Andreea Dana Ecobici 4 Business Decision Making
The globally changing economic conditions, makes the decision making process more essential in every organization. In such cases, effective decisions will be the competitive advantages of the organization to increase the efficiency and to reduce uncertainties. In order to make well planned decisions, there is a need to follow many methodologies of research. This research enables the organization to find out the solution for the issues and get survive in the market conditions. So this assignment will enable the reader to know different techniques involved in research. It also gives an idea about utilization of different financial and statistical tools which helps in drawing valid conclusions.
In this assignment a medium sized ABC Ltd. has been considered whose origin is in England, UK. The company’s management has taken a decision to set up a new branch in XXX. Though, the country already suffering from financial crisis, the company ABC has been decided to undertake the risky project. For this the company management is preparing plans to conduct a research. This helps in knowing the different conditions of the market and also the customer’s attitudes and behaviours towards the market conditions.
Research is a systematic investigation employed to increase or revise current knowledge by discovering new facts. Generally, research has categorized into two types:
The research which aims to inquiry and analysis focused on understanding the subject, phenomenon, and basic law of nature instead of applying on a specific practical problem.
It is an effort aims at using basic research to solve general problems, developing new process, products, and techniques. So, in this assignment applied research is used to find out the solution of the problem.
The success behind every research is to acquire the suitable information from the raw data. In this process data is the raw material and information is like a finished product. This helps the organization in drawing suitable solution for the business problems. So the process of collecting data can be done by using two different types of sources. They are like primary sources and secondary sources.
This is the foremost steps in the research which enables the researcher to identify the problem related to the internal environment. For example, if the organization wants to set up a new branch, then based on that requirements the research plan will be established.
(2) Hypothesis generation:
It is the second stage of research. In this, the researcher examines whether the venture for which the research activity is made is profitable or not, how much market share the new branch will develop. Since this mostly affected two variables are taken into consideration.
(3) Gathering Data:
In this step the researcher decides what type of source is useful to collect data and transfer into information. The data collection is being done by two ways, i.e. collecting the data from primary sources and secondary sources. These are given below.
The data that is collected for the first time for a specific purpose is known as primary data. This data is used for direct research. For example: To know about the customer’s preferences, attitudes, etc (Methods, Many Think This Product is Pretty Much Dead and Now Its Official, 2014). This data is useful. It can be collected in many ways, such as-