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.
Design a questionnaire for a given business problem.
1) What professional background are you coming from?
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 for? a. Extremely well
c. Not Well
4) How are the options of services provided to you?
5) How is the level of health and hygiene you saw in these restaurants and takeaways? a. Extremely high
6) How satisfied are you with your overall service and options at these restaurants and take aways? a. Extremely satisfied
9) How likely would you be willing to change your usual destination of these restaurants and takeaways to another restaurant like COMMISSION RESTAURATEUR (CR)? a. Extremely likely
10) Personally, What is the most important aspect of these restaurants around Stratford, you think should work more at? (Employer-customers relationship) Data was collected from several customers and set of questionnaires were assigned to identify the customer needs in the restaurants and takeaways industry. The questionnaire started with general information and customer’s personal interest. 09 questions were asked from the customers. Questions were sent to 200 people from various ways and four mediums were used to send these questionnaires. Out of 200 questions, 100 were unanswered, mostly the e-mail and post questionnaires. This may be because of wrong e-mail addresses, wrong postal addresses. Most of the people did not respond because of time consuming. Out of these 28%, 72 % of questionnaires were fully answered by all the people. Majority of participants were male. 65 male and 35 females participated, 75% were between 18-35 age groups and the rest were between 35-55 age groups. This study shows that mostly males are interested in the eating from takeaways and restaurants. TASK 2
2.1 Draw valid conclusions using representative values (e.g. descriptive statistics) a) As mentioned before, London Marketing Research Company Ltd (LMRCL) has 150 customers. After conducting the survey, the Human Resources Management decided to study the results in a specific way. They are going to separate the results based on the functions: Managers, Executives, and Assistants/other based on their income and spending nature or behaviour. Questions (refer above) Managers Executives Assistance/other Q2 – 80% said 3 years or more 70% said 1 year or less 60% said 2 to 3 years Q3- 90% said Well 60% said NOT Well 70% said EXTREMELY well
Q4 – 70% said Good 80% said Unsatisfactory 60% said Best
Q5 – 90% said High 80% said Extremely High 70% said Low
Q6 – 70 % said Satisfactory 90% said Unsatisfactory 60% said Extremely Unsatisfactory Q7 – 80% said Appreciated 60% said Not appreciated (only fellow Executives) 70% said extremely appreciated (not by managers) Q8- 80% said Satisfied 70% said unsatisfied 60% said extremely unsatisfied Q9- 80% said Unlikely 70% said extremelylikely60% said likely Q10 No repeated suggestion Better Managers Better management The results of the survey have clearly showed that the main unsatisfied customers are the Executives who are followed by the assistants. Question three’s results show clearly that the money is not the motive for COMMISSION RESTAURATEUR (CR),’s customers’ early departures.
It is clear that the problem that COMMISSION RESTAURATEUR (CR), will facing a tough completion in Stratford, especially the quality of their service provided. London Marketing Research Company Ltd (LMRCL) has distinctly found out what the concern restaurant will face in that specific area to start up a new restaurant.The most considerable solution would be to start by meeting with 20 managers, sharing the results with them and discuss what potential changes that can be made are. The HRM will need to keep track of the new managerial strategies and see if they are effective and are implemented in the right way. 2.2 Explain measure of dispersions in the organization context What is dispersion?
Dispersion is also known as scatter, spread or variation. It measures the items vary from some control value. However it also measures the degree of variation. Concept of dispersion
The word dispersion is used to denote the degree of heterogeneous in the data. It is an important characteristic indicating the extent to which observation vary amongst themselves. Measures of dispersion
For the study of dispersion we need some measures which show whether the dispersion is small or large. There are two main types of measures of dispersion. Absolute measures of dispersion
These measures give us an idea about the amount of dispersion in a set of observation. When the observation are in kilogram, the absolute measures is also in kilogram, if we have two sets of observation we cannot always use the absolute measure to compared their dispersion. Following are the absolute measures which are commonly used which are; The range.
The quartile deviation.
The mean deviation.
The standard deviation and variance.
Relative measure of dispersion
These measures are calculated for the comparison of dispersion in two or more than two sets of observation. These measures are free of the units in which the original data is measured if the original data is in dollar or kilometres, we do not use their units with relative measured of dispersion. Following are the relative measures of dispersions. Coefficient of range or coefficient of dispersion.
Coefficient of quartile deviation or quartile coefficient of dispersion. Coefficient of mean deviation or mean deviation of dispersion. Significance of measuring dispersion;
To determine the reliability of an average.
To facilitate comparison.
To facilitate control.
To facilitate the use of other statistical measures.
2.3 Describe how quartiles, percentiles, correlation coefficient are used to draw useful conclusions in a business context. Quartiles:
A quartile is a type of quantile. The firstquartile (Q1) is defined as the middle number between the smallest number and the median of the data set. The second quartile (Q2) is the median of the data. The third quartile (Q3) is the middle value between the median and the highest value of the data set. Percentiles:
A percentile (or a centile) is a measure used in statistics indicating the value below which a given percentage of observations in a group of observations fall. For example, the 20th percentile is the value (or score) below which 20 percent of the observations may be found. Correlation coefficient:
A correlation coefficient is a number between -1 and 1 which measures the degree to which two variables are linearly related.
Data: 5, 10, 10, 10, 11, 11, 11, 11, 12, 12, 12, 12, 12, 13, 13, 13, 14, 18, 19, 19. -The first quartile (Q1) or the 25th percentile represents the number that 25% of the numbers in the data given are smaller than. -The second quartile (Q2) of the 50th percentile is the median. 50% are greater than it and 50% are smaller than it. -The third quartile (Q3) or the 75th percentile represents the number that 75% of the data is less than. -The fourth quartile (Q4) is the largest number in the number line, 100% are smaller than it. In the example of the survey, quartiles will clearly show what every percentage of the customers scored and where the majority lies. This method can also be very important when studying ranges of income or credits. Taken the numbers above into consideration:
Q1 = 11 Q3 = 13
Q2 = 12 Q4 = 19
The correlation coefficient is a “measure” that determines the linear relationship between two related variables. It is calculated by dividing the covariance of both variables by the product of their standard deviation. The correlation coefficient equation is symbolized as:
It is not very relevant to the survey scenario but it can be in numerous other business cases. If we were to compare the customer’s satisfaction with their output, the correlation coefficient would be very helpful to compare, contrast and monitor the relationship. The correlation coefficient is usually represented as a line graph with all the data plugged in as points to form a two-dimensional scatter plot. The correlation coefficient graph looks like this:
3.1 Create and interpret various graphs generated by data using spreadsheet.
After reviewing the question asked to customers about how often do the visit the other restaurants and Commission Restaurateur (CR). The responses have been quite interesting that most of them have been quite familiar with the Commission Restaurateur (CR) and they have been visiting the Commission Restaurateur (CR) with the highest number being 3 years and more.
For the service that these customers pay for the response received summed up was they were satisfied was majority said they were well satisfied right behind note well satisfied and finally on a balanced note extremely well satisfied.
Variety of options are provided to the customers who come to visit these restaurants and takeaways or CR and when asked how well are these variety of options provided to them the responses are as follows.
After a long hectic day when they come to the restaurant to eat how well they are served and management received by the customers most of them responded they are highly satisfied.
A supervisor has to make sure the service reaches the entire customer and they’re content with the services. Now the customers perspective of how the supervisor manages the subordinates in coordinating them to provide the customers with their options and needs the result depicted they were unsatisfactory.
The customers feel appreciated by the co-workers of these restaurants and CR and they seem happy with the hospitality provided to them, Followed by others who had their personal opinion to provide.
When customers see new destinations they opt to go there to try it out, if the service and varieties seems to attract them they opt for it if not they prefer their usual spot. similarly when asked how likely are the chances customers would prefer to choose another option replacing this present restaurants and takeaways a majority of them responded they wouldn’t except for the part that they just have to bring slight changes in management and options or varieties to choose from and they will remain loyal . 3.2 Use trend lines in spread sheet graphs to assist in forecasting for specified business information and thus inform decision-making. The line starts at (.5, 2.4) and continues to increase. The unusual part is at the point (15, 5.2) where the line stops to increase. This phenomenon can help forecast where the usual next duration are on the line and also shows us how from the 5.5 hours point the duration are outside the normal and the extremes like the 7.3 can be considered as outliers. This develops the idea that the customers are pretty satisfied with the restaurants and takeaways or CR just the improvement in Service providers can bring them better business in future.
3.3 Produce technical presentations and a report of the research.
Title: Customer Gratification
Methodology: Application of Statistical methods and Skills to percept ionize service offered Abstract: This study is done compare the different duration’s Customers take to understand how well is the service offered to them good enough satisfactory or not. The sample that will be taken in consideration will be of 20 Customers. After finding out that the Rating of Services was quite different, it can be assumed that the different methods of study differed between the 20 Customers in the sample. Analysis: The overall experiment showed good results. The numbers did not vary a lot were close to the mean, which was 8.64 Rate of average among 10 of study. They were some outliers both at the top and the bottom, which show that some Customers used different Observation and satisfactory techniques. Conclusion:
The experiment was successful and all the information that was expected to be extracted was extracted. For future trials, it would be interesting to even compare the actual marks the Customers got in the test and try to find out what is the best way to improve the service Quality including other variables like food and International Cuisines to Offer.
4.1 Use software to generate information for decision making A manager’s effectiveness is largely dependent on the existence of an equally effective management information system MIS. An MIS provides information on a variety of different organizational functions, allowing a manager to plan, monitor, and evaluate operations and performance. MIS outputs also enable a manager to make strategic decisions and intelligent choices that shape an organization’s future vision and mission. Monitoring and evaluation are ‘twin sisters’. They assist management in knowing whether program objectives are being achieved, to what extent there is need for mid-course correction to address emerging problems, in the environment, or and assess employees’ efficiency, and maintenance of standards. Both examine indicators, targets, criteria and standards. The meanings and definitions of monitoring and evaluation are often contentious because of the two activities’ substantial overlap.
Following are the useful information that should be stored in each management level Do our organization’s MIS collect all the data we need, and do we Use all the data it collects? Is our MIS understood by staff at all levels, or is it complicated with many data elements, variables, formats, and procedures? Does our MIS enable us to link program and financial information? how often do we as a team review data and use it as a basis for planning, resource allocation, problem-solving, program monitoring, and other decision-making? Do we use data to provide feedback to all levels of the organization? Can we create “user-friendly” presentations of our data to share information with others? How often do we monitor, and what do we do with the information and insights we gather? Do we use tools or instruments such as checklists systematically during monitoring? How do we use results of assessments and evaluations?
4.2 Demonstrate project management skills
Before starting a business or preparing a project for launching any manufactured goods or anything else company should specify the scope, objective, mission, vision of the project at first and also company should be known to Strengths, Weakness, Opportunity and Threats. If a company know their Strengths and Weakness then they can take decision make project plan accurately. The key weakness and hazard is the managerial service providing division and marketing plan is not good sufficient but the key strength of the company is they carry public magnetism and public’s sentimental accessory to the company at present of Commission Restaurateur(CR). There are some specific directions as follows for project planning… Define the project scope, objective, mission and vision
Creating work breakdown structure to control specific items
Preparing project schedule
Maintaining the logical order
Research by London Marketing Research Company Ltd(LMRCL) follows this direction in analyzing marketing decision making for providing better services to the customers of Commission Restaurateur(CR).
4.3 Demonstrate skills for using financial tools for decision making Different types financials tools are using in business decision making. Here are some important and most usable financials tools used in decision making. As all of the projects is located in good place and all business can attract the valuable customer Such as below … Partial Budgeting
Partial budgeting tool specifically focuses on the implications of the intended change in a business operation by comparing the benefits and costs resulting from implementing the alternative with respect to the current practice. Actually partial budgeting is a financial tool used to assess the costs and benefits associated with a specific change in an individual enterprise within the business operation. Financial statement
No business organization obtains the status of a renowned business association without financial statement. So Commission Restaurateur (CR) also uses the financial statement for sustaining and preserving the structure in their company as financial report is a statement that traces all the confirmations and financial data of a company of an exacting accounting year. Cash Flow Analysis
Cash flow analysis is most impotent which estimate the net cash flow by calculating the cash out flow and inflow. Investment analysis
The business can consider the speculation statement to study how much they could be able to make profit, how better the company has been able to utilize the capital and how much it has assisted the company. Break-even Analysis
Break-even analysis which estimates the sales volume that means how much sales can recover the cost. Ratio analysis
There are many more ratios such as liquidity ratio, rapid ratio, capital grosses rate, rate of speculation turnover, rate of reduction and many others. It is the method by which a company can dissect the every particular element of the business.
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