Business Administration Assignments

Running head: BUSINESS ADMINISTRATION
Business Administration
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EXECUTIVE SUMMARY
The aim of this study is to suggest a suitable place for starting a new restaurant in a place in
Cyprus by the Hard Rock Café. The international brand located five places in the country to set
up a new business. This paper analyses those places on the basis of regional economic analysis.
It also assesses the weakness and strengths of these places. Finally, this paper suggests the region
to begin a new restaurant in the Cyprus.

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Table of Contents
Introduction......................................................................................................................................3
Discussion........................................................................................................................................3
Limassol (Aneksartisias Street)...................................................................................................4
Nicosia (Makariou Street)............................................................................................................5
Larnaka (Ermou Street)...............................................................................................................6
Paphos (Harbour area).................................................................................................................7
Protaras (Tourist area).................................................................................................................8
Conclusion.......................................................................................................................................8
References......................................................................................................................................10

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Introduction
A chain of theme restaurant is set up in London in 1971, named Hard Rock Café Inc. it
was founded by Peter Morton and Isaac Tigrett. The restaurant adopted a new tradition in 1979
and covered its wall with rock and roll memorabilia. Later, this tradition of the restaurant
expanded in other chains too. Hard Rock Café headquartered in Davie, Florida, United States
(Hardrock.com 2019). The restaurant operates as hotels, casinos and casual dining restaurants. It
serves its varied customers all over the world with its wide range of products. It already
expanded its business in many countries of the world. It have total number of 12 casinos, 25
hotels and 185 restaurants as of 2018 around the world. In addition, Hard Rock International
spread its presence in 74 countries of the world as of 2018. Further, it planned to expand its
business at a new location in Cyprus. It is considered as a lucrative place to expand businesses
(Cyprus.gov.cy 2019). An island country which is situated in the Eastern Mediterranean, Cyprus
offers great opportunity for the expansion of business. In the Eastern Mediterranean, it stands as
3rd most populous and 3rd largest country. Therefore, demand for the restaurants are high in the
country due to its large number of population. The beautiful island country is also famous as a
tourist place. Hence, expansion of restaurant business in any location within the country will be
beneficial.
Discussion
The business of the Hard Rock Café international was acquired by the Seminole Tribe of
Florida in 2007. In 2018, it shifted headquarter from the Orlando, Florida to Davie, Florida. As
the restaurant chain planned to expand business in the Cyprus (Ferrell and Fraedrich 2015). It
also chosen five locations for opening a new restaurant in the country. These locations are tourist
area of Protaras, Harbour area of Paphos, Ermou Street of Larnaka, Makariou Street of Nicosia

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and Aneksartisias Street of Limassol. In addition, the restaurant company will open a new
restaurant in any one location among these five. Now, this paper will analyze that, which place
going to be best for the Hard Rock Café. To understand the optimal choice of the operation for
the organization, this paper will undertake a regional economic analysis. The analysis will help
to know which place will prove more profitable for the company. The customers are the main
assets of any businesses. Moreover, the success of any restaurant business is largely depends on
the customers (García-Peñalvo and Conde 2014). The types of customers that the restaurant
attracts and the availability of that types of customers helps to decide the business new location
of the restaurant company. Therefore, it is important to consider the customer demographics in
the analysis. In addition, the customer demographics include medium level of qualification
attainment, customers are aged between 20-55, medium to high household incomes and self-
employed or employed customers.
Therefore, these customer demographics are important for selecting a new location for
the business of Hard Rock Café Restaurant (Simon 2016). It is required to include various factors
of the economy to perform regional economic analysis. Hence, performing regional economic
analysis for five preferred location will help to choose the best location for spreading business in
Cyprus.
Limassol (Aneksartisias Street)
A city that is situated on the Southern coast of Cyprus is known as Limassol. It is also the
capital of the eponymous district. As an urban area, the city placed at second. The urban
population of the city was 183,658. Therefore, to cater the large urban population of the city, it is
necessary to set up restaurants and other recreational places (Sharma, Mithas and Kankanhalli
2014). The city also retained a huge metropolitan population of 239,842. Aneksatisias Street is

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recognized as the main shopping destination of the city. The location offers varied products for
shopping such as accessories, footwear and clothing stores around the place. The former name of
this place is Macedonias. There are several local shops, famous designer brands, international
franchise stores, snack bars and cafes in this place. Therefore, the place is often visited by the
local people as well as tourist (Schmidt et al. 2017).
Limassol is considered as one of the most attractive tourist destination of the country. In
addition, the city ranked as the third up and coming tourist destination of the world. In 2017, a
survey called Quality of Living Survey by the Mercer placed Limassol as 89th city in the world.
In the category of sufficiency level of cities it is classified as the global city by the Globalization
and World Cities Research Network. The total area of the city is 47.87 km2. It is the main
industrial center of the province. The town of Limassol has around industrial units of 350 and
industry wares of 90. Hence, the city and places around it recognizes as most favorable places for
growing business. The major industries of Limassol includes electric devices, metal industry,
plastic wares, prints, food, drinks, shoes, furniture and dressmaking. Thus, it is possible to start a
new business in the Aneksartisias of Limassol because it is also a significant trade center of the
country (Nicoli and Papadopoulou 2017). The country still has UK sovereign base at Akrotiri
and Episkopi, which boosts the trade and investment in the city. Therefore, it contributes largely
in the Gross Domestic Product (GDP) of the country. In addition, it is also easier to do business
in the city due to availability of investment from foreign traders.
Nicosia (Makariou Street)
In the island of Cyprus, Nicosia is the capital and largest city. It is also the place where
government of the country operates. Moreover, it is southeastern most capital of the all member
states of European Union (EU). Apart from being administrative and legislative capital of the

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country, it is also established itself as the financial capital of the island of Cyprus (Zopiatis
Constanti and Theocharous 2014). In addition, it is also the largest business center of the
country. Therefore, any location within the city would be favorable place for setting up new
business. The city is divided into two parts such as north and south. The population in the
southern and northern part of the city was 55,014 and 61,378 respectively as of 2016. Moreover,
the urban population in the southern and northern part of the city was 244,200 and 82,539
respectively as of 2016. In terms of purchasing power, the capital city stood as 32nd richest city of
the world as of 2018. Therefore, the contribution of the city in the GDP of the country is huge
(Timur and Timur 2016). Hence, the population growth, center for business and higher
purchasing power of the city is in favor of business.
In the centre of the Nicosia, there exists Makariou Street, which covers a distance of 2
km. It is a most important place in the capital city. This place is named after the first president
Archbishop Makarios III of the Cyprus. In recent years, a vital transition took place in the district
of Makariou. It completely transformed into a commercial place. In addition, various old
building of the district restructured to build new office blocks and office (Malindretos et al.
2014). Therefore, setting up a restaurant by the Hard Rock Café in the Makariou Avenue would
prove a profitable one. Moreover, the business and financial heart of the city also attracts an
enormous number of tourists every year. Other than for recreational purpose, many tourist also
visit the place for business purpose. Thus, this location will attract the standard customer
demographics of the Hard Rock Café.
Larnaka (Ermou Street)
The name of the city situated on the southern coast of Cyprus is Larnaka. It is also the
caital city of district of eponymous. As of 2015, the metro population of the city is 144,200. It is

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the 3rd largest city of the country after Nicosia and Limassol (Zsambok and Klein 2014). The
main attraction of the city is its airport, Larnaka International Airport, which is the primary
airport of the country. Moreover, the city also has a marina and seaport. The total population of
the city was 51,468 as of 2015. In addition, the urban population of the city was 84,900 as of
2015. The general cargo of 80% was handled by the Famagusta port till 1975. The loss of the
port made port of the Larnaka pivotal place for the general cargo. Other than this, the Nicosia
International airport also shut down, which led to incresing importance of the international
airport in the Larnaka. Therefore, it is became the significant economic centre of the country for
its Port and International airport.
The major sectors of the city is its service sector. Larnaka is well known for its vital
service sector, tourism. In addition, tourism sector of the city contributed immensely in the
economic growth if the country. It creates enormous employment opportunities for the
population. It employs more than 75% of the labour force of Larnaka. In the heart of the city,
various tour and travel companies have their head offices. Ermou Street is one of the most visited
place of the country by domestic as well as international tourists. It is recognized mainly as
shopping destination. Hence, the domestic and international visitors prefers to shop from the
place due to availability of many international brands (Alstete and Cannarozzi 2014). The Ermou
Street transformed itself into a pedestrian only street. It is the commercial avenue of the Larnaka.
Therefore, to cater these shoppers, presence of many restaurants and hotel is required. Therefore,
running a business here would provide a new dimension for the restaurant company.
Paphos (Harbour area)
In the Southwest of Cyprus, the city coastal city of Paphos is situated. It is the capital of
the Paphos district. The second largest airport of the country situated here, named Paphos

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International Airport. The total population of the city is 35,961 as of 2018. The harbor area of the
city is famous for the purpose of tourists and business. The GDP of the city is mainly depends on
the business and tourists attraction of this area (Wieder and Ossimitz 2015). However, the harbor
of the Paphos is not used for the international trade. The most of international trade is operated in
the harbour of Limassol. Hence, this region is also used for the purpose of tourism. Therefore,
Hard Rock Café may not able to attract enough customers in the area.
Protaras (Tourist area)
The city of the Protaras is predominantly a tourist area. It possesses a safe and small
harbor. It is mainly a tourist destination of the country, Cyprus. Therefore, the economy of the
city is also totally dependent on the tourism (Riaz, Riaz and Batool 2014). This area comes under
the Municipality of Paralimni’s administrative jurisdiction. It is basically a resort area.
Therefore, the restaurant business would totally base on the arrival of tourists. Thus, tourists of
the city would be the asset of the company. However, Hard Rock Café may face some hurdles as
tourist arrival in area is seasonal and flexible. The limited arrival of tourist may act as a hinder to
the growth of the business of the restaurant company.
Conclusion
The regional economic analysis of five different cities of Cyprus for setting up a
restaurant of Hard Rock Café help to know the suitable place for business of the company. It is
advisable to not prefer places such as Tourist area of Propatas and Harbour area of Paphos
(Althuizen, Wierenga and Chen 2016). As these two places are mainly dependent on the seasonal
arrival of the tourist. Moreover, starting a new business in an area of capital city is lucrative
option but the company may face harsh competition. Therefore, it is suggested that the Hard
Rock Café may set up a new restaurant in area of Larnaka or Limassol. These two places are

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more preferable over the others due to its limited competitions and higher availability of
customers. The customer demographics of the company matches with the population and tourists
demographics of these places.

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References
Alstete, J.W. and Cannarozzi, E.G.M., 2014. Big data in managerial decision-making: concerns
and concepts to reduce risk. International Journal of Business Continuity and Risk
Management, 5(1), pp.57-71.
Althuizen, N., Wierenga, B. and Chen, B., 2016. Managerial decision-making in marketing:
Matching the demand and supply side of creativity. Journal of Marketing Behavior, 2(2–3),
pp.129-176.
Cyprus.gov.cy 2019. ΔΙΑΔΙΚΤΥΑΚΗ ΠΥΛΗ ΤΗΣ ΚΥΠΡΙΑΚΗΣ ΔΗΜΟΚΡΑΤΙΑΣ - Πολίτης.
[online] Available at: http://www.cyprus.gov.cy/portal/portal.nsf/citizen_gr?
OpenForm&access=0&SectionId=citizen&CategoryId=none&SelectionId=home&print=0&lang
=el.
Ferrell, O.C. and Fraedrich, J., 2015. Business ethics: Ethical decision making & cases. Nelson
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García-Peñalvo, F.J. and Conde, M.Á., 2014. Using informal learning for business decision
making and knowledge management. Journal of Business Research, 67(5), pp.686-691.
Hardrock.com 2019. Home | Hard Rock. [online] Available at: https://www.hardrock.com/.
Malindretos, G., Sdrali, D., Goussia-Rizou, M. and Koliou, I., 2014. Sustainability and
environmental technology in Cyprus hotel industry. International Journal of Sustainable
Economy, 6(2), pp.171-188.
Nicoli, N. and Papadopoulou, E., 2017. TripAdvisor and reputation: a case study of the hotel
industry in Cyprus. EuroMed Journal of Business, 12(3), pp.316-334.

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Riaz, M.N., Riaz, M.A. and Batool, N., 2014. Managerial decision making styles as predictors of
personal and organizational outcomes of in-service employees. Journal of Behavioural
Sciences, 24(2), p.100.
Schmidt, R., Möhring, M., Härting, R.C., Zimmermann, A., Heitmann, J. and Blum, F., 2017,
June. Leveraging textual information for improving decision-making in the business process
lifecycle. In International Conference on Intelligent Decision Technologies (pp. 563-574).
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Sharma, R., Mithas, S. and Kankanhalli, A., 2014. Transforming decision-making processes: a
research agenda for understanding the impact of business analytics on organisations.
Simon, J.L., 2016. Developing decision-making skills for business. Routledge.
Timur, S. and Timur, A.T., 2016. Employee ownership and sustainable development in tourism:
a case in North Cyprus. Sustainable Development, 24(2), pp.89-100.
Wieder, B. and Ossimitz, M.L., 2015. The impact of Business Intelligence on the quality of
decision making–a mediation model. Procedia Computer Science, 64, pp.1163-1171.
Zopiatis, A., Constanti, P. and Theocharous, A.L., 2014. Job involvement, commitment,
satisfaction and turnover: Evidence from hotel employees in Cyprus. Tourism Management, 41,
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Zsambok, C.E. and Klein, G. eds, 2014. Naturalistic decision making. Psychology Press.