2 Pages 582 Words 70 Downloads
Business decision making may be defined as a continuous process in which manager of the firm selects best alternative out of several. In the dynamic business environment, needs and expectation level of the customers are getting changed with the very pace. Along with this, political, technical, economic and legal aspects also have high level of influence on the growth and success of the firm. In this regard, by making evaluation of both monetary and non-monetary aspects business unit can take suitable action. The present report is based on the Food for Friends (F&F) that wants to open another restaurant in London. Restaurant has objective to enhance the customer base and maximization of profitability. In this regard, with the motive to assess the viability of second restaurant owner of the firm will conduct both primary and secondary investigation. Further, report will also provide information about the manner in which statistical and capital budgeting tools help in making evaluation of data.
The given case scenario entails that F&F is planning to expand its business operations and function in London. In the present time, tourism in London is increased with the very high pace. Besides this, now several students go to London for the educational purpose. Further, with the rise in disposable income now customers prefer to spend money on the services which raise their standard of living (Tomich, 2015). On the basis of this aspect, inbound customers also prefer to visit restaurant on special occasions such as birthday, festivals etc. In this, for getting information about the taste and preferences aspect of the customer owner of the restaurant has appointed researcher to conduct investigation in the following manner:
Primary data collection
Primary data is the one which provides researcher with the specific information according to issue and aid in the effectual decision making. Primary data collection methods include focus group, observation, and survey etc. (Kim, Li and Brymer, 2016). which assists scholar in gathering suitable information according to the research aims and objectives. Hence, for evaluating the taste, ideas, preferences and expectation level of the customers’ researcher will conduct survey. The rationale behind the selection of such method is that it provides high level of convenience to the researcher in assessing the views of target market (Smith, Wade and Frew, 2016). Thus, to conduct survey scholar will frame questionnaire containing both close and open ended questions. However, for conducting survey investigator is required to select suitable sample. By considering this, 30 respondents have been selected by the scholar on the basis of simple random sampling technique. Thus, by sending questionnaire to all the potential respondents researcher will gather primary data and thereby become able to prepare suitable investigation report.
Secondary data collection
Internet is one of the most effectual sources of data collection which provide scholar with the detailed information. Hence, by accessing internet researcher will collect secondary data to gain deeper understanding about the trend or pattern of hospitality sector (Nezamoddini, Khader and Lu, 2015). Along with this, researcher will also make evaluation of the books, journals and scholarly articles scholar would become able to develop understanding about the factors which are considered by the customers at the time of decision making. Researcher will also gather data about the sales and profit figures of F&F to analyze the future market trend and other aspects.