Identify A Business Decision Situation That Requires Action

Identify A Business Decision Situation That Requires Action In Your

1. Identify a business decision situation that requires action in your organization. Be clear and succinct. 2. Assess the current situation. 3. Identify two symptoms. 4. Identify likely problems causing each symptom. 5. Write a decision statement (this is always a question). 6. Identify research objective (potential result) that corresponds to the decision statement. 7. Restate research objective in the form of a question (known as the research question). 8. Develop a hypothesis by (1) reviewing the research objectives and identifying the variables and (2) specifying the variables in a declarative statement and describing the direction of the relationship. Write a two-page paper based on the information from your responses. The paper should include the following headings: Current Situation, Problem Statement, Research Objective, Research Question(s), and Hypothesis. Be sure to include a title page and a reference page. Use correct APA formatting when writing your paper.

Paper For Above instruction

Introduction:

Effective decision-making in business requires a thorough understanding of the current situation, clear problem statements, well-defined research objectives, research questions, and hypotheses. This paper explores a specific business decision situation within an organization and systematically develops each component necessary for informed decision-making and subsequent research. The chosen scenario involves a mid-sized retail company facing declining customer foot traffic, which necessitates strategic action to reverse the trend.

Current Situation

The retail company has observed a consistent decline in customer visits over the past six months. Sales data indicates a 15% reduction in store visits, adversely affecting revenue and profitability. External factors such as increased online shopping competition and changing consumer preferences contribute to this decline. Internal factors, including diminished customer engagement and outdated store layouts, further exacerbate the issue. The management recognizes the urgent need for strategic intervention to understand causes and implement effective solutions.

Problem Statement

The decline in customer foot traffic poses a significant threat to the company's revenue and long-term viability. Despite marketing efforts, the decrease persists, indicating underlying issues that are not fully addressed. Identifying the root causes is essential to develop targeted strategies that can attract more customers and enhance in-store experience.

Research Objective

The primary goal of the research is to identify the key factors influencing customer foot traffic in the store, with the aim of providing actionable insights to improve customer visitation rates.

Research Question(s)

What are the main factors influencing customer foot traffic in the retail store, and how can the company address these factors to increase customer visits?

Hypothesis

Based on the research objectives, the hypothesis is: Improvements in store layout and targeted marketing efforts will positively influence customer foot traffic, with a more modern and engaging store environment and personalized marketing strategies leading to increased customer visits.

Conclusion

Addressing the decline in customer traffic requires a comprehensive understanding of the current issues, clear identification of problematic symptoms, and targeted research questions and hypotheses. By systematically exploring these components, the organization can develop strategic actions to attract more customers, improve sales, and ensure long-term success.

References

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  • Burns, A. C., & Bush, R. F. (2017). Marketing Research (8th ed.). Pearson Education.
  • West, D., Ford, J., & Ibrahim, E. (2019). Strategic Marketing: Creating Competitive Advantage (3rd ed.). Oxford University Press.
  • Hair, J. F., Wolfinbarger, M., Money, A. H., Samouel, P., & Page, M. J. (2015). Essentials of Business Research Methods. Routledge.
  • Gaille, B. (2019). How to Write a Business Problem Statement. Retrieved from https://brandongaille.com
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