Conducting primary and secondary research over changes in the buying habits of consumers.
- Planning of survey.
- Summarisation and analysis of data.
- Presentation of findings.
- Framing of the decision via using software gathered information.
Business decision making refers to the process of selecting the best choice that provide extensive benefit to the company. It can only be possible by identifying a decision, collecting information and assessing alternative resolution (Groebner and et. al., 2011). Effective decision making assist the management in achieving organizational predetermined objective and goals within stipulated time frame. Its provide large number of benefits to the organization in the form of improvement in quality of their services, increasing in profitability, better customer satisfaction, effective management of employees etc. Primary and secondary to search play key role in gathering information and feedback from target customer or respondents in respective of existing services provided by the firm. It also renders an opportunity to make changes in business processes so that they can effectively fulfil customer needs and requirement. IRR and NPV are the two most important method that helping analysing the data so as to compute final conclusion. Further, all these methods somehow improve the decision-making process of a company.
The chosen organization for this report is Amazon which is an e-commerce company mainly deals in selling different types of products or services through their online platform. The company is taking the advantage of high end technology that brings evolution in consumer's shopping pattern and has a great impact on the behaviour of customers as well. The report covers creation of plan for the collection of data, questionnaire designing, different sources of research, evaluation of data gathered through research, interpretation of data using appropriate tools and techniques, graph presentation, financial tools used for effective decision making and lastly evaluation of critical path.
1.1 Create plan for collecting data form students across all campuses
Amazon.com is an American e-commerce company that provide their product or services all across the globe with the help of high end technology. The company deals in offering ample number of products that satisfied customer each and every requirement in an effective manner (Zolfani and et. al., 2013). They are mainly selling their product through online website or platform. In today's world, nothing lasts for longer time. Almost every day a new invention on innovation takes place in the market that creates an urge among other companies to become more competitive. In case of consumers, their likes and dislikes are also changing rapidly which becomes a reason for the management of respective company to conduct a research so as to figure out what are the views and feedback of customers regarding their product or services. In fact, through research, company can also take suggestion from customer so as to make their existing goods or services more effective and efficient in terms of meeting their requirement (Stine and Foster, 2014). Also, impact of innovative and advance technology on consumer behaviour is also determined. The main reason behind doing this research is to identify the impact of innovative technology on the purchasing habit buyers, its contribution towards attracting and motivating consumer to buy respective goods or services, advantages in terms of their existing operation, contribution toward maximizing overall profitability ratio and influence on High Street shops in mall.
Generally there are two sources that are available for conducting research one is primary and other is secondary. These are the most common source of research through which data is collected from various respondent in a systematic manner. Both sources are having its own importance that benefit researcher while collecting information or data. Data collected from these sources taken into account by the management of Amazon so wise to compute important results that is required for achieving business objectives and also make changes or modify their existing technology so as to capture high market share and improve their decision-making power.
Primary resources: Under this method, research is conduct by researcher only or they hire someone on their behalf to conduct a research (Ferrell and Fraedrich, 2015). It includes directly going to the source generally customers of target market and ask questions from them and gather information. It is the most reliable and commonly used method of data collection that assist researcher to directly collect information from the prospective customers. Under this method, researcher actually goes to the respondent and ask question from them and take their opinion or feedback concerned with particular research topic. The information collected through this method is highly accurate and reliable. It is also known as the first-hand information as it is gathered or collected for the very first time. In-fact such type of information is not available on any other sources. One of the major drawback of this method is it is a time-consuming process that requires lots of time, energy and patience. There are various other methods that are included in primary source of data collection such as questionnaire, survey, online, face to face, phone etc. All these methods are having distinctive characteristics and its own importance in research work. Following are the brief explanation of these methods:
- Survey: It is the most effective method that include face to face interaction with respondents. The advantage of this method is the reaction of customer or respondent collected is real or actual (Ford and Richardson, 2013). In addition to that information related with respondents also be obtained through their body language or gestures which lacks in any method.
- Questionnaire: Under this method, researcher prepare questionnaire that needs to be filled by different respondents. The researcher put number of questions in the questionnaire which they wanted to ask from potential customer. Number of respondents who are going to fill questionnaire are selected from total population. There is no personal or face to face interaction include in this method and also the information connected is limited to some extent.
- Online: It is one of the most used and cost-effective method that help in collecting the views or perception of different respondents. Under this method, online voting is done regarding different technologies and services so as to determine the perception of customers regarding high end technology.
- Phone: Under this method, researcher personally call the respondent and ask questions from them so as to identify their perception towards the research topic. Basically, telephonic conversation is done between respondent and researcher so as to figure out their views.
Secondary source: Under this type of research method, information has already been collected, compiled, organized and published by some other source. It mainly includes studies and reports by trade association, government agencies or any other company in respective industry (Tufféry, 2011). This method is suitable for small businesses as it involves less cost, time and energy. This is mainly because information or data has already been collected by some other source. This reduced overall burden of the company and they can utilize their time in doing some other productive work. In fact, lot of secondary research is available on web. One need to just enter the right key and as a result whole information is displayed in front of them. In addition to that, information under secondary research can also be obtained through industry Publication, trade journals, articles in magazine etc. Related Sample : Managing Financial Resources
1.2 Present the survey methodology and sampling frame used
The main purpose of Amazon behind doing survey is to obtain the information related with respondent that has been selected from total population (Vercellis, 2011). Their main objective is to information regarding use of latest and innovative technology and their impact on consumer behaviour and their shopping pattern. With the help of information collected by researcher, R&D department of the Amazon can easily compute results and makes changes effectively. This will also help in enhancing the decision making power of the company.
Survey methodologies: It refers to the process of conducting survey in a market place show me the place to collect information concerned with company's existing position in the market. In order to attain such kind of information, the role of researcher is to determine the impact of innovative technologies on high street shops and malls and the evaluation of multichannel related with shopping.
There are different tools that exist in the market that help researcher in conducting research in an effective and assess the interpretation on the bases of gathered data and form a formal business report. The most suitable method for conducting a survey is by using a questionnaire which includes series of questions that researcher wants to ask from each respondent. It comes in the category of primary method of data collection that normally includes 10 distinctive questions.
Sample Frame: It refers to the process of designing of sample frame. There are different methods that are available and can be used by companies in order to select number of respondent from total population. Some of common methods are cluster, simple random, stratifies etc. Each of these methods is having its own unique attribute and significance (García-Peñalvo and Conde, 2014). For selecting respondent from total population, researcher can use random sampling method. 20 respondents have been selected by researcher from whom they will collect information by using research question and interpret the result by using various methods such as mean, median, dispersion and mode.
The main purpose of researcher is to taken into consideration primary source of method for collecting information and prepare questionnaire so as to obtain the viewpoint of selected 20 respondents. The main topic that are covered in conducting research and preparation questionnaire are discussed below:
- Importance of innovative and advance technology
- Impact on the behaviour of consumer
- Evolution of multichannel shopping
- Influence on high street mall and shops
- Current performance of Amazon
- Socio-economic impact
1.3 Design a questionnaire for collecting the data
Questionnaire is a part of primary source of research that help in obtaining the viewpoint of respondents regarding the existing performance of company and its online tools that has been mainly used by them in order to expand its business operation in other growing countries. It is considered as one of the most widely used and effective methods in terms of gathering information (Maxwell, Jeffrey and Lévesque, 2011).
Kinds of Questionnaire: It is mainly classified into two categories. One is filling up the questionnaire by doing face to face or personal interaction with respondents. The main advantage of this method is information can also be obtain through the gestures of respondents. Secondly, researcher mailed the questionnaire to respondents on their official address (Tzeng and Huang, 2011). However, it does not provide much detailed information as answers are normally in the form of Yes or No.
Importance of Questionnaire:
Help in easily determining the market position of the com