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Unit 6 Business Decision Making Level 4 Regent College

Introduction

In the recent times, business units lay high level of emphasis on conducting research and undertaking financial tools for the purpose of business decision making. Now, companies can gain attain success and gain competitive edge over others only when they take appropriate decisions. The present report is based on the case situation which presents that now shopping habit of customer’s changes as compared to the prior years. For this project, some retail stores as well as malls have been selected which offers grocery or retail products or services to the customers. In this, report will provide deeper insight about the plan used for the collection of primary and secondary data for resolving the concerned issue. Further, it depicts methodology undertaken by the researcher for conducting survey. Report will also present the manner in which statistical tools and techniques help in deriving suitable results from data set. Besides this, it also entails how information processing and investment appraisal tools aid in decision making aspect. In this, use of project management software in the context of business planning will be described.

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Task 1

Creating plan for the collection of primary and secondary data

Given case scenario presents that now technological advancements and innovations are increasing in the retail sector to a great extent. In the competitive business environment firm can attain success only when it complies with recent changes or trends.

Topic: To assess the impact of technological innovation and multichannel shopping on sales and customer base retail high street shops & malls 

For analyzing the concerned issue data will be gathered by the researcher from both primary and secondary sources in the following manner:

Primary data collection plan 

In the field of research, data gathered through the means of survey, observation, focus group etc is considered as primary. In other words, primary data implies for the one which is specifically gathered for meeting the research aim and objectives (Albright, Winston and Zappe, 2010). Primary data is highly effectual which provides suitable and specific information as per the issue being investigated. For getting information about changing shopping habits of customers and motivations behind change, in the context of retail sector, survey technique will be used by the researcher. Hence, firstly 20 managers of high street retail shops and malls will be selected via purposive sampling. Once, sampling has been done thereafter questionnaire will be prepared by the researcher by including both close and open ended questions regarding changing shopping aspects, multichannel shopping etc. Hence, after the preparation of questionnaire, it will be sent on the mail-id of manager who selected as sample from the related population. Thus, by following the above depicted plan primary data will be gathered by the scholar.

Secondary data collection plan 

Data which has already been gathered, evaluated, analyzed and published by the researcher recognized as secondary. Books, journals as well as scholarly papers are considered as the main secondary sources which provide information about the research issue and thereby help in investigating problem in the best possible way (Gigerenzer and Gaissmaier, 2011). Hence, for evaluating the impact of technological innovation in the retail store and trend related to multichannel shopping data will be gathered from journals and articles. Moreover, scholarly and recently published articles render information about the level to which customers are using as well as preferring multichannel shopping. Thus, for gathering information about customer’s shopping trend in the retail sector internet surfing will be done. The reason behind this, internet contains more information about shopping trends and customer’s behavior.

Presenting survey methodology and sampling frame used

Survey methodology: This implies for the process which researcher undertakes to carry out survey more effectively. For conducting survey within the suitable time period researcher lays emphasis on selecting and undertaking specific methods (Ho, Xu and Dey, 2010). In this, for analyzing the impact of technological innovations on sales performance and customer base of retail stores and malls responses will be gathered from the manager of such firm through online survey methodology. The rationale behind the selection of online survey methodology is that it saves time and highly cost effective. On the basis of this aspect, firstly emphasis will be placed on acquiring mail-id of managers working in high street shops and malls. Thus, by sending questionnaire on the mail-id of managers, who selected as sample, responses will be collected.

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