Genoveva Dornescu Business Decision Making
Introduction Different businesses have different goals and objectives and to achieve the same they are required to make proper decisions. Decision making is very important for a business and it is regarded as the most crucial part. A business must be able to make appropriate decisions in order to achieve its goals and objectives. It has been also observed that a well plan decision leads to the improvement of the organization. In order to obtain a well-planned decision it is very important for the organizations to give much effort. Then only, they can acquire well stratified decisions that would be beneficial for them. ABC ltd, which is a medium sized ice- cream parlour, has decided to open up a branch of their ice- cream parlour in Northern Ireland. In this case, they have to undertake various decisions regarding it. The management of ABC ltd has decided to conduct a research in order to know the taste, preference, behaviour, attributes as well as the spending nature of the customers as these are the most crucial topics that the management should look into. They have undertaken the decision to conduct a survey that would help them to understand the market. In order to do this, it is advisable for the management of ABC ltd to collect primary data and secondary data. This in turn would help them to undertake suitable decisions that will prove to be beneficial for the company.
Task 1 1.1 Plan for collection of primary and secondary data Figure 1
Source: http://lukasweber425.wordpress.com/the-secrets-of-marketing/customeranalysis/ The data that is directly obtained from the primary sources is called Primary data. A researcher can collect primary data by conducting a research (Hoffer, 1980). After the data is acquired the management should analyse the data thereby taking suitable decisions regarding launching a branch in Northern Ireland. The primary data can be collected from survey, questionnaires, face to face interviews etc. the collection of data can be made easy by using the following steps: 1. The sample frame must be selected 2. Design the method of the survey  A questionnaire must be designed 1. At the end the data must be analysed The above steps would help the researcher and the management to gather the primary data which in turn would help them to make decisions.
Genoveva Dornescu Business Decision Making The secondary data is a very cheap source of collecting data (Hoffer, 1980). As secondary data is the already published data, the collection can be made very easier by following the below mentioned steps