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Using Data to Build Business Practice Assignment solution

   

Added on  2020-12-26

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Using data to buildbusiness
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Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Analysing the data........................................................................................................................1Defining level of knowledge........................................................................................................2Method.........................................................................................................................................3Outcomes.....................................................................................................................................4Recommendations .......................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11APPENDIX....................................................................................................................................13
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INTRODUCTIONUsing data to build business helps in lower customer acquisition cost with higher customer expectations. It also helps invalidating business decision which leads to higher sustainable growth and development of the business. It helps in identifying ideacustomers and eliminate wastage. It helps in effectively managing the task which leads to higher sustainable growth of the business. This study will highlight, International Passenger Survey (IPS) which collects information about passengers who are enteringand leaving UK. This study will examine patterns of travel by UK residents with specific interpretation. This study will also includerecommendations for potential target segment.TopDeck is a tour and travel company headquartered in Hannover, Germany which provide various services like related withtourism. It focus on providing services like holiday packages, resort, hotel, and various other travelling services which attract morecustomers. MAIN BODYAnalysing the dataInternational Passenger Survey (IPS) is a detailed estimation of data which is effectively carried out by Office for NationalStatistics (ONS). The data of TravelPac involves the holiday tours mainly during the period of July, August and September. The dataalso includes the destinations where the residents went such as Italy, France, Spain. These places were the most visited places by theUK residents in the Q3, 2017. Other visited countries by UK residents that the data shows are UAE, Netherlands, Hungary, CzechRepublic. The metadata also includes the purpose for which the residents travelled across and outside the country. As per the data ofTravelPac, it has seen that people travelled for various purposes such as holidays, business meetings, meeting friends, family and forthe purpose of studies. It was learned from the analysis report that holiday and meeting with friends and family were the major reasonsfor travelling. Moreover, by looking at the IPS survey, it was found out that majority of the residents travelled without any holidaypackage. The age group in the survey is divided into 0-15, 16-24, 25-34, 35-44 and so on. It was observed that residents belong to1
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each age group has travelled during Q3. The metadata was also segregated on the gender in which the data was collected such asnumber of females that travelled within and outside the country. It covers mode of transport like air, sea, land, tunnel ports and givedetailed information of the people traveling to from the Unites Kingdom (Derudder and Witlox, 2016).Defining level of knowledgeBusiness decision making is a process of where the managers of a business concern are expected to form rational decisions forthe company which takes the organisation towards its goals and objectives. The growth and success largely depends upon the kinds ofdecisions, management takes. This is the reason why business decision making is considered as one of the critical aspect ofmanagement as wrong decisions could lead to the failure of the organisation. There are different tools and techniques that managersuse for taking rational and effective decisions which are discussed below : SWOT analysis : This is a model which helps in assessing the internal strengths and weaknesses of a subject matter. Managerscommonly use this technique while forming a decision by evaluating company's strengths that can be leveraged upon andweaknesses which needs to be overcome. This technique also helps in determining the opportunities and threats in the externalenvironment which could potentially affect the business in positive/negative manner respectively.The marketing manager inTopDeck can employ this tool for assessing company's internal strengths and weakness and can accordingly formulatestrategies.Feasibility studies : This tool helps managers in ascertaining the viability and feasibility of a project or any other subjectmatter. Before undertaking of any project, the feasibility in terms of cost and time is assessed. Such an evaluation and analysisassist the managers in taking more effective decisions for the company (Decision-Making Tools & Techniques for StrategicPlanning, 2019).The management of the TopDeck must assess the vaibility and reliability of any project they intend to take,by preparing budgets and investment analysis tools.Market research : Thorough market research is required before any deciding any policy or strategy for an organisation. Sucha research helps a manager in identifying the position of company in market, the position of its competitors and other valuable2
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