Data For A Given Business Problem Marketing Essay

Data For A Given Business Problem Marketing Essay Introduction In this assignment discuss about type of data, a methodology of gathering data from various sources, arranging them according to a system to get useful information which leads to take better decisions. Analysing data and information is very important to take efficient and effective business decisions. This will help the management to understand the industry status, can be a value addition tool and introduce new processors, rules and regulation to increase quality, quantity and productivity. Now a days organisations uses technology to arrange data and to get information according to their requirement. According to the scenario is about Halford group a product, service and expertise provider of motor, bicycle, and great getaway that means a transportation facilitator according to customers requirement. Halford has more than 402 superstores, 34 compact stores, 31 metro compact stores and 261 auto centres across 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 want to increase their customer satisfaction level and need to clarify the feedback of the market about their products. Task 1 Requirement 1: P1.1 Create a plan for the collection of primary and secondary data for a given business problem Data are statistics, details, verses, photographs, charts, images and etc. There are two types of data, such 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 Group can use their site, e-commerce link as a resource to collect data by adding a short questionnaire. Secondary data are records which exist 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 company details, use the web site to get feedback from customers and etc. Figure 1: Data Cycle (Source: http://analyticalconsulting.info/services/) P1.2 Present the survey methodology and sampling frame used Survey methodology is a tool that use to gather data from a specific segment. In this scenario it is important to gather information mainly from cyclists about their requirements, their liking and dis-likings, value additions, knowledge about the product, ideas to improve the invention and etc. The survey question list can be made out of closed questions and open 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 Sample (Source:http://www-rohan.sdsu.edu/~dfinnega/sw690/RBnotes_ch9_full.htm) P1.3 Design a questionnaire for a given business problem Halfords Product Awareness and Customer Satisfaction Evaluation Survey 2013 Dear 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 reach and access premium bike brands. To enhance more customer oriented service we would like to ask few questions. Many thanks in advance for your precious time taken to fill the below questionnaire. Looking forward to provide better service in future. Best regards, Manager, Halfords Group Name : à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦ Address : -à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦. Age :-à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦.. Gender :- Male  £ Female  £ Are you happy to deal with Halfords : Yes  £ No  £ If your answer is no please specify :- à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦ 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) Question 1 2 3 4 5 Overall quality of the product  £  £  £  £  £ Overall satisfaction of the product  £  £  £  £  £ Service in the Bikehut  £  £  £  £  £ After sales services  £  £  £  £  £ Compared to other suppliers our product and services  £  £  £  £  £ Do you think the price of this product is reasonable : Yes  £ No  £ If your answer is no, please state why? à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦. 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 : à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦ Please use the envelope attached to send your valued ideas. Task 2 Requirement 2: P2.1 Relate information for decision making by summarising data using representative values Total Response is = 225 Product use age according to the gender Male 150 Female 75 Happy to deal with Halfords Yes (217) No (8) Awareness of the Bikehut stores Yes (185) No (40) Overall quality of the product 1-(4) 2-(23) 3-(68) 4-(120) 5-(10) Overall satisfaction of the product 1-(2) 2-(32) 3-(89) 4-(79) 5-(23) Service in the Bikehut 1-(0) 2-(93) 3-(102) 4-(23) 5-(7) After sales services 1-(3) 2-(42) 3-(88) 4-(80) 5-(12) Compared to other suppliers our product and services 1-(0) 2-(17) 3-(107) 4-(75) 5-(26) Price is reasonable Yes (157) No (68) Product recommendations Yes (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 = 225 Product use age according to the gender Male 150 Female 75 Male 66.67% Female 33.33% Happy to deal with Halfords Yes (217) 96.44% No (8) 3.56% Awareness of the Bikehut stores Yes (185) 82.22% No (40) 17.78% Overall quality of the product 1-(4) 1.78% 2-(23) 10.22% 3-(68) 30.22% 4-(120) 53.33% 5-(10) 4.44% Overall satisfaction of the product 1-(2) 0.89% 2-(32) 14.22% 3-(89) 39.56% 4-(79) 35.11% 5-(23) 10.22% Service in the Bikehut 1-(0) 0% 2-(93) 41.33% 3-(102) 45.33% 4-(23) 10.22% 5-(7) 3.11% After sales services 1-(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 services 1-(0) 0% 2-(17) 7.56% 3-(107) 47.56% 4-(75) 33.33% 5-(26) 11.56% Price is reasonable Yes (157) 69.78% No (68) 30.22% Product recommendations Yes (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 famine 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 after sales services. 70% of clients say that the product price is reasonable. 93.33% of customers will 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 satisfied 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 three 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. 1 2 3 4 5 Overall quality of the product 4 1.78% 23 10.22% 68 30.22% 120 53.33% 10 4.44% Overall satisfaction of the product 2 0.89% 32 14.22% 89 39.56% 79 35.11% 23 10.22% Service in the Bikehut 0 0.00% 93 41.33% 102 45.33% 23 10.22% 7 3.11% After sales services 3 1.33% 42 18.67% 88 39.11% 80 35.56% 12 5.33% Compared to other suppliers our product and services 0 0.00% 17 7.56% 107 47.56% 75 33.33% 26 11.56% Question Highest Value Lowest Value The Range Overall quality of the product 120 4 116 Overall satisfaction of the product 89 2 87 Service in the Bikehut 102 0 102 After sales services 88 3 85 Compared to other suppliers our product and services 107 0 107 Semi interquartile range (SIR) = (Q3-Q1) /2 Q3 Q1 Q3-Q1 (Q3-Q1)/2 Overall quality of the product 68 4 64 32 Overall satisfaction of the product 89 2 87 43.5 Service in the Bikehut 102 0 102 51 After sales services 88 3 85 42.5 Compared to other suppliers our product and services 107 0 107 53.5 Standard Deviation 1 2 3 4 5 Std. Div. Overall quality of the product 4 23 68 120 10 49 Overall satisfaction of the product 2 32 89 79 23 37 Service in the Bikehut 0 93 102 23 7 49 After sales services 3 42 88 80 12 39 Compared to other suppliers our product and services 0 17 107 75 26 44 P2.4 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 the tool that uses to interpret the linear relationship between two variables. M1. Apply quartiles, percentiles and the correlation coefficient in your data set. 1 2 3 4 5 Overall quality of the product 4 23 68 120 10 Overall satisfaction of the product 2 32 89 79 23 Service in the Bikehut 0 93 102 23 7 After sales services 3 42 88 80 12 Compared to other suppliers our product and services 0 17 107 75 26 QUARTILE 0 1 2 3 4 4 10 23 68 120 2 23 32 79 89 0 7 23 93 102 3 12 42 80 88 0 17 26 75 107 Correlation coefficient Overall quality of the product 4 23 68 120 10 Overall satisfaction of the product 2 32 89 79 23 87% Service in the Bikehut 0 93 102 23 7 After sales services 3 42 88 80 12 62% Overall quality of the product 4 23 68 120 10 Compared to other suppliers our product and services 0 17 107 75 26 78% Task 3 Requirement 3: P3.1 Produce graphs using spread-sheets and draw valid conclusions based on the information derived Main 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 product and quality satisfaction. P3.2 Create trend lines in spread-sheet graphs to assist in forecasting for specified business information The customers are highly satisfied about the overall quality of the product but it is important to improve product satisfaction and after 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 3.4 P3.3 Prepare a business presentation using suitable software and techniques to disseminate information effectively P3_3- Halfords Group.pptx P3.4 Produce a formal business report, M3 Present and communicate the results in 3.4 Subject : The customer satisfaction and Bikehut awareness survey To : The Management From : The Market Research Team Date : 12th March 2013 This is about the awareness and a satisfaction survey about our products and services. In addition to that verify the new outlet 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 products Task 4 Requirement 4: P4.1 Use appropriate information processing tools As interpreted by Bajic and Wee (2005), information processing tools are the processors and tangible 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 efficient 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 path P4.3 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 rational to evaluate a project. Discount Rate 12% Period Sum 0 (50,000.00) 1 12,000.00 2 15,000.00 3 15,000.00 4 18,000.00 5 10,000.00 NPV 462.49 IRR 12.371% D1 Explain the results of NPV and IRR Since 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 percentage 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 conclusion Conclusion