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Unit 7 Exam Aim B
Decision making in business - -Plays a significant part in business + decisions made can make
or break a business.
-Examples of situations where decisions have resulted in business growth, increases in market
share, market leadership.
-Instances where bad decision making has resulted in loss of potential growth and even lead to
closure.
Structures of Data Collection - -Two types of research- primary and secondary
-Information can be internal or external
What is primary research? - Information that the business has gathered first hand and that has
not been gathered before. Therefore, the data is original.
What is secondary Research? - -Information or data that has been collected before, either from
within the organisation (internal) or by another organisation (external)
-This could be "desk research"
Internal primary Research Data sources: - -Production costs
-Sales figures
-Employee records such as CV or appraisal
-Repeat customer details
External primary research data sources: - -Customer responses from trials of new products or
services.
-Questionnaires and surveys such as online feedback forms
-Interviews and focus groups
-Mystery shopper
Internal secondary research data sources: - -Reports from sales and regional representatives
-Previous marketing research
External secondary research data sources: - -Trade journals and websites
-Books and newspapers
-Industry reports from industry associations and government departments
-Census data and public records
Decision Making Process - 1. Analysing the data
2. Identifying relationships between data sets
3. Evaluating the data
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4. Predicting consequences
5. Providing alternatives
6. Justifying solutions
Data storage - There are rules about storing as well as how we use the data.
Security of information - -In business, there is a legal requirement to store information securely
-Rules dictating how information is stored
-What period of time?
-It depends on the industry
Legislative - -Main legislation in relation to storing information is the data protection act 1998
and the computer missuse act 1990
Regulatory + Ethical issues - -Businesses need to make sure they frequently monitor
independing changes to any legislation or regulation
-There is an ethical imperative for all businesses to keep information secure.
-Businesses must act ethically to ensure that data is used fairly and for purposes intended.
-Sensitive information must be handled with care
What is data mining? - The process of trawling through data and using it for other means which
is passed to a third party.
Business Model - -Help a business to analyse its current position make decisions regarding its
future direction and put in place strategies to meet long term objectives.
-The four common models include: Porter five forces, 5c's Analysis, Ansoff Matrix, Boston
Matrix
Porter's Five Forces - -Used to analyse competition with an industry
-Determine future profits
-Five categories are considered:
-existing competitive rivalry between suppliers
-Threat of new market entrants
-Bargaining power of buyers
-Power of suppliers
-Threat of substitute products
-Helps businesses to have a better understanding of the competitive forces
-Assess the attractiveness of entering a new industry
-Opportunities it presents for business growth
5C's Analysis - -Described in the context of situational analysis, combined with with SWOT and
PESTLE
-Aims to establish the situation of the business
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Exam Aim B.pdf10/27/2026, 3:41:39
1 of 7Unit
AM 7 Exam
Unit 7 Exam Aim B
Decision making in business - -Plays a significant part in business + decisions made can make
or break a business.
-Examples of situations where decisions have resulted in business growth, increases in market
share, market leadership.
-Instances where bad decision making has resulted in loss of potential growth and even lead to
closure.
Structures of Data Collection - -Two types of research- primary and secondary
-Information can be internal or external
What is primary research? - Information that the business has gathered first hand and that has
not been gathered before. Therefore, the data is original.
What is secondary Research? - -Information or data that has been collected before, either from
within the organisation (internal) or by another organisation (external)
-This could be "desk research"
Internal primary Research Data sources: - -Production costs
-Sales figures
-Employee records such as CV or appraisal
-Repeat customer details
External primary research data sources: - -Customer responses from trials of new products or
services.
-Questionnaires and surveys such as online feedback forms
-Interviews and focus groups
-Mystery shopper
Internal secondary research data sources: - -Reports from sales and regional representatives
-Previous marketing research
External secondary research data sources: - -Trade journals and websites
-Books and newspapers
-Industry reports from industry associations and government departments
-Census data and public records
Decision Making Process - 1. Analysing the data
2. Identifying relationships between data sets
3. Evaluating the data
am
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Exam Aim B.pdf10/27/2026, 3:41:39
2 of 7Unit
AM 7 Exam
4. Predicting consequences
5. Providing alternatives
6. Justifying solutions
Data storage - There are rules about storing as well as how we use the data.
Security of information - -In business, there is a legal requirement to store information securely
-Rules dictating how information is stored
-What period of time?
-It depends on the industry
Legislative - -Main legislation in relation to storing information is the data protection act 1998
and the computer missuse act 1990
Regulatory + Ethical issues - -Businesses need to make sure they frequently monitor
independing changes to any legislation or regulation
-There is an ethical imperative for all businesses to keep information secure.
-Businesses must act ethically to ensure that data is used fairly and for purposes intended.
-Sensitive information must be handled with care
What is data mining? - The process of trawling through data and using it for other means which
is passed to a third party.
Business Model - -Help a business to analyse its current position make decisions regarding its
future direction and put in place strategies to meet long term objectives.
-The four common models include: Porter five forces, 5c's Analysis, Ansoff Matrix, Boston
Matrix
Porter's Five Forces - -Used to analyse competition with an industry
-Determine future profits
-Five categories are considered:
-existing competitive rivalry between suppliers
-Threat of new market entrants
-Bargaining power of buyers
-Power of suppliers
-Threat of substitute products
-Helps businesses to have a better understanding of the competitive forces
-Assess the attractiveness of entering a new industry
-Opportunities it presents for business growth
5C's Analysis - -Described in the context of situational analysis, combined with with SWOT and
PESTLE
-Aims to establish the situation of the business
am
))))))))))))(@)(*@U*(Unit
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10/27/2026, 3:41:20
4:25:30
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