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UNIT 6: Business Decision Making BTEC Level 5 HND Diploma Business

Introduction

Business decisions making is the process of gathering the required data and evaluating that information through various statistical and financial tools in order to take strategic decisions (Black, 2011). Syngenta is a world's leading company operating in around 90 countries with the availability of 28000 workers. Its purpose is bringing plant potential to life. In the present report, the importance of business decision making will be discussed in respect of Syngenta's success.

Task 1

Q.1. Launching of Amistar as well as data collection through survey methodology and sampling frame

Amistar is a fungicide product that makes a huge contribution to integrated pest management. Currently, Syngenta's director decides to launch Amistar in a new market. Therefore, India will be an appropriate country for such expansion. It is because almost 70 percent of the Indian population is engaged in the agriculture sector (Bazerman and Moore, 2012). Due to this, there is a great demand of fungicide products for the protection of crops.

Data collection: It is the primary need of the decision-making process in which the researcher requires to collect both the primary and secondary information. Primary data is also called as raw data because it is collected by the investigation for the first time and every researcher needs to collect primary information for their specific objectives. It can be collected through personal investigation, surveys, and other related methods. However, secondary information is available directly, so the investigator does not need to collect it from the market surveys (Sutherland, 2010). Previous records, articles, trade reports, economic reports, published government reports, internet, newspaper, books and magazines are the types of secondary data collection sources.

Survey methodology: It is a way of primary data collection in which the investigator of Syngenta can conduct market surveys in order to gather the required information. It is the best way of collecting information about consumer behavior, their preferences and future demand of Amistar in India (Kline, 2010). A questionnaire is an effective tool in which the researcher can design various open and close-ended questions for collecting necessary data as well as information.

Sampling frame: It is not possible for Syngenta's manager to study the whole Indian market. Hence, he can use the sampling frame in which an investigator can construct an adequate size of a sample by combining all the characteristics of the universe. Thereafter, information can be collected by communicating with respondents who are considered as a sample for the study. Thus, it minimizes the cost of data collection and saves time.

Q.2. A market design survey questionnaire

Name:

Gender:

1. Are you familiar with the Syngenta?

·Yes

·No

2. From how long are you making the use of Syngenta's fungicide products for agricultural protection?

&·Less than 5 year

&·Between 5 to 8 year

&·More than 8 year

3. Which factor related to Syngenta greatly influences your buying decisions?

·Price

·Quality

·Place

·Promotion

4. Do you think that Syngenta's product prices are under your purchasing power?

·Yes

·No

5. Syngenta's product quality is satisfying your objectives or not?

·Yes

·No

6. Do You think that Syngenta can accomplish its target through launching Amistar in India?

·Yes

·No

7. Do you want to give any suggestions or recommendations for improving the performance of the business?

·Please specify_______________________________________________________

Task 2

Q.1. Mean, Mode and Median

Mean, mode and median are central tendency measures that provide useful information about the data series.

  • Mean is also called an average that can be computed by dividing the total of potential expenditure with the number of countries in which Amistar can be launched.
  • Median is the middle value. It indicates the value which lies at 50% of the total annual expenditure that can be arisen in the future period (Lyratzopoulos and et.al., 2013).
  • The mode is the most frequently incurred value in the given data series. In the present scenario, the amount of potential expenses that can be incurred in most of the countries is known as a mode.

Annual expenses ( In £m)

Number of countries (F)

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