Reflection Report On Business Decision Making Module

Experience and Feeling

This reflection report gains the understanding regarding the customer’s behavior, potential marker and other factors influencing the supermarket business. It increases the knowledge about the data collection and analysis, application investment appraisal tools as well as project management (Aloysius and Binu, 2013). I am going to reflect on the learning and experience that I have developed from the previous assignment.

From the previous assignment, I have gained my experience regarding the issues that are faced by Salus supermarket such as promotional policies, buying patterns of consumers and assesses the market. This learning experience would be beneficial for me to make a career in a supermarket in the future. During the lectures, I felt good as it enables me to make a good business decision in the marketplace. This feeling stimulates me to start becoming reflective. I have conducted market research by using both primary and secondary data collection methods. In this way, it is assessed that primary data is gathered through the questionnaire that is to be prepared on the basis of different areas like customer buying pattern, customer satisfaction level, and promotional activities (Atasoy, 2013). This learning experience was beneficial for me to make a career in the supermarket. I have also increased my learning that for gathering the primary information, an investigator distributes the questionnaire among the customers to capture their feedback. I will also use this method in order to gather the primary facts and figures. I have increased my understanding regarding the secondary data collection method. In this way, it is evaluated that there are different sources of secondary data collections like newspaper, articles, published journals, and academic publication (Brewer, 2012).  

I have developed my experience regarding the purpose of gathering primary information. In this way, it is assessed that an investigator has adopted the technique of distributing questionnaire between the customers to collect customer feedback (Busk, and Marascuilo, 2015). I have also increased my understanding regarding questionnaire technique that is very significant to me to gather the primary information and collecting the feedback as per the taste and preference pattern of consumers and products that are popular between the customers. I was engaged in dealing with the customers wherever I have learned that the questionnaire will be allocated to the consumer who had to leave the supermarket after buying goods. This learning experience would be beneficial for me to attract consumers in the future.

I have also gained my experience that the sampling method can be applied by an investigator to choose a particular group on the basis of which information is gathered and assessed. I have also increased my knowledge about the secondary data collection methods where an investigator can review the market condition, journals, and published articles. It is identified that websites will be reviewed as well as data would be collected regarding the rivalry of a corporation like Tesco, Aldi, and Sainsbury’s as well as another comparable supermarket (Merriam, and Tisdell, 2015). This learning experience would be beneficial for me to make feasible business decision making in the future. I have also increased my knowledge that several journal articles would be accessed related to the condition of the market as it would be beneficial for me to comprehend existing market scenarios and also helps to review the scope for growth in relation to supermarket business. I have also increased my experience that survey methodology is defined as a system in which individual to individual is questioned for collecting the data for research. It is also addressed that survey methodology could be practiced for gathering the quantitative and qualitative information (Cameron, et. al., 2016). I have increased my experience that qualitative information is gathered by implementing tools such as mail survey, telephone survey, as well as personal interview. This learning experience would be exercised by me to use different qualitative information gathering tool in conducting the research. I have also enhanced my learning that quantitative information could be gathered through assessing marketing trends as well as applying the sampling tools. This learning experience helps to pool the quantitative information in further research. I have also gained my understanding regarding the sample size. In this way, it is identified that sample size is defined as the size or number of an individual available in the population on which sampling tests are conducted (Cheshire, Hilber, and Kaplanis, 2014). I have also gained my understanding that the size of the sample relies on the decision of researchers such as teenagers, home workers, and regular shoppers. This learning experience would be beneficial for me to acquire the information regarding the level of satisfaction as well as a set of individual sales of the group of products such as food, clothes as well as utensils.  

Data Collection and Analysis

Through this research, I can get growth in different fields such as research, and marketing. I have assessed that survey enables high extent of general capability to represent a high population. Because of this, I have the capability to acquire information from the usual high amount of people who answer the survey. Furthermore, I have learned that the data being gathered posses a high evaluation of virtual characteristics of the general population entailed in the research. Thus, the survey helps me in growth as compared to other data gathering techniques. Since, it extracts the information that is approximate to the exact features of the high population (Ellickson, 2016).  

I have also built my knowledge regarding the convenient data collection. I have observed that the survey could be distributed to the respondents by using different methods. I realized that the questionnaire could be sent through e-mail and can be managed by the internet. I have improved my understanding that in current times, the online survey technique has been the key method to gather the information from target respondents. Thus, this learning experience would be beneficial to conduct market research in an effective and efficient manner. It has also improved my business decision-making skills.  

I have also observed that the survey helps in standardization and scrutiny and provides a uniform description to all the subjects who are to respond the questionnaires. Therefore, there is high precision with respect to measuring the pooled data (Epstein, et. al., 2012).  

Through the assignment, I have increased my knowledge that survey helps in good statistical significance. I have developed my understanding that survey is an easier technique to address statistically outcomes as compared with other information gathering technique. In addition to this, I have enhanced my learning experience regarding the multiple variables could be significantly accessed via survey. It is also examined that survey that was practiced by an investigator from initiation as well as techniques of managing it cannot be modified all throughout the procedure of data collection. This inflexibility creates challenges to me during survey through a questionnaire (Guest, Namey, and Mitchell, 2012). There was a strength considering fact for me that preciseness, as well as fairness, can both be acquired from the research.   

I have also increased my understanding that the survey does not create controversial concerns. It is assessed that questions that bear controversies might not be specifically answered by the respondents due to the probability complexity to recall the data associated with them (Hassan, 2012). The truth behind these communications might not be relived as feasibly as when practicing alternative data collecting tools like focus group as well as face to face interview (Marshall, et. al., 2013).

I have also increased my understanding regarding the possible inappropriateness of questions. It is assessed that questions in surveys are always uniform before using them to the concerns (Hippler, Schwarz, and Sudman, 2012). Therefore, I would develop the questions that are general enough for comprehending the general population. But, these general questions might not be as feasible for all the respondents as they should be (Hox, and Boeije, 2005). I would overcome these challenges by using different strategies such as feasible selection of research design, survey questionnaire framework and feasibly choose the research questions.

Investment Appraisals

Conclusions 

From the above analysis and evaluation, I have gained my experiences regarding the survey through questionnaire, sampling techniques, and data collection methods. I have also learned from these experiences that survey is beneficial for not only attracting the potential consumers but also helps in retaining the existing consumers. It can be also concluded that the survey is beneficial for a company to improve their goodwill by making changes as per the feedback of consumers. It is also evaluated that survey is practiced for making good decision making at the workplace. It can be also summarised that survey takes less time to gather the feasible data regarding research issues as compared to other practices. It can be also summarised that survey results provide the snapshot related to attitude as well as the behavior of participants towards the research concerns. It can be also evaluated that survey results associated with the business could be favorable or unfavorable hence business analyst should make a decision by considering both aspects (Lewis, 2015). It would be beneficial for making the feasible decision making at the workplace. I can also conclude that sampling method plays a vital role in the survey where researcher chooses a sample from a large number of population. It can be also summarised that lack of time, as well as the cost, can adversely impact on the outcome of the business survey. It can be also concluded that the data collection method is beneficial to gather the data in a feasible way. It is assessed that there are two types of data gathering tools like primary and secondary data (Machek, 2012).

I have developed different learning experiences that I would implement into my personal development. These learning experiences are related to the survey through a questionnaire, data collection methods, and sampling techniques. I would like to use these aspects in further research that would aid in my personal as well as professional development. It can be concluded that this research has built business decision-making skills that are unique competency in me as compared to team members. I will develop understanding related to a method of capturing information regarding concern as it would apply to be me in my personal situation. It can be also concluded that this research has built my knowledge regarding specific research issues such as factors affecting consumer behavior towards Salus supermarket. It would enable me to work in a supermarket as well as helps to become a good marketing manager in the future. This research has built my understanding related to improving business decision making. I have enhanced my understanding regarding using the effective questionnaire as it would be applied by me in my professional field while I will make a questionnaire. This can lead to becoming a good business analyst.

My experience will affect future development in terms of personal as well as professional development. The following personal action plan involves the current skills, skills to work on, my objectives, my resources as well as an action plan:

References

Aloysius, G. and Binu, D., 2013. An approach to products placement in supermarkets using the PrefixSpan algorithm. Journal of King Saud University-Computer and Information Sciences, 25(1), pp.77-87.

Atasoy, Y., 2013. Supermarket expansion in Turkey: Shifting relations of food provisioning. Journal of Agrarian Change, 13(4), pp.547-570.

Brewer, E.W., 2012. Secondary data analysis. Sage secondary data analysis, pp.165-176.

Busk, P.L. and Marascuilo, L.A., 2015. Statistical analysis in single-case research. Single-Case Research Design and Analysis (Psychology Revivals): New Directions for Psychology and Education, p.159.

Cameron, A.J., Charlton, E., Ngan, W.W. and Sacks, G., 2016. A systematic review of the effectiveness of supermarket-based interventions involving a product, promotion, or place on the healthiness of consumer purchases. Current Nutrition Reports, 5(3), pp.129-138.

Cheshire, P.C., Hilber, C.A. and Kaplanis, I., 2014. Land use regulation and productivity—land matters: evidence from a UK supermarket chain. Journal of Economic Geography, 15(1), pp.43-73.

Ellickson, P.B., 2016. 15 the evolution of the supermarket industry: from a&P to Walmart1. Handbook on the Economics of Retailing and Distribution, p.368.

Epstein, L.H., Jankowiak, N., Nederkoorn, C., Raynor, H.A., French, S.A. and Finkelstein, E., 2012. Experimental research on the relation between food price changes and food-purchasing patterns: a targeted review–. The American journal of clinical nutrition, 95(4), pp.789-809.

Guest, G., Namey, E.E. and Mitchell, M.L., 2012. Collecting qualitative data: A field manual for applied research. Sage.

Hassan, A., 2012. The value proposition concept in marketing: How customers perceive the value delivered by firms–A study of customer perspectives on supermarkets in Southampton in the United Kingdom. International journal of marketing studies, 4(3), p.68.

Hippler, H.J., Schwarz, N. and Sudman, S. eds., 2012. Social information processing and survey methodology. Springer Science & Business Media.

Hox, J.J. and Boeije, H.R., 2005. Data collection, primary versus secondary.

Lewis, S., 2015. Qualitative inquiry and research design: Choosing among five approaches. Health promotion practice, 16(4), pp.473-475.

Machek, M., 2012. Retail market structure development in Central Europe. Central European business review, 1(3), p.22.

Marshall, B., Cardon, P., Poddar, A. and Fontenot, R., 2013. Does sample size matter in qualitative research?: A review of qualitative interviews in IS research. Journal of Computer Information Systems, 54(1), pp.11-22.

Merriam, S.B. and Tisdell, E.J., 2015. Qualitative research: A guide to design and implementation. John Wiley & Sons.

Order an Essay Now & Get These Features For Free:

Turnitin Report

Formatting

Title Page

Citation

Outline

Place an Order