Business Decision Making - Essay Example

Task a) Population is the total membership and is a of people, objects or events. Population plays a very essential role in any research, asthe population mainly represent the group of consumers who are the major users of the product or service. Thus to choose the best way for research is to gain information from all elements within the population. There are a number of different methods that are possible for conducting a research. It is essential to rightly classify and define the population for a research to ensure the marketing efforts are successful. The purpose of the market research is normally to choose the right customers for the business. This is to ensure that the business meets the needs of the customers and there is no wastage of resources in marketing to people for whom the business is targeted. Choosing the people to be included in the survey refers to defining the population for the research. Broadly, for any research it is essential that the targeted segments who use the products and services and are concerned with the company in some way. Thus it is essential to rightly define the population as it would allow the marketing efforts to be more effective and would also led to a gain results from the survey and any money that is spent on the business. The next section allows for a clearer understanding of why the defining of population is essential while undertaking a research. There are a number of aspects of defining the population which will be clearly understood by these examples. In short, aspects like the importance in terms of the marketing efforts, also to gain reliable results which can form a strong basis for the company. (b) Illustrating the above discussion, below are a few of examples which allows a better understanding: (i) A survey on driving: While conducting a research on driving, it would be unnecessary to interview people who do not drive or even do not have a driving license. In a case like this, if a company surveys interviews and conducts a survey of people who do not know how to drive, or people who do not have a car, or even interviewing minors, the solutions to the result will be unreliable. This is mainly because while conducting a research it is essential to rightly choose the people who are related to the research. Hence the defined market will be individuals who are above the age for obtaining a driving license, people who know how to drive and also who either have a car or have access to a car. These groups of people will form the right target for the research, and will provide reliable answers for the research. (ii) A survey on attitudes to smoking at the work place: Here the groups of people who require to be interviewed or even participate in the surveys will be manly people who work in offices, both the active as well as the passive smokers, doctors. This is mainly because these people form the groups who are directly related to the survey. It would be useless to interview people who do not smoke and neither are surrounded by people who smoke. This would lead to giving varied results which in turn will give unreliable and incorrect answers. Also doctors have been chosen for this as a group for the survey as this would allow to gain a better understanding of the number if people who are affected by smoke and will also allow a better understanding of how many people have issues due to being passive smokers. This will help gain a clear understanding and insight on the attitudes of smoking in the work places and allow for reliable and clear understanding. (iii) Sampling public vehicles to check maintenance standards: Since this is a very technical survey, the main groups of people who should be surveyed for this are people who have a clear technical knowledge of vehicles, people who have a good understanding of laws relating to the maintenance standards of the vehicles. These groups will throw light on the various important aspects and in turn will allow for a better understanding of sampling of the public vehicles to ensure that standards are maintained. (iv) Sampling components manufactured using new equipment: Again since this is a technical concept the need for qualified personnel a well trained and experienced people is essential for this survey. Asking a layman about the quality of a component will not be useful in any manner. This is mainly due to the fact of the lacking knowledge and lacking experience to understand the needs for the new equipments. Hence choosing the right sample for this research is extremely essential and to do so it is essential to rightly define the population for the survey. Task 2 The following annual salary data has been collected from two distinct groups of skilled employees within an organisation. Annual salary (£) No. from Group A No. from Group B 8,000 < 10,000 5 0 10,000 Read More