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Business Decision Taking

In: Business and Management

Submitted By motusirahman
Words 3569
Pages 15
Assignment Name: Business Decision Making

Contents
1.1 Preparation of primary and secondary data: 1
1.2 Description and Justification of Survey methodology and frame: 3
1.3 Questionnaire used by Kelloggs India Ltd.: 4
2.1: summarizing data: 5
2.2 Results from the summarizing data: 6
2.3 Measures of dispersion: 7
2.4 quartiles, percentiles, conelation coefficient 8
3.1 Using data from kellogg's business scenario, preparation a range of graphs 9
3.2: Use trend lines in spreadsheet graphs 10
3.3 The answer is delivered through attached Microsoft PowerPoint 10
3.4 Formal Business Report: 10
4.1Management information system: 11
4.2Presentation of a project pian for the Kellogg's case study for an 14
4.3Internal rate of return: 15
Referrences: 16

1.1 Preparation of primary and secondary data:
Primary data: Primary data of Kellogg India Ltd. is collected from the primary sources like company own databases, company surverys, interviews. The data which are collected by thoe own researchers source or primary source is known as primary data(Dawes, 1971). The company generally gather its primary data from the existing customer perspective. Besides company accountant information regarding survey plays vital role in this case. Kellogg India Ltd. empahasizes more on primary sources than on the secondary sources of data. They use direct observatons, personal interview from customer as their primary data sources.
Secondary data:
Secondary data are the subsequent publication of primary literature(Kahnmean and Lovallo, 1993). The data sources from the third parties not company internal sources is used as secondary data to use in research by Kellogg India Ltd. external books and services like journals, internal, printed sources etc. are increasingly used as secondary data..But according to this case study, Kellog India Ltd. give less importance on secondary data and secondary sources of data to make this survey. As secondary data are less reliable to use, so companies are most probably trying to avoid secondary data to use in any research report. From that perspective, Kellogg India Ltd. use primary data which are more relevant, reliable and satifactory to use in research.

Implementation of plan:

Collect data:
The stage appears to us the avaiable data collection by Kellogg India ltd. for the purpose of making the research and in this case the primary and secondary sources are intensely evaluated to ge the perfect and required data from available resources. So data collection is important here.
Analyze data:
Data analyzation represents whether data are relevent to the research or not. To pick the perfect data, data analyzation is required by the reserchers which is successfully done Kellogg India Ltd.
Evaluate data:
Data evaluation is important to make the reaserach because without evaluaiton relevent data can not be obtained and Kellogg India Ltd. did that for the sake of finding out their failure and make the research of the sustainble custormer and one time buyer.

Filter data:
Data filter is the optional requriment which adds some extra importance to make the report. In this case study, we have seen the way of filtering data from the perspective of two years comparison. They mentioned about their growth from 1995 to 2000. So they skip the interval data which has less importance to make this report.
Using data:
Final stage requres using most relevant data and apporpriate data for making the survey. This proper data utilization allows any researcher to make out their overall profit and loss from different perspective and allow them to analyze. Kellogg India Ltd. thus get their mistakes and accordingly they penetrate the indian market in most flexible way.
1.2 Description and Justification of Survey methodology and frame:
The survey data collection techniques and strategies that are widely used to define the way of doing a survey are known as survey methodology(Gigerenzer, Hoffrage, & Kleinbölting, 1991). The common methods used in different survey to get the opinion of population are Telephone, Online surveys, and mail, Personal mail and street intercept survey, personal in-home surveys and hybrids of the above. According to the case study of Kellogs, we can see that the methodology they used in a mixed way. No specific survey methodology is not used by Kelloggs India Ltd. in that case study; we found that out of 100 customers, 2 of them are regular buyers. So this is personal in-home surveys used by the company.
Personal in-home surveys are vital survey methodology through which data are collected from the individual customer operated in the own company research center. Kelloggs Company used this survey methodology without the knowledge of any buyer which allows them to get a positive research
1.3 Questionnaire used by Kelloggs India Ltd.:
Kellogs India Ltd. made this research most probably on the basis of Category questions, rating questions, ranking questions, open and list questions. But here the questioner categorized on their design:
Please help us to mention your process of getting your concerns resolved was:
1. Very bad
2. Unsatisfactory
3. Average
4. Satisfactory
5. Superior quality
How often our product is used by you:
1. Regularly
2. Once a week
3. 3 times a month
4. Once in a month
Most impressing option inspire you to buy our product:
1. Price
2. Quality
3. Durability
4. Customer support
5. Easy shopping experience
Would you use our product in future?
1. Of course
2. Possibly
3. Not sure
4. Probably not
5. Off course not
Will you refer our product to your kith and kin or other people;
1. Sure
2. Not sure
3. May be
4. Definitely not
Mention why you choose the product?
Mention why you don’t choose the product?
Justification of questionnaire design:
To make any customer satisfaction survey, some important issues have to be considered through which overall questionnaire will be made that goes with design (Kahneman & Lovallo, 1993). First one is restrictive multiple choices that allows a customer to share his/her feelings via different options. Here category questions consists of different multiple answers. So it is used by Kelloggs India Ltd... Open ended questions allow customer to put the answer what is in his mind and not in the list. So this design is widely used by the company. Kelloggs India Ltd. if single answer of question in the feedback of every customer survey is given completely and thoughtfully then it will be great options. Kellgo India Ltd. just did that to find out the number of their regular customers and their failure percentage. Kellgo India Ltd. also make that questionnaires design in way so that the mistakes from their operation and product distribution can easily be assumed and evaluated.
2.1: summarizing data:
This summary will compress long statements into briefer statements in which the main sense of what has been said or observed is rephrased in a few words. Through summarizing qualitative and quantitative data, it will be very easy to draw a perfect decision to make(Slovic and Fischhoff, 1977). Selections are not stated in a vacuum! Gather, collate, classify along with prepare the info you should make a decision. You have to analyze along with consider all the key elements with choosing. Study different elements active in the issue along with discover the important thing versions. Identify just about any vital elements upon which your success around the determination will probably hinge.
Sound away your opinions along with ideas of other folks: they might see anything you have missed. The data we get from the case study can be summarized as below: Kellogg India Ltd. is a producer of crispy flakes which is worldwide popular. The main problem of this company, it is not become consistent with the emerging Indian market due to its culture. But latter it gradually it became to sustain in the Indian market with innovative product and the marketing strategy applied by the organization. First stage it only have 2% customer but at last it gained huge amount of profit during in compare to its previous session. By coordinating qualitative and quantitative data, it has gained success to make an overall survey in the Indian market and it did a good combination of its customer for which it became to be able to sustain in Indian market.
2.2 Results from the summarizing data:
To the best of our knowledge, there currently do not exist light-weight data analysis methods that can be easily used for summary purposes. Instead, for bi-nary data the standard approach is to mine for frequent item set, the result of which quickly grows up to many times the size of the original data (Benartzi and Thaler, 2007).. Resulting, many proposals exist that focus on summarizing sets of frequent patterns. That is, to choose groups of representative item sets such that the information in the complete pattern set is maintained as well as possible Kellog Indian Ltd.s survey on the customer of Indian market help it out to find out its weakness and its opportunity in the Indian market. The result it got from summarizing data is varied with their increasing tendency to enter the market and their opportunity prevails in the market. So the company can easily find out the summary of whole market. Their failure and their mistakes of decision making will be easily identified and assumed through the survey of the case study. By assuming the problem, they are also successful to identify the probable solution raise to enter the Indian market. Ultimately their profits increase so high that it takes time to penetrate and market and occupy a buyer portion by sustaining them with from 2% to 60% above. The results from the survey through summarizing data are really effective and it shows the way to achieve success in that market (Fischhoff, 1982).

2.3 Measures of dispersion:
Measures of dispersion measure how spread out a set of data is.
The formulae for the measures of dispersion are mentioned below. m means the mean of the original data.
The standard deviation, s, is the square root of the variance.
Variance = s2 = S (xr - m)2 n
Exactly what your system signifies:
(1) xr -- mirielle signifies consider just about every worth subsequently subtracting indicate coming from just about every worth.
(2) (xr -- m)2 signifies block every one of the benefits extracted from stage (1). It is to lose any kind of fewer signals.
(3) S(xr -- m)2 signifies add together the many benefits extracted from stage (2).
(4) Divide stage (3) through n, that's the volume of quantities
(5) For your typical change, block actual a better solution for you to stage (4 -- Observe a lot.
The results got from analyzing measures of dispersion are very satisfactory from the present context of the company.

2.4 quartiles, percentiles, correlation coefficient
Quartiles:
Dividing the list of numbers into the quarters and the derived value is known as quartiles.
3 quartiles are the general value like first quartile, median and third quartile. The derived quartiles of Kellogg India Ltd. are favorable for the company to carry on the business.
Percentile
A percentile is often a measure which explains to us exactly what percent in the complete consistency scored at or maybe below which measure. A new percentile position is the percentage associated with results which drop at or maybe below settled report.
Correlation coefficient
The quantity 3rd there r, referred to as this linear relationship coefficient, methods this toughness and also this path of your linear connection between a couple variables. Your linear relationship coefficient may also be referred to as this Pearson solution instant relationship coefficient throughout recognize of the Karl Pearson.

3.1 Using data from kellogg's business scenario, preparation a range of graphs Total product sold of Kellogg India Ltd.: 100,Regular buyers : 2, First time buyers: 98

Share increases 5% than in 2000

3.2: Use trend lines in spreadsheet graphs 3.3 The answer is delivered through attached Microsoft PowerPoint document.
3.4 Formal Business Report:
Overview:
Kellogg Company, with its global headquarters in Battle Creek, Michigan, USA, is the world's leading cereal company, and a major producer of convenience foods. It markets more than 1,500 products in over 180 countries all over the world. Founded in 1906, with a commitment to nutrition, Kellogg Company has always been focusing on its products and processes. Today, with more than 100 ready-to-eat cereals around the world, consumers count on Kellogg for providing great-tasting, convenient and healthy food choices that meet their nutrition needs.

Primary data:
Primary data of Kellogg India Ltd. is collected from the primary sources like company own databases, company surverys, interviews. The data which are collected by thoe own researchers source or primary source is known as primary data(Larrick, 2004; Lerner & Tetlock, 1999). The company generally gather its primary data from the existing customer perspective.
Secondary data:
Secondary data are the subsequent publication of primary literature. The data sources from the third parties not company internal sources is used as secondary data to use in research by Kellogg India Ltd. external books and services like journals, internal, printed sources etc. are increasingly used as secondary data.
Operational level tools:
Daily activities regarding maintaining schedules, specifications, costs are regulated and served by operational control. Kellogg India Ltd. can get efficiency in operational level strategy through the answers of some relevant questions working as tools.
Strategic level tools:
Strategic supervision delivers total way for the venture. Strategy ingredients needs looking at in which the organization is actually, finding out wherever it wants to proceed, after which it finding out ways to get there. Strategic evaluation entails accomplishing a
4.1Management information system:
Managemetn infromation system is the term used to manage with the help of computer and internet tools. Management information system is used to expaing the operational, tactical and strategic level of management which are ingrate analysis part of a company (Moore and Loewenstein, 2004). Five basic components- hardware, software, data, people and procedures helps organization to achive the different level strategy and techniques. The use of MIS is suggested for the Kellogg India Ltd. for achiving for efficency and effictiveness to produce the product by minimizing cost.
MIS allows Kellogg India Ltd. to acieve efficicency fro the following perspectives:
Companies strength, weaknesses, opportunity and threats are the result of annual reports, performance record etc... That helps to improve the business operations and processes of the company. This is also play role as planning and communication tool through providing tan overall picture of the company. By evaluating the customer demand and needs, their feedback and data helps a company to distinguish among the company internal applications. Direct marketing and promotion activities also facilitates with the proper application of the term. Competitive advantage is a very important term with is not easy to achieve for any company. But management information system here comes to help the company to use of the best use of competitive advantage(Cooper, Woo, and Dunkelberg, 1988).. For a company, competitive advantage helps to compete with the competitors in most efficient way.
Following enterprise applications can help a Kelogg India Ltd. to perform the company internal and external activities:
Enterprise resource planning is one of the major applications widely used to manage, plan and control the core business processes via combination of integrated software modules and organized databases. Production, inventory management, distribution, resource, planning, organizing, coordination, staffing are the proper sphere of applying this module.
Three levels of tools recommended: level of controls
Operational level tools:
Daily activities regarding maintaining schedules, specifications, costs are regulated and served by operational control. Kellogg India Ltd. can get efficiency in operational level strategy through the answers of some relevant questions working as tools.
It the product is proper quality and scheduled as usual?
The answer of this question regarding a company product determines the operation level skill and the acceptance to customer. Product quality and schedule maintaining the overall operations level activity and the ability to perform task according to that (Sthiv and Fedorkihn, 1999).
Are the basic elements of operations properly used and product is produced according to that?
Three basic process of operations level activity are highly recommended for Kellogg India Ltd known to all. They are collection of raw materials, good-in-process and finished product. Operations of producing a product are highly required above operations to gain the ultimate finished product more efficiently.
Are the energy resource of operations are utilized in an effective manner?
Kellogg India Ltd. enter the market with good quality good but still got great crush due to not understanding the nature of resource used in its product. They add element which is good for health but not popular in India. So they failed to understand the market.
Tactical level tools:
The actual and primary steps required to obtain the objectives with the involvement of business core competences are referred to tactical control. Tactics are practical step with e-commerce solution required to implement the strategy (Milkman, Rogers and Bazerman, 2008). It is the basic MIS components that have wide applications via computers software and internet. Some tactics for production-level Company:
Building a relationship with the country culture: the culture of a country is very crucial while new company is going to operate in that country. Kellogg India Ltd. fails to understand the culture of India and that’s why inspired of being a good quality product, they failed in their first stage. So for any Kelllogg India Ltd., it is highly recommended to understand and practice the culture where they are going to operate their business.
Prepare a business incentive scheme:
Business incentive is mainly for the local employees over which company can have a control to carry on. The company must handle this by application of tactics with effective but simple tips.

Strategic level tools:
Strategic supervision delivers total way for the venture. Strategy ingredients needs looking at in which the organization is actually, finding out wherever it wants to proceed, after which it finding out ways to get there(Sunstein and Thaler, 2003).. Strategic evaluation entails accomplishing a situation analysis, self-evaluation and competition analysis--internal and exterior, micro-environmental and macro-environmental. Contingency using this type of evaluation, aims tend to be collection. These types of aims need to be parallel to some timeline; a number of come in the actual short-term and others on the long-term. This implies making eyesight assertions (long time period watch of your doable future), quest assertions (the part which the firm offers by itself in society), total company aims (both economic and strategic), strategic business unit aims (both economic and strategic), and tactical aims.
4.2Presentation of a project plan for the Kellogg's case study for an activity through Gantt chart and critical path:

4.3Internal rate of return:
The internal price connected with return (IRR) or economical price connected with return (ERR) is a price connected with return used in capital spending budget to be able to measure and also evaluate the success connected with assets (Ritov and Baron, 1992). It is also termed the discounted profit price connected with return (DCFROR) or the price connected with return (ROR). Within the wording connected with cost savings and also financial loans the IRR is usually termed the efficient rate of interest. The term inside describes the truth that it’s working out will not add the environmental aspects (Gary the gadget guy., the eye price or inflation).

Referrences

1. Dawes, R. M. (1971). A case study of graduate admissions: Application of three principles of human decision making. American Psychologist, 26(2), 180-188.
2. Kahneman, D., & Lovallo, D. (1993). Timid choices and bold forecasts: A cognitive perspective on risk and risk taking. Management Science, 39, 17-31
3. Slovic, P. & Fischhoff, B. (1977). On the psychology of experimental surprises. Journal of Experimental Psychology: Human Perception and Performance, 3, 544-551: 23, 31.
4. Fischhoff, B. (1982). Debiasing. In D. Kahneman, P. Slovic, & A. Tversky (Eds.), Judgment Under Uncertainty: Heuristics and Biases. Cambridge: Cambridge University Press: 422 – 444.
5. Moore, D., & Lowenstein, G. (2004). Self-interest, automaticity, and the psychology of conflict of interest. Social Justice Research, 17(2), 189-202.
6. Milkman, K.L., Rogers, T., & Bazerman, M. (2008). Highbrow films gather dust: A study of dynamic inconsistency and online DVD rentals. HBS Working Paper 07-099.
7. Milkman, K.L., Rogers, T., & Bazerman, M. (in press). Harnessing our inner angels and demons: What we have learned about want/should conflict and how that knowledge can help us reduce short-sighted decision making. Perspectives on Psychological Science.
8. Sunstein, C.R. & Thaler, R.H (2003). Libertarian paternalism is not an oxymoron. University of Chicago Law Review, 70 (Fall), 1159-99.
9. Ritov, I., & Baron, J. (1992). Status-quo and omission biases. Journal of Risk & Uncertainty, 5(1), 49-61.
10. Benartzi, S., & Thaler, R. H. (2007). Heuristics and biases in retirement savings behavior. Journal of Economic Perspectives, 21(3), 81-104.
11. Cooper, A. C., Woo, C. Y., & Dunkelberg, W. C. (1988). Entrepreneurs' perceived chances for success. Journal of Business Venturing, 3(2), 97-109.
12. Larrick, R. P. (2004). Debiasing. In D. J. Koehler & N. Harvey (Eds.), Blackwell Handbook of Judgment and Decision Making. Oxford, England: Blackwell Publishers.
13. Savitsky, K., Van Boven, L., Epley, N., & Wight, W. (2005). The unpacking effect in responsibility allocations for group tasks. Journal of Experimental Social Psychology, 41, 447-457.…...

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...QNT 275 Business Decision Making Project Final Project Throughout the last five weeks, Learning Team B has researched and gathered descriptive statistics pieces of equipment for Darrin Compton’s future small bakery or café. Darrin Compton is starting a bakery/café. Darrin relayed that news to Learning Team B. Learning Team B decided it would be a good class long project to research and discuss. Each member was assigned a specific type of kitchen equipment for Darrin’s new bakery. The equipment list is as follows: Convection Oven, 10 Gallon Tilting Kettle, 20 quart mixer, 60 quart mixer, a walk-in refrigerator, and a walk-in freezer. From that point, the team worked individually; only consulting with the team and Darrin after we had developed a good piece of research for a specific piece of equipment. Once all of the equipment was sufficiently researched and vetted, the team compiled all of the information in discussion board posts. Equipment for Research: 1) Double Stack Convection Oven 2) Groen 10 gallon Tilting Kettle   3) 20 qt. Mixer 4) 60 qt. Mixer 5) Walk-in Refrigerator 6) Walk-in Freezer Above is the equipment the team researched and developed a solid idea of what was a good price, warranty, shipping estimates, and quality. Some data you can infer from reading reviews and ratings on the various researched websites. How fast do the suppliers ship the equipment? Are the pieces of equipment ready to be shipped? Will the equipment be in...

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... |Pearson BTEC Level 5 HND Diploma in Business | | | |Qualification | |Assessor name |Gopinath Vedula | | |Unit 6: Business Decision Making | | | |Unit Number and title | |Student name |VeselinaLicheva | | | |Criteria Reference |To achieve the criteria the evidence must show that the student is able to: |Achieved? | | | |(tick) | |LO 1 | | | |1.1 |create a plan for the collection of primary and secondary data for a given business problem |X | |1.2 ...

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...Report on Business Decision Making ( Prity) INTRODUCTION Because of the globalization everyone can do business wherever find profitable place or location, for technological development it become easier and accessible to do business one corner from another corner of the world. Although there is lots or benefits for technological advancement, for operating every business in every place there are some problem also. So for effective business organization should plan for their project. For market research, Abacus Research and Analytics (ARA) a research institute, this institute is going to do a research on consumer behaviors and attitudes towards Food Discount in Retailing by Wm Morrison in Greater London for providing the customer better services. This research will help the organization to take correct and concrete decision for the improvement of customer service for customer satisfaction. Amicus company ltd., Royal company ltd., and . Every company has some problem to operate business although these companies located in good places. These companies want to acquire customer satisfaction by improving customer services. So for better improvement in customer services, Abacus Research and Analytics (ARA) is doing a research for taking correct decision. Abacus Research and Analytics (ARA) collect their information from primary and secondary sources which are authentic as well as accurate, and necessary tools which are relevant to this research used to analysis and calculating......

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...that they have quality products and brand, this could also be used as a foundation to pricing their goods at a lower price. Penetration Pricing This is a strategy company looking to increase their market share undertakes. Here the price of the product is set low to attract high sales volume. As shown above, Mercedes Benz reduced its average price of its CLA vehicles to be able to reach out to its young demographics segment. Penetration pricing is not used for luxurious goods and psychographic segments as shown above. Competitive Pricing Here, the company or firm sets its price in relative to the prices of companies it perceives as its competitors. The company may decide to set its price lower, equal or higher than its competitors. The decision to set the price higher or lower is usually based on the company’s short and long term objectives. For instance Audi sets is prices slightly lower than that of Mercedes, the aim of doing that is to gain some market share. Cost Based Pricing Under this strategy the company takes into consideration the cost of production, distribution and marketing and adds a level of mark up for their profit. This isn’t however popular in the auto industry. In the car industry prices are mainly set by either of the three strategies above 3.4 PROMOTION Promotion can be regarded as the entire process of total communication by the company which a company uses in creating awareness and interest to its customer base (Brocke 2012). Promotion over the......

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