Business Decision Making Degree Essay Example | Topics and Well Written Essays - 1250 words

Business Decision reservation Degree - Essay ExampleThe market look plan needs to clearly state the objectives of the research. In this case the base reason for which research is being undertaken is to determine that fate of a particular harvesting line. The purpose of the research is to uncover where the increase stands in the market with respect to customer preference and base on that data whether it should be marketed further or discontinued.Once the objective is known the second metre would be to determine which information is needed and who go away provide this information. This research has to unveil what customers think of the crop and how well it is doing in the market in terms of reputation and sales. The information allow for be acquired from both internal and external sources mostly customers, retailers and employees.For this purpose a sample representing all concerned groups will be selected to participate in the research. Each demographic and geographic group will have adequate office in the sample. For this particular case the females will have a higher ratio than males and likewise the individuals from junior and middle age groups will constitute a major portion of the sample thought the stay will have significant representation.Secondary research is available from public statistics, magazines, newspapers, published journals, trade associations, yearbook reports, government conducted researches, other organizations and even the organizations own historical documents. The secondary information for this particular research however, will be collected from internet sources as well as research conducted on similar intersection points or by similar companies. The primary information will be self-possessed through surveys with the help of merged questionnaires, interviews, focus groups and observation. Data from questionnaires and interviews may be collected at the point of sales and online surveys will likewise be conducted. The colle cted information will then be analyzed to reveal statistics, perceptions regarding the product and the product sales trends.All methods used for gathering data will focus on customers, competition and the retailers.Although primary data is both costly and difficult to acquire and is also very time consuming, the information gathered from primary research through questionnaires, interviews and focus groups would provide significant data for the research than the secondary research, since it acquires hold information from the market that is both the consumers as well as the retailers. Understanding the consumers before making product decision is crucial. Primary research is important when making any decisions regarding consumers in order to get detail results.Secondary data is easier to access and acquire and far less costly than primary research, but it will not provide all information necessary for this particular research. The data is insufficient for some aspects of the research and some of it cannot be applied as it is. It will however be acquired to assist in tuition the questionnaire and sample selection and will also facilitate in making the final decision. Interviews will serves as a means of two way communication between the consumers and the marketers, allowing us to probe deeper to get the information we require.