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Business Decision Making - Essay Example

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A set of data available was made available by the company from American Marketing Association (AMA) website for explanation analysis and reduction/aggregation of the same. The particulars of the data are as follows. The geographical area form which the data obtained is Chicago…
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Business Decision Making
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Download file to see previous pages The data is about the education level of the selected population. There are seven sub-categories in which the data is distributed. It explains the different levels of educational qualification for the population. Classification into seven categories is too detailed and is not relevant for the company's marketing strategies.
The Company is engaged in the business of snack foods, an item that is favored by almost all sections of the society. Moreover some category contains data that are too small to be of significance. Hence the numbers of categories have been reduced to three. The methodology used was to aggregate all data that showed a value of less than 10%. Only Bachelor's Degree (44.9%) and Graduate Degree (33.99%) have been shown separately. All the rest of the categories have been shown under the heading "Others'. The table indicates that out of every 100 persons, about 44 people are having qualified with a Bachelors Degree and almost 40 persons have a Graduate Degree. The category others include persons holding other degrees, undergraduates, those who have attended college but do not possess any degrees (probably because they dropped out) and those who have attended school.
It can be assumed that targeting those with degrees could be more rewarding since they are in a position to earn better salaries. Snack foods do not come under the category of necessities and hence people with more income tend to spend more on such items. So the last category can be given the least importance.
Data has not been reduced, only aggregated. Since the data is given in percentages and adds up to 100, the value of 21.82% pertaining to "Others' was obtained through simple addition of values of the individual categories included there.
Census Trend 1980 to 2000 Summary Report - Basic Variables: The table shows the increase in population starting form 1980 to 2000.
1980
1990
2000
Total Population:
Male + Female
57,441
61,469
64,637
Male Only
29410
31964
33030
Female only
28031
29505
31607
It can be seen that the number of males and females are almost equal and hence both of them should be given importance when formulating marketing strategies. There is a small growth in population to the tune of 7% in 1990 and 5% in 2000. Average number of persons living in a house is low. This indicates that there is a large number of people living alone.
Data has been reduced as well as aggregated. The point has been put across sufficiently with the data in the above table.
Occupation and Employment Summary Report - Means of Transportation to Work: This indicates the different modes of transport used by people going for work. This is relevant since people could eat snack food during time spent in traveling. Those driving alone are not in a position to do this and they are not included here. So the table has been prepared according to the possibility of eating while traveling.
Mode
Percentage
Time Taken
(In Minutes)
Possibility
Subway
22.6
45 - 59
Yes - Has most time and high numbers
Bus or Trolley
15.5
5 - 9
Yes - Less time
Carpooled
7.0
10 - 14
Yes - More time, but less chance
Walked
6.0
90 or more
Yes - Low numbers, highest time
Worked at home
4.3
Work at home
Yes - High chance but low numbers
Taxi
2.4
60 - 89
Yes - High Chance but low numbers
Others who can eat
0.9
35 - 44
Yes- High chance but ...Download file to see next pagesRead More
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