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Business Decision Making Techniques - Food For Friends

University: Regent College

  • Unit No: 3
  • Level: Undergraduate/College
  • Pages 12 / Words 3000
  • Paper Type: Assignment
  • Course Code: M/508/0494
  • Downloads: 30
Question :

For ensuring better decisions within the restaurant in context of developing effective understanding for the preferences of the customers, task that are to be undertaken includes:
Variety of sources to collect data for both primary and secondary methods

  • Types of techniques for analysing the data to ensure purposes of the businesses
  • Consider various information in different format for effective decision making
  • Ensure use of software-generated information for decisions making
Answer :
Organization Selected : Food For Friends Restaurant

INTRODUCTION

Business decision-making is significant for the deciding the factors that will help in the long term growth and survival of the business. This decision includes researching different types of sources and techniques that are suitable for organisation and then choosing the best alternative. This can be a suitable way for expanding the business in new areas. The current report is about expanding the business of a restaurant chain in London. In relation to this, there are various types of statistical tools that are incorporated in this report to find out and anticipate the future growth and sustainability of the business (Vercellis, 2011). The business decisions are taken to control the functions of the management and direct their working towards the attainment of the objective of business. If the cited restaurant wishes to generate more suitable and good outcomes the company needs to evaluate the feedbacks from the regular customers of food for friends’ customers. Questionnaires are prepared to conduct the survey about the tastes and preferences of the people and finally evaluating whether the people in London will visit the restaurant, and these questioned are analysed by preparing graphs and plots. Finally, all the information is gathered to prepare formal reports which are then presented to the management for making further decisions. 

TASK 1

1.1 Create a plan for the collection of primary and secondary data:

Food for friends is a Restaurant which started providing its services in United Kingdom. The main purpose of the restaurant is to collect the necessary information about their services and quality of their food from the market. For collecting this information their two types of methods namely primary and secondary. These both the methods have their own importance in collecting and analysing the information from the market. The researcher plays an important role in finding out the information which is reliable and accurate and it helps the management of the restaurant in drawing certain important conclusions. These two important sources are discussed below:

Primary sources: The primary source is the collection of raw and fresh first hand data from the respondents (Tzeng and Huang, 2011). The information obtained from the respondents is more reliable and accurate as they are the personal opinions of the people who are interested in the business. They give the actual view of the business and provide honest feedbacks. The primary source of data collection is through questionnaires conducted online on social sites, restaurant's own site and getting in house feedbacks from the customers after providing them services. The various primary resources are discussed below:

  • Survey: In this method the researcher chooses the various number of random respondents that comes to the restaurant on a regular basis and a series of questions are asked from each of them to come at a certain decision.
  • Questionnaire: This method uses a number of questions that are prepared by the management that are necessary to conduct a particular research. The prepared questionnaire is uploaded on social sites and restaurant's own site etc.

Secondary sources: This source of collection of information uses published data such as magazines (industry related), newspapers, articles and food bloggers and it uses past information also. This source provides second hand information and does not play as much importance as the primary source.

1.2 Presenting survey methodology and sample framing

Surveys are conducted with main aim of assembling of data from the various respondents to gather the important information which is required to come at a solution and in the business decision making process (Tufféry, 2011). For this purpose, it is necessary to conduct the research in an effective manner by using the primary and secondary sources of data collection. These sources help in coming at a particular decision regarding the problem and helps in getting feedbacks about the solutions that are used and finding out whether it was effective or not, so that they carry out changes for satisfying their different criteria.

Survey methodologies: The survey methodologies is the process of conducting surveys by food for friend to gather the views of the respondents regarding the services that are provided by the restaurant such as food quality, ambience etc. For conducting the researches, the management of restaurant decides to use the primary source for data collection (Stine and Foster, 2014). Primary source uses questionnaire to conduct the survey from the respondents by framing the questions that are required for decision making. These surveys are distributed publicly or published on the social networking sites and then are used to solve the issue involves in food for friends’ restaurant.

Sample Framing: This process of research uses the sample data from the given population. In Sample framing, various techniques are used such as random sampling, stratified sampling, cluster sampling by the researcher. These methods are used by the researcher in the selection of the sample from a given population because it is impossible to conduct a survey on entire population.

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The research analyst of food for friends have decided to select random sampling method to select samples from the population for conducting the research because it is the most effective and easiest method for the selection of sample from population (Schmoldt and et. al., 2013). The random sampling method has its own advantages because in random sampling there are less chances of biases as compared to the other methods. The random sampling method has selected sample of 60 random respondents from the total population of central London. The different queries for which the various questions are asked from the respondents are:

1.)Diversity of services

2.)Quality and quantity of food.

3.)Rates

4.)Ambience of Food for friends.

1.3 Design of Questionnaire

Questionnaire
Food for friends
Name:
Sex:
Age:
Q1. Have you visited food on fire ever?
  • Yes
  • No
Q2. What is best in Food for friends?
  • Services
  • Food
  • Surrounding
  • Other
Q3 Are you satisfied with the quality of food?
3.)Yes
4.)No
Q4 Did the price of the food and services food for fire affordable and reasonable?
1.)Yes
2.)No
Q5. Are you satisfied with diversity of the cuisines that are available in food for friends?
  • Satisfied
  • Highly satisfied
  • Not Satisfied
Q6. Which cuisine is best for the main Dishes?
  • Italian
  • Chinese
  • French
Q7. Do you want that food for fire introduce new dishes?
  • Yes, in breakfast.
  • Yes, in lunch
  • No
Q8 In which location do you want food for friends to start their new restaurant?
  • Prime location
  • Country side
Q9. Do you want to receive something unique on festivals?
  • Yes
  • No
Q10 Would you like to provide any personal views?
Ans...
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