Business Decision Making - Research Proposal Example

Business Feasibility Study: Chatime in UK Foundation Department Table of Contents Introduction 2 Aims of the Feasibility Study 3 Research Questions 3 Data collection 3 Research design 4 Results 5 Conclusion 8 Appendix I – Quantitative Research Survey Method 9 Appendix II – Completed Online Survey Questionnaire 10 Introduction The central focus of this feasibility study is to aid in decision-making in relation to opening Chatime at UK Coventry. The feasibility study is a great yardstick that is used in assessing the suitability of any given venture. It entails gathering data, storing it and processing it to provide the information required for decision-making. Critical aspects that will be evaluated closely include the location of the Chatime, economic activities of people around the place, the level of competition, legislations facing this kind of business, etc. Analyzing the aspects which have been highlighted is one way of ascertaining the need for this product in the selected region. Aims of the Feasibility Study The essential focus of this feasibility study is to help in decision-making in relation to opening Chatime at UK Coventry. The feasibility study is a great measure that is used in assessing the appropriateness of any given venture. It involves gathering data, storing it in addition to processing it to provide the information required for decision-making As such, this feasibility report will seek to present the computation behind the preliminary capital expenditure, the estimated sales, and the accepted payback period. Research Questions Concerning the main rationale of this feasibility study, this report will tackle the following questions: 1. Is it reasonable to invest in Chatime franchise near a university campus? 2. What is the likely monthly sale of a Chatime franchise? 3. How many students are eager and can afford to purchase a cup of bubble tea from Chatime every day? 4. How much fixed and working capital is needed to operate a Chatime bubble tea shop? 5. What is the expected reimbursement period for the investor? Data collection Data collection process requires intensive planning in order to yield optimal results. Planning enables the data collection crew to set in place the various tools required for the entire process. For instance, the preparation for collection of primary data must acknowledge the contribution of this source of data collection to the entire research design. Quite often, primary data represents fresh evidence of data that other researchers have not delved into before. In real sense, a lot goes into the preparation process required prior to data collection process. For instance, the supervisor must ensure logistical plans are addressed appropriately. Considering the fact that data collection process may take place in varied places, it is important that transport means are made available prior to data collection. All the staff involved in data collection must be transported to their various sites that have been identified within reasonable time. This will also entail setting up central point where all the data that has been collected is presented. This is to ensure that proper storage is guaranteed for all the data that is collected. At the same time, it is very significant to contact the local authorities within the area affected by data collection. This is meant to limit any possible suspicion on the part of local leaders or authorities. This is because such suspicion may result into arrests of the data collection crew. At this level still, the size of the data collection team must be agreed upon. This must be reasonable as based on the sample size that has been selected. In addition, the questionnaire must be properly designed in advance. The questionnaire must capture the real issues being addressed by the research. The research question ought to provide guidelines in relation to designing the questionnaire for data collection. A good questionnaire will not only make it easy to be filled by the respondent, but it will also be crucial for ensuring quality data. Research design The research design has been made to enable the use of both the qualitative and quantitative data. This has been based on the nature of the data that is supposed to be collected in this research. This implies that both interviews and questionnaires will be used in data collection process. Crucial to the success of this process of data collection will be training of staff. The staff must be adequately trained to ensure that they possess the required skills that will guarantee quality data is collected. In this particular survey, the target population are the people living in Coventry region, UK. In designing the interview questions and questionnaires, it is important to understand the various dispositions that are likely to influence the outcome of the survey. The cultural practices of the target population cannot be ignored at any given point. While the questions will surround Chatime business, it is important to ensure that general questions are also included to ensure comprehensive data is collected. In selecting the sample size for this research, a number of considerations will be very important indeed. The sample size shall not be too small since it may not be representative. At the same time, too large sample size is discouraged for a number of reasons. For instance, it may be too tedious when it comes to data collection process. Therefore, a reasonably medium-sized sample shall be very representative. This is very critical in sample selection of any kind. Results The results that have been obtained from the data collection process can be analyzed used different tools. Graphs are some of the tools that can be used to analyzing data from which trends and conclusions can be driven. In this given survey, interviews and questionnaires were used to assess the need for Chatime business in Coventry, UK. The questionnaires were designed in a manner that enabled a lot of information to be gathered. Quite a number of questions were targeting cultural as well as social orientation of people living in that region as a way of assessing the need for Chatime business. From what was gathered, it seems most people love coffee of its cultural roots. Most of the people who were interviewed made it quite clear that their fascination for different kinds of tea was driven by the fact that they have grown up in regions where coffee is highly consumed. At the same time, most people that seemed to be fascinated by Chatime being launched Coventry feel so because of its health. The various varieties of tea provided are healthy to consumers. Based on the background information gathered, this trend is in relation to current trends in food and overall consumption behaviour. Most restaurants in the current times are marketing mainly fast-foods and these have been overly considered health disaster. The findings that have been gathered by the World Health Organization regarding overweight, diabetes, high blood pressure and other eating disorders clearly portrays how devastating the current consumption trends are. In the current age, it is not surprising to find overweight children in grade two. This is because of the choice of food these children have been made to rely upon on regular basis. It is interesting that those interviewed were quick to draw a comparison of Chatime products and the current food products on the market. It is important to emphasize the fact that Chatime focus on healthy tea products and this is the attraction point for this venture. The results which were gathered from this survey can be presented in different formats. The use of information technology to process data is quite common. There are so many computer applications that are used to generate reports from which meaningful conclusions can be drawn. In this survey for instance, spreadsheets and graphs have been used to explain consumer trends in the region of interest. The use of information technology has numerous benefits to the current research world. It enables researchers to process huge volumes of data within a very short time. This is a great motivation to the field of research. More so, the use of information technology guarantees a higher degree of accuracy. High-tech methods of processing information ensure that the information received at the end of the processing is very accurate indeed. This partially explains the reason software has been used to process the data that has been gathered. Therefore, the inference that is drawn is computerized and it highly reliable. In addition, it is quite easy to retrieve the report that is generated directly from the computer or using computer applications. All these technologies are responsible for making it easy in drawing conclusions from the findings gathered. Out of 100 students who were invited to complete the online research survey form, only 79 managed to finish the questionnaire. Most with 47 out of 79 or 59.5% of the research review respondents were female whereas the remaining 32 out of 79 or 40.5% of the whole research survey respondents were male. (See Figure I – Demographic Profile below) Figure I – Demographic Profile Majority with 91.1% of the research investigation respondents found Chatime bubble tea expensive and that 22.8% of them are able to buy a cup of Chatime bubble tea every day whereas 44.3% of them can afford to buy a cup of Chatime bubble tea regularly. Out of the 79 research survey respondents, only 26 or 32.9% of all research review respondents declare that they cannot afford to purchase a cup of Chatime bubble tea daily. There is a strong likelihood in which an investor in Chatime franchise can earn some profit in this given site. Figure II – Students’ Perception of Chatime Market Price Figure III – Willingness and Ability of the Students to Purchase Chatime Bubble Tea Conclusion In conclusion, it is quite important to emphasize the role contributed by the information technology in facilitating this feasibility study. The core focus was to ensure data is gathered, stored and processed in order to allow accurate and reliable conclusions are made. This regards to starting a Chatime ‘bubble tea’ in Coventry, UK. The overall perception exposed by those interviewed makes it feasible to start the business in the region. The cultural orientation was found to be a key aspect when it comes to starting Chatime. The same case is true even in the social arenas. People like drinking tea mainly for social purposes. Appendix I – Quantitative Research Survey Method Source: https://docs.google.com/forms/d/1PdWhDCB-AYrsi2YJmidCasS5uARsm9C_LBo5l6YKyos/viewform?usp=send_form Appendix II – Completed Online Survey Questionnaire Chatime. (2015a). About Us. [Online] Available at: http://www.chatimeuk.com/ [Accessed 30 April 2015]. Chatime. (2015b). Menu. [Online] Available at: http://www.chatimeuk.com/ [Accessed 30 April 2015]. Chatime. (2015c). Location. [Online] Available at: http://www.chatimeuk.com/ [Accessed 30 April 2015]. Chatime. (2015d). Franchise Online. [Online] Available at: http://www.chatimeuk.com/chatime-franchise/ [Accessed 30 April 2015]. Curwin, J. and Slater, R. (2008). Quantitative Methods for Business Decisions. 6th Edition. London: Thomson Learning. Neergaard, H. and Ulhoi, J. (2007). Handbook of Qualitative Research Methods in Entrepreneurship. Glos, GL: Edward Elgar Publishing Ltd. Sekaran, U. and Bougie, R. (2009). Research Methods for Business: A Skill Building Approach. 5th Edition. West Sussex: John Wiley & Sons. Read More