Unit 6: Business Decision Making

In: Business and Management

Submitted By sadya1987
Words 3599
Pages 15
Unit 6: Business Decision Making
Introduction
Market research is the act or gathering information, analyzing it and interpreting the results gained for a product or service and using them for your benefit. It is a very important part of making the marketing strategy for any company (Entrepreneur n.d.). Without proper insights from the market and information regarding consumers there is a high chance new initiatives an organization makes may likely fail or the ones existing in the market might not be able to grow or survive.
X Ltd. is facing a decline in sales which is in part due to the slowing down of sales industry wide and also due to the change in preferences of the younger generation. In order to find out the reasons for this and also understand what the consumers actually want, a thorough market research project needs to be conducted.
1.1. Create a Plan for the Collection of Primary and Secondary Data for a Given Business Problem
For X Ltd., the target market includes the areas in which their 15 garages operate and the people living in these areas. We need to focus on the core issues faced by the business to understand the underlying reasons behind them and from there implement solutions to solve these problems. The idea is to collect both secondary and primary information and then take it forward from there. Data can be collected in qualitative and quantitative form depending on the objective of the business. Quantitative data is numeric in nature and can be gathered through surveys, questionnaires, experiments etc. Whereas, qualitative data is all about detailed information collected by various techniques such as interviews, focus groups etc. (Pawar 2004)
The business can utilize its current data such as sales records, government reports, competitor sales figures etc. for the purpose of secondary data. As for collecting primary data, X Ltd. should…...

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