BUSINESS DECISION MAKING - WET FISH CAFE

1. BUSINESS DECISION MAKING - WET FISH CAFE http://hndassignments.co.uk/

2. Table of Content Introduction Graphs Trend Line Conclusion Reference http://hndassignments.co.uk/

3. Introduction • Business decision is considered to be very important for effectively running the business in proper manner. Both small and large business undertakes effective decision for their functioning. It is the accurate decision which is responsible for the smooth working of an organization. The wet fish café is a medium sized coffee shop in the west Hampstead in north-west London. The café is famous for Americano. This is a strong and rich coffee but not bitter. Since there has been an increasing trend among the people regarding the coffee drinking, so the management of the organization has decided to launch a new coffee drink for their customers. For launching a new drink, the organization need to conduct a research in order to understand the taste, likings, preferences and attitude of the customers. This will help them to grasp an idea about the market size and structure. All these elements are very essential to make proper decision regarding launching a new product in the market. All these information can be gathered by the conducting a research. The information will be gathered in the form of primary and secondary data which will have to be analyzed using several techniques. The analysis of the data is essential as it help the management to undertake proper decision. http://hndassignments.co.uk/

4. Graphs • In the survey, there were 65% female while the rest were male. http://hndassignments.co.uk/

5. Age Group • The majority of the people who visited the coffee shop for drinking coffee are in the age group of 14-23 and 24-33. So while launching the new coffee, the management can target these two age groups. http://hndassignments.co.uk/

6. Frequency of Drinking • The survey showed that most of the people drink coffee regularly. So launching a new coffee will increase their daily sales. http://hndassignments.co.uk/

7. Types of Coffee • The above graph shows that majority of the sample frame preferred hot coffee. The management should take account of this while launching a new coffee. http://hndassignments.co.uk/

8. Kinds of Coffee • The above graph shows that americano of the café is quite famous and this is followed by espresso. http://hndassignments.co.uk/

9. Expenditure • The above histogram exhibits that majority of the people spend £21-£30 per month in a coffee shop. The management has to keep this mind while launching the new coffee as it will help them to set the price of the drink (kendall et al., 1994). http://hndassignments.co.uk/

10. Rating • The above graph shows that majority of the people gave their preference for quality as compared to the other factors. Yes, price is also an important factor for selecting their coffee. Thus, while launching the new coffee, the management should consider the quality and the price as the most important factor. http://hndassignments.co.uk/

11. Brand Fascination • The above graph is showing that majority of the people has brand fascination. http://hndassignments.co.uk/

12. Acceptance • This clearly shows that majority of the population gave their preference to try a new type of coffee. http://hndassignments.co.uk/

13. New Coffee • It is evident in the graph that majority of the sample frame gave their preference for caf mocha. So the management of wet fish café can launch caf mocha in their shop. http://hndassignments.co.uk/

14. Advertisement Expenditure • The advertisement expenditure of the company was rising steadily but it declined in the year 2012. However, the expenditure again started rising in the 2013 and 2014. http://hndassignments.co.uk/

15. Sales • Unlike expenditure, the sales of the company have increased with the passage of years. http://hndassignments.co.uk/

16. Trend Lines • The above trend line is forecasting the advertisement expenditure of wet fish café. The graph is showing that the expenditure will increase in the year 2015 and 2016. The R2 equation is closer to 1 and so the forecast is reliable. http://hndassignments.co.uk/

17. Conclusion • The entire project helped the management to undertake proper plan to launch a new coffee by analyzing the data. The management can launch a new coffee as is evident in the analysis but it had to consider all the facts that are important while developing their new drink. http://hndassignments.co.uk/

18. References • Burch, H. (1997). Selected primary & secondary education data. Annapolis, MD: Dept. of Fiscal Services. • Call for papers computational statistics & data analysis. (1998). Computational Statistics & Data Analysis, 27(1), p.117. • Dayanada, D. (2002). Capital budgeting. Cambridge, UK: Cambridge University Press. • Kendall, M., Stuart, A., Ord, J., Arnold, S. and O'Hagan, A. (1994). Kendall's advanced theory of statistics. London: Edward Arnold. • Leeuw, E., Hox, J. and Dillman, D. (2008). International handbook of survey methodology. New York: Lawrence Erlbaum Associates. • Lepkowski, J. (2008). Advances in telephone survey methodology. Hoboken, NJ: John Wiley & Sons. • McClave, J., Dietrich, F. and Sincich, T. (1997). Statistics. Upper Saddle River, N.J.: Prentice Hall. • Ramavataram, S. (1996). Secondary Sources. Nuclear Data Sheets, 79(4), pp.997-1015. • Sellars, D. (2009). Business plan project. [New York, N.Y.] (222 East 46th Street, New York, NY 10017): Business Expert Press. • Vogt, W. (2010). Data collection. Los Angeles: SAGE. http://hndassignments.co.uk/

19. Like Us on FB https://www.facebook.com/hndassignmentsuk For More Help - help@hndassignments.co.uk http://hndassignments.co.uk/ http://hndassignments.co.uk/