DECISION MAKING

Business Decision-Making

Business Decision-Making

Introduction to Business Problem

Customer satisfaction and retention are two of the most important considerations for any business enterprise. As a mangement consultant, we know that the implications of financial analysis in the context of critical busienss decisions are far-reaching. Hence this business report will look into a critical bsuienss problem and provide analysis of a survey along with the interpretation of its responses, in order to assess the path or solution that needs to be followed. Decision making process is key factor for any business success. Being able to make a decision in right time in right way is always key success factor of any business leader. A major concern in management has been to understand and improve decision making.

The main problem facing our company is a loss in customers, in the most simplied forms. This problem can occur due to many reasons, dissatisfaction with the product or its quality and attitude problems with the company staff, to name a few (Kohlbacher, 2009, p. 11-14). Without a formal assessment and survey for the given business problem, we cannot reach a possible solution in order to increase our customer base. For thsi reason, we have to conduct a survey with the customers as our subjects, using core issues to deduce their opinions or reviews on the deficiencies in the company offering. We need to suggest certain financial tools and other strategies, using the interpretations of the questionnaire-based survey, so that the company can gain benefits from an informed decision-making exercise.

1.1 Plan for the Collection Of Primary Data For The Business Problem

As a mangemnet consultant, i would like to incorporate a questionnaire-based survey for this study. This questionnaire will contain 10 closed-ended questions on which customers will mark their views being satisfied or dissatisfied with the five major criterias of the product attributes. Questionnaires provide significant benefits to the study, including a convenient, cost-effective and formal manner of getting the responses from the desired audience (Saaty, 2000, p. 447).

1.2 Survey Methodology And Sampling Frame Used

The survey methodology used is a questionnaire-based investigation of the given business problem, using distinct questions to assess reasons behind losing customers in the business context. The sample size for this reserach is 70 respondents, comprising of valued customers of the company. The data is analyzed using likert scale, on which the customers will rate each criteria and attribute based on their satisfaction or dissatisfaction levels.

1.3 Questionnaire For A Given Business Problem

How will you rate the quality of the company's product in terms of its durability and the value it provides you agaisnt your expectations? (Variable: Quality)

Dissatisfied

Less Satisfied

Neutral

Moderately Satisfied

Highly Satisfied

How does the physical environment of the company provide you with comfort and an ambience you wish to experience? (Variable: the Physical Environment)

Dissatisfied

Less Satisfied

Neutral

Moderately Satisfied

Highly Satisfied

The staff of the company is friendly, cordial, and responsive towards their customers. How far do you agree? (Variable: Friendliness)

Dissatisfied

Less Satisfied

Neutral

Moderately Satisfied

Highly Satisfied

Do you feel you are being ...