Research Report on Business Problem
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Added on 2020-02-12
Research Report on Business Problem
Added on 2020-02-12
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Business Decision-making
INTRODUCTIONThis process is an important tool of any business organisation. Every organisation need to takedecision for making effective managerial process. So that decisions are taken by the manger to help oforganisational growth(Zikmund and Griffin, 2013). In decision-making process, it includes all the prosand cons related to the organisation so that it can help the organisation to maintain there profitability inthe future. It includes the choosing of best alternative by collecting the primary and secondary data. Inthis survey, Blackfrier's restaurant, is taken which decide to open a new restaurant in London. Thisresearch report describes a plan which are based on primary and secondary data collection related to thebusiness problem, it also describes the survey and sampling methods which are the main part of thedecision making process. By creating information for decision-making, data will be summarized in thisstage. In this report, it also analysis the results and data using to measure the mean, mode, median anddispersion. The report also describes a critical path, project plan with the help of various finanacila tools,techniques or methods that helps in decision making. In this way this research report give the full detailsof Black friars restaurant decision making process which help them to create a new branch in London.TASK 11.1 As per the presented scenario, Blackfrier's restaurant want to open there new branch in London.In this way, there shareholder want to analysis the financial position of this restaurant, so that they needthe primary and secondary data for effective decision. So that there are large amounts of data arecollected so that it help[ the restaurant for there effective growth.Primary Data- Primary data are all such data which are collected in first time in an organisation.Primary data are collected by making effective survey, interview, calls etc. In this way, these methodsare very useful to Black Friars restaurant, so that by using such methods for collecting the primary data;it provides enough information about there customers and there demand, taste and preferences. Whilecollection of primary data, data is collected by filling the questionnaire or sending the questionnaire tothe customers so that they restaurant's owner can understand the customer's choices. In this methods,questions are prepared and send to the customers in the form of email or by getting the feedback using ofsocial sites or by posting the questionnaire to the customer's address etc.Secondary data- Secondary data are those data which are already collected but by making somealternation collected information are used in the form of secondary data. In this all the information anddata are collected by using books, journals etc(Power, Sharda and Burstein, 2015). So that this method isrefers as cost effective method for Blackfrier's restaurant. In another, restaurant can also collect the
information by there competitor products and services. But this method requires lots of time to take aneffective collection process. Another reason of collecting the secondary data is that it includes both thequalitative and quantitative data for gathering the information, so that it is beneficial for the Black friarsrestaurant.1.2 Blackfrier's restaurant is wanted to opens a new accommodation in London. In this wayrestaurant can achieve lots of opportunities to make there business grow and earn profits which areindicator of there succeeds. So that to achieve the growth and business opportunities, restaurant canunderstand the customer's demand, taste and preferences, in this way they need to conduct a survey.While conducting the survey primary data collection techniques are used so that restaurant canunderstand different type customer and there point of view(Kimmel and Kieso, 2009). While using thesampling techniques for collecting the information various styles of sampling techniques such as randomsampling, stratified, quota sampling, cluster etc. are used in it. By taking a sampling techniques aninformation is taken as sample and tested or examined by putting them into the sample group so that asper the sample judgement can be made. In this research report, data or informations are collected as perthe customer's taste and there demand. So that a firm can identify there position and set up a decision sothat firm can achieve there goals.Survey Methodology: In terms of making the operational development as well as expansion of the business there is nedto analyse the preferences, choices and wants of consumers. Thus, with the help of various surveymethodology the restaurant will become able to make the adequate analyses of the needs and wants ofconsumers such as questionnaire, interviews and the daily observations. However, with the help of suchtechniques the professionals at Blackfrier's restaurant will make the adequate business plan as well asmake the necessary improvement in the operations.1.3 1. In what time do you prefer to go to the Blackfrier's restaurant?At the time of BreakfastAt the time of LunchAt the time of Dinner2. What are main factor at a moment of selecting restaurant?Price of articlesService in premises
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