business decision making

Topics: Median, Percentile, Quartile Pages: 24 (3676 words) Published: January 25, 2015


Table of Contents
TASK 1 Scenario:3
TASK 28
TASK 312
TASK 419
References23

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 target population, the sample it is focusing on and how they both are related with the sampling frame. -A population is the compilation of all the people or items that are subject to the study: For COMMISSION RESTAURATEUR (CR) case it is “All the customers”. -A sample is the particular group of the population that is being observed or studied. -A sampling frame is the group that can be studied in a certain population. The goal of London Marketing Research Company Ltd (LMRCL) is to create a thought-through survey that will provide descriptive statistics that will be inferred to create a more successful strategy. The survey methodology is about sampling a certain population based on pre chosen characteristics. In the case of COMMISSION RESTAURATEUR (CR),the population and the sample are the same: All the customers. Having the whole population as a sampling frame is a positive characteristic. Let’s assume to take a sample size that the total number of customers that visits the restaurants and takeaways that is part of London Marketing Research Company Ltd (LMRCL)), it is a manageable population plus having the opportunity to survey all the customers will give very accurate results. After collecting the results, London Marketing Research Company Ltd (LMRCL) will look at the outcomes in a general way then divide the customers by function/level of management to have a more detailed look. The survey will be close-ended questions mostly with some room for suggestions. It will be in a multiple-choice format with answer based on a scale of three.

1.3
Design a questionnaire for a given business problem.
1) What professional background are you coming from?
a. Manager
b. Executive
c. Office assistant
d. Other _______________
2) How long have you been visiting restaurants and takeaways under around Stratford? a. 1 year or less
b. 2 years
c. 3 years
d. 4 years or more: ___ years.
3) How well do you think you are satisfied by the service you paid...

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].
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