can be collected. In the current case questionnaire will be distribute using
social media and internet like as direct email etc. furthermore, responses and feedbacks are also
taken from the online method. It is the best method because it takes very less time through which
efficiency of the employees will not affect in negative way.
In context to take sample data there are several methods are available which are such as
simple random, cluster, convenience and stratified ways. In the present case sample data are
taken using simple random sampling method where randomly data are derived (Lee and et.al.,
2014). Here sample of 90 people are selected among whole local community of London.
1.3 Questionnaire to carry out research
Questionnaire
Demographic information
Name _______________
Gender _____________
Que. 1: From which age group you belong ?
1. Below 20
2. 20 to 30
3. 30 to 40
4. 40 to 50
5. 50 to 60
6. 60 to 70
7. 70 and above
Que. 2: Are you agree that, tour company able to meet with your satisfaction level by providing
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tout products ?
11 Strongly disagree11 Disagree11 Neutral11 Agree11 Strongly agree
Que. 3: How frequently you are purchasing a tour package within one year ?
 Monthly
 Quarterly
 Half yearly
 Yearly
 Sometimes
Que. 4: You will buy a tour package or product for destination A such as Morocco in further
years ?
1. Strongly disagree
2. Disagree
3. Neutral
4. Agree
5. Strongly agree
Que. 5: Up to which extent you are capable to pay on tour package or product for every person
or traveller for the destination A like as Morocco ?
1. £600 but less than 625
2. £625 but less than 650
3. £650 but less than 675
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4. £675 but less than 700
5. £700 but less than 725
Que. 6: You will buy a tour package or product for destination B such as Turkey in upcoming
years ?
1. Strongly disagree
2. Disagree
3. Neutral
4. Agree
5. Strongly agree
Que. 7: Up to which extent you are capable to pay on tour package or product for every person
or traveller for the destination B like as Turkey ?
1. £600 but less than 625
2. £625 but less than 650
3. £650 but less than 675
4. £675 but less than 700
5. £700 but less than 725
Que. 8: You will buy a tour package or product for destination C such as Cuba in upcoming
years ?
1. Strongly disagree
2. Disagree
3. Neutral
4. Agree
5. Strongly agree
Que. 9: Up to which extent you are capable to pay on tour package or product for every person
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or traveller for the destination C like as Cuba ?
1. £800 but less than 825
2. £825 but less than 850
3. £850 but less than 875
4. £875 but less than 900
5. £900 but less than 925
Que. 10: You will buy a tour package or product for destination D like as Dubai in upcoming
years ?
1. Strongly disagree
2. Disagree
3. Neutral
4. Agree
5. Strongly agree
Que. 11: Up to which extent you are capable to pay on tour package or product for every person
or traveller for the destination D like as Dubai ?
1. £900 but less than 925
2. £925 but less than 950
3. £950 but less than 975
4. £975 but less than 1000
5. £1000 but less than 1025
TASK 2
2.1 Summarising data which are collected from respondents
The data which are collected from the total 90 respondents are to be used and
summarised for further decision making such as launching new tour product. On the basis of
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