Unit 3 P4 Feasibility Study
Task 1
In this task I 'm going to state internal and external sources of secondary information which pizza restaurant is most likely to use and why, including advantages and disadvantages.
Internal sources – This is information that is already stored in Pizza Restaurant database. It is considered as a first option of information because it is quickest, cheapest and most adroit source of data avialable. Sales record. According to the sales record during the last 6 months pepperoni was a bestseller pizza. Also the same record shows that most of the sales were taking place in the second part of day (afternoon). All of this is giving the possibility to assume that new restaurant 's closing hours has to be extended until the middle of the night, …show more content…
as most likely customers are willing have a pizza in the later part of a day. And the main focus should be on pizza with pepperoni. Delivery and stock records are another very important factors. Records show that delivery mainly has been made in the areas adjacent to the Westminster. Which is a prerequisite for the expansion of business in the region and demonstrates its viability.
Use of internal sources of secondary information is very profitable step. Because it is completely free and requires minimum amount of time. However, this sort of information is limited and data could’ve been collected some time ago, and useless for present. In addition information could be fit for a particular market and it might have a poor impact about relocation.
External sources – This is information found outside the company, however valid to use for Pizza Restaurant. The Government - Information obtained from the Government Website has shown that t population of the City of Westminster is 226,841, from where 157075 is aged 15-59 and are the most potential buyers. Based on the data obtained, team manages to examine, a size of the future restaurant in order to cope with a flow of future daily customers. And what amount of resources would be necessary for day to day.
Trade Publications -
One of the greatest advantage of a external information is a wider amount of data available. Research used by team about population of Westminster is safe and exact, because the data were taken from government website, which for sure is directly subordinated to a systematic renewal.
However, this information could cost you some money, or it could be too general, because it 's available to everyone, and it 's unlikely to find something unique that would lead only you to get the advantage. In addition data might be in unfamiliar format and hard to analyse.
Task 2
1. Face to face interviews
Over a thousand people were interviewed at the selected locations throughout the City of Westminster, in order to check their motivations in choosing to visit and their satisfaction with the food market available. About 25% passers noted that on their lunch they are giving a preference to have a delicious pizza. Which is an encouraging indicator for the opening of the pizzeria.
Advantages
This type of interviewing gives you advantages over self-completion methods such as postal and online surveys as respondents are more likely to give their undivided attention when an interviewer is present. Another advantages which face to face interview gives is high response rates.
Disadvantages
Face-to-face interviews are more expensive than electronic and other types of surveys. Because you hire people to do it and you need to pay them. Interviewing respondents can take a longer time, as surveys are not usually time-bounded.
2. Observation
Restaurant team managed to conduct a successful observation of restaurants in the surrounding area. Main priority of the observation was to find out pizza prices, dimensions and diversity. The information obtained was recorded on the tablet, in order to make it easy to analyse later, and to determine the most reasonable prices for the future market.
Advantages
Observational research gives you access to study situations where interviews and questionnaires are impossible to use, and provides direct access to the target instead of relying on some kind of self-report, for example interviewing people what would they do in a certain situation. You independently observe and collect their behaviours in the situation.
Disadvantages
It can be resource intensive therefore it will be time consuming.
In other case it can be viewed as too subjective and ethical principles contravene.
3. Electronic surveys
Electronic surveys provides access to a wide scale of auditorium and currently is the most popular method of research. Pizza restaurant has the Facebook page with a couple thousands of subscribers, where dozens of comments and advices are written on a daily basis. Opinions taken from the page gives the possibility to understand very basic factors, which may be hard to guess.
Advantages
The main advantages of electronic surveys is that, it can reach an unlimited amount of people around the world, its simplicity, cheap/free, and not time consuming at all.
Disadvantages
Anyone can take a survey, if it is made public meaning you will get time wasters and since you cannot control who takes it, your results probably are not valid nor can they be replicated. In short results might be ruined.
Task 3: AC 3
This is the market research plan that provides a thorough examination of how a product or service of new pizza restaurant will fare in a defined area.
Bibliography
Task 1
Adrian Palmer, Bob Hartley (1999). The Business and Marketing Environment. Berkshire, SL6 2QL, England: McGraw-Hill Publishing Company. Page
136.
Jim Riley. (Sunday 23 September, 2012). Marketing Research - Secondary Research. Available: http://tutor2u.net/business/marketing/research-secondary.html. Last accessed 27th Jan 2015.
In this task I 'm going to state internal and external sources of secondary information which pizza restaurant is most likely to use and why, including advantages and disadvantages.
Internal sources – This is information that is already stored in Pizza Restaurant database. It is considered as a first option of information because it is quickest, cheapest and most adroit source of data avialable. Sales record. According to the sales record during the last 6 months pepperoni was a bestseller pizza. Also the same record shows that most of the sales were taking place in the second part of day (afternoon). All of this is giving the possibility to assume that new restaurant 's closing hours has to be extended until the middle of the night, …show more content…
as most likely customers are willing have a pizza in the later part of a day. And the main focus should be on pizza with pepperoni. Delivery and stock records are another very important factors. Records show that delivery mainly has been made in the areas adjacent to the Westminster. Which is a prerequisite for the expansion of business in the region and demonstrates its viability.
Use of internal sources of secondary information is very profitable step. Because it is completely free and requires minimum amount of time. However, this sort of information is limited and data could’ve been collected some time ago, and useless for present. In addition information could be fit for a particular market and it might have a poor impact about relocation.
External sources – This is information found outside the company, however valid to use for Pizza Restaurant. The Government - Information obtained from the Government Website has shown that t population of the City of Westminster is 226,841, from where 157075 is aged 15-59 and are the most potential buyers. Based on the data obtained, team manages to examine, a size of the future restaurant in order to cope with a flow of future daily customers. And what amount of resources would be necessary for day to day.
Trade Publications -
One of the greatest advantage of a external information is a wider amount of data available. Research used by team about population of Westminster is safe and exact, because the data were taken from government website, which for sure is directly subordinated to a systematic renewal.
However, this information could cost you some money, or it could be too general, because it 's available to everyone, and it 's unlikely to find something unique that would lead only you to get the advantage. In addition data might be in unfamiliar format and hard to analyse.
Task 2
1. Face to face interviews
Over a thousand people were interviewed at the selected locations throughout the City of Westminster, in order to check their motivations in choosing to visit and their satisfaction with the food market available. About 25% passers noted that on their lunch they are giving a preference to have a delicious pizza. Which is an encouraging indicator for the opening of the pizzeria.
Advantages
This type of interviewing gives you advantages over self-completion methods such as postal and online surveys as respondents are more likely to give their undivided attention when an interviewer is present. Another advantages which face to face interview gives is high response rates.
Disadvantages
Face-to-face interviews are more expensive than electronic and other types of surveys. Because you hire people to do it and you need to pay them. Interviewing respondents can take a longer time, as surveys are not usually time-bounded.
2. Observation
Restaurant team managed to conduct a successful observation of restaurants in the surrounding area. Main priority of the observation was to find out pizza prices, dimensions and diversity. The information obtained was recorded on the tablet, in order to make it easy to analyse later, and to determine the most reasonable prices for the future market.
Advantages
Observational research gives you access to study situations where interviews and questionnaires are impossible to use, and provides direct access to the target instead of relying on some kind of self-report, for example interviewing people what would they do in a certain situation. You independently observe and collect their behaviours in the situation.
Disadvantages
It can be resource intensive therefore it will be time consuming.
In other case it can be viewed as too subjective and ethical principles contravene.
3. Electronic surveys
Electronic surveys provides access to a wide scale of auditorium and currently is the most popular method of research. Pizza restaurant has the Facebook page with a couple thousands of subscribers, where dozens of comments and advices are written on a daily basis. Opinions taken from the page gives the possibility to understand very basic factors, which may be hard to guess.
Advantages
The main advantages of electronic surveys is that, it can reach an unlimited amount of people around the world, its simplicity, cheap/free, and not time consuming at all.
Disadvantages
Anyone can take a survey, if it is made public meaning you will get time wasters and since you cannot control who takes it, your results probably are not valid nor can they be replicated. In short results might be ruined.
Task 3: AC 3
This is the market research plan that provides a thorough examination of how a product or service of new pizza restaurant will fare in a defined area.
Bibliography
Task 1
Adrian Palmer, Bob Hartley (1999). The Business and Marketing Environment. Berkshire, SL6 2QL, England: McGraw-Hill Publishing Company. Page
136.
Jim Riley. (Sunday 23 September, 2012). Marketing Research - Secondary Research. Available: http://tutor2u.net/business/marketing/research-secondary.html. Last accessed 27th Jan 2015.