MSc Management Data Driven Decisions for Business Assignment Sample 2023
Task 1: Introduction and project plan
Data analysis is a strategic evaluation technique indicating the financial along with non-financial position and performance of any business entity. The main objective of this report is to assist WFTT‘s different global clients such as Bangles InternationalJewellery (Bangles International) based on a wide range of data such as trends in sales.
This report has been prepared to analyse the impact of marketing strategy and trends of Bangles International in the UK through the interpretation of data on sales along with sales volume in the UK and other countries such as Japan and the USA. On the other hand, different issues and challenges to implementing data analysis due to its nature as well as other factors have been also discussed as well as suggested strategies to mitigate drawbacks of data analysis limitations.
After covering chaining in data and its impact on decision-making, some recommendations as possible actions for Bangles International to enhance business performance based on marketing and sales data in different counties have also been covered.
The aim of this report is to suggest to the client based on data analysis and interpretation to enhance its marketing performance as well as brand loyalty in the UK as well as other developed and developing nations such as Mumbai of India.
The current project has been delivered with a wide range of data analysis and suggested strategies to identify different issues and challenges in different markets by the client. As stated by Khanra et al. (2020, p.18), there are different types of data analysis techniques such as Pivot tables, charts and comparisons with performance in different countries such as the UK and the USA.
These steps also enhanced the quality as well as transparency of this project on data analysis for Bangles International. At present times the client Bangles International Jewellery (BIJ) has operated its business in multiple countries along with “Asia, North America and Europe”.
Now Bangles International wants to compete with existing competitors in the UK along with enhancing its market share in the global market through the impact of investing in marketing Bangles International. After conducting different strategic data analyses, it has been obtained that the market strategy and activities give a positive impact on sales as well as sales volume.
The sales value of Bangles International has been increased to £247,992 in 2022 and in 2018 sales value of Bangles International has been estimated at £66,827. The sales value of Bangles International has been 4 times more as compared to the sales value of Bangles International at the beginning of 2018.
There are mainly two main KPIs of Bangles International, “sales value and sales volume” which indicate performance in different countries and before and after marketing in the UK. Based on current data analysis it has been observed that Bangles International is able to enhance its performance through investing in the market as well as better consumer satisfaction. Any business needs to consider the needs of consumers and provide different products as well as services at affordable prices to enhance and retain consumers.
Task 2: Data quality issues and remedies
Data quality issue
Data of any area for any business is sensitive for decision making along with addressing the financial KPI of any business (Ciampi et al. 2021, p.15). There are some key sensitive data such as sales, profit, consumer engagement, consumer satisfaction and marketing costs, which have assisted any business to identify core performance as well as issues and challenges.
Nevertheless, there are some issues and drawbacks of data analysis while a data analytic has consumers data analysis on a wide range of data analysis. Some negative aspects, as well as issues, are low accuracy, low transparency and Validation constraint.
Besides that, data of any business entity mainly belongs to past performance and does not consider specific issues and environmental factors while data has been driven for future decision-making. In the current data set of Bangles International, the main issue is that data have less accuracy along with data agenda that has not been specified. Besides that, there are only two variables such as sales value and volume which are not sufficient for effective decision-making steps.
Mitigation strategy
Any business as well as data analysis needs access to a wide range of data of a business such as dependent and independent variables and its output such as sales and net profit. Bangles International needs to discuss strategy as well as effectiveness while engaged in data analysis for the basic steps of the decision-making process.
A business must be considered data proofing to cross-check the accuracy of data with real performance and existing challenges. Bangles International must consider data proofing to cross-check with real sales value after marketing steps and in other countries where marketing has not been organised.
The second strategy such as agenda items must be denoted with data for a better understanding of performance as well as the core effectiveness of Bangles International. Hence, it is necessary for Bangles International to discuss different agenda items.
As a result, Bangles International is able to overview its market performance as well as mitigate future comic issues and challenges. Other different categories of data such as profit, marketing data and numbers of stores in different countries may be increased transparency, authenticity and accuracy of data on sales performance after and before marketing steps.
Task 3: Data analysis and commentary
Data in trend and sales volume across the period
In the current section sales, value and volume of Bangles International have been evaluated for the past three years based on monthly whole data analysis. It has been observed that the total sales volume for 2018 has been evaluated at 10325 and the sales value exists at £12473478.65.
Among the 12 months, Bangles International has been able to optimise its sales volume in the 9th month which has existed at 1144. Apart from this, the highest sales value for 2018 has been at £1380851.32 for the 9th month.In 2019 Bangles International will maintain its volume at 10035 in order to generate a sales value of £11789819.31.
The highest sales volume for 2019 has been evaluated at 1333 for the sixth month and the optimum sales value has existed at £1230021.03 which has been driven from the 9th month in 2019. The total sales value for Bangles International has been calculated at £10501418.74 in 2022 from a total sales volume of 9199. Among the 12 months, Bangles International has derived the highest sales in 6 months evaluated at 1234 and generated the highest sales value of £1446305.67 for the same period.
Figure 1: Trends in sales volume and value by month
(Source: Self-Created)
After conducting the whole analysis, it can observe that Bangles International has optimised its sales value by increasing the sales volume. However, in 2019 Bangles International did not get the highest sales value from optical sales volume which indicates that in 2019 Bangles International has some challenges to increasing sales value by increasing sales volume.
Hence, it can conclude that Bangles International is required to increase its sales value in order to get better results in the global market as well as compete with existing competitors in the UK and other developing markets.
Benchmark comparison of sale volume and value across the period
Data analysis of any business organisation is also affected by the number of categories and products in which Bangles International has deals (Mikalef et al. 2019, p.21). It has been noted that Bangles International deals in nearly 7 different types of jewellery products and sells a number of its targeted business locations such as the UK and USA.
The below table also highlighted sales volume and volume for different ranges of product categories and types in different countries. It has been noted that the product Accessory has total sales at £1039799.48 which has been driven by 574 sales volume numbers.
On the other hand, Bangles International got the highest sales from the USA which existed at £571301.93 derived from 306 sales volume. However, it has the highest sales volume product category is hair band which has existed at 11160 and the highest sales value among different product categories also exist at £15648748.47 which has been derived from here brand for a category.
Hence, it has been observed that Bangles International has the highest sales balloon in hair brand products and Bangles International achieves its highest self-value by increasing its sales volume in different countries (Dubey et al. 2019, p.6).
Figure 2: Benchmark comparisons of category performance
(Source: Self-created)
Benchmark comparison between market by years and by quarter
It is also a key responsibility of a financial analyst to indicate different categories and ranges of data for different periods such as for the whole year, quarter and for each month (Bhattarai et al. 2019, p. 12). Data present in different periods and categories assist the business entity to identify its key issues and key factors due to the fact that Bangles International has suffered from low business revenue or high manufacturing and operating cost.
In the below table, it has been also discussed and highlighted that Bangles International has got the highest sales from which year and from which quarter. However, it has been observed that Bangles International has got the highest sales value from 2018 calculated at 12473478.65.
apart from this highest sales volume for Bangles International has been also existing in 2018 when Bangles International expanded its product due to better brand value among three different developed in the sun’s life UK USA and Japan.
Figure 3: Benchmark comparisons of sales volume and valueby quarter
(Source: Self-created)
After calculating and presenting different variables and factors such as value and volume for different categories, different products, different years and different countries, it can observe that Bangles International has got the highest sales by enhancing its sales volume (Batistič and van, 2019, p.15). It may be better for Bangles International if it is focused to optimise its sales volume which automatically increases its sales value.
Task 4: Data charting and commentary
Comparison of sales value trends
The sales value of any business entity mainly plays an important role to identify its feature sales performance and profitability (Hamilton and Sodeman, 2020, p.41). It has been observed from the below chart that Bangles International has optimised its sales value in Japan which has existed at 6121066.37 and the second highest sales value for Bangles International has been existing in the United States with a sales value of 4419406.72 in 2018.
Apart from this, the United Kingdom has a low sales value location for Bangles International which has a very low sales volume at 111. However, you can observe that Bangles International has the highest sales value from 2018 as compared with the sales value of 2019 and 2020. Even Bangles International has invested in marketing activity in 2020 in the UK to boost sales value.
However, Bangles International is able to increase its sales value in the UK in 2020 to a value of 2 to 59420.14 which has been higher as compared with the past 2 years since the value of the United Kingdom.
Figure 4: Sale volume trend of different marketplace.
(Source: self-created)
Category performance comparison
Figure 5: Sale value and trend of different products
(Source: self-created)
Impact of a marketing campaign in the UK
The market is a sensitive and effective strategy for increasing the sales volume and value of any business industry by attracting a wide range of potential consumers based on their interests and requirements. As argued by Bag et al. (Bag et al. 2021), business entities must identify and perform some data analysis techniques in order to optimise IT sales value by targeting wide range numbers of consumers in different countries and different category products.
It has been observed that Bangles International has derived the highest sales in 2020 in the UK after conducting a marketing strategy for increasing its brand value and product loyalty among potential consumers. Hence, the value in the UK for 2018 has existed at 66827 which has increased to the value of 133831 in 2019 and 247992 in 2020.
Hence, it can be observed that Bangles International is able to increase its sales value by four times more while investing in marketing strategy and effectiveness. Besides that, it can also observe that Bangles International has enhanced its sales volume in 2022 as compared with sales volume in the past 2 years in the UK.
Figure 6: Trend in Sale volume and value after marketing the UK market.
(Source: self-created)
Task 5: Conclusion and recommendation
Conclusion
After calculating different statistical factors and trends by considering current data on sales volume and sales value for Bangles International it can control that Bangles International needs to focus on marketing strategy to enhance sales volume. As a result, Bangles International gets better performance by increasing its sales value. It has been also noted in the UK that Bangles International will invest in marketing in 2020.
In space on these strategic techniques, it may be better for Bangles International to enhance its sales by considering some other specific data range and factors like investment cost profit after investment in marketing or before investment in the marketing. These aspects may increase the transparency and accuracy of data analysis techniques while a data analyst has to focus on analysing the impact of investment marketing for a business entity based on its net profitability.
Recommendation
After considering different data analysis tools and its result it has been suggested that Bangles International must be focused on more sensitive and popular brand products such as “hair brands and necklaces” which is a highly driven product in terms of sales volume and sales value. Apart from this, Bangles International must be focused on different other and latest products which have been more popular and demanded in the jewellery industry at the global level.
Further, it may also suggest Bangles International must add a data agenda and its different sources and authenticity in order to increase the accuracy and transparency of data analysis tools. As a result, Bangles International is able to optimise the impact and sensitivity of decision-making based on data analysis tools and results.
Further, it may be also suggested that Bangles International must invest in marketing in order to increase its sales value and marketing performance in future as it has been also observed that Bangles International will get better results in terms of highest sales volume and sales value while investing in marketing in the UK in 2020.
Possible actions for the business
The possible action for the future business strategy and marketing for Bangles International may be an investment in the latest innovations and marketing techniques such as digital marketing and digital segmentation to increase brand value and product quality among potential consumers.
As a result, Bangles International not only got better sales volume and value but was also able to increase product quality and brand value at a global level through investment in marketing in different developed and developing Nations like Japan and USA.
These steps may also support Bangles International in increasing more sales volume which is the first and core step for overall better sales value and profitability and end-of-the-year and product category sales value. Further, Bangles International is also required to store data with different key factors and agendas such as calculating and preserving manufacturing cost, marketing cost, net profit after marketing cost and net profit margin in order to enhance the authenticity and accuracy of the data analysis technique.
Reference
Journals
Bag, S., Pretorius, J.H.C., Gupta, S. and Dwivedi, Y.K., 2021. Role of institutional pressures and resources in the adoption of big data analytics powered artificial intelligence, sustainable manufacturing practices and circular economy capabilities. Technological Forecasting and Social Change, 163, p.120420.
Batistič, S. and van der Laken, P., 2019. History, evolution and future of big data and analytics: a bibliometric analysis of its relationship to performance in organizations. British Journal of Management, 30(2), pp.229-251.
Bhattarai, C.R., Kwong, C.C. and Tasavori, M., 2019. Market orientation, market disruptiveness capability and social enterprise performance: An empirical study from the United Kingdom. Journal of Business Research, 96, pp.47-60.
Ciampi, F., Demi, S., Magrini, A., Marzi, G. and Papa, A., 2021. Exploring the impact of big data analytics capabilities on business model innovation: The mediating role of entrepreneurial orientation. Journal of Business Research, 123, pp.1-13.
Dubey, R., Gunasekaran, A., Childe, S.J., Blome, C. and Papadopoulos, T., 2019. Big data and predictive analytics and manufacturing performance: integrating institutional theory, resource‐based view and big data culture. British Journal of Management, 30(2), pp.341-361.
Hamilton, R.H. and Sodeman, W.A., 2020. The questions we ask: Opportunities and challenges for using big data analytics to strategically manage human capital resources. Business Horizons, 63(1), pp.85-95.
Khanra, S., Dhir, A. and Mäntymäki, M., 2020. Big data analytics and enterprises: a bibliometric synthesis of the literature. Enterprise Information Systems, 14(6), pp.737-768.
Liu, X., Shin, H. and Burns, A.C., 2021. Examining the impact of luxury brand’s social media marketing on customer engagement: Using big data analytics and natural language processing. Journal of Business Research, 125, pp.815-826.
Mikalef, P., Boura, M., Lekakos, G. and Krogstie, J., 2019. Big data analytics capabilities and innovation: the mediating role of dynamic capabilities and moderating effect of the environment. British Journal of Management, 30(2), pp.272-298.
Sadiku-Dushi, N., Dana, L.P. and Ramadani, V., 2019. Entrepreneurial marketing dimensions and SMEs performance. Journal of Business Research, 100, pp.86-99.
