Asya Petkova Business Decision Making

19-07-17 cheapnisha 0 comment

Asya Petkova Business Decision Making


Asya Petkova Business Decision MakingRaising consumer’s demands and flexibility of the market tends the organization to make functional changes to get adopt in the emerging trends. So in order to satisfy the consumers and to have a long and good relationship with them, the decision-making process is very essential. To take an effective decision and to lead an organization in an effective and profitable way, there is a need to develop ideas and follow some techniques and tools meant for the organization. For this, research and information system both works as a two weapons that fights for a common objective of the business. So this study aims to give an idea about different methods and techniques involved in research and development process. This also enables the readers to find a relationship between the sustainability of the organization and research methodologies.

Task 1

LO1: A

Types of sources for research

For every organization, research is an important tool which determines the new plans related to product or service which is essential for management. So before going into the topic, there is a need to know about the research and its methodologies. Research means to find out the fact which is involved behind the issue. These facts can be obtained by two types of data. Primary data that is collected for the first time and Secondary data that is already collected for other purpose and now is going to use for another purpose. The two sources of data are elaborated below.

Primary data:

The primary data itself says that, data that is collected for the first time by the researcher is known as primary data. In this process all data belongs to a unique and new source. This type of data is useful to gather information directly from customers by using a different way. These are as follows:

  • Face to face interviews
  • Postal Surveys
  • Telephonic surveys
  • E-mails /internet surveys
  • Direct observation by the observer

To gather the information from the customers, the researcher has to put questions through which company get the information about personal opinions, attitudes, purchasing power, etc. of the customers in the form of feedback (, 2014).

Planning the research is one of the important and foremost aspects in the research process. So this planning can be made in following steps.