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BUSINESS DECISION-MAKING INTRODUCTION

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BUSINESS | DECISION-MAKING METHODS Business decision-making is a process by which every company passes to choose best alternatives from various sources available (Bhattacharya, 2015). In this report, principles and techniques of business-making to carry out planned data collection through questionnaires and data analysis through mean, median and mode techniques have been done. TASK 1 1 AC 1.1 Create a plan for the collection of primary and secondary data for Food for Friends Below is the plan for collection of primary and secondary

BUSINESS DECISION-MAKING INTRODUCTION

   Added on 2020-06-04

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BUSINESS DECISION-MAKING
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INTRODUCTIONBusiness decision-making is a process by which every company passes to choose bestalternatives from various sources available (Bhattacharya, 2015). It is a vital component ofsuccess of small business. As good decision means smart company. Hence, it includes step-by-step business-making procedures that can help a company in making more deliberate, reasonableand logical decisions by managing relevant informations.Food for friends is a Chicago-based Christian Ministry that provides food and falls underrestaurant sectors. It was established in 1995 at Harold Washington College, Chicago.Company's vision is to provide clothing and shelter to local communities. It's punch line is “Nolonger go hungry”. This restaurant is usually crowded on Sunday's and Saturday's between 12pmto 3pm.In this report, principles and techniques of business-making to carry out planned datacollection through questionnaires and data analysis through mean, median and mode techniqueshave been done. According to the given scenario, Food for friends is looking to launch its newbusiness in London.The purpose of this report is to produce a report through using variety of sources throughcollection of data. Report includes range of techniques to analyse the data and to produceinformations in appropriate formats for decision-making in choosing best alternatives. TASK 1AC 1.1 Create a plan for the collection of primary and secondary data for Food for FriendsBelow is the plan for collection of primary and secondary data:Primary Data: Primary data's are those data's which are fresh and collected from themarket through survey and questionnaires (Franks, 2013). Primary data will be collectedin following ways given below:◦Surveys: In this method, same questions will be asked to several people of London byemail, phone and twitter. ◦Interviews: In this method, a questionnaire will be distributed among 20-50 people atdifferent malls. In this questionnaire, interviewee will be given choice to answer inYes or No.1
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◦Observations: In this method, researcher will be appointed who will observe peopleat different restaurants. There observations will be based on eating habits, preferencesand timings of customers at these restaurants. The cost estimated on collecting primary data is £30,000.Secondary research: Secondary data's are those opinions or findings which are based onother's research. Generally it is collected from primary research (Gaillard, 2014).Secondary research will be conducted in following ways given below:◦Government sources: UK Government contains all data's of small and big companies.Hence, open data such as census and geographic informations along with whitepapers and reports will be avail from here.◦Competitors: Press releases and reports on competitors research based on restaurantsectors will be collected from their websites, newspapers and magazines.◦Commercial market research organisations: Paid research will be done to get properresult in short time. So, Mintel tool will be used for secondary research. The cost estimated for secondary research is £3,000. Because here data will becollected from others findings and researches which is cheaper than primary research. AC 1.2 Survey methodology and sampling frame used in collecting primary and secondary dataSurvey methodology are the process of studying sampling collected from individual unitsfrom population (Goetsch and Davis, 2014). It is associated with survey data collectiontechniques such as questionnaire making. Before deciding survey methodologies it is necessaryto select particular sampling frame. A sampling frame is a listing of all elements within apopulation like University's database of all students is considered as sampling frame. Below arethe sampling frame for conducting survey:Upscale and middle scale consumers: Data's of upscale and middle scale consumerswill be collected either through survey or government open data's.Sector: Restaurant sector will be considered for collecting consumers data's.Survey methodology is done through considering non-probability samples which meansprobability of occurrence is not considered (Griffin and Moorhead, 2011). There are two types ofnon-probability samples:Convenience sampling: In this type of sampling, customers will be pulled out of thepopulation which is consumers who are visiting restaurants regularly (Hartman, 2014). In2
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this sampling method, first 100 customers who are visiting to a particular restaurant onSunday morning will be considered.Judgement sampling: In this type of methodology, sample will be chosen by Chef ofFood for friends to find out customers preferences and requirements. Here, questionnairewill be made on the basis of questions suggests by these Chef's.AC 1.3 Questionnaire design for opening second restaurant in LondonQuestionnaire is a tool to measure the preference of various people at one time. It is donethrough gathering data from these people. Various questions are asked from these people. Thesequestions are open-ended, Yes-no, close ended, multiple choice, rating and many more. Below is the questionnaire made for Food for Friends to find customers preferences:QUESTIONNAIREName:Age:Gender:Q1. Which age group are you from?18 – 20 years20 – 30 Years40 – 60 yearsQ2. How frequently you visit at restaurant?RegularlyWeeklyMonthlySometimesQ3. Is the food price are appropriate?1.Yes2.NoQ4. Which factor attracts you to visit restaurant?LocationPartyTime SavingQ5. Select the range which is most optimum price level.3
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1.£10 - £152.£16 - £213.£22 - £274.£27 and aboveQ6. Is the location of restaurants is feasible to you?YesNoQ7. Which transport you generally use to visit restaurant?1.Public Transport 2.Cab3.Personal Vehicle4.OtherQ8. Provide valuable rating for Food for Friends.5 – Excellent4 – Very good3 – Good 2 – Average 1 – Below average Q9. What suggestion you would like to tell us to improve our quality of food and services?Q10. Share your good and worst experiences with us.AC 2.1 Information for decision-making by summarising data from questionnairesInformation has been created through questionnaire by analysing opinion of variouspeople. Data has been presented below for Food for Friends:QuestionsR1R2R3R4R5Total1601558021040282803305080435505805502532804
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