Answer To: HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION Final Assessment Tutorial Questions Unit Code: HC1062...
Nishtha answered on Oct 09 2021
Faculty of Higher Education
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Table of Contents
Q1. 3
Q2. 4
Determine Industry Competition 4
Learn about Demographics 4
SWOT Analysis 4
Target Audience 5
Apply what has been learnt 5
Q3. 5
Q4. 6
Unstructured Interviews: 6
Semi-Structured Interviews: 6
Structured Interviews: 6
Q5. 6
a) 6
b) 7
Q6. 7
a) 7
b) 8
References 9
Q1.
Decision-making is a collective affair and the decision-making process has different involvement trends. There is extensive discussion and consideration at this point, in which man has the ultimate authority, before the managing director makes the final judgment. The truth remains that all sources of information about decisions and their effects can be obtained by the top decision-maker, although it is he who should analyse this information in order to make his judgment in the context of his own willingness to execute it and inspire others to support it. There are three stages of decision-making.
i. Top Management, executive level
ii. Middle Management, managerial level and
iii. Bottom level operational level
The executive level generally consists of complex and long-term decisions. The managerial level is the group taking decisions neither simple nor too complex and the last is the operational level or bottom level decision making, who take day-to-day decision. The information system divided into three parts, management information, executive information system and transaction processing system. As mentioned by Sohrabvandi, Gitinavard and Ebrahimnezhad (2017), the executive level decision requires the summary of the whole business to make the decision. They can access to both internal and external information.
The management information system and even called as mid-level managers are the subsets of the internal controls. They usually collect data to make reports such as drill down report and key indicator report. The last is transaction process system, it used at operational level of organisation. For example, for making transaction and in online processing, the top level has the best chance to make decision. More information, better analytics and a greater understanding about the ways, to minimise the confirmation bias, which often-hinder corporate decision-making processes, are the best reasons for them. As the data is not costless, top management does not pursue knowledge on all potential alternatives. A few options are loosely screened and investigated if an issue is found. Normally, no comprehensive cost-benefit analyses are conducted. For the analysis of any specific review, two crude categories are defined.
Q2.
Understanding the value of organisational problem-solving skills can enable to grow as a leader. Problem-solving abilities will help you overcome critical issues and difficulties encounter. For example, company wants to start a new product line, before starting it, the company wants to do business research. It will help the organisation to know the future prospects and easy decision making. As explained by Brown et al. (2018), the Business Research Analysis Method involves learning all possible about the clients, rivals and the industry of a company. The key goals of the phase are to decide, which goods or services to deliver, which consumers are most likely to purchase them, where to market them and how they can be priced and promoted. Numerous steps in the process of market analysis help a market accomplish these goals.
Determine Industry Competition
Identifying main competitors in the market is the first step. One way to collect competitiveness data is through secondary study. Secondary research data refers to information already collected on the sector: market share and overall revenue of the market. Secondary research could also include comprehensive competitor data, such as...