Data For A Given Business Problem Marketing Essay

Data For A Given Business Problem trade EssayIntroductionIn this assignment discuss ab forbidden type of info, a ruleology of gathering data from various sources, arranging them according to a system to get useful assureation which leads to take better decisions. Analysing data and information is real important to take efficient and effective avocation decisions. This ordain help the management to understand the industry status, can be a measure out addition tool and introduce impertinently processors, rules and regulation to increase look, standard and produceivity. Now a days organisations uses technology to arrange data and to get information according to their requirement. According to the scenario is about Halford assort a carrefour, benefit and expertise provider of motor, bicycle, and great getaway that means a transportation facilitator according to nodes requirement. Halford has to a greater extent than 402 superstores, 34 compact stores, 31 metro compact st ores and 261 auto centres crosswise in the United Kingdom and in the Republic of Ireland. They have introduced a Bike hut as a showcase to promote their bike brands. Where they requisite to increase their customer satisfaction level and need to clarify the feedback of the market about their proceedss. problem 1Requirement 1P1.1 Create a final cause for the collection of primary and secondary data for a effrontery commerce problemData atomic number 18 statistics, details, verses, photographs, charts, images and etc. There are two types of data, such(prenominal) as quantitative data and qualitative data. As per Pawar (2004) quantitative data means where data gathered from surveys, questionnaires, trials and etc. these data are much in number format. Qualitative datas are that has recorded in detail. It is very important to collect both types of data to get a great output. Primary data can be collected by interviews, research, or by observations. But for the given scenario it is important to gather customer feedback therefore interviews are important. The Even Halfords root word can use their site, e-commerce link as a resource to collect data by adding a short questionnaire. Secondary data are records which pull round currently. Plan to collect primary data and secondary data for the given situation are, quick questionnaires, informal interviews, telephone surveys, observing the customers, analyse the previous club details, use the web site to get feedback from customers and etc.Figure 1 Data Cycle(Source http//analyticalconsulting.info/ serve/)P1.2 Present the survey methodology and sampling material body usedSurvey methodology is a tool that use to gather data from a specific segment. In this scenario it is important to gather information in general from cyclists about their requirements, their liking and dis-likings, value additions, knowledge about the proceeds, ideas to improve the invention and etc. The survey question list can be made out of c losed questions and circularize questions. According to Curwin and Slater (2008), surveys can be conducted mainly in two ways, that is interviews and questionnaires. This is also can be done by qualitative assessment or as a quantitative design methodology. On the other hand there are two sampling types, as probability and non probability sampling. Probability and non probability sampling has different techniques of sampling. For example probability sampling has simple random sampling method, cluster sampling, stratified sampling method and systematic sampling method. Where non probability sampling has snowball sample method, quota sampling and judgmental sample method. In this case it is appropriate to use questionnaires containing both open ended and close ended questions. And non probability sampling technique can be use as the sampling frame.Figure 2 Selecting a exemplar(Sourcehttp//www-rohan.sdsu.edu/dfinnega/sw690/RBnotes_ch9_full.htm)P1.3 Design a questionnaire for a give n business problemHalfords crossroad Awareness and Customer Satisfaction Evaluation Survey 2013Dear Valued Customer,We Halfords group as the leader in cycles retailing market always looking forward to give more that our client expects. We have introduced Bikehut Stores where you can easily gene measure and access premium bike brands. To enhance more customer oriented service we would like to ask few questions.Many thanks in approach shot for your precious time taken to fill the below questionnaire.Looking forward to provide better service in future.Best regards,Manager,Halfords GroupName denotation -.Age -..Gender - Male Female Are you happy to deal with Halfords Yes No If your answer is no please specify - Are you aware of the new store chain called Bikehut Yes No Please range the below from 1 5 (1-Unsatisfied, 2-Good, 3-Very Good, 4-Satisfied, 5-Exceed expectation)Question12345boilersuit quality of the product overall satisfaction of the productService in the Bike hutAfter gross revenue servicesCompared to other suppliers our product and servicesDo you conceive of the price of this product is reasonable Yes No If your answer is no, please state why? .Do you recommend our products to another person Yes No Your ideas are very important to us to provide an extravagantly personalised service and products to you. Please comment Please use the envelope attached to send your valued ideas. line of work 2Requirement 2P2.1 Relate information for decision making by summarising data using representative valuesTotal Response is = 225Product use age according to the sex activity Male 150 Female 75Happy to deal with HalfordsYes (217) No (8)Awareness of the Bikehut storesYes (185) No (40)Overall quality of the product1-(4) 2-(23) 3-(68) 4-(120) 5-(10)Overall satisfaction of the product1-(2) 2-(32) 3-(89) 4-(79) 5-(23)Service in the Bikehut1-(0) 2-(93) 3-(102) 4-(23) 5-(7)After sales services1-(3) 2-(42) 3-(88) 4-(80) 5-(12)Compared to other sup pliers our product and services1-(0) 2-(17) 3-(107) 4-(75) 5-(26)Price is reasonableYes (157) No (68)Product recommendationsYes (210) No (15)(1-Unsatisfied, 2-Good, 3-Very Good, 4-Satisfied, 5-Exceed expectation)P2.2 Analyse the results draw valid conclusions in a business context.Total Response is = 225Product use age according to the gender Male 150 Female 75Male 66.67% Female 33.33%Happy to deal with HalfordsYes (217) 96.44% No (8) 3.56%Awareness of the Bikehut storesYes (185) 82.22% No (40) 17.78%Overall quality of the product1-(4) 1.78% 2-(23) 10.22% 3-(68) 30.22% 4-(120) 53.33% 5-(10) 4.44%Overall satisfaction of the product1-(2) 0.89% 2-(32) 14.22% 3-(89) 39.56% 4-(79) 35.11% 5-(23) 10.22%Service in the Bikehut1-(0) 0% 2-(93) 41.33% 3-(102) 45.33% 4-(23) 10.22% 5-(7) 3.11%After sales services1-(3) 1.33% 2-(42) 18.67% 3-(88) 39.11% 4-(80) 35.56% 5-(12) 5.33%Compared to other suppliers our product and services1-(0) 0% 2-(17) 7.56% 3-(107) 47.56% 4-(75) 33.33% 5-(26) 1 1.56%Price is reasonableYes (157) 69.78% No (68) 30.22%Product recommendationsYes (210) 93.33% No (15) 6.67%(1-Unsatisfied, 2-Good, 3-Very Good, 4-Satisfied, 5-Exceed expectation)The customer base is at 66.67% of males and 33.33% female. The company should look forward to encourage more females to use the product. When advertising focus to touch paucity market too.96.44% customers are happy to deal with the establishment, 82.22% customer base is aware of the new store chain. 98% of customers are satisfied about the product quality, where 99% are overall satisfied about the product. 100% customers are happy about the service provided at Bikehut. 97% of customers are delighted about later sales services. 70% of clients say that the product price is reasonable. 93.33% of customers depart help to bring business by recommending the product to others. This is a free advertising for the company. When considering the overall information the company is performing well. Customers are s atisfied with the establishment and as well as the product and the service.P2.3 Analyse data using measures of dispersion into inform a given business scenario.As per the deliberation by Francis (2008), measures of dispersion means when scattering data how the statistics are comparable individually. There are troika ways to measure dispersion, namely as the range, the semi interquartile range (SIR) and variance / standard deviation.In range dispersion uses the lowest value and the highest value in the given data set and the difference is taken as ranges.12345Overall quality of the product41.78%2310.22%6830.22%12053.33%104.44%Overall satisfaction of the product20.89%3214.22%8939.56%7935.11%2310.22%Service in the Bikehut00.00%9341.33%10245.33%2310.22%73.11%After sales services31.33%4218.67%8839.11%8035.56%125.33%Compared to other suppliers our product and services00.00%177.56%10747.56%7533.33%2611.56%QuestionHighest ValueLowest ValueThe RangeOverall quality of the product1204116Overa ll satisfaction of the product89287Service in the Bikehut1020102After sales services88385Compared to other suppliers our product and services1070107Semi interquartile range (SIR) = (Q3-Q1) /2Q3Q1Q3-Q1(Q3-Q1)/2Overall quality of the product6846432Overall satisfaction of the product8928743.5Service in the Bikehut102010251After sales services8838542.5Compared to other suppliers our product and services107010753.5Standard Deviation12345Std. Div.Overall quality of the product423681201049Overall satisfaction of the product23289792337Service in the Bikehut09310223749After sales services34288801239Compared to other suppliers our product and services017107752644P2.4 Explain how quartiles, percentiles and the correlation coefficient are used to draw useful conclusions in a business context.According to Anderson et al (2012), quartile use to separate data in two quarters. Percentiles are where the observed data are similar or larger than the percentile figure. The correlation coefficient is th e tool that uses to interpret the linear relationship between two variables.M1. Apply quartiles, percentiles and the correlation coefficient in your data set.12345Overall quality of the product4236812010Overall satisfaction of the product232897923Service in the Bikehut093102237After sales services342888012Compared to other suppliers our product and services0171077526QUARTILE0123441023681202233279890723931023124280880172675107Correlation coefficientOverall quality of the product4236812010Overall satisfaction of the product23289792387%Service in the Bikehut093102237After sales services34288801262%Overall quality of the product4236812010Compared to other suppliers our product and services017107752678%Task 3Requirement 3P3.1 allege graphs using spread-sheets and draw valid conclusions based on the information derivedMain customer sector can be identified from the above chart.This graph will indicate the satisfaction level of customers.This graph shows the correlations of the overall pr oduct and quality satisfaction.P3.2 Create trend lines in spread-sheet graphs to assist in forecasting for specified business informationThe customers are highly satisfied about the overall quality of the product but it is important to improve product satisfaction and after(prenominal) sales services.Quartile forcast.Almost every purchaser likes to deal with the company.More than 50% of the clients agrees that the product price is reasonable. Therefore no need to do price change.Has to advertise more about Bikehut for customer awareness.M2 Critically analyse the findings in 3.4P3.3 Prepare a business presentation using suitable software and techniques to disseminate information in effectP3_3- Halfords Group.pptxP3.4 Produce a formal business report, M3 Present and communicate the results in 3.4Subject The customer satisfaction and Bikehut awareness surveyTo The ManagementFrom The Market look for TeamDate 12th March 2013This is about the awareness and a satisfaction survey abou t our products and services. In addition to that verify the new publication chain status. As per the management request our team conducted a questionnaire survey and interview to collect the required data. We have got 225 feedback forms from customers.According to the collected data after sampling and analysing them, we recognise that the males are using our product greater than the females. Overall the customers are happy to deal with our establishment. 185 customers out of 225 were aware about the Bikehut store. 70% of clients are pleased with our product prices. As per the information our products quality and services satisfies customers where the company has built a very good reputation. Therefore we have a 93% of word of mouth promotion via the satisfied customers. Conferring as per the data gathered the organisation performs incredibly well than the industry competitors.We recommend that the after sales service should improve. Most of the feedback has rated very well, but the organisational goal should be to give an extravagantly personalised service to get more rates on exceeding expectation. The customer service manager is responsible to introduce customer oriented training. It is the human resource managers duty to implement appreciation programme and reward the employees as a motivation factor. Production has to innovate appropriate cycle designs for females. Advertising team should attract feminine market and promote Bikehut stores as well as Halfords productsTask 4Requirement 4P4.1 design appropriate information processing toolsAs interpreted by Bajic and Wee (2005), information processing tools are the processors and perceptible and non tangible equipment that use to arrange data, such as database, servers, computers, transmitters, ATMs as well as softwares, methodologies, internet, networks, websites and etc. By using the correct methods and equipment the organisation can be benefited. The output will be accurate to take effective and efficien t decisions. In an organisation, budgets, project plans, cash flow statements, investment appraisals are used as information tools.Figure 2 Data Processing Tools(Source http//www.lbl.gov/Science-Articles/Archive/SB-EETD-tuning-buildings.html)P4.2 Prepare a project plan for an activity and determine the critical pathP4.3 Use financial tools for decision making.To evaluate a project in the main financial tool which use as a decision making technique is calculated net present value (NPV) and internal rate of return (IRR). Organisation invests in projects expecting an upright return in long time span. By using NPV the management can decide the surplus or the shortage of the cash flow. IRR calculation mainly considers about the discount rate only. The discount rate may change over the time period. Therefore the IRR rate will also change accordingly. Using the internal rate of return is not able to evaluate a project.Discount Rate12%PeriodSum0(50,000.00)112,000.00215,000.00315,000.00418, 000.00510,000.00NPV462.49IRR12.371%D1 Explain the results of NPV and IRRSince this has a positive NPV, it is worth to invest in this project. It will recover the initial investment and can earn a better return. Net present value is the difference that occurs when evaluating the project market value and its cost. In addition to the NPV the internal rate of return (IRR) is 12.37%. When the internal rate of return is higher than the discount region then it will indicate a continuation of the project. Though investors calculate net present value and internal rate of return, they mainly consider on the net present value.D2 Use Critical reflection to evaluate and justify your overall valid conclusionConclusion