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Successful Business decision is the outcome of quality of information it is based on. Information plays a vital role in business strategic planning and its implementation. In the current report existing Restaurant chain of London, Murano is aspiring to open second restaurant in London which in indeed is a business friendly city and a centre of attraction for world therefore opportunity for a restaurant is high. Further primary and secondary data are collected to understand the customer preferences and choice in respect to food industry. Measures of Central tendency and dispersion are applied to analyse the relationship between sales and profits forecasted. Various graphs and spreadsheets are presented for ease of understanding the trends over the period of time. Moreover the project is tested under the financial microscope using investment appraisal techniques. Later in this report, information processing tools applicable in the restaurant business are briefed.
1.1 Collection of Primary and Secondary Data
Data collection is referred s gathering the relevant information from the sources to analyse and evaluate in a manner to create a meaningful piece of information. The data collection process is broadly divided into two categories based on their sources which are explained below:
Primary data refers to data which is collected directly by the researcher from the respondent. It is also known as first hand data. There are various methods to collect the data from primary sources through survey, interviews, questionnaire(McLaren, 2016). This is original and unique data which is collected for the particular purpose. However it takes substantial amount of time as it is collected from the individuals. In the current scenario of Murano, to know the feedback of customers and their preferences, Questionnaire is selected as a method of data collection. Questionnaire is set of questions with multiple choice answers which are distributed to the individuals and their answers are evaluated and summarised to draw valid conclusions about consumer taste and preferences. Questionnaire should be framed with clear and short questions so that extra efforts are not required to be put in by respondents.
Secondary data refers to collection of data which is already collected in past. This is also known as second hand data as it is not exclusively collected for the current situation. However these data can be secured from government publications, magazines or newspapers. The data demonstrating statistics relating to number of customers preferring restaurants or frequency or average income data would be helpful in analysing the eating habits and preferences of the citizens in a particular locality and therefore targeting the customers for new restaurant(Ashraf and Khan, 2016).
1.2 Survey Methodology and Sampling frame
Survey methodology refers to procedures adopted for collection of information. Since it is not a practical approach to collect information from each and every individual of the population therefore simple random sampling is preferred(Rossi, Wright and Anderson, 2013). Although there are several other methods for survey methodology such as stratified sampling or cluster sampling. Simple random sampling refers to drawing a sample representing the whole population and study and analysis is conducted on the same. Further, in random sampling every individual of the population has chance of getting selected and therefore free from personal bias of the researcher. Questionnaire will be sent to the individually selected randomly from the overall population.
Sampling frame refers to the individuals selected for the analysis and research to be conducted(Levy and Lemeshow, 2013). In the present scenario of Murano, 20 individuals should be selected on random basis. Questionnaire are to be sent online due to massive use of internet and to save the postal cost. Moreover online sending is more quick and cheap and follow up is very easy and fast. Customers and non customers of Murano can be selected randomly for the data collection and various tools are to be applied on collected information to create a meaningful information and perform the necessary modifications to the planned new restaurant.
1.3 Designing a Questionnaire
Questionnaire is a set of printed questions to analyse the preference and opinion of the respondents to whom the same are distributed for conducting the primary survey and information collection(Patten, 2016).