Delivery in day(s): 5
Diploma in Business
Unit Number and Title
Unit 6 Business Decision Making Marks and Spencer
Business decision making is as important as any other value chain activity in the business line. Now a day’s organization collected data and information from various sources and make analysis program and then draw a valid conclusion. In this report we will be discussing how an organization uses data to draw a valid conclusion. In addition to this graph presentation, analytical approach to compute Quartile, percentile, standard of deviation is computed for the better understanding of the collected data. Business report is also shown in the mid of business decision making marks and spencer report that will depict the actual necessity to determine the consumers behaviors and how organization could use effectively collected data. Business decision making is made with the full of analytical approach and using financial or statically tools to identify several internal and external factors. In the end project management and financial information are taken into consideration to evaluate the company’s performance.
Marks and Spencer Limited is a listed company which is engaged in the High street Retail business and has been running its business since very long time. The company has been running its business all over the world and making its efforts to lead the market with its core competency and effective strategic plans in the market. There are following problems has taken into consideration by company and faced so many hurdles in pushing sales of the process system. Now in order to make expansion in its business line Top management is considering making an effective data collection process to identify various internal and external factors. Marks and Spencer needs to implement various data collection technique either primary and secondary data collection process. Afterward complete level of analytical approach will be used to make data mining of useful data. Various tools, technique and software are used toexertsignificant impact to fetch out the actual values relating to the business problems in highly and efficient manner.
Collection of data can be bifurcated with two dimensions named primary data collection and secondary data collection. Primary data is collected with the help of self-implemented plans and procedure e.g. interview with the clients, Loyalty survey, meetings, one to one interaction in conferences and other ways as may be defined. On the other hand secondary data collection is made with the help of other sources which are implemented for some other purpose e.g. using government data, official gazette, newspaper, magazines and etc.
There are various quantitative data and qualitative data is collected by the Marks and Spenser for making an effective business decision. Quantitative data are those data which are short and provides a clear view point on the subjective matter whereas quantitative data are those data which are high in volume and provides a mist of information for decision making. User has to put his rigorous efforts to draw an effective conclusion so that a clear view point could be developed in timely manner.
Objective of collection
Clear and specific with the objective
It is comprised of sub objective and collect high volume of data
Consisted with high level of time involving process
Less time is involved in collected quantitative data as these are collected with the help of secondary data sources
There could be following advantages and disadvantage involved with the preparing of collection of data.
Objective of collection
Provides clear view points
It is consisted with the mist of information and becomes hard some time to draw an effective conclusion
High level of time involved but the quality of data provides a clear understanding on the subject matter in the collection of data
High cost and high time involved
High reliability with the qualitative data
Low reliability with quantitative data
Plan implementation: This Process plan is used to identify several problems of Marks and Spencer in orderly manner primary data collectionconsists of interview, observation, personal meeting, seminars and further more. While in secondary data collection process information is generated from the sources which are used by other persons.
Survey methodology and sampling survey: Survey methodology could be divided in various parts in order to gather required information such as research methodology, analytical methodology and further more. Marks and Spencer limited wants to establish new research project line of business with the help of the sample survey we could use information collected from various market. In this technique we will divide the market.
Sampling survey is used in organization to elect the one process system on the basis of sample selection.
This could be divided in the following terms given as below
With a view to implement sample survey we have taken 40 companies in our research program we are going to pick up only 4 companies out of these 40 companies to represent the market behavior.
Questionnaire is comprised of various set of questions in which all the questions are asked from the clients with a view to generate effective decision making on their choice of actions and their Reciprocate behavior. With the help of this Questionnaire we could easily identify the company’s effectiveness in the industry, growth rate, Brand image, consumers demand and need with particular products and services002E
In which sectors you have been using services offered by our company?
How do you rate products offered by Marks and Spencer?
Have you have taken reap of our new product offered in the market?
Do you wish to make any reliable comment to make our product better than before?
What contribution do you expect to invest in our research and development department as investors?
Value representative: Mean, Mode, Median are the effective mathematical tools which are used by company to analysis huge level of data collected to draw a valid conclusion. In our study we have taken data collected from 4 companies with the help of sample survey and its represents that geographical areas of the new introduced product will showcase positive sign and new sales plan team will be hired in sales plan team that will consist of AUD $ 60000. Our mean value of salary given to new sales plan team per annum is AUD $ 56000 whereas median and mode is same as AUD $ 60000. With the complete level of analysis it is found that average age of new sales team is 23 while median and mode highlights 22 at the same time. While in the process system it was observed that mean mode median are not very much effective to determine the accuracy of the decision making. Marks and Spencer needs to divide data in orderly manner and mean, mode and median computation could be used to draw a support to the effective decision making(Lin, 2011).
With the help of primary data we could identify consumer’s choice of action, product needs supply and demand in the market. While with the help of secondary data sources geographical area, environmental factors and political rigidness could be grasping in easy ways (Nazal, et. Al.,.2015).The results collected from the several process system has showcased that Marks and Spencer was facing dilemma in different representative value of salary of new sales plan team and has been concluded that there is wide level of skewed in the variable. In addition to this sample survey methodology is used to represent the collected data so that time and cost both could be saved. In the program it was observed that in spite of variation in differentrepresentative Values Company has evaluate the results and other factors related with hiring of new sales team and average age is considered to be at 23.
The method used in gathering information is sample methodology which has depicted that company is getting different results from different statics such as salary to new sales plan tem, their average age and how they could be motivated to perform well in new process system. In order to curb this problems average representative technique has been used to from a constructive business decision making by Marks and Spencer.
Quartile, percentile and correlation coefficient use to draw useful conclusion in a business decision making. It is used to evaluate risk taking capability and project vulnerability of the company in determined manner (Simmons, 2011).
These methods helps in determining the real use of data collected in several surveymethods. In this the middle factors of the given data named lower and higher numbers are taken into consideration to evaluate the sales plan team salary budget.
Appropriate format in business decision making:
In order to showcase the company’s actual growth and how company has used its various information to create an effective business plan following graphs have been used.
Coefficient of correlation is used to depict the future stability of the company and how it can make sustainable plan to make sales marketing strategy effectively.
There are some of graph which could be used by to portray the collected data o Marks and Spencer in orderly manner such as pie chart, line chart, Bar chart and trend lines.
This collection of data shows that how companies have grown throughout the time either in increasing sales turnover, number of employees in the company and product quality during the time.
Sales of the Marks and Spencer has increased to 55 % while number of employees who are making consisted efforts has also increased to 60 % in 2016 and product quality has been made better in order to grab more market share.
This chart depicts the actual level of need of Marks and Spencer to pursue their goals and objectives so that better services could be provided to existing and new clients in the market. Therefore Marks and Spencer needs to make high investment in its research and development department. This graphical presentation was extremely important as it’s given the clear idea about the past experience and assist in making analytical view point of the future in orderly manner This countered problems and Marks and Spencer growth during the time depicts that company’s performing well and will be benefited on the sustainable basis(Faello, 2015).
Half of the respondent in U.K. sees the following factors as a priority while purchasing foods stuff in the market
Trend lines show the trend which depicts the present and future needs of the environment and consumers choice of action throughout the time.
Marks and Spencer’ Sales (AUD $ ‘000)
Introduction: Organization is comprised of various set of activities in which all the employees and management department plays their important plant to accomplish set goals and objective in orderly manner.
Body context: Primary and secondary data collection techniques are used to evaluate company’s condition and consumer’s choice of action with newly developed product in organization process system. In addition to this various graphs and charts has been used to evaluate the companies past performance and its future benefits with the present data. In addition to this we have also prepared quartile and percentile tools to evaluate the company’s project vulnerability and future capabilities. There are following news problems has occurred before Marks and Spencer which are given as below (Roepstorff, & Berthelsen, 2015).
Marks and Spencer has been observing hurdles in establishment of effective working channel. Therefore with the help of data collection process and several analytical tools it is found that company’s offering in the market is not many effective and standard efforts are required to make it better (Hattne., et., Al., 2015).
Quartile, percentile and coefficient of correlation has been use to understand the future demand and need of the product and risk involved in making investment in hiring new sales team plan.
In addition to this several graphs and trend lines has been used to evaluate the company’s current position and demand that could be arouse in the food sectors (Simmons, et. Al., 2011).
Conclusion: In this report I have found that new rivals who are ready to tap the market with their new technique has made their plan constructively and rising during the time. In addition to this Market demand of new developed technology will also be increased to 80 % in 2018.
Marks and Spencer has seen the drastic fall down in its sales over the period of time and in order to overcome this problem company has come up with new sales team who could create effective sales marketing planning to hit the sales. In addition to this various plans has been created to measure present and future plans in according manner.
Information technology has become very imperative for every organization. Data collection converting data into information and using several ways are all included in the entries resources planning. Marks and Spencer has used Management information system to minimize the paper bases work and established automation in its each and every activity (Drew, 2016).
Project plan: Project plan is prepared by the top management in order to make changes in the organization. It is comprised of several activities and procedures for which a critical path is prepared. This defines the time taken and completes level of schedule in very simple and short time span.
Critical path is the path which shows the at least time involved in getting specified word done. It could be defined with the help of this given graph to perform all the relative actions. In order to make project more compatible Marks and Spencer has made critical path more effective and less time consuming process (Yukawa & Amari, 2016).
Financial information use: These are the information which is used by all the employees and staffs members and other stake holders to evaluate the company’s efficiency. With the help of the yearly sales turnover data and cost involved in value chain activity depicts the clear view points about how company could make sales plan better to increase sales and capital budgeting effective. Top management department use this information to value the company’sposition in the market and other required details to create an effectivebusiness plan for the future. In addition to this financial department also use this information to evaluate the company’s capability to generate revenue and its future vulnerability in the stipulated time period.
Marks and Spencer has implements various methodology to collect the required data and information to evaluate the industry growth rate and what type of products are required in the make. Several quartile and percentile techniques and tools have been used by the Marks and Spencer to evaluate the current and recent demands and need of the foods in the retail market. In addition to this we have also understood how a company could make effective sales plan so that turnover is increased in orderly manner. In this report we have learned how to use software and application tools and several graphs presentation to make report effective. Now I would like to conclude up my report by saying that in order to make effective business decision organization needs to implement different methodologies.
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