Unit 6 Business Decision Making Assignment – Wet Fish Cafe
Introduction
Business decisions are seen to be extremely vital for successfully operating a company. For their operations, both small and large businesses make successful decisions. As a result, in this Unit 6 Business Decision Making Assignment, you will be asked to: Statistical methods and charts are used to examine Wet Fish Café in various scenarios. It is the correct judgement that is accountable for an organization’s flawless operation. The Wet Fish Café is a medium-sized coffee business in North West London’s West Hampstead. The café is well-known for its Americano. This is a robust and flavorful coffee that isn’t bitter. Because there has been an increase in the number of people drinking coffee, the company’s management has decided to introduce a new coffee drink for its consumers. When releasing a new beverage, the company must perform research to determine the flavour, preferences, and attitudes of its customers. This will aid them in gaining an understanding of the market’s size and structure. All of these factors are critical in making an informed decision about introducing a new product on the market. All of this knowledge may be obtained through study.
Task 1
LO1: A
Primary and Secondary Data
In order to do research, it is necessary to collect primary data. Primary data is defined as information that is obtained for the first time and is in raw form. The researcher collects the original data themselves after putting in a lot of work (Burch, 1997). Primary data collection can be a time-consuming process since it necessitates the creation of a questionnaire and the selection of an appropriate sample frame. Primary data collection, on the other hand, is critical since it allows for the acquisition of highly relevant data for the purposes of developing marketing strategies and making informed decisions. The following are some of the benefits of using primary data:
The information gathered through primary research is current. As a result, primary data is thought to be a more effective decision-making tool.
The gathering of primary data aids in the resolution of desired and targeted difficulties. The primary data collection research is simplified in terms of its goal and scope.
The person who gathers primary data is the owner of that data, and he does not have to share it with others and can keep it private (Vogt, 2010). The basic data can be more effectively understood. According to the marketer’s needs, the data may be inspected and understood.
Task 2
Lo 2
Analysis of Data
The purpose of the questionnaire was to conduct the survey and gather primary data. A total of 100 participants were surveyed, 35 of whom were men and 65 of whom were women. According to the poll, the bulk of those who come to drink coffee are between the ages of 14 and 23, followed by the ages of 24-33. The majority of the people in the sample consume coffee on a regular basis. According to the report, 90 percent of the population prefers hot coffee. When the sample population was asked what type of coffee they favoured in the poll, 52 percent said Americano, demonstrating the popularity of their coffee drink. Wet Fish’s management also discovered that the majority of customers spend between £21 and £45 every month at their coffee shop (Call for papers computational statistics & data analysis, 1998). When asked what factors individuals consider when choosing coffee, the majority of respondents said quality, followed by price and flavour. While 65 percent of the sample group stated that they favour brand when picking coffee, the remaining 35% stated that they do not prefer brand when purchasing coffee.
When asked if they would like to try a new type of coffee, 98 percent of the sample population replied yes, while the remaining 4% said no.
Methodologies for data analysis
Arithmetic arithmetic arithmetic arithmetic For effective data analysis, the average is utilised. They aid in determining the location of a storage cluster in a piece of data. The following are the three fundamental forms of information:
The average of all the numbers in a piece of data is called the mean. It is computed by adding all of the numbers together and then dividing by the total number of scores.
Median: The figure in the centre of a set of data is referred to as the median.
The number that appears the most frequently in a set of data is called the mode.
Measures of Dispersion: In the business world, measures of dispersion are used to get a sense of how much dispersion or variance there is. Measures of dispersion are critical for making informed business decisions (McClave, Dietrich and Sincich, 1997).
The difference between the highest and lowest number in a piece of data is called range.
Standard Deviation: The square root of the fluctuation is the standard deviation. It considers all of the variables in a piece of data.
Quartiles: Quartiles are used to emphasise crucial business statistics such as sales, profit, and income.
Quartiles: Quartiles are used to emphasise crucial business statistics such as sales, profit, and income.
The first quartile is the number that falls between the median and the bottom half of a collection of data. It’s also referred to as the 25th percentile. The second quartile is the number that falls in the midway. The 50th percentile is another name for it. The third quartile is the number that falls between the median and the upper half of a collection of data. It’s also known as the 50th percentile.
Correlation Coefficient: The correlation coefficient determines the degree and direction of a link between two variables. It is a highly strong tool for making decisions based on data analysis (McClave, Dietrich and Sincich, 1997).
Task 4
Lo 4
Project plan: It is critical for the organization’s management to have a solid project plan before starting a new coffee. If there is a little blunder in the planning phase, the product may fail to succeed in the marketplace (Sellars, 2009). The following procedures might be followed by the management of Wet Fish Café in order to develop their new product:
The development of a concept for how to add a new coffee to the existing product line is critical. SWOT, PESTEL, and other methods are used to do this.
Screening: At this step, the ideas that have been generated are carefully screened and filtered based on a number of criteria.
Developing Concept: Selected concepts are given to customers to gauge their reactions and determine whether or not the idea is desirable.
Product development: A sample of the product is prepared and given to consumers to determine if any adjustments are required.
Release: The product is ultimately released into the market, and a variety of promotional efforts are carried out in order to increase its popularity among buyers.
Information Processing Tools: Wet Fish Café’s management can utilise the following information processing tools in their business:
Accounting Information System: This tool assists an organization’s management financial department in making suitable plans by delivering reports on statistical data and financial account information (Sellars, 2009).
Conclusion
The initiative taught me how important competent decision-making is for an organization’s healthy functioning. Assignment for Unit 6: Making Business Decisions Wet Fish Cafe is crucial for gaining an understanding of the market structure and releasing new items. The data analysis and forecasts have also aided management in their decision-making process. To build plans for producing a new product, managers must use a number of tools that will help them through the process.
References
Burch, H. (1997). Selected primary & secondary education data. Annapolis, MD: Dept. of Fiscal Services.
Call for papers computational statistics & data analysis. (1998). Computational Statistics & Data Analysis, 27(1), p.117.
Dayanada, D. (2002). Capital budgeting. Cambridge, UK: Cambridge University Press.
Kendall, M., Stuart, A., Ord, J., Arnold, S. and O’Hagan, A. (1994). Kendall’s advanced theory of statistics. London: Edward Arnold.
Leeuw, E., Hox, J. and Dillman, D. (2008). International handbook of survey methodology. New York: Lawrence Erlbaum Associates.
Lepkowski, J. (2008). Advances in telephone survey methodology. Hoboken, NJ: John Wiley & Sons.
McClave, J., Dietrich, F. and Sincich, T. (1997). Statistics. Upper Saddle River, N.J.: Prentice Hall.
Ramavataram, S. (1996). Secondary Sources. Nuclear Data Sheets, 79(4), pp.997-1015.
Sellars, D. (2009). Business plan project. [New York, N.Y.] (222 East 46th Street, New York, NY 10017): Business Expert Press.
Vogt, W. (2010). Data collection. Los Angeles: SAGE
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