Collect data to then use decision analysis strategy

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Reference no: EM133588870

Before just 'doing what the boss wants', this I should run a market analysis to collect data to then use a decision analysis strategy. I should not operate on intuition alone, but rather use data to drive my recommendations. First, I could do a cost-benefit analysis to determine the profitability or degree of loss this venture is causing. Completing a five- to ten-year look back on the VIP lounge's costs and overall profitability would render useful to determine its viability even before the turn of the market. With sales down, I could then determine the threshold at which the venture would turn a profit, while maintaining current costs (employees, insurances, etc).

Additionally, I could consider the degree of marketing efforts that have been made to determine if more resources should be used in this opportunity; If on par with the company's other endeavors, then perhaps its not a lack of proper marketing that is resulting the 25% yield of customers. I might propose a trial period to increase promotion of the VIP lounge considering awareness of the offer was so low.

Loyal customers and loyal employees would appreciate the company's loyalty to them as well, during the economic hardships. Although I acknowledge my bias, which could be influenced by numerous factors, I would strive to strongly consider the data from my analysis to influence my recommendation.

Reference no: EM133588870

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