Why Data Driven Decision Making is Your Path To Business Success - Essay Example

WidgeCorp was a market leader in snack food and had recently acquired Company W, which used to be its rival. The management style and business decision making of WidgeCorp are primarily based on statistical data analysis of the relevant information taken from the surveys and US census decennial to formulate market strategies and recommendations. The new Regional Sales Manager of WidgeCorp requires assistance in deciphering and analysing the demographic data to recommend appropriate strategy for its new snack that it needs to introduce in the market.

Hence, the data needs to be analysed to suit the best target population that are likely to prefer the new snack. The census decennial data needs to be sorted into demographic representation as per the market trends, income group, occupation and population stratification as per gender, ethnicity and household size. US Census data and the information extracted from those data are reliable and important sources to predict trends. Analysis of database of customers is important part of market strategy which helps one to know the changing preferences of the customers in the rapidly changing times.

Prices may not be very important part of the strategy with the old customers but competitive pricing helps to bring in new clients. Whenever new products are to be launched, it is important that trend in the customers’ needs and requirements are studied in advance so that appropriate strategy could be developed. The demographic segregation of data further needs to be analysed, according to the age group and income group of the target population, to best predict the trend of that particular group which are most like to prefer the new snack.

Depending upon the type of snack food, the target population need to be categorized as per the income and occupation of the target population so that one can correctly predict their tendency of preferences towards food habits. Therefore, while considering the four demographic reports, I would consider four variable of the target population: education, income, transport and race. Education criteria would give us idea about the preferences of the students, income group would help us to focus on the price of the snack, transport criteria would help us to formulate flexible market strategy and race stratification would indicate the changing trend in the ethnicity and races for the food habit.

Thus, these four variables would facilitate trend in the recent years that help us to gauge the preferences of food habit of the different groups of the target population so that we have a fair idea of succeeding with our new snack food.