Making decisions in business Essay Example | Topics and Well Written Essays - 3000 words

Making decisions in business - Essay Example In such context, the researcher has decided to go deep in the topic of business research in order to understand how data is being collected and how this data can be analyzed in order make valid business decision. The essay will also take example of case study regarding sales revenue in return of Facebook marketing in order to shed light how statistical calculation is used for analyzing data. But, in the first section, the essay will shed light on data collection procedure. 1.1 Collection of Primary and Secondary Data Saunders, Lewis and Thornhil (2009) pointed out that researchers should be careful while collecting data regarding given business problem because business research is significantly different from academic research. For example, business researchers should focus more on real time data such as sales revenue after integrating certain advertising measures while academic researcher focus more on historical data in the form of literature review. For a business problem, researc hers can use two types of data source such as primary and secondary. 1.1.1 Plan According to the instruction, I have been approached by marketing department of Blue Marketing in order to help them to analyze the success of the new social media (Facebook) marketing campaign which has been designed for their client cocktail cosmetics. Data sources for analyzing the success of marketing campaign can be following types; Data Sources Characteristics Validity Secondary Data Previous result of such kind of marketing that has been prepared by the company for other clients. Historical data from the company database regarding industry trend on social media marketing trend. Available business report on global social media marketing trend. Financial report of cocktail cosmetics which can serve as basal plan for understanding the resource capability of client for funding digital marketing campaign. No. of likes is Facebook page of the social media marketing campaign of cocktail cosmetics. Data s ources should not be old (not before 2011) while each data should be collected after cross checking the authenticity. Data should be collected from updated databases and previous social media advertising campaigns should be adjusted as per present condition and size of cocktail cosmetics. Number of likes in Facebook page can help the Blue Marketing to assess the popularity of the campaign. These data are being collected in real time manner hence there is no question on data validity. Primary Data Sources Daily sales revenue data, Facebook Posts (FP) and Fan interactions (FI) are three major primary data sources for Blue Marketing to analyze the performance of the designed social media campaign. Survey method can also be used in order to collect data from Facebook users regarding their opinion about the campaign. Reliability statistics should be used in order to test the autocorrelation between the sample data and data having low responses having low should be deleted in order to inc rease validity of the data. Secondary data should be collected by accessing internet sources and paid business databases while primary data can be collected by visiting the Facebook page of the campaign and customer interaction page in Facebook. Sales data can be colle