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Business Decision Making for Restaurant Assignment

   

Added on  2019-12-03

24 Pages5124 Words177 Views
BUSINESS DECISION MAKING

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................4TASK 1: Sources to collect Primary and secondary Data...............................................................41.1.................................................................................................................................................41.2.................................................................................................................................................51.3.................................................................................................................................................52.1.................................................................................................................................................62.2.................................................................................................................................................82.3.................................................................................................................................................9TASK 2: Business Presentation and Formal Report......................................................................103.1...............................................................................................................................................103.2...............................................................................................................................................153.3...............................................................................................................................................154.1...............................................................................................................................................164.2...............................................................................................................................................174.3...............................................................................................................................................19CONCLUSION .............................................................................................................................20REFERENCES .............................................................................................................................22

List of Tables INTRODUCTIONBusiness decision making is the procedure by which firms identify he most appropriateoption that is available in front of them so as to enhance the business. These decisions aidstowards increasing the overall profitability and productivity thereby leading to growth andgreater sustainability of firm. The current study is based on opening of new restaurant chain inLondon. In order to assure the feasibility of project market research will be conducted. Furthermore,report will indulge collection of primary data and secondary for analysing the market forrestaurant. In addition to that, various statistical tools and techniques will be utilized so as to aidtowards generation of accurate business results. TASK 1: Sources to collect Primary and secondary Data1.1Data collection any research can be done by making use of primary and secondary data. Asper the given case scenario, the company is planning to expand its current business and alsowishes to open a fast food chain in London. Hence, data collection for the same can be done bymaking use of primary and secondary data collection techniques (Hoffman, 2007). Primary data is a set of those facts and figures which is collected by the researcher forfirst time. It is based on the observation of researcher and directly from the respondents in mostof the cases. Furthermore, researcher can collect prime facts through surveys, interviews, directobservation and questionnaire etc (Ferrell and Fraedrich, 2014). According to the case, primarydata in this research report will be collected through survey methodology. In addition to that, inorder to acquire positive feedbacks from the target group a questionnaire will be prepared anddistributed to the group of people. On the other hand, secondary data can be termed as the information already collected fora different purpose. It can further be utilized by researcher for current study. It is also require tobe noted that Primary collection data leads to a lot of time consumption but secondary data usesless time followed generating crucial information for the researcher. In the present case,secondary data can be collected through several methods such as online article, blogs, publishersetc. 3

1.2Survey methodologyIn general terms, surveys are the most prominent technique in order to gather accurateinformation. In addition to that, data that has been collected by making use of primary study iscorrect and feasible to be used. In this regard, by making use of survey method, firm can assessthe needs and wants of consumer’s thereby providing them products and services accordingly.According to the given case, through survey methodology company can acquire essentialinformation about expanding restaurant. Furthermore, these facts and figures are likely to play acrucial role towards opening up a new restaurant in London. For the present research, a sampleof 50 consumers has been taken for generation of appropriate research outcomes The mosteffective way to use survey methodology is to spread questionnaire about the research becauseinformation collected through this method will be most accurate and play a huge role in makingdecision regarding expanding restaurant business (Weygandt, Kimmel and Kieso, 2009).Sampling frameIn general words, sampling frame can be defined as a set of those elements which assistthe researcher for selection the most appropriate population group from entire set. As per thegiven case scenario, management wishes to target those consumers who are regular consumers offast food. Hence, chosen sample will aid in generating valuable information about tastepreference so as to open up a customer’s oriented restaurant (Morato, 2013). 1.3Questionnaire for generating information regarding opening a new restaurantName: _____Age: _____Gender: _____*Specify your duration of visiting a restaurant for lunch or dinner?Every week.2 times in a week.3-4 times in a month. *Give your food preference when you go to a restaurant? Starters Fried food4

DesertsOthers (please specify)_____________________________________________________________________*What price would you be ready to pay for your food?Low Reasonable High Price with ensured quality *What variants if food you prefer in a restaurant?ChineseItalian Continental All of the above*Do you often take away food by placing order? SometimesMost of the times Never*What areas attract you in any restaurant?Ambiance Food and beverage quality Service quality*How often do you make use of online system for booking a table in restaurant?Always SometimesRarely*What innovation and creativity is expected by you in a restaurant?____________________________________________________________________________________________________________________________________________*What attracts you to try a new restaurant?____________________________________________________________________________________________________________________________________________2.1Year (2005-2014)Sales (£million)Profits (£million)5

200555560200667570200768075200855559200969078201080083201160065201270075201387590201493595Statistical description of SalesSales (£million)Mean706.5Standard Error40.6342083581Median685Mode555Standard Deviation128.4966493294Sample Variance16511.3888888889Kurtosis-0.5026105292Skewness0.60977464Range380Minimum555Maximum935Sum7065Count10Confidence Level (95.0%)91.920965304Statistical description of ProfitsProfits (£million)Mean75Standard Error3.806427313Median75Mode75Standard Deviation12.0369800568Sample Variance144.8888888889Kurtosis-0.78792660156

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