Business Decisions Theory-Free-Samples -Myassignmenthelp.com

Question: Write a Research Proposal to Support Decision Making. Answer: Introduction Heavenly Chocolates is engaged in manufacturing and selling of the quality chocolate products through its retail outlet. Its retail outlet is located at Hay Market of Sydney. Heavenly Chocolates is offering premium chocolates and dark chocolate pralines for enhancing the satisfaction level of its customers (Heavenly Chocolate, 2017). A website was developed by Heavenly Chocolates ten years ago which was used for meeting the demands of the local people. Two years ago, services of its website were available for international market. This step of Heavenly Chocolates resulted in a rise in the customers and demands for the products offered. Heavenly Chocolates was unable to match up with the demand and lose its online customers due to lack of production capacity to meet the demand. This has affected the customer base, sales, profitability and reputation of the Heavenly Chocolates. Management of Heavenly Chocolates is planning to adopt strategies which will boost up the production process and will contribute towards meeting the demands of the customers. This report will discuss the research carried out for analysing the different strategies. This research proposal will cover the problem statement discussing the problem faced by Heavenly Chocolates along with the objectives behind conducting the research. Objectives will be set for attaining the desired goals of the Heavenly Chocolates. Different methods will be discussed which will be used for the collection of data for the proposed research along with the advantages and disadvantages associated with the method or source of data collection. Recommendations will be given to the management of Heavenly Chocolates for coping with the problem faced by them on the basis of the information collected with the help of primary and secondary sources of data collection. The discussion will be made for analysing the effectiveness of the strategies Heavenly Chocolates is planning to adopt for coping with the problems faced by it due to improper production capacity. Figure 1: Heavenly chocolates Source: (Heavenly chocolate, 2017) Management decision to be made In this dynamic business environment, every organisation is using the internet for the promotion of the business, attracting customers for enhancing customer base and expansion of the area of operation. This motive helps in gaining a competitive advantage over the others in the business environment. Heavenly Chocolates has established a good reputation in the market as it is offering quality chocolates to its customers in Sydney as well as at global level. Heavenly Chocolates is operating in a competitive environment and facing tough competition due to the slow production capacity for meeting the demands. Sales of the Heavenly Chocolates are getting affected due to the inability to meet the increasing demand. This has affected the customer base of Heavenly Chocolates as well as resulted in an increase in the competition for Heavenly Chocolates. This has raised a concern for the management for meeting demands of the customers by adopting strategies. These issues are affecting the expa nsion and growth of the business as well as chances of success of the business. Strategies need to be adopted for the purpose of matching with the increasing demand, retaining customers for gaining competitive advantage and sustaining future growth. Main research objectives Objectives have been formulated for a research with a motive to execute the research in a proper direction by guiding towards the right goal. Heavenly Chocolates is facing issues due to the lack of production capacity required for meeting the increasing demand of the customers. Heavenly Chocolates is planning to conduct a research so as to analyse the manner in which it can cope with the issues faced and enhance the performance by gaining a competitive advantage over the competitors. Objectives of this research proposal are listed below: To analyse the manner in which Heavenly Chocolates can enhance its performance and match up with the increasing demand of the customers. To analyse whether there is a relation between sales and location. To identify the suitability of distribution partnership for the overseas To determine the level of effectiveness of the website in promoting the products offered by Heavenly Chocolates. To analyse the suitability of the location for opening a second retail outlet Sources of data (secondary) Secondary sources can be understood as the second-hand information which other researchers have gathered with a motive to execute their research works (Cheng Phillips, 2014). This form of data is more reliable as it has been used by others. Secondary sources will be used for collecting information related to the competitors and analysis of the business environment (Community Science, 2017). Heavenly Chocolates need to develop the knowledge of the business environment and competitors so as to analyse the measures or strategies it can adapt for resolving the issues faced by it. For the collection of data for executing this research, published data, personnel records, financial reports of the company, journals for analysing market trend and competitor analysis, internet and website of the company will be used (Johnston, 2014). These forms of secondary sources will be used for collecting details related to the company, business environment in which company is operating, analysing the st rategies which can be used by Heavenly Chocolates. It is vital for Heavenly Chocolates to develop an understanding of the different aspects of the business environment so as to select an appropriate strategy. All these forms of secondary sources of data will be used for the analysis of the problems as well as solutions to these problems (Mwamadzingo, 2011). Heavenly Chocolates need to adopt strategies for the problems faced by it as these problems are creating an impact on the overall performance of the company. These strategies need to be analysed with the help of data collected from reliable sources. There are various advantages of using secondary sources of data collection. These advantages include reducing the time, efforts and cost, easy accessibility, helps in collecting specific data, develops a better understanding of the problem and eliminates biasedness (Hox Boeije, 2014). With the advancement of the technology, secondary sources of data get collected in an easy manner which has provided cost, effort and time benefit. The secondary form of data can be collected from the library which ensures that quality data is collected for the identification of the problems and matching with the objectives. Secondary sources are more reliable as they have been collected by others and approved (Lpez, 2017). There are few disadvantages of secondary sources of data and these disadvantages include lack of proper control or check the quality of the data collected, out-dated data, lack of availability of sufficient data and data can be inappropriate. Data collected must be as per the need o f the objectives and problems identified in the research program (Acaps, 2012). Primary data collection method Primary data is the raw form of data which is collected by the researcher specifically for its research program. This form of data is considered less reliable as information collected with the help of primary sources of data may get affected due to personal views of the individual. Original data is collected in the primary source of data collection. Different types of primary data can be collected as per the requirement of the business (Litteacher8, 2012). Heavenly Chocolates will use primary sources of data collection for collecting information related to the business. This information related to the business helps in identifying the capabilities or strengths which will help in enhancing the performance of the business. Primary data will also help in identifying the aspects in which Heavenly Chocolates is lacking. Different types of primary data can be collected and these different types of primary data include interviews, observations, experiments and questionnaire (Flintermann, 20 14). Heavenly Chocolates will use a questionnaire for collecting first-hand information from the employees and regular customers of the company who will help in providing valuable information to Heavenly Chocolates. There are various advantages and disadvantages associated with the use of a primary source of data collection. Advantages of primary sources of data collection include identification of the issues, interpretation of the data in a better manner, provide recent data and reduce the wastage of resources as efforts are directed towards the goals and objectives (Thomas, 2015). There are few disadvantages of primary data collection method which are an increase in the cost of the Heavenly Chocolates, time-consuming process, feedbacks provided may get affected due to personal judgement and requirement of more resources (Weijun, 2008). Heavenly Chocolates will use questionnaire so as to collect the information and analysing the information for implementing the results for improvin g the performance and attaining the objectives. Recommendations Heavenly Chocolates will use the collected information for improving the issues or the problems faced by it. Analysis of the different strategies will help in gaining an understanding of the measures which can help in contributing towards the performance of the business. Heavenly Chocolates will use primary and secondary sources of data which will help in collecting relevant data. This collected information will help management of Heavenly Chocolates is taking decisions regarding the expansion of the business, adopting strategies for enhancing the production capacity, along with the expansion of the customer base and offering the products in the international market. Normative decision theory can be used by Heavenly Chocolates which will help the company in taking best and most appropriate decision that will generate the desired outcome and solve the problems faced by Heavenly Chocolates. Heavenly Chocolates can also adopt decisions theory of management which will help in choosing th e best alternative. Kotters 8 step change model can be used by Heavenly Chocolates for implementing the changes it is planning to implement for coping with the lack of effective production capacity. References Acaps. (2012). Qualitative and Quantitative Research Techniques for Humanitarian Needs Assessment. Acaps. Cheng, H. G., Phillips, M. R. (2014). Secondary analysis of existing data: opportunities and implementation.Shanghai Archives of Psychiatry,26(6), 371375. https://doi.org/10.11919/j.issn.1002-0829.214171 Community Science. (2017). Tips for Collecting, Reviewing, and Analyzing Secondary Data. Community science. Flintermann, B. (2014). The quality of market research reports The case of Marketline Advantage and the automobile industry. University of Twente. Heavenly Chocolate. (2017). About. Heavenly Chocolate. Accessed on: 24 August 2017. Retrieved from: https://www.heavenly-chocolate.com/contact/ Hox, J. J. Boeije, H. R. (2014). Data collection, Primary vs. Secondary. Research Gate. Johnston, M. P., 2014, Secondary Data Analysis:A Method of which the Time Has Come, Qualitative and Quantitative Methods in Libraries, pp. 619 626. litteacher8. (2012). What are three advantages and limitations of primary research data collection?. Enotes. Accessed on: 24 August 2017. Retrieved from: https://www.enotes.com/homework-help/provide-three-advantages-limitations-primary-366466 Lpez, X. S. P. S. (2017). Secondary Data: sources, advantages and disadvantages. Research Gate. Mwamadzingo, M. (2011). Techniques for data collection. ILO. Thomas, J. A., 2015, Using unstructured diaries for primary data collection, Nurse researcher, vol. 22, no. 5, pp. 25. Weijun, T. (2008). Research Methods for Business Students. Shanghai Jiao Tong University.