Business Information and Decision-Making

Introduction

The company should make the decision whether to start using Vino-Lok cork closures instead of the traditional cork closures for their wine bottles. This is an important decision that reflects the company’s adherence to the industry trends, as every other company in the wine industry is looking for alternatives to natural cork closures that have been used for a long time. The most significant problem that would be solved with this decision is the problem associated with the quality of wine and the ability of consumers to easily open wine bottles.

The primary information provided by this research will relate to the effect of Vino-Lok cork closure on the purchasing habits of consumers. The Vino-Lok will serve as the independent variable in the research. This will make it easier to explore other relevant information such as the reaction of consumers to the change. Consumers will be the dependent variable in line with the information that will be collected.

 

Information relating to the total additional costs that will be incurred in line with the decision will also be generated to ensure that the company is moving in the right direction. Information associated with costs will be relevant because it illustrates the benefits that the company is likely to receive from its investment into the decision. Again, the costs will be the dependent variable emanating from the company’s change from the traditional cork closure to Vino-Lok closures for its products.

Research Plan

The study will use descriptive research due to the understanding that it can help in the explanation of the characteristics of the population. In this case, the descriptive research will offer the researcher an opportunity to explain the impact of the company’s decision to start using Vino-Lok cork closure by studying the characteristics of consumers. Their response to the cost patterns will play an important role in the formulation of a decision.

Nature of the Information to be Collected

Information to be collected will be industry-based information. The industry information will be collected from different companies that have taken a similar step toward the implementation of Vino-Lok cork closure. The information will be relevant since it will represent the costs incurred and the subsequent reactions of consumers to the changes implemented within such companies. Industry-focused information will be crucial because it indicates decisions made by other companies and the subsequent consequences of such decisions. Information will also be of a public nature to ensure that it is reliably used in the completion of the decision-making process at Flora Springs Company. This means that this information should be easily derived from consumer surveys.

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The Population of Interest, Sampling Frame, and the Sample from which Data Will be Collected

The population of interest is individual wine consumers. Individuals, who consume wine, would be the most significant target population for this research. They will be primarily targeted because of the relevance of this decision to their consumption patterns. Any significant change in the price of the wine because of the change of the cork closure would affect them. Thus, it is appropriate to understand their reaction patterns.

The sampling frame will be households within a chosen region. Households will be targeted because they will offer the best opportunity to come up with the views of different consumers about the imminent decision the company intends to make. Such a collection of views will be assistive in leading to the identification of the attitudes of consumers to the decision. Households as a sampling frame will be also crucial because they are potential sources of many wine consumers.

The sample will be made up of regular wine consumers. Individuals, who do not consume wine regularly, would not be considered as part of the population because their views might not be as consistent as the ones of regular consumers. More so, the latter will be considered as the primary part of the sample because they bear the largest part of the costs related to the regular consumption habits.

Research Instrument

Questionnaires will be the key research instrument. Questionnaires will be used because they are easy to administer to a large group of respondents. They will serve as the primary method of ensuring relevant data is collected to assist in making the decision. A scale of 1 to 10 will be used to rate the responses of the participants.

The Fielding Technique

The random sampling approach will be used in the administration of questionnaires. Specifically, the drop-off and pick-up approach will be the main data collection method that will be utilized in the administration of questionnaires. This method is relevant because it gives the participants an opportunity to take questionnaires on their own volition. They are not forced to pick questionnaires but are given the chance to take them themselves.

The main incentive to motivate individuals to participate in the study will be a bottle of wine for each participant. A motivational approach to the study will help in ensuring that they make their ideas clear and more relevant to the study being conducted. In some instances, it is extremely difficult to gain the desired information without relevant incentives for participants. Therefore, they will be given some wine as a part of the incentive.

Shortcomings in the Research Design

One of the main shortcomings of the research design is that it is extremely expensive. The research design will need higher costs because of the extensive fieldwork required to complete the study. The researcher will be required to try to find a suitable sample for the study hence escalating research costs.

Another common shortcoming of the research design is time. Collection and analysis of data require a lot of time. The time consumed in the research could have been saved for other purposes, like assisting in the understanding of the problem. Much time is also required to recruit potential participants in the research and the actual study.

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Conclusion

In conclusion, the information provided by the research will be assistive in the formulation of the decision based on the behavioral patterns of wine consumers. The decision will be informed by the nature of wine consumers and their perception of the cork closure. Everything will have to be done based on the primary data acquired from the field hence leading to the effective performance of the organization. The organization should be ready to make a decision based on the existing preferences of consumers to maximize market opportunities.

Additionally, the cost information provided by the research will help the company to make the decision as it will use a cost-benefit analysis approach. The costs and the expected benefits will be compared after completion of the study. This will be vital in ensuring the company does not incur losses due to the decision it makes regarding its future operations. Weighing the costs and risks will be an active process throughout the research hence ensuring that the best cork closure is used for the bottles of the company’s wine.

Overall, this research will be critical to the formulation of the ultimate decision at Flora Springs Company. The management will have to rely on every aspect of this research to come up with a conclusive decision that will be in the best interests of both the company and its consumers. Aligning these two dimensions will be vital in contributing to the future success of the organization.

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