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Using Data to Build Business Practice Doc

   

Added on  2020-10-22

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USING DATA TO BUILDBUSINESS PRACTICE
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Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Analysing the data in the TravelPac Q3 2017 for analysing pattern of travel by UK residents................................................................................................................................................1Defining level of knowledge of tools and techniques common to business decision making2Method....................................................................................................................................3Results....................................................................................................................................3Interpretation of the findings................................................................................................10Recommendations about a potential target segment............................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13APPENDIX....................................................................................................................................14
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INTRODUCTIONBuilding of business practice refers to a process in which various strategies, plans andtactics are being framed out in order to help the company in achieving its goals and objectives.Present study is based on the survey of international passenger survey (IPS) about passengerentering and leaving the UK. It contains a brief analysis pattern of travels made by UK residentas per the data mentioned in the TravelPlc Q3 2017 along with some interesting findings of thedata. Further, the study shows a recommendation about targeting the potential segment oftravelers. MAIN BODYAnalysing the data in the TravelPac Q3 2017 for analysing pattern of travel by UK residentsFrom the analysis of data mentioned in the TravelPac Q3 2017, the pattern of travels, itcan be interpret that there are numerous UK residents and overseas residents who made a tour tovarious countries for various purposes like for spending holidays, meeting friends and relatives,etc. Interpretation of the TravelPac can be thoroughly analysed as under:Year: For the report of TravelPac shows data of tour made in the year 2017. it showsdetails about all the tours made in the 2017.Quarter: Majorly the data of TravelPac includes tours made during the quarter of july toSeptember. Residents: There are various UK residents who went to various countries for variouspurposes. The data also shows that many of the overseas residents i.e. non residents ofUK who are living in some other countries due to any of the reason whether, for studypurpose, for doing job or any other purpose. As per the data collected by the internationpassengers survey, there were a huge number of both UK residents and overseas residentsthat traveled during the period of July to September in 2017. Mode of traveling: The report of TravelPac shows that each traveler used different modeof traveling to other country as per their convenience. As per the data of internationalpassengers survey shows that air, sea and tunnel were the most commonly used mode oftraveling. Further, as per the analysis of data it can be interpret that most of the travelerstraveled through air. Traveled country: Analysis of the country visited by the UK residents and overseasresidents shows that they visited several countries like Czech Republic France, Irish1
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Republic, Spain, Netherlands, United Arab Emirates, Hungary, etc. further, the analysisof countries traveled shows that Spain, France and Italy were majorly visited countries bythe UK residents and Overseas residents as well. Purpose: Purpose defines tha reason behind visiting to another country. As per theanalysis of reports of the TravelPac, travelers visited for spending holidays, meetingfriends and relatives in the country, some of them traveled for study purpose whereassome of the residents also visited for business purpose. Although, spending holiday timeand visiting to the friends and relatives were the most common purpose of travelling.Package: Package shows that whether travelers visited alone or with some other persons.As per the study of international passengers survey, most of the residents and overseasresidents visited independently. Although, there were some travelers that visited nonindependently to another country due top business purpose, study purpose and even forspending holidays.Age group: thestudy divides numbe of travelers into various age groups as well. Agegroup has been divided into various sections like 0-15, 16-24, 25-34, and so on. As perthe analysis, residents of each age group has visited during july- september. Sex: TravelPac also divided the data on the basis of gender of travelers. Both male andfemale visited to other countries in similar numbers. Duration: It shows number of nights the visitor stayed in another country. The durationvaries between 1-3 nights to 4-13 nights. There were some passengers that didn't stayedwhile traveling on the other hand, there were also some travelers that also visited for 4-6months in another country. These visitors were those who traveled for study purpose.Amount spent: The UK residents and overseas residents that traveled to another countryspent between 0 to 215872953 during their visit to another country. Sample taken: For studying the pattern of traveling during the period, a various sampleswere taken. Number of sample taken varies between 1 to 125.Defining level of knowledge of tools and techniques common to business decision making`business decision making is an important task for managers of each businessorganisation. Company's success majorly depends upon the effectiveness in the decisionmaking of the managerial authorities (Kreutzer, Neugebauer and Pattloch, 2018). They2
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