Business Decision Making Assignment | Tour Company

BUSINESS DECISION
MAKING

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INTRODUCTION
In the business it is very necessary to take highly better and effectual business decisions
which helps to make it more profitable in the industry. The current study is based on the tour
company which provides various number of tour products at different destinations. It describes
about data collection methods and sampling frame which is used by the scholar to carry out
current research. The study describes about different statistical tools as well as measures of
dispersion to analyse the data and make valid conclusion. Further, it helps to determine level of
sales and revenue generated by different destinations in the FY 2014, 2015 and 2016. at the last
project plan as well as investment appraisal technique is describes.
TASK 1
1.1 Plan for collecting primary and secondary data
Research is one of the important technique for analyse any kind of business problem and
make solution of it within firm. For this data and informations are to be required which are
collected from various sources like as primary and secondary. In the present case the company is
going to launch a new tour product and analysing responses of local community of the country
regarding respective product. There are number of sources which provide wide range of
information to the scholar in order to collect data (Desmond, 2014). Those kinds of source from
where data are collected by the investigator at first time and then summarised in a structure. Such
type of data are fresh as well as provide reliable and appropriate information for analysing
problems and take effective decision to resolve it. In the primary data, different sources are used
like as survey, questionnaire, interview etc. Apart from this, for carrying out survey telephones,
calls, online, social media networks, emails, meeting personally etc. Used by the firm. In the
current case, questionnaire source is to be used by the researcher which will distributed among
90 local community of the country. In this case, there are local community is to be selected
because the tour company is going to offer the tour packages to them. So it is better and effectual
to analyse that what kind of tour products the people want. At the current research the tour
operator want to launch a new tour product for different destinations for the people and local
community of the country. Due to this reason, it is highly necessary to analyse about the buying
behaviour, income as well as spending capability for the each and every person. Hence, there is
local community is chosen for distribute the questionnaire and then analyse about them. Further,
because of targeting them for tour product there are local community is to be selected.
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On the other side, those types of data and informations which are already collected by the
another scholar and published are identified as secondary data. In this there are various number
of source are available which provide secondary information for conducting research. Further,
secondary data are collected from publications, articles, annual report of the firm, newspaper etc.
In the current scenario for launching a new project annual report of the company is to be used
from where sales data are determined (Schwalbe, 2015). On the basis of existing and current
sales of tour packages and products further decisions are taken by it.
1.2 Survey methodology and sampling frame
The method and technique through which survey is to be conducted and appropriate
decisions are made is known as survey methodology. There are various methods used by scholar
for analysing and researching on the problem. In the present case, survey is to be done by using
online method. Further, the questionnaire which are framed that will be distributed in 90 people
with the help of online such as email and social media networks. Through direct mail or social
media questionnaire will be distributed and then responses as well as recommendations are taken
through same. It is the best survey method in which cost and time both are taken less which is
helpful for the company.
In order to take sample for surveying about new tour package or product there are various
methods and techniques used by the scholar (Lee and et.al., 2014). Different sampling methods
or frames are like as stratified, cluster, simple random, convenience sampling etc. In the present
case simple random sampling method is used by the investigator for analyse about the taste and
preferences, attitude, consumer profit as well as buying behaviour etc.
According to the stratified sampling method there is sample data are to be taken on the basis of
various demographic elements which are associated with the people. The local community and
people are to be divided in age, income, education, marital status etc. The current kind of
sampling technique is highly based on the demographic factors which are associated with the
local community and people.
In the cluster method of sampling the sample assessed by considering the geographical areas
where the whole area is to be divided in small areas. Further, the current kind of method is to be
mostly used by the marketing firms. It is mostly based on the geographical areas where overall
research area is to be segmented on the basis of small areas.
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As per the convenience process of the sampling scholar take sample data on the basis of his
understanding without considering any type of parameter. As the researcher understand about the
research and how to do survey there are sample is taken which is as appropriate and suitable for
him. In this any type of parameters as well as concepts are not to be used at the time of taking
assessing sample.
According to the chosen method that is simple random sampling technique the sample is taken
on the randomly basis because there are any kinds of parameter has not followed by scholar. At
the time of researching and conducting survey on the larger number of local community and
population then to take the sample data is very necessary. On the basis of the simple random
sampling method the researcher used and adopt sample data which are such as 90 people among
the overall population.
1.3 Questionnaire for research
Questionnaire
Demographic information
Name _______________
Gender _____________
Que. 1: How old are you ?
 Under 20 (1)
 20 but under 30 (2)
 30 but under 40 (3)
 40 but under 50(4)
 50 but under 60 (5)
 60 but under 70 (6)
 70 or over (7)
Que. 2: Do you know that, current range of tour products fulfil your satisfaction level which are
offered by tour firm ?
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 Yes
 No
Que. 3: How much tour packages purchase by you within a year ?
 1
 2
 3
 4
 More than 4
Que. 4: Will you purchase tour product for destination A, Morocco in the future ?
1. Highly disagree
2. Disagree
3. Neutral
4. Agree
5. Highly agree
Que. 5: How much you are able to pay per person for tour package of destination A
(Morocco) ?
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. 6: Will you purchase tour product for destination B, Turkey in the further year ?
1. Highly disagree
2. Disagree
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3. Neutral
4. Agree
5. Highly agree
Que. 7: How much you are able to pay per person for tour package of destination B (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: Will you purchase tour product for destination D, Cuba in the further year ?
1. Highly disagree
2. Disagree
3. Neutral
4. Agree
5. Highly agree
Que. 9: How much you are able to pay per person for tour package of destination C (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: Will you purchase tour product for destination D, Dubai in the further year ?
1. Highly disagree
2. Disagree
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