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. Organisations use technology to arrange data and to get information according to their requirement (Yu & Chen, 2011). 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 (Asoff, 2009).
Create a plan for the collection of primary and secondary data for a given business
Data are statistics, details, verses, photographs, charts, images and etc. There are two types of data, such as quantitative data and qualitative data (Austin, et al., 2007). Quantitative data means where data gathered from surveys, questionnaires, trials and etc. these data are much in number format. Qualitative data’s 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 (Barker, 2010).
Source: http://analyticalconsulting.info/services/
1.2 Present the survey methodology and sampling frame used
Survey methodology is a tool that uses 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 (Bryman & Bell, 2008). The survey question list can be made out of closed questions and open questions. 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 (Curran, et al., 2011). 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 (Craig, 2010).
Source: Author
1.3 Design a questionnaire for a given business problem
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: – …………………………
Address: -………………………….
Age:-…………………………..
Gender: Male £ Female £
Are you happy to deal with Halfords: Yes £ No £
If your answer is no please specify: – ………………………………………………………
Are you aware of the new store chain called “Bikehut”: Yes £ No £
Do you think the price of this product is reasonable: Yes £ No £
If your answer is no, please state why? …………………………………….
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:
……………………………………………………………………………………………
Please use the envelope attached to send your valued ideas.
2.1 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)
2.2 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%
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 (Daniel & Ward, 2009).
2.3 Analyse data using measures of dispersion into inform a given business scenario.
Measures of dispersion means when scattering data how the statistics are comparable individually (Dubois & Gadde, 2007), 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 (Thorpe & Lowe, 2006).
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
Highest Value 120
Lowest Value 4
The Range 116
Overall satisfaction of the product
Highest Value 89
Lowest Value 2
The Range 87
Service in the Bikehut
Highest Value 102
Lowest Value 0
The Range 102
After sales services
Highest Value 88
Lowest Value 3
The Range 85
Compared to other suppliers our product and services
Highest Value 107
Lowest Value 0
The Range 107
Semi interquartile range (SIR) = (Q3-Q1) /2
Overall quality of the product
Q3 68
Q1 4
Q3-Q1 64
(Q3-Q1)/2 32
Overall satisfaction of the product
Q3 89
Q1 2
Q3-Q1 87
(Q3-Q1)/2 43.5
Service in the Bikehut
Q3 102
Q1 0
Q3-Q1 102
(Q3-Q1)/2 51
After sales services
Q3 88
Q1 3
Q3-Q1 85
(Q3-Q1)/2 42.5
Compared to other suppliers our product and services
Q3 107
Q1 0
Q3-Q1 107
(Q3-Q1)/2 53.5
Standard Deviation
Overall quality of the product
4
23
68
120
10
Std. Div: 49
Overall satisfaction of the product
2
32
89
79
23
Std. Div: 37
Service in the Bikehut
0
93
102
23
7
Std. Div: 49
After sales services
3
42
88
80
12
Std. Div: 39
Compared to other suppliers our product and services
0
17
107
75
26
Std. Div: 44
2.4 Explain how quartiles, percentiles and the correlation coefficient are used to draw useful conclusions in a business context.
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 (Fensel & Bussler, 2011).
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%
3.1 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.
3.2 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 (Kuhn, 2004).
Quartile forecast.
Almost every purchaser likes to deal with the company.
More than 50% of the clients agree that the product price is reasonable. Therefore no need to do price change
Has to advertise more about “Bikehut” for customer awareness
3.4 Produce a formal business report
Subject: The customer satisfaction and “Bikehut” awareness survey
To: The Management
From: The Market Research Team
Date: 12th March 2014
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 (Rapoza, 2011). 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 (Curran, et al., 2011).
It is the human resource manager’s duty to implement appreciation programme and reward the employees as a motivation factor (Asoff, 2009). Production has to innovated appropriate cycle designs for females. Advertising team should attract feminine market and promote “Bikehut” stores as well as Halfords products
4.1 Use appropriate information processing tools
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 Software, methodologies, internet, networks, websites and etc (Austin, et al., 2007). 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 (Yu & Chen, 2011).
Source: Author
Prepare a project plan for an activity and determine the critical path
4.3 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 (Bryman & Bell, 2008). 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 (Barker, 2010).
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%
4.4 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 (Craig, 2010).
5. References and Bibliography
Asoff, M. (2009) Rich Web Applications -The Business Benefits of Web-enabled Application Development, 3rd ed. London: McGraw Hills
Austin, D., Barbir, A. & Garg, S. (2007) “Web services architecture requirements.” [Accessed on 18 May 2014] <available at: http://www.w3.org/TR/2002/WD-wsa-reqs-20020429>
Barker, A. (2010) Paradigms, 7th ed. New York: Harper Collins
Bryman, A. & Bell, E. (2008) Business Research Methods, 7th ed. Oxford: University Press
Craig, M. (2010) “Changing paradigms: managed learning environments and Web 2.0.” Campus-Wide Information Systems, 11(32), pp: 17-77
Curran, K., Murray, M. & Christian, M. (2011) “Taking the information to the public through Library 2.0” Library Hi Tech, 17(33), pp: 151-267
Daniel, E. & Ward, M. (2009) “Exploring the role of third parties in inter-organizational Web service adoption” The Journal of Enterprise Information Management, 13(45), pp: 10-67
Dubois, A. & Gadde, L. (2007) “Systematic combining: an adductive approach to case research,” Journal of Business Research, 12(35), pp: 113-178
Fensel, D. & Bussler, C. (2011) “The Web service modelling framework.” Electronic Commerce Research and Applications, 15(26), pp: 113-187
Kuhn, T. S. (2004) The Structure of Scientific Revolutions, 6th ed. Chicago: Chicago University Press
Rapoza, J. (2011) “IT Planners: 5 Steps to Next Generation Web Applications.” eWeek, 27(45), pp: 145-178
Thorpe, R. & Lowe, A. (2006) Management Research: an Introduction, 9th ed. London: Sage Publications
Yu, S. & Chen, R. (2011) “Web Services: XML-based system integrated techniques.” The Electronic Library, 27(66), pp: 198-278
Mywords 