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Business Decision Making
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Table of Contents INTRODUCTION .....................................................................................................................................3 TASK 1 ABILITY TO USE VARIETY OF SOURCES FOR DATA COLLECTION ............................3 Plan for collecting data for WWT .................................................................................................... 3 Conducting secondary research for obtaining information .............................................................. 4 Survey methodology ........................................................................................................................ 5 Sample size ....................................................................................................................................... 5 TASK 2 UNDERSTANDING RANGE OF TECHNIQUES TO ANALYSE DATA EFFECTIVELY ..6 ....................................................................................................................................................................7 Analysis of data to draw valid conclusions ...................................................................................... 7 Value of semi-interquartile range ..................................................................................................... 8 Suitable calculations to draw realistic conclusion and valid recommendations .............................. 9 Calculation of standard deviation and range .................................................................................... 9 TASK 3 ABILITY TO PRODUCE INFORMATION IN APPROPRIATE FORMATS FOR DECISION-MAKING .............................................................................................................................10 Charts and diagrams ...................................................................................................................... 10 ..................................................................................................................................................................10
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Instant Assignment Help Australia ..................................................................................................................................................................11 Trend line ..................................................................................................................................... 15 ........................................................................................................................................................ 15 Formal business report ................................................................................................................... 15 TASK 4 ABILITY TO USE SOFTWARE GENERATED INFORMATION .......................................16 Paths through the network .............................................................................................................. 16 Critical path and duration .............................................................................................................. 18 Conclusion ..............................................................................................................................................21 REFERENCES.........................................................................................................................................22
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INTRODUCTION For every organization it is necessary to take effective decisions as they are directly linked with its success and supports in development. But before taking any decision it is required for enterprise to carry out market research in order to determine feasibility of the overall plan which is being developed. Firm has to gather data from primary and secondary source as they provide direct support in expansion (Clark, 2012). By allocating funds in the right proposal it is possible for organization to increase its profitability and market share. In the present report worldwide tobacco is carrying out market research in order to understand the nature of the market structure and the consumers. Firm is interested in learning about different things on E-cigarettes such as demographic profiles, consumption patterns, and cultural issues linked with customer preferences. Furthermore for this, plan has been prepared for collecting information through primary and secondary TASK 1. ABILITY TO USE VARIETY OF SOURCES FOR DATA COLLECTION
Plan for collecting data for WWT For taking appropriate decisions it is necessary to collect data from the sources present with the firm that can support in knowing about the preferences of customers in relation with the use of E-cigarettes. Both primary and secondary sources used for the study are effective and on the basis of this WWT can know income level, age of people consuming cigarettes. Primary and secondary sources used for the study are discussed below:
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Primary source: For the present study effective primary source is questionnaire through which information has been gathered which is linked with age, income and consumption pattern of the people in relation with E- cigarettes (Cohen and et. al., 2013). This source is more effective as compared with secondary one as information gathered is not used in previous studies and data collected is reliable. Furthermore this source will help in knowing how much time an individual spends in a shop while consuming E- cigarettes and with the help of this overall market demand can be determined easily.

Secondary source: It is the another source adopted for the present study to collect information where different books, journals and online articles have been used so as to acquire information about different shops that are offering e-cigarettes in the market. In short the secondary research can provide support to the primary one in conducting study.
Conducting secondary research for obtaining information In London different stores are present that are offering E-cigarettes which are The Vape.co, ECL etc. The Vape.co is one of the most famous company located in London and its shops is located in 102 East Barnet Road London (Correia and et.al, 2012). Main products sold by Vape.co are ecab mini, vanilla e liquid, aqua RBA atomizer etc. Furthermore main competitors of Vape.co that are offering same type of
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Instant Assignment Help Australia products are V- revolution e-cigarettes and ECL. Electronic cigarette London was the first company in the country to launch E- Cigarette including its kit and other accessories. After considering the demand in the market and carrying out product research firm introduced this product in the market. Firm directly import product from factories that are producer of high quality. Whereas V- revolution also sells e-cigarettes, e- liquid and wide ranges of accessories to serve its market in unique manner. Market share of ECL is 22.89m $ and its revenue on an average in the year 2013 was 3.1 million $. ECL is the major competitor of Vape.co due to which its financial performance has been taken into consideration. Furthermore marketing policy of organization is totally different from others where e-cigarettes are promoted by the marketers with the help of online websites and physical stores. This directly helps organization in attracting large number of customers towards highly differentiated products (Johnson and Clark, 2006). Operations strategy of the entity takes into consideration the effective ways adopted by management for carrying out operations as per need of customers. All the operations are carried out by firm with the help of its stores and online so this increases business efficiency.
Survey methodology Survey methodology is beneficial for the present study as it is on the basis of this accurate information that can be acquired regarding use of E-cigarette in the market. Furthermore in this regard, questionnaire and interview has been considered so as to obtain important information from the respondents. Such type of methodology posses’ face to face interaction and in turn data collected is
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Instant Assignment Help Australia reliable. Therefore with the help of information collected company can easily take different decisions that are linked with development (Kaplowitz, Hadlock and Levine, 2004).
Sample size In the present study sample size of 100 people has been chosen so that consumption of E-cigarette can be known easily. Furthermore the sample size has been chosen keeping in view the requirement of the study. On the other hand, to determine the validity of the data information has been collected from reliable source like questionnaire has been used, no baseness and manipulation is present in the research. Furthermore in literature review information published which is very old is not considered (Kotzab and et.al, 2011). So in this way it can be said that data collected is valid. For collecting data both primary and secondary sources it have been considered through which accurate information can be gained in relation with e-cigarette market and data has been analysed with the help of statistical tools like mean, mode, median etc.
TASK 2 Understanding Range Of Techniques To Analyse Data Effectively Age group
Population (f)
Mid value (x)
(fx)
Cumulative frequency
Under 10
9
5
45
9
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Instant Assignment Help Australia 10 – 20 years
8
15
120
17
20 – 30 years
7
25
175
24
30 – 40 years
7
35
245
31
40 - 50 years
7
45
315
38
50 – 60 years
7
55
385
45
60 – 70 years
5
65
325
50
70 – 80 years
3
75
225
53
80 – 100 years
1
90
90
54
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Instant Assignment Help Australia 60 50 40 30 20 10 0 0
1
2
3
4
5
6
7
8
9
10
Analysis of data to draw valid conclusions Mean = = = 35.64 Median = L + = 30 + = 34.28 Mode = L + =0+
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Instant Assignment Help Australia Standard deviation = = = 22.69
Mean
35.6481481481
Median
34.28
Mode
8.18
Lower Quartile
7
Upper Quartile
54.50
Value of semi-interquartile range
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Quartile and percentile Percentile and quartile can be defined as the value of variable on the basis of its position in population. Precise segregation of data size can be done through the computation of quartile and percentile. Correlation and coefficient It is computed to depict the relationship between two more variables. If positive correlation exists then both the variables tend to move together (Montier, 2010). If correlation between variables is negative, variables tend to offset each other. And zero correlation shows change in one variable which do not affect other variable.
Calculation of standard deviation and range Standard deviation Standard deviation of present data size is 22.69. It is comparatively low which represents lower fluctuation in the present data size. Standard deviation = = = 22.69
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Instant Assignment Help Australia Range From the computation of the range of present data size it can be noticed that gap between highest and lowest variable is of 100.
TASK 3 Ability To Produce Information In Appropriate Formats For Decision-Making Charts and diagrams
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Interpretation: Above chart shows the overall response by the people who consumes E-Cigarette. Furthermore it has shown that people lying under age group of 20- 25 and 25-30 prefer to consume E-cigarette and demand for this product is quite high and it will be profitable for entity if organization focuses on this target market and this can support in increasing market share and profitability. Information collected has shown that males prefer to consume E-cigarette rather than females and they can provide good market to the entity in terms of rise in sales and overall profit level. People living in income level of 300 to 400 pound prefer to buy E-cigarette as their purchasing power allows them to
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Instant Assignment Help Australia consume such type of product (Weygandt and et. al., 2009.). Spending power of consumer is very high on this type of product and on weekly basis they spend around 10 pound on purchasing E-cigarette so directly one third part of their income is spent on this product and by offering this product company can increase its sales volume. On the other hand on weekly basis around four cigarettes are consumed by the people and this consumption can increase in future also as this type of product does not have adverse impact on the health of an individual as compared with other normal cigarettes that produces fumes. E-cigarettes are generally purchased from specialized stores that are opened by the enterprise who are manufacturing it as in such places people get positive environment to consume such type of product which is beneficial for them. Further in a week around 210 minutes are spent by people in E-cigarette shops and they considers it as good source of entertainment and refreshment also that is necessarily required in daily life so as to perform better. Information gathered with the help of primary source has shown that, social issues are directly linked with the customer preferences as in the past many issues raised due to consumption of cigarettes in the society as it is injurious to heath and adversely affects one's health if consumed in excess (Rice, 2007). Furthermore in this regard various campaigns were designed by groups of people who consumes cigarettes in large with the main objective to reduce their consumption and it supported in declining sales of such type of products all over the country including tobacco. Normal cigarettes that are offered by firms such as wills etc have adverse impact on human health and it is the basic reason behind
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Instant Assignment Help Australia launch of E-cigarettes in the market that is not injurious to health. Furthermore it has been found that majority of the people prefer to consume this product with their friends and other groups and this acts as good source of entertainment where person consuming E-cigarette can easily interact with friends etc. With the help of data obtained, the feasibility of the product can be known easily and WWT has known response of people in relation with the E-cigarette. Therefore this type of product must be more offered to people rather than normal cigarettes as taste and preference of target market is in accordance with the product (Schraeder and Morrison, 2005).
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The above chart represents the sales of E-cigarette from the year 2010 to 2015 and this directly shows the profitability that firm can earn by offering such type of products in the market. Furthermore this type of product is highly advanced and posses capability to attract large number of customers towards it in short period of time.
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Business presentation
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TASK 4 ABILITY TO USE SOFTWARE GENERATED INFORMATION Paths through the network Critical path is developed for planning business activities and main aim is to complete the project on time. Renovation of block of flats is comprises of following activities-
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Critical path and duration
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Instant Assignment Help Australia The completed network shows that project can be completed in 12 weeks where critical path is 1-3-6-8 so its duration is 4+5+3= 12. So the entire project can be completed in 12 weeks. After developing the network diagram it has been identified that time period required for completion of renovation of block project is 12 week and in this time period it is possible to carry out each and every crucial activity associated with the project. Further, this will provide proper guideline to the business in conducting every task and overall aim along with objectives can be accomplished easily. Apart from this, proper standard along with benchmark will be built for completing all the tasks on time. Therefore, in this way the network plan prepared will be fruitful for business and can save major time associated with the implementation of the project.
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Conclusion From the above report it has become easy to understand the importance of taking effective decision for the welfare of entity as it is linked with success. Information collected from primary and secondary source has shown that large number of people prefers to consume e-cigarette and their taste and preference matches with it. So if any new firm is planning to invest in this type of operation then it will
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Instant Assignment Help Australia help in increasing profitability and market share. But before entering into market it is necessary to ensure that product is differentiated as compared with competitors.
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References Books and journals Clark, W., 2012. The Gantt Chart; A Working Tool of Management. General Books. Cohen, J. and et. al., 2013. Applied Multiple Regression/ Correlation Analysis for the Behavioral Sciences. Routledge. Correia, C. and et.al., 2012. Financial Management. Juta and Company Ltd,. Johnson, P. and Clark, M., 2006. Business and management research methodologies –Vols. 1-6, London: Sage Publications. Kaplowitz,. D.M., Hadlock, D. T. and Levine, R., 2004. A Comparison of Web and Mail Survey Response Rates. Public Opinion Quarterly. 68 (1). pp.94-101.
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