The Aspects of Business Decision Making
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Added on 2019-12-03
The Aspects of Business Decision Making
Added on 2019-12-03
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BUSINESS DECISIONMAKING 1
INTRODUCTION Business decision making is the most crucial aspect of business that allows organizationto have a optimal solution for business problem. The success of business depends upon effectivedecision making. The report here deals with the case of existing restaurant chain which isplanning to open its second restaurant in London. This report is aiming at conducting a marketstudy of customer preferences, financial viability assumptions as well as development of projectscheduling so as to understand the feasibility business proposal. Furthermore, critical path isdesigned along with presenting information through graphs and charts. TASK 11.1 Plan for collection primary and secondary data According to the case scenario, a restaurant chain is willing to open a new restaurant inLondon, therefore, it requires information which pertains to internal and external environment ofbusiness. For collecting information, primary as well as secondary data collection methods areused : Primary data collection: The major aim of collecting primary information is to assessthe preference of customer for existing services provided by restaurant (Bryde, 2003). In order tocollect the information of customers questionnaire will be prepared and distributed among thecustomers. In order to collect primary data, a questionnaire is going to be designed so thatinformation can be collected from the customers. Secondary data collection : The sources of collecting secondary data are annual reportsof restaurant chain, books, journals and online articles which include the information ofrestaurant industry in UK and London. For conducting effective planning various sales records aswell as other annual reports of restaurant are going to be used (Chan and et.al., 2001). The collection of primary and secondary information will be helpful in identify themarket opportunities for the new business. 2
1.2 Surveymethodology & sampling frame Survey methodology: It has been planned that for attaining the information fromprimary sources a survey methodology will be used in which a questionnaire is going to bedesign. This questionnaire will include the questions on perception of customers towards theexisting services. This questionnaire will make filled by the customers of restaurants (Li, 2006).These questionnaire will sent to the customers vie their mail Ids as well as social media sites.Some customers will approach personally in the restaurant so that valid data can be gathered. Sampling frame : The use of sampling frame is vital to identify the data from authenticsources or correct population. Probabilistic and non probabilistic are two major types of datacollection. In order ton collect the data for present investigation, probabilistic sampling methodis used in which simple random sampling frame will make in use (Madsen, 2007). The rationalebehind using such sources is to collect the information from customers which providing themequal chance to be selected in the survey. For a sample size, 70 students will be approached fordata collection. Target population Customer of existing restaurant chainSampling method Simple random sampling Sampling unit Existing and potential customers Sample size 70Research instrument Questionnaire Research location London city 1.3 Questionnaire to collect primary data1.Gender MaleFemale2.Age15-20 years3
20-25 years25-30 years30 years and above3.What is your frequency to visit ABC Restaurants ?Weakly Fortnight Monthly Quarterly Scarcely4.Chose the factors that are important to draw your attention towards ABC Restaurants ?LocationSurroundings Quality of food Services Prices Menu list 5.Budget that you wants to spent for restaurant services in a month ?$ 50~ $100 per head$ 100~ $150 per head $ 150~ $ 250 per head$ 250~ $400 per headOver$ 400 per head6-9. Tick one from given five options StronglyagreeSomewhatagreeNeutralSomewhatdisagreeStronglydisagreeRestaurant offerproducts andservices atreasonable prices Restaurantprovide qualityfoodTransparency inservices Variety of menu 10. Are you satisfied with the services of existing restaurant of ABC restaurant chain ?Highly satisfiedSatisfied4
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