MG413 Data Insights For Business Decision Making Assignment Sample

Data Insights for Effective Business Decision Making: Comprehensive Assignment Guide

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Intrduction Of Data Insights For Business Decision Making

Overview of Walmart

Walmart is a major player in the retail industry on a worldwide scale. It was established in 1962 and has grown to be among the biggest and most renowned corporations in the world.

In addition to selling things online and ion physical locations, Walmart also sells food, clothing, gadgets, and home items (Pawar, 2022).

Walmart has established itself as a prominent force in the retail sector because to its vast network of shops and potent supply chain management abilities.

Note: Walmart, which is renowned for its affordable prices, ease of use, and customer-focused philosophy, continues to innovate and adjust to changing consumer tastes, reshaping the retail environment globally.

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The role of quantitative research in modern marketing research with Examples of good practices

Using Walmart as an example, below are some concrete examples of how quantitative research and questionnaire design are applied in the retail sector:

Quantitative research techniques enable marketers to get numerical data through the creation of questionnaires, facilitating statistical analysis and unbiased decision-making.

Modern marketing research and data analysis rely heavily on quantitative research, which offers invaluable insights into customer behavior, industry trends, and the efficacy of marketing campaigns (Dyer, et.al, 2023).

  • Market segmentation – Walmart can discover several client categories based on demographics, purchasing trends, and preferences using quantitative research. Targeted marketing campaigns for certain client groups can be created with the use of questionnaires made to collect demographic data and purchase history.
  • Product development – Walmart has the option of conducting quantitative research to get customer input on prospective product ideas or upgrades. The case company can use questionnaires to get information about client preferences, and satisfaction levels.
  • Pricing and promotion strategies – Walmart is able to assess the influence of price and promotion methods on consumer behavior using quantitative research (Weinstein, 2022). The most efficient pricing levels for various items may be determined via questionnaires, which can also measure price sensitivity and evaluate the success of various promotional offers.
  • Customer satisfaction and loyalty –Surveys are extremely important for measuring client loyalty and satisfaction. Walmart may measure consumer views of service quality, product availability, and overall shopping experience using quantitative research methodologies. They can pinpoint problem areas and increase client loyalty by gathering data via questionnaires.
  • Brand perception and positioning – Walmart may assess brand perception and positioning in the retail sector using quantitative research. In order to determine how customers, view their brand in comparison to rivals, Walmart can use questionnaires to measure brand awareness and brand image.
  • Advertising and communication effectiveness - Walmart uses quantitative research to evaluate the success of its public relations and advertising strategies (Zhang, 2023).

Note: Walmart may improve its marketing communications by using questionnaires to measure aspects like ad recall, message understanding, and the effect of advertising on consumer behavior.

The role of qualitative research in modern marketing research

  • Exploring consumer needs and preferences – Walmart benefits from a greater grasp of consumer requirements, tastes, and goals with the help of qualitative research. Researchers may support open-ended discussions with participants and let them express their views, feelings, and experiences linked to shopping at Walmart using properly crafted discussion guides. This can give information on the elements of the shopping experience that customers value most and how Walmart can best satisfy their demands.
  • Uncovering consumer perceptions and attitudes – Walmart may dive into consumer perceptions and attitudes towards the brand, goods, and services using discussion guides in qualitative research. Open-ended questions may be used by researchers to compel participants to discuss their thoughts on Walmart and their experiences with it (Locke, et.al, 2023). This can assist Walmart in identifying its product offers' advantages, disadvantages, and potential improvement areas.
  • Testing marketing concepts and messages –Walmart can test new marketing ideas, slogans, or advertising campaigns through qualitative research before putting them into practice on a broader scale. Discussion guides may be created to investigate customer perceptions of various marketing stimuli as well as their preferences. Before spending a lot of money putting their marketing plans into action, Walmart may use this to make adjustments based on qualitative feedback.
  • Enhancingcustomer experience - Experience: Walmart may learn more about the customer experience and spot areas for improvement by using discussion guides in qualitative research (Alshurideh, 2022). The interactions of participants with store design, customer service, and general happiness can be studied by researchers. This aids Walmart in identifying problem areas and implementing changes to improve the customer experience.

Note: Modern marketing research and data analysis heavily rely on qualitative research since it provides insightful information about customer behavior, motives, and views. Qualitative research offers a deeper insight into customers' ideas, feelings, and experiences than quantitative research, which focuses on numerical data. Focus groups and in-depth interviews are examples of qualitative research techniques that enable marketers to collect detailed, comprehensive information for discussion guide design and usage. Using Walmart as a model, the following examples show how qualitative research and discussion guide design is applied in the retail sector:

Correlation and regression with examples

  • Correlation - The intensity and direction of the link between two variables are measured through correlation. Although it does not prove causality, it evaluates if there is a statistical correlation between variables. Walmart may employ correlation in the retail sector to comprehend how many aspects linked to its success. For example:
  • Correlation between Product placement and sales: Walmart can investigate if the positioning of particular goods throughout the store is associated with greater sales (Toma, 2022). To increase sales, they can improve their product placement methods with the use of this study.
  • Correlation between advertising spending and foot traffic: Walmart can look at the connection between advertising spending and foot traffic to its stores. This data enables them to assess the success of their marketing initiatives and allocate resources appropriately.
  • Regression - A dependent variable and one or more independent variables are mathematically related using the statistical technique of regression (Shi, 2023). Based on the independent factors, it aids in predicting the value of the dependent variable. Walmart may use regression analysis in the retail sector for a number of things, such as:
  • Sales forecasting: Regression analysis may be used by Walmart to project future sales based on variables such as past sales data, advertising spending, price, and economic indicators. This helps in the preparation of their marketing, personnel, and inventory plans.
  • Analysis of employee productivity: Regression analysis may be used by Walmart to determine the effects of various variables on staff productivity. They can look at elements like training time, shift assignments, and incentive schemes to see how they relate to worker performance.

Note: Statistical methods like correlation and regression are used to examine relationships and predict future outcomes. They are frequently used by businesses in the retail sector, including Walmart, to analyze different variables and their effects on sales, consumer behavior, and other business results. Here is a description of correlation and regression, how they are utilized, are some Walmart-specific examples:

The time series with examples

Definition and components of time series:

A time series is a collection of observations made over a consistent period of time. Depending on the situation, the observations may be made hourly, daily, monthly, quarterly, or yearly. Time series analysis entails looking at the trends, and seasonality that appear in the data.

Application of time series analysis in the retail industry:

Walmart and other retailers frequently employ time series analysis to obtain knowledge and make fact-based judgments. A few significant uses are:

  • Sales forecasting –Walmart may use time series models to anticipate future sales by looking at previous sales data (Patil, 2023). They may optimize their inventory management, personnel, and marketing tactics by studying sales patterns and trends. For example, they may forecast times of high demand (like holidays) and adjust supply levels appropriately.
  • Demand planning – Walmart uses time series analysis to calculate consumer demand for particular goods or categories. They can maintain proper supply levels and avoid stockouts or overstock situations by analyzing past data and spotting seasonal patterns.
  • Price strategy – Walmart can find the best price strategy by employing time series analysis to examine past pricing data. For instance, they can determine which items have higher price elasticity and modify pricing to reflect this in order to increase sales.

Techniques used in time series analysis:

In time series analysis, several approaches are used, such as:

Finding long-term patterns and trends in the data using trend analysis.

Analysis of seasonality: Finding recurring, predictable patterns throughout shorter time periods, such as daily or monthly cycles.

Decomposing a time series into its individual elements, such as the trend, seasonality, and erratic oscillations.

Moving averages or exponential smoothing are two smoothing techniques that may be used to remove noise and reveal underlying patterns.

Note: A statistical method known as time series analysis is used to examine and evaluate data gathered over an extended period of time. To produce forecasts and wise judgments, it emphasizes identifying patterns, trends, and seasonality within the data. Time series analysis is used in the retail sector, notably at Walmart, for a variety of reasons. Here is a summary of time series analysis and its uses, including examples that are relevant to Walmart:

A critique of issues surrounding the analysis techniques

  • Data complexity and quality – big data is distinguished by its extreme quantity, diversity, and speed.Significantly issues may arise from the difficultyof managing various data formats, unstructured data, and data from several sources. When working with large datasets, it becomes more challenging to ensure data quality since there may be discrepancies, mistakes, or missing values that might compromise the accuracy of analytical results.
  • Scalability and processing speed – To accommodate the vast volume of data, big data analytics demands scalable infrastructure and computing power (Albqowr, 2022). The computing needs of Big Data analysis may be too much for conventional analytical methods to handle. To handle and analyze data effectively, distributed computing frameworks, parallel processing, and cutting-edge algorithms become crucial.
  • Skillset and expertise – data insight extraction callfor a specialized skill set. To develop insightful interpretations and turn discoveries into workable business plans, data scientists and analysts need proficiency in data processing, statistical analysis, and domain knowledge. For businesses looking to use Big Data efficiently, a hurdle may be the lack of qualified individuals in the industry.
  • Privacy and legal consideration - Significant privacy and legal issues are brought up by big data analytics. To maintain compliance with privacy laws and ethical standards, the enormous amount of sensitive and personal data acquired in Big Data sets need to be handled with care. To safeguard personal information and reduce legal risks, data encryption, and appropriate permission processes are essential.
  • Interpretability and bias – big data analysis methods might provide complex models that are difficult to comprehend and explain (Shardeo, 2023). It might be challenging to comprehend the fundamental causes behind the results when the study grows more complex.Additionally, data selection, sample biases, and algorithmic biases can all introduce bias into a big data study.

Note: When employed with Big Data in contemporary commercial decision-making, the analysis approaches for time series analysis and consumer behaviour analysis may encounter a number of difficulties. A reproach of these problems that specifically mentions big data is provided below:

The course material and wider authenticated study

  • Define clear objectives –Clearly state the particular business goals and issues that data analysis is intended to solve. This helps in locating pertinent information sources and factors that support the decision-making procedure.
  • Data quality assurance – By using strict procedures for data collection, cleaning, and validation, you can ensure the quality of your data. In order to do this, the dataset's mistakes, inconsistencies, and missing values must be minimized.
  • Collect relevant data – assemble information that is pertinent to the current company issues and objectives. Avoid gathering too much data, as this might increase noise and complicate analysis. Put your attention on identifying important parameters and metrics that fit the context of the decision-making process.
  • Utilize multiple data sources - Include external data from a variety of sources in the data-collecting process beyond internal sources. Customer reviews, market research, industry studies, social media, and publicly accessible information are some examples of this. The analysis is enriched and the business environment is better understood by integrating various data sources.
  • Real-time data analysis –Utilise real-time data analysis tools to acquire quick insights and react to shifting company circumstances. Businesses may track and analyze data in real-time and make proactive decisions by utilizing technologies like streaming analytics and cloud computing.
  • Data visualization and reporting –present the findings from the data analysis in compelling, comprehensible formats. Use dashboards and data visualization tools to effectively share findings with decision-makers. Reporting that is clear and concise helps decision-makers at all organizational levels make well-informedchoices.
  • Continuous improvement - Processes for gathering data and analyzing it should be improved on a continuing basis based on comments, assessments, and new technology (Winata, 2023). Keep up with data analytics innovations and industry best practices to guarantee ongoing improvement in your ability to make decisions.

Note: Making wise business decisions may be considerably improved by more efficient data collection and use. The following are important tactics to enhance data collecting and utilization for informed decision-making, derived from the course content and verified studies:

Conclusion

At last, the study concludes that Making educated business decisions requires efficient data gathering and use.

Businesses may acquire useful insights by setting clear objectives, guaranteeing data quality, using numerous data sources, and embracing sophisticated analytics approaches.

Decision-making abilities are further improved through real-time data analysis, data visualization, and promoting a culture of data-driven decision-making.

Note: It's crucial to maintain a focus on progress and keep current with best practices in the field. By using these tactics, organizations can use data to make better-educated, fact-based decisions that will help them succeed in the modern, data-driven business environment.

References

  • Albqowr, A., Alsharairi, M. and Alsoussi, A., 2022. Big data analytics in supply chain management: a systematic literature review.VINE Journal of Information and Knowledge Management Systems.
  • Alshurideh, M., Al Kurdi, B. and Hamadneh, S., 2022. THE IMPACT OF PULL SUPPLY CHAIN STRATEGY AND JUST IN CASE ON SUPPLY CHAIN PERFORMANCE.International Journal of Business Analytics and Security (IJBAS),1(1), pp.59-78.
  • Dyer, J.H., Jensen, R.J., Bryce, D.J., Godfrey, P.C. and Dyer, J.H., 2023.Strategic Management: Concepts and Cases. John Wiley & Sons.
  • Locke, R.M., Armstrong, B., Schaab-Rozbicki, S. and Young, G., 2023. Supply Chains & Working Conditions During the Long Pandemic: Lessons for a New Moral Political Economy?.Dædalus,152(1), pp.131-142.
  • Patil, A., Dwivedi, A. and Moktadir, M.A., 2023. Big data-Industry 4.0 readiness factors for sustainable supply chain management: Towards circularity.Computers & Industrial Engineering,178, p.109109.
  • Pawar, P.V. and Paluri, R.A., 2022. Big data analytics in logistics and supply chain management: a review of literature.Vision, p.09722629221091655.
  • Shardeo, V., Patil, A., Dwivedi, A. and Madaan, J., 2023. Modelling of critical success factors for blockchain technology adoption readiness in the context of agri-food supply chain.International Journal of Industrial and Systems Engineering,43(1), pp.80-102.
  • Shi, J., Liu, D., Du, Q. and Cheng, T.C.E., 2023. The role of the procurement commitment contract in a low-carbon supply chain with a capital-constrained supplier.International Journal of Production Economics,255, p.108681.
  • Toma, S.G., Catana, S.A. and Gradinaru, C., 2022. Competitive Business Strategies In Global Retailing: The Case Of Wal-Mart.Annals-Economy Series,1, pp.106-112.
  • Weinstein, A.T., Anti, K. and Ochoa, E., 2022. World's biggest retailer launches Walmart Plus and customers have their say.Journal of Business Strategy,43(6), pp.381-390.
  • Winata, M. and Ellitan, L., 2023. The Effectiveness of Technology Development Towards Walmart's Sustainability Supply Chain Management.J-CEKI: JurnalCendekiaIlmiah,2(2), pp.224-248.
  • Zhang, D., 2023. Understanding Enterprise Risk Management of the Retail Industry During the Pandemic-Case Study of Walmart. InSHS Web of Conferences(Vol. 154, p. 01018). EDP Sciences.
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