Mariana Maftei 4 business Decision Making

30-07-17 cheapnisha 0 comment

Mariana Maftei 4 business Decision Making

Introduction

Mariana Maftei 4 business Decision MakingAn effective decision making helps the organization in many critical situations such as economic flexibility, changing of consumer’s preferences, increasing of competition, etc. In order to make an effective decision for the business, the management of the organization must focus on the issues by doing proper research and information gathering. So this assignment provides knowledge to the reader regarding the research plan, the different types of sources for research, the tools that are involved in the research, etc. This also enables the reader to find out the impact of the research process on company’s growth and sustainability in a competitive market.

Research is a systematic investigation organized to develop the current process or revise current knowledge by discovering new facts and figures. The research has categorized into two types:

Mariana Maftei 4 business Decision Making

  • Basic research:

The aim of this research is to inquiry and analyzes and understands the subject, phenomenon, and basics law of nature instead of applying on a specific practical problem.

  • Applied research:

It is an effort aim at using basic research to solve general problems, developing new process, products, and techniques. So in this assignment applied research is used to find out the solution of the problem.

Types of data:

 Every research is based on two types of data. They are primary data and secondary data.

  • Primary data:

It is a data that can be obtained through direct effort of the researcher through survey, direct interview, and interviews by phone call, direct observation, etc.  This data is most expensive than secondary data.

  • Secondary data:

Secondary data is the data that has previously been collected and utilized by someone else for a specific purpose. It can be easily collected from different sources and it is less expensive as compare to primary data. Again secondary data can be explained in two different forms i.e.

  • Internal secondary data: Data related to the sale, profit and loss A/c, balance sheet, etc.
  • External secondary data: Data obtained by government sources, universities, libraries, historical books, etc.

As per assignment the coffee company named “J.M. Smucker” has been taken into consideration for case study purpose. It was established in the year 1897 and incorporated in the year 1921. The origin of the company is in Oriville Canada. It is operating worldwide basis and producing branded food products. As the company is facing from competition in the market, the management decided to make a research plan that helps in finding the solution of the issue. This research has been conducted to find the status of the market to introduce a new product (Cooke, 2000). 

Identifying the problem:

The first step of the researcher is to find the problem or issues in the organization for which research is been conducted. If the issue related to business competition then, the research can be done on rivalry company’s products, strategies, etc. If the problem related to customers demand then, the researcher does the research on consumer’s profile. However, research should be done on both internal and external environment to find out the exact fact behind the issue.

Gathering data:

After finding out the reason for the issue, the researcher moves to the data gathering process. In this, he uses both primary and secondary data that is useful for drawing the solution for the business problem.

In this assignment, data have been collected by using telephonic interview and by using the social site such as twitter, face book, etc. Data gathering is done by two ways.

Sampling techniques:

In this stage, the researcher will decide size of the sample, as for this case the sample size is taken as 100. In this assignment selection of sample is based on the area that has selected and consumers who are using the product (Sugden, 1994).

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