BF001: Data Management for Business Success

Data Management for Business Success- Individual Assignment Name BF001 Date Task 1 – Plan to investigate a business issue or problem (LO1) Problem definition for the Quantitative Research The data on fast food restaurants for the years 2011 to 2014 include details on the total sales in millions (system wide sales) and average sales per unit and other factors likely to affect the total sales, and it is data from the year 2014 that is chosen for the research project. The sales include wholesale revenue for the different fast food restaurant brands in US and a total of 50 of these brands were included and the figures were estimated for some of the fast food restaurants. Pricing strategies, promotion, brand name recognition, location, consumer perception, taste and preferences and the food and beverage offered are some of the factors that influence the growth. The research question to be considered is “what influences the system wide sales of fast food restaurants in the US”? The industry’s competitive strategies are based price, convenience and even differentiation as fast food consumption has increased over decades. The chain of restaurants wills different strategic locations tend to serve a large customer base and grow if they have superior customer service and quality of food products. Using the information on fast food restaurant brands system wide sales it is possible to determine what influences sale and growth for the 2014 sales. Even as there have been millions of investments and entry of competitors in the fast food industry, but the dominant players still control a large customer base in the US in different states. The fast food industry in the US generated sales $ billions in the years 2011 to 2014 when the data was collected, also these sales have seen a sustained growth over that time period. The results of the fasts food restaurants and chains reflected the growth of the US economy and recovery after the 2008/2009 global financial crisis economy. McDonald’s is the top ranked fast food restaurant and reported system wide sales in millions of $34,172.00, $35,600.00, $35,856.30 and $35,447.00 in 2011 to 2014 respectively (Qsrmagazine.com, 2015). Expansion in different areas and concentration of the restaurants in some locations partly explains their growth patterns as those nearest to customers who spend a lot on fast foods are more likely to report higher sales because of the number of people they serve and food delivered to those who do not visit the restaurants. Planning of the Research Project investigation Planning and execution requires defining the research problem, the fundamental concepts and how to approach the problem using a methodological framework. Planning consists of making a plan or project of the research is to be carried out. The information contained in the research planning includes the data, and the overall process of the investigation and the conclusions based on the analysis. The research is carried out in sequential stages / phases. As the objective of the research has already been established reviewing other research on sales and growth of the fast food restaurant industry provides insights on how the issue has been handled. This is necessary as the research is open and flexible to determine the relationship between the variables Description of the Data Sets The company/chain name, 2014 system wide sales (M), 2014 average sales per unit (thousands), number of franchised units, number of company units, total units, change in units from 2013, and restaurant review rating 2014 are the variables in the data set, with the system wide sales being the dependent variable. Financial assessment on changes in the sales and profitability helps to determine patterns of growth. Task 2: Data preparation Evidence of independent search There has been growth in the fast food sales can be partly attributed to factors such as growth in convenience and accessibility because of technology. There are now more options for home delivery service for restaurants, which previously did not offer the service. Furthermore, consumers can order food from different locations than before they are at any time of the day, which increases the likelihood expanding the market and promoting the growth of the industry (Kellershohn et al., 2018). Takeout and delivery of fast foods are increasingly common such that even when then number of those visiting falls, there is likely to be continued growth as people choose these foods and the population increases. The QSR magazine on quick service restaurants/ fast food restaurants reports on the top brands for various years as per of QSR ranking based on sales (Qsrmagazine.com, 2015). Starbucks became the 2nd largest brand in terms of sales in 2014 surpassing Subway, whose sales declined by $800 million (Qsrmagazine.com, 2015). Preparation of datasets with dependent and independent variables The 2014 US systemwide sales millions is the dependent variable in the project and the restaurants are ranked depending on the U.S. systemwide sales data as previously mentioned the independent variables relevant to establish what affects the sales include the average sales per unit, the number of franchised units, number of company units, change in units from the previous year and the restaurant review rating. The foodservice industry has a huge growth potential and competitors rely on diverse strategies to attract customers and identifying the independent variables that are more likely to affect the industry helps to make strategic plans to support growth (Emond et al., 2016). The variables are useful when forming statements of hypotheses and in this research it is assumed that the sales are aff...