business decision making
Table of Contents
TASK 1 Scenario: 3
TASK 2 8
TASK 3 12
TASK 4 19
References 23
TASK 1 Scenario:
You have been approached by London Marketing Research Company Ltd (LMRCL), to conduct a research to open up a new restaurant chain by Commission Restaurateur (CR) the Restaurants and eateries belonging to this group. You have been approached to conduct a thorough research and finally present the details to the group itself.
1.1 Create a plan for the collection of primary and secondary data for a given business decision.
They are two types of sources that can be used when conducting a research: Primary and Secondary.
Primary sources give first-hand results that are provided by a research or study directed specifically for the case in question.
Secondary sources usually interpretation or an analysis of a primary source.
In the case of COMMISSION RESTAURATEUR (CR), the usual sequence would be to start by searching for potential reasons to start up a new restaurant in Stratford area, in other words secondary sources to reduce the range of possibilities. Internet and Books are usually the best secondary sources to start the search.
The next step of London Marketing Research Company Ltd (LMRCL) would be to focus on primary sources that provide more accurate and relevant information. London Marketing Research Company Ltd (LMRCL) has already identified the main problem by interviewing the customers that actually give the remarks about restaurants around Stratford. After acknowledging the customers satisfaction issue, London Marketing Research Company Ltd (LMRCL), has to conduct a survey that will give them a closer insight on the reasons why the customers are not satisfied. The survey will London Marketing Research Company Ltd (LMRCL) with relevant information that will help find solutions for the current concerns.
1.2 Present the survey methodology and sampling frame used.
To create the right survey, London Marketing Research Company Ltd (LMRCL), has to define its
TASK 1 Scenario: 3
TASK 2 8
TASK 3 12
TASK 4 19
References 23
TASK 1 Scenario:
You have been approached by London Marketing Research Company Ltd (LMRCL), to conduct a research to open up a new restaurant chain by Commission Restaurateur (CR) the Restaurants and eateries belonging to this group. You have been approached to conduct a thorough research and finally present the details to the group itself.
1.1 Create a plan for the collection of primary and secondary data for a given business decision.
They are two types of sources that can be used when conducting a research: Primary and Secondary.
Primary sources give first-hand results that are provided by a research or study directed specifically for the case in question.
Secondary sources usually interpretation or an analysis of a primary source.
In the case of COMMISSION RESTAURATEUR (CR), the usual sequence would be to start by searching for potential reasons to start up a new restaurant in Stratford area, in other words secondary sources to reduce the range of possibilities. Internet and Books are usually the best secondary sources to start the search.
The next step of London Marketing Research Company Ltd (LMRCL) would be to focus on primary sources that provide more accurate and relevant information. London Marketing Research Company Ltd (LMRCL) has already identified the main problem by interviewing the customers that actually give the remarks about restaurants around Stratford. After acknowledging the customers satisfaction issue, London Marketing Research Company Ltd (LMRCL), has to conduct a survey that will give them a closer insight on the reasons why the customers are not satisfied. The survey will London Marketing Research Company Ltd (LMRCL) with relevant information that will help find solutions for the current concerns.
1.2 Present the survey methodology and sampling frame used.
To create the right survey, London Marketing Research Company Ltd (LMRCL), has to define its
References: ADFC (2013) Untitled. [online] Available at: http://www.dcf.state.fl.us/admin/publications/docs/empsatis.pdf [Accessed:20 Jan 2014]. En.wikipedia.org (1996) Survey methodology - Wikipedia, the free encyclopedia. [online] Available at: http://en.wikipedia.org/wiki/Survey_methodology [Accessed:20 Jan 2014]. En.wikipedia.org (2013) Correlation coefficient - Wikipedia, the free encyclopedia. [online] Available at: http://en.wikipedia.org/wiki/Correlation_coefficient [Accessed:20 Jan 2014]. Hspm.sph.sc.edu (2009) NPV and IRR -- Measures for Evaluating Investments. [online] Available at: http://hspm.sph.sc.edu/courses/econ/invest/invest.html [Accessed:20 Jan 2014]. Investopedia.com (2013) Correlation Coefficient Definition | Investopedia. [online] Available at: http://www.investopedia.com/terms/c/correlationcoefficient.asp [Accessed:20 Jan 2014]. Ncalculators.com (2013) Correlation Coefficient Example. [online] Available at: http://ncalculators.com/math-worksheets/correlation-coefficient-example.htm [Accessed:20 Jan 2014]. Unknown. (2013) Untitled. [online] Available at: http://college.cengage.com/mathematics/larson/trigonometry/6e/shared/appendix/median.pdf [Accessed:20 Jan 2014]. Yale.edu (1918) Primary Sources: What Are Primary Sources?. [online] Available at: http://www.yale.edu/collections_collaborative/primarysources/primarysources.html [Accessed:20 Jan 2014].