Unit 6 Business Decision Making

   

Added on  2020-10-22

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IntroductionThe main aim of this study is to understand business decision making properly. Thesuccess of any organization depends on the proper planning and decision-making. Many factorsare involved in this process to render it more effective, accurate and efficient. In this study, thesefactors are discussed to point out the possible results of business decision making. Informationwas collected from the variety of resources, ranges of techniques are used to analyse dataeffectively, and this information was reported in an appropriate format.Task 1Creating a plan for collecting primary and secondary data (AC1.1)To draw a plan whether may be related to the business or personal, collecting data are thefirst thing to be done. Further, this information could be collected from two sources, namely,primary source and secondary source. Whereas primary source includes live feeds, which meanscollecting data from those people who have experience and knowledge. In this kind of sources,personal interviews are conducted to gain knowledge, experience, and feedback, questionnaire,and surveys are conducted to gather a snapshot of the required information in a short run. On theother hand, secondary data includes journals, books, news, online websites, etc. Which meansthat information which is already collected could be used as a reference or secondaryinformation like research projects, scholarly articles, etc. However, for conducting datacollection to support this given article, the primary source of data collection has been used. Sinceprimary data and the raw information is required to make decision-making process for gainingthe customer preferences before establishing second restaurant in London. In addition, it is alsoanalyzed how Food and Friends use these methodologies or conduct such operations (Quinto etal. 2013, p.767).Presenting the survey methodology and used sampling frame (AC1.2)Per Bruijne and Wijnant, (2014, p.955) primary source of collecting data requirespersonal interviews with those who have an experience on a certain field. In order to gain publicresponse in a large-scale questionnaire have been developed to acquire feedback, because itwould not be possible to have one on one interview with every personnel due to the shortage oftime. Hence survey methodology has been developed to base upon the sampling frame to support4
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the decision making process. With the help of this method statistical diagnosis could be done,because survey based on questionnaire consists of concise and goal oriented question, whichcould be answered either in yes or no or in any other flexible form. However, the samplingmethod is based on the probability and non-probability sampling. Where in the probabilitysampling random selection is done and in no probability sampling selected sample is taken toconduct further research. In this research, Food and Friends have conducted open-endedsampling survey, where questionnaire has been distributed to the customers to attain theirresponse. Moreover, non-probability sampling method has been chosen as a sampling techniquedue to the difficulty in dealing with many people. Thus, only 80 customers were selected with anintention of getting their feedback in details.Designing questionnaire (AC1.3)Questionnaire sample has been designed to developed understanding the customer response.a) Do you frequently visit Food for Friends?1.Yes2. Nob) What do you think about the price of the foods?1.Very costly2. Reasonable3. Pocket-friendlyc) How much satisfied are you with quality of the food?1.Strongly satisfied2. Satisfied3. Neutral4.Dissatisfied5. Strongly dissatisfiede) Do you think the price of the food justifies the quality of the food?1.Yes2. Nof) Are you happy with the current location of Food for Friends?1.Yes2. No5
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g) What are the new food items that you would like to introduce in the restaurant?1.Mushroom and ale pie2. Sausage rolls and salads3. Fried mushroom moose4.Tofu Steakh) What are the changes that you would make in the restaurant?1.Improve the lightning2. Encourage the playing of music3. Introduce the facility of drinks4.Make innovations in the sitting arrangementsi) On a scale of 1 to 5, how much will you rate Food for Friends after comparing it withother vegetarian restaurants?1.Five2. Four3. Three4.Two5. Onej) Would you recommend the restaurant to any of your other friends?1.Yes2. Nok) How far do you agree that Food for Friends serves its customers with customised food?1.Strongly agree2. Agree3. Neutral4.Disagree5. Strongly disagree6
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